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Extendicare Inc. Q1-2022Earnings, Price Target Update

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Extendicare Inc. (EXE) owns and operates 58 Long Term Care homes and 11 retirement communities (sold in Q2-2022), through its Extendicare and Esprit Lifestyle Communities divisions, respectively, and provide contract services to 50 LTC homes and retirement communities for third parties through Extendicare Assist. In total, Extendicare operated or provided contract services to a network of 119 LTC homes and retirement communities across four provinces in Canada, with capacity for 15,451 residents. The majority of these homes are in Ontario and Alberta, which comprise 76% and 11% of residents served, respectively. This overview includes the Saskatchewan LTC Homes that are being transferred to the Saskatchewan Health Authority with Extendicare retaining the management contract. Total assets as at Dec-31-2021 are $900M compared to $963M as at Dec-31-2020.

In addition to providing group purchasing services to their own operations, SGP supports third-party clients representing over 93,000 senior residents across Canada. The home health care operations, ParaMed, delivered over 9.2M hours of home health care services during 2021. The majority of ParaMed's volumes are generated in Ontario and Alberta, representing 94% and 4%, respectively. Revenues are earned from the following segments: long-term care; retirement living; home health care; contract services, consulting and group purchasing. Extendicare Inc. and its predecessors have been in operation since 1968 and is one of the largest private-sector owner/operators of long-term care (LTC) homes in Canada and the largest private-sector provider of publicly funded home health care services in Canada through its wholly owned subsidiary ParaMed Inc.

The Long Term Care segment contributes approximately 28% of net operating income, Home Healthcare – 68% and the balance split between Retirement Living and providing management services to operators of seniors care facilities.

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