Gentiva Health Services Slips To Loss In Q4; Sees 2014 In Line - Quick Facts

(RTTNews) - Gentiva Health Services Inc. (GTIV), provider of home health, hospice and community care services in the United States, reported that its fourth quarter of 2013 net loss attributable to shareholders was $401.9 million or $11.46 per share, compared to net income of $8.6 million or $0.28 per share, for the fourth quarter of 2012.

During the fourth quarter of 2013, the Company recorded non-cash impairment charges of $386.1 million based on an impairment of the Company's goodwill and other long-lived assets that was performed during the quarter.

Adjusted loss attributable to shareholders was $4.9 million, compared with income of $9.7 million in the comparable 2012 period. On a per share basis, adjusted loss attributable to shareholders was $0.14 compared to adjusted income of $0.31 last year. Total net revenues of $486.1 million, an increase of 14% compared to $425.0 million for the quarter ended December 31, 2012.

Net revenues included home health episodic revenues of $225.9 million, an increase of 8% compared to $209.8 million in the 2012 fourth quarter. Hospice revenues were $180.8 million, a decrease of 3% compared to $187.3 million in the 2012 fourth quarter. Community Care revenues were $45.6 million from the Harden acquisition date through year-end 2013.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share and revenues of $496.51 million for the quarter. Analysts' estimates typically exclude special items.

For 2014, Gentiva expects full-year net revenues to be in the range of $1.9 billion to $2.1 billion and adjusted income attributable to shareholders to be in the range of $0.85 to $1.15 on a diluted per share basis. Street currently is looking for fiscal year 2014 earnings of $1.11 per share on annual revenues of $2.10 billion.

Gentiva's 2014 outlook includes the full-year impact of its Harden acquisition and the final 2014 Medicare home health and hospice reimbursement rates issued by the Centers for Medicare and Medicaid Services (CMS). The 2014 outlook excludes any ongoing losses from closed locations as the operations are wound down.