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Healthcare Services Group, Inc. (NASDAQ:HCSG) today issued the following statement related to the Genesis HealthCare, Inc. ("Genesis") announcement that it had filed for Chapter 11 bankruptcy protection in the Northern District of Texas on July 9, 2025 (the "Petition Date").
HCSG currently provides services to 164 Genesis facilities. Following the Petition Date, HCSG expects to continue its contractual relationship with those Genesis facilities without disruption in service or payments. As of the Petition Date, the estimated accounts and notes receivable balances of Genesis, net of reserves, were $50.0 million and $14.4 million, respectively. As a result of the Genesis filing, HCSG estimates a second quarter non-cash charge of approximately $0.62 per share and a third quarter non-cash charge of approximately $0.03 to $0.04 per share.
Ted Wahl, Chief Executive Officer, stated, "And while the Genesis news and resulting impact on our upcoming reported results is disappointing, our 2025 growth plans and cash flow outlook remain strong. We reiterate our previously shared 2025 expectations of mid-single digit revenue growth and $60.0 to $75.0 million of cash flow from operations (excluding the change in payroll accrual). We are confident that continuing to execute on our strategic priorities, supported by our strong business fundamentals, will enable us to further accelerate growth, while delivering sustainable, profitable results."
Posted In: HCSG
