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Gentiva Reports Third Quarter Revenue and Profit Growth
Date:10/30/2008

p>-- A 19% increase in earnings before interest, taxes, depreciation and amortization (EBITDA) to $30.2 million in the third quarter of 2008, excluding the non-recurring and special items described above; EBITDA as a percentage of net revenues improved to 8.7% in the third quarter of 2008 versus 8.2% in the prior-year period.

"Our Home Health segment had an outstanding third quarter, continuing a trend of solid gains," said Gentiva Chairman and CEO Ron Malone. "This performance results from continued growth and margin expansion while we invest in our specialty programs and add new tools to benefit our patients and the dedicated clinicians who serve them."

Gentiva reported these segment highlights for the quarter:

-- Home Health's 17% revenue growth to $239.3 million and 26% operating contribution growth to $38.8 million led to an operating contribution margin of 16.2%, as compared with 15.1% in the third quarter of 2007. Home Health Medicare revenue growth of more than 20% was driven by a double-digit increase in episodic patient admissions as the Company continues to benefit from both its expanding specialty programs and acquisitions completed in 2008.

-- Revenues in Gentiva's Other Related Services segment -- which includes hospice, respiratory therapy and home medical equipment, infusion therapy and consulting - rose 11% to $33.6 million versus the prior-year period. Operating contribution increased 6% to $2.9 million compared to the prior-year period.

-- During the third quarter, the Company recognized 87 days of results from its CareCentrix unit prior to completing the sale of a majority interest in that unit to Water Street Healthcare Partners on September 25, 2008. CareCentrix contributed $232.7 million in net revenues to Gentiva year to date through the closing of the transaction. Following the closing date, the Company will report its equity interest in the ongoing results of CareCentrix.

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SOURCE Gentiva Health Services, Inc.
Copyright©2008 PR Newswire.
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