SOURCE: Sun Healthcare Group, Inc.

Sun Healthcare Group, Inc.

April 28, 2010 16:30 ET

Sun Healthcare Group, Inc. Reports 2010 First-Quarter Earnings; EPS of $0.24

IRVINE, CA--(Marketwire - April 28, 2010) - Sun Healthcare Group, Inc. (NASDAQ: SUNH) today announced its operating results for the first quarter ended March 31, 2010.

Results for the first-quarter period ended March 31, 2010:

--  consolidated revenues rose 1.1 percent to $473.3 million, compared to
    the same period in 2009;
      - increased patient acuity drove rates;
      - hospice and rehabilitation therapy businesses showed solid revenue
        growth;
--  consolidated EBITDAR was $60.8 million and EBITDAR margin was 12.8
    percent;
--  diluted earnings per share from continuing operations were $0.24;
--  free cash flow was $21.0 million for the quarter; 
--  debt was reduced by $20.9 million; and
--  results included $1.0 million of non-recurring project costs associated
    with the continued implementation of a clinical/billing platform.

Commenting on the Company's first-quarter results, Richard K. Matros, Sun's chairman and chief executive officer, remarked, "Although we're still not seeing positive sustainable trends on the top line for our nursing centers or staffing business, the company turned in a solid quarter, driven by several factors. The acuity of the patients we care for was at an all-time high, increasing our Medicare rates and mitigating, to some extent, soft occupancy and skilled mix. Our hospice and contract rehab businesses delivered strong top-line results, and both segments are poised to have their best years in terms of EBITDA margin. In addition, our corporate overhead costs were well managed, which in turn contributed positively to our EPS results for the quarter. We increased our capital expenditure investments made in the year-over-year quarter by $5.2 million and even with that increased investment were able to generate solid free cash flow for the quarter of $21.0 million."

Segment Updates

On a year-over-year basis for the quarter, revenue growth in Sun's inpatient services business totaled $5.3 million, or 1.3 percent, due principally to revenue growth in SolAmor, the Company's hospice business. SolAmor's revenues nearly doubled, growing from $5.8 million to $11.0 million, due to census expansion derived from an October 2009 acquisition and same store census growth. SolAmor contributed $2.1 million of EBITDA for the quarter and a margin of 19.4 percent. Revenues from SunBridge's nursing center operations were, however, flat on a year-over-year basis. Declines in nursing center customer base were fully offset by increased reimbursement rates attributable to growth in patient acuity. The acuity growth was evidenced by Medicare Rehab RUG utilization of 91.3 percent, which was up 310 basis points year-over-year, and Medicare REX utilization of 45.7 percent, which was up 450 basis points year-over-year. On an overall basis, inpatient services reported EBITDAR of $70.1 million for the quarter, with a margin of 16.7 percent.

Sun's rehabilitation therapy services business, SunDance, experienced revenue growth of $6.8 million, or 15.5 percent, in the quarter. EBITDA margin also expanded in the quarter by 110 basis points, producing an 8.0 percent EBITDA margin. These results were favorably impacted by the 11.3 percent growth in revenue per contract.

In line with the medical staffing industry as a whole, Sun's medical staffing services business, CareerStaff, continues to be negatively impacted by the slow national economy. Revenues from CareerStaff were down compared to revenues in the first quarter of 2009. Despite the decline in revenues, CareerStaff experienced a solid EBITDA margin of 7.1 percent for the quarter.

Mr. Matros commented, "Our strategy of focusing on short-stay high acuity patients continues to pay dividends for the Company. Our acuity growth has certainly benefited the Company in terms of strengthening our underlying revenue factors. We remain on target to increase our Rehab Recovery Suites® beds in excess of 35 percent by the end of the year. I am pleased with the relative growth we have achieved in our hospice and rehabilitation businesses, especially in terms of the number of rehabilitation contracts as well as the revenue per contract. We are developing the approach and process changes that will be required to be implemented in the fourth quarter of this year as a result of healthcare reform."

Conference Call

As previously announced, investors and the general public are invited to listen to a conference call with Sun's senior management on Thursday, April 29, 2010, at 10 a.m. Pacific / 1 p.m. Eastern, to discuss the Company's earnings for the first quarter of 2010.

