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Signify Health reported a strong second quarter in 2022 with revenues rising 16% to $246.2 million, led by an 18% increase in Home & Community Services (HCS) revenue. Despite a GAAP net loss of $490.0 million due to a significant impairment charge, non-GAAP adjusted EBITDA increased 15% to $62.6 million. The company anticipates 2022 HCS revenue between $800 million and $810 million and a margin of 29% to 30%. The successful integration of Caravan Health is expected to enhance future growth and operational efficiency.
Signify Health, Inc. (NYSE: SGFY) will release its Q2 2022 financial results on August 3, 2022, after market close. A conference call to discuss the results is scheduled for August 4, 2022, at 8:30am ET. Pre-registration is required for participation, and a live webcast will be available on the company’s investor relations website. The replay of the webcast will be accessible until August 4, 2023. Signify Health aims to enhance value-based healthcare through advanced analytics and nationwide networks, focusing on improving patient outcomes and cost savings.
Signify Health (NYSE: SGFY) has announced the winding down of its Episodes of Care Services (ECS) segment to focus on its growing Home and Community Services (HCS) business. The decision comes after recent changes in CMS's Bundled Payments for Care Improvement-Advanced (BPCI-A) program reduced potential savings. The company expects this strategic shift will positively impact its 2023 earnings. Estimated restructuring charges will be between $25 million to $35 million, leading to the elimination of around $85 million in annualized ECS costs.
Signify Health (NYSE: SGFY) announces the appointment of Paymon Farazi as Chief Product Officer, effective immediately. Farazi brings over 20 years of healthcare and technology experience, particularly in product strategy. He aims to enhance the company’s suite of healthcare services, bridging post-acute, primary, and specialty care. CEO Kyle Armbrester emphasized that Farazi’s expertise is crucial for advancing value-based payment programs and improving healthcare outcomes. The company focuses on providing solutions that align financial incentives with patient outcomes.
Signify Health, Inc. (NYSE: SGFY) announces the opening of a 25,000 square-foot regional service center in Oklahoma City, marking its third hub. The facility aims to support value-based payment programs and is expected to create over 200 new jobs, of which over 130 have already been filled. The ceremonial ribbon cutting is set for June 15, 2022, featuring state and local leaders. The service center includes eco-friendly features such as a geo-thermal HVAC system and LED lighting, enhancing its commitment to a healthy workplace.
Virta Health has appointed Shane Henderson as Chief Technology Officer to enhance its technology platform, driven by a surge in demand for diabetes reversal solutions. With over 30 years of experience at Signify Health and Match.com, Henderson is expected to lead the advancement of Virta's Continuous Remote Care platform amidst triple-digit growth. The company aims to support the 60% of Americans with metabolic diseases, utilizing advanced telemedicine for personalized patient care and proactive support.
Signify Health reported strong first-quarter 2022 results with revenue of $216.5 million, a 20% increase from Q1 2021. The net loss improved to $16.3 million from $51.7 million a year ago, despite a $28.9 million expense related to equity rights remeasurement. Non-GAAP adjusted EBITDA rose 31% to $45.0 million, with a margin of 20.8%. The company maintains its full-year 2022 revenue guidance of $948 million to $971 million and adjusted EBITDA of $212 million to $222 million.
Signify Health (NYSE: SGFY) has published its 2021 Quality and Social Impact Report, outlining its commitment to environmental, social, and corporate governance (ESG) initiatives aimed at creating value for stakeholders. The report highlights the company's achievements, including surpassing national quality measures in Medicare’s Bundled Payments for Care Improvement Advanced Program, connecting over 260,000 individuals to healthcare services addressing social determinants of health, and fostering sustainable practices in its workplaces. Signify aims to enhance healthcare outcomes efficiently through data-driven approaches.
Signify Health (NYSE: SGFY) will release its financial results for Q1 2022 after market close on May 4, 2022. A conference call to discuss the results is scheduled for 8:30 AM ET on May 5, 2022. Pre-registration is required for participation, and the call will be accessible through the company's investor relations website. The webcast replay will remain accessible until July 5, 2022. Signify Health focuses on value-based healthcare leveraging analytics and technology to enhance patient outcomes and reduce costs.
VSS Capital Partners has sold its interest in Caravan Health, Inc. to Signify Health, Inc. (NYSE: SGFY), enhancing value-based healthcare initiatives. During VSS's four-year ownership, Caravan doubled its ACO revenue and expanded its network to over 200 health systems and 10,000 primary care providers managing 500,000 patients. Caravan's growth involved operational improvements and strategic acquisitions, including Wellpepper in 2020. VSS continues to pursue new investments and partnerships in various sectors.
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