Extendicare Inc. Q2-2017 Earnings & Price Target Update
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Extendicare is a major Canadian private-sector operator of long-term care centres and a provider of publicly funded home health care services in Canada. The long-term care centres operate under the Esprit brand and home health care as ParaMed. For the 1H-2017, long term are operations contributed 56% of revenues, 40% from home health care, 2% from retirement living operations and the balance from management consulting.
Extendicare and its predecessors have been in operation since 1968, providing care and services to seniors in North America. On Jul-1-2015, Extendicare completed the sale of substantially all of its U.S. business and senior care operations. This transaction was part of a strategy to exit from US operations where they encountered costly legal and regulatory issues. They now intend to focus only on Canada.
Extendicare owns and operates for its own account 58 LTC centres with capacity for 8,112 residents, inclusive of a stand-alone designated supportive living centre (140 suites) and a designated supportive living wing (60 suites) in Alberta, and two retirement wings (76 suites) in Ontario. Revenue from the long-term care operations represented 56% of revenue for the 1H-2017.
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