Extendicare Inc. Q3-2018 Earnings & Forecast
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Extendicare(EXE) is a provider of care and services for seniors in Canada, through a network of 120 operated senior care and living centres (67 owned/53 managed), as well as home health care operations through ParaMed Inc. Extendicare owns and operates retirement communities under the Esprit Lifestyle Communities brand, provides management and consulting services to third-party owners of senior care and living centres through its Extendicare Assist division, and provides group purchasing services to third-party clients through its SGP Purchasing Partner Network division. Extendicare owned and operated 58 LTC centres, 9 retirement communities, and managed 53 senior care and living centres for third parties. As of Sept-30-2018 total assets were $914M.
During Q2-2018 the number of retirement communities increased by 2 and operations under management increased by 5. In total, they operate 120 senior care and living centres across four provinces in Canada, with capacity for 15, 538 residents, with a significant presence in Ontario and Alberta, 77% and 11% of its residents, respectively were served. ParaMed's home health care services operated from 35 locations across six provinces providing 11M hours of service annually. The SGP Purchasing Partner Network provided group purchasing services to third-party clients representing over 50,300 seniors across Canada. In the first six months of 2018, approximately 56% of revenues from Canadian operations was derived from long-term care operations, 39% was from home health care business, 3% was from retirement living operations, and the balance was from management, consulting and group purchasing operations.
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.
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