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If there were any doubts about the resilience of the healthcare industry and its ability to withstand a global pandemic, those doubts have been put to rest. After showing signs of recovery in the second half of 2020, healthcare merger and acquisition (M&A) activity boomed during the first quarter of 2021 across multiple sectors, with a total of 596 transactions announced (representing a 42% increase over the same quarter last year).
The resurgence was fueled, in large part, by high transaction multiples and an abundance of weary, smaller providers seeking the stability and capital resources of private equity (PE)-backed platforms and other strategic buyers. According to Health Capital Consultants, Q1 2021 PE transaction volume came in lower than expectations given the strong activity in the latter half of 2020. However, they point to an unusually high concentration of transactions in the second half of 2020 (including tra
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Keith began writing for the Fool in 2012 and focuses primarily on healthcare investing topics. His background includes serving in management and consulting for the healthcare technology, health insurance, medical device, and pharmacy benefits management industries.
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What happened
Shares of
Brookdale Senior Living (NYSE:BKD) soared Friday, closing the trading session up by 11.1%. That big gain came after the company announced its first-quarter results after the market closed Thursday.
So what
Brookdale reported total Q1 revenue of $749.4 million. This result reflected a 26% year-over-year decline and was below the consensus Wall Street estimate of $764.4 million. The company also posted a net loss of $108.3 million, or $0.59 per share, down from earnings of $369.5 million, or $2.01 per share, in the prior-year period. The average analysts estimate had been for a net loss of $0.50 per share.
Earnings Scheduled For May 6, 2021 benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Company Description
Brookdale operates senior living communities throughout the United States. Private pay customers contribute the majority of its resident fees. Brookdale s retirement centers are targeted toward middle- to upper-income seniors, typically over the age of 75. They provide basic services, like meals and housekeeping, and supplemental-care services to assist residents with daily activities. Brookdale s assisted living communities offer 24-hour assistance with daily activities and include memory-care communities that are specifically designed for residents with Alzheimer s disease or other dementia. Its continuing-care retirement centers are large communities that accommodate all levels of physical ability and health. The majority of the firm s revenue comes from assisted living resident fees.
Brookdale Announces First Quarter 2021 Results
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NASHVILLE, Tenn., May 6, 2021 /PRNewswire/ Brookdale Senior Living Inc. (NYSE: BKD) ( Brookdale or the Company ) announced results for the quarter ended March 31, 2021.
HIGHLIGHTS
Net move-ins and move-outs turned positive in March for the first time since the COVID-19 pandemic began and remained positive in April.
Sequentially, monthly weighted average occupancy grew slightly in March, and increased 50 basis points in April.
First quarter revenue per occupied unit (RevPOR) increased by 2.9% year-over-year on a same community basis.
All communities completed at least three vaccine clinics with a 93% resident vaccine acceptance rate. COVID-19 positive resident caseload has decreased by 97% since the peak in mid-December 2020.