Genesis HealthCare’s (NYSE: GEN) future as a going concern is in “substantial doubt” as a result of financial and operational strains stemming from the coronavirus pandemic – pressures that were brought into stark relief in its second quarter of 2020 earnings. The company’s portfolio of 361 facilities is dominated by skilled nursing but includes 23 assisted living facilities: 19 are leased; two are owned in joint ventures; one is owned outright and one is managed by the company. The assisted living segment generated revenues of $20.04 million in the second quarter, a 15.4% decline, year over year. Without a reversal in current trends, as well as additional government relief, the skilled nursing giant’s future revenue earnings will not be enough to cover its financial obligations, and the possibility of a bankruptcy filing is a growing possibility.
Read the full article: Skilled Nursing, Assisted Living Operator Genesis Warns of Possible Bankruptcy //
Source: https://seniorhousingnews.com/2020/08/11/skilled-nursing-assisted-living-operator-genesis-warns-of-possible-bankruptcy