Gentiva Reports Q1 Profits Boosted by Harden Healthcare Acquisition
Home health and hospice services provider Gentiva Health Services, Inc. (NASDAQ:GTIV) reported positive earnings for the first quarter ended March 31, 2014, coming off the acquisition of Harden Healthcare Holdings, Inc. in the previous quarter.
Net income attributable to Gentiva shareholders rose to $0.3 million, or $0.01 per diluted share, compared to a net loss of $207.2 million or ($6.73) per diluted share in the first quarter of 2013. That loss was attributed to non-cash impairment charges of $224.3 million based on an interim impairment test of Gentiva’s goodwill and other long-lived assets performed during the quarter.
Total net revenues also increased in the quarter, up 17% to $487.5 million. Net revenues included home health episodic revenues of $224.4 million, up 8% from the same period in 2013. Gentiva acquired Harden in October 2013, and this year’s first quarter earnings included Harden’s financial results.
Hospice revenues decreased 3% to $174.4 million, and Gentiva recorded $57.1 million of community care revenue.
Access Gentiva’s first quarter 2014 earnings report.
Written by Alyssa Gerace