Gen Digital Inc. - GEN STOCK NEWS

Genesis HealthCare (NYSE:GEN) has begun vaccinating frontline healthcare workers at its affiliated nursing home in Dover, Delaware, marking a significant step in the fight against COVID-19. The event, attended by key personnel including the Chief Executive Officer and local officials, highlights the importance of vaccination for healthcare workers. Genesis aims to ensure widespread vaccine availability for all employees and residents, collaborating with CVS Health Corp. for vaccine administration across various states, as part of the Pharmacy Partnership for Long-Term Care Program.

LTC ACO, the first long-term care sponsored ACO in the U.S., has partnered with Eventus WholeHealth for the performance year starting January 1, 2021. This collaboration aims to enhance care for over 4,000 Medicare beneficiaries in Indiana's long-term care facilities. LTC ACO has demonstrated significant success, saving the Medicare program over $32 million in 2019 and achieving a quality score of 94.5%. The partnership will strengthen patient outcomes while improving cost efficiency, without passing any risk to Eventus or requiring capital outlay.

Genesis Healthcare (NYSE: GEN) reported a third-quarter revenue of $0.94 billion, down from $1.12 billion in 2019. The company faced a net loss of $62.8 million compared to a $46.1 million profit last year, as COVID-19 severely impacted its operations, particularly in the Mid Atlantic and Northeastern regions. Estimated COVID-19 costs exceeded $120 million against federal relief of $34 million. Occupancy dropped from 88.2% to 75.4% year-over-year. Despite ongoing challenges, Genesis received $254 million in federal support, but faces uncertainty regarding future funding and operational continuity.

Genesis HealthCare (NYSE:GEN) will announce its third-quarter results for the period ending September 30, 2020, before the market opens on November 9, 2020. A conference call at 8:30 a.m. ET will provide details about these results. Genesis HealthCare is one of the largest providers of post-acute care, operating over 350 skilled nursing facilities and assisted living communities across 25 states. Additionally, the company offers rehabilitation and respiratory therapy services to around 1,100 healthcare providers in 44 states, Washington D.C., and China.

LTC ACO, a subsidiary of Genesis HealthCare (GEN), has successfully achieved a positive reconciliation under the Medicare Shared Savings Program for the 2019 performance year, marking its second consecutive year of shared savings. The organization managed around 5,800 Medicare beneficiaries, generating an annual Medicare spend exceeding $160 million. In Q3 2020, LTC ACO recognized shared savings of approximately $18.8 million, with a net income of $17.0 million after provider distributions. With a 19.6% savings rate and a 94.5% quality score, the ACO is now contracted with over 200 long-term care facilities, emphasizing its growth potential.

Genesis Healthcare, Inc. (NYSE:GEN) reported a net loss of $22 million for Q2 2020, a significant drop from $4.8 million in Q2 2019, largely due to COVID-19. Revenues fell to $0.96 billion from $1.15 billion, with lost revenue and incremental expenses from the pandemic estimated at $213 million. The company benefited from $188 million in federal relief but remains reliant on further support to address ongoing challenges. Operational occupancy decreased to 77% in Q2 2020, down from 88.2% in Q1, affecting financial stability and future outlook.

Genesis HealthCare has received the first-ever Post-Acute Care Heart Failure Center Certification from the American Heart Association for eight of its skilled nursing facilities. This certification recognizes facilities committed to reducing hospital readmissions for heart failure patients by adhering to evidence-based guidelines. Nationally, 22.8% of skilled nursing patients are readmitted within 30 days. The certified facilities will benefit from improved care coordination and staff education resources, fostering better outcomes for patients transitioning from hospital to post-acute care.

Genesis HealthCare (NYSE: GEN) announced the upcoming release of its first quarter results for the period ending March 31, 2020. The results will be shared on May 27, 2020, before the market opens. A conference call and webcast will follow at 8:30 a.m. Eastern Time, allowing stakeholders to discuss the results. Genesis operates one of the largest post-acute care networks in the U.S., encompassing nearly 400 skilled nursing facilities and assisted/senior living communities across 25 states, and providing services to 1,400 healthcare providers.

Genesis HealthCare (NYSE: GEN) has announced a shift to a virtual-only format for its 2020 Annual Meeting of Stockholders due to COVID-19 safety concerns. This meeting will still occur on June 3, 2020, at 8:30 a.m. Eastern Time, with no changes to the time or date. Stockholders can access the meeting remotely using a 16-digit control number found on their proxy materials. To attend and vote, stockholders must have held shares by the record date of April 6, 2020. Further details are available in Genesis' SEC filing regarding the meeting.