To listen to the conference call, dial (888) 542-1193 and refer to Sun Healthcare Group. A recording of the call will be available from 4 p.m. Eastern on April 29, 2010, until midnight Eastern on May 28, 2010, by calling (888) 203-1112 and using access code 7395427.

About Sun Healthcare Group, Inc.

Sun Healthcare Group, Inc.'s (NASDAQ: SUNH) subsidiaries provide nursing, rehabilitative and related specialty healthcare services principally to the senior population in the United States. Sun's core business is providing inpatient services, primarily through 183 skilled nursing centers, 14 assisted and independent living centers and eight mental health centers. On a consolidated basis, Sun has annual revenues of $1.9 billion and approximately 30,000 employees in 46 states. At March 31, 2010, SunBridge centers had 23,205 licensed beds located in 25 states, of which 22,423 were available for occupancy. Sun also provides rehabilitation therapy services to affiliated and non-affiliated centers through its SunDance subsidiary, medical staffing services through its CareerStaff Unlimited subsidiary and hospice services through its SolAmor subsidiary.

Forward-looking Statement

Statements made in this release that are not historical facts are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as "anticipate," "believe," "plan," "estimate," "expect," "hope," "intend," "may" and similar expressions. Examples of forward-looking statements include all statements regarding our expected future financial position and results of operations, business strategy, the impact of reductions in reimbursements and other changes in government reimbursement programs, growth opportunities and plans and objectives of management for future operations. Factors that could cause actual results to differ are identified in the public filings made by the company with the Securities and Exchange Commission and include changes in Medicare and Medicaid reimbursements; the impact that any healthcare reform legislation will have on our business; our ability to maintain the occupancy rates and payor mix at our healthcare centers; potential liability for losses not covered by, or in excess of, our insurance; the effects of government regulations and investigations; the significant amount of our indebtedness, covenants in our debt agreements that may restrict our activities and our ability to make acquisitions, to incur more indebtedness and to refinance indebtedness on favorable terms; the impact of the current economic downturn on our business; increasing labor costs and the shortage of qualified healthcare personnel; and our ability to receive increases in reimbursement rates from government payors to cover increased costs. More information on factors that could affect our business and financial results are included in our public filings made with the Securities and Exchange Commission, including our Annual Report on Forms 10-K and Quarterly Reports on Form 10-Q, copies of which are available on Sun's web site, www.sunh.com. There may be additional risks of which we are presently unaware or that we currently deem immaterial.

The forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by Sun are not guarantees of future performance and are only made as of the date of this release. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.

EBITDA and EBITDAR as used in this press release and in the accompanying tables, which are non-GAAP financial measures, are each reconciled to net income.

Any documents filed by Sun with the SEC may be obtained free of charge at the SEC's web site at www.sec.gov. In addition, investors and stockholders of Sun may obtain free copies of the documents filed with the SEC by contacting Sun's investor relations department at (505) 468-2341 (TDD users, please call (505) 468-4458) or by sending a written request to Investor Relations, Sun Healthcare Group, Inc. 18831 Von Karman Suite 400, Irvine, CA 92612. You may also read and copy any reports, statements and other information filed by Sun with the SEC at the SEC public reference room at Room 1580, 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at (800) SEC-0330 or visit the SEC's web site for further information.

                SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES

                       KEY INCOME STATEMENT FIGURES
                               CONSOLIDATED
                  (in thousands, except per share data)


                                               For the Three  For the Three 
                                                Months Ended  Months Ended
                                                  March 31,     March 31,
                                                    2010           2009
                                                ------------  ------------

Revenue                                         $    473,255  $    468,129

Depreciation and amortization                         12,446        10,723

Interest expense, net                                 11,977        12,726

Pre-tax income                                        17,795        19,661

Income tax expense                                     7,296         8,059

Income from continuing operations                     10,499        11,602

Loss from discontinued operations                       (301)       (1,359)
                                                ------------  ------------

Net income                                      $     10,198  $     10,243
                                                ============  ============


Diluted earnings per share                      $       0.23  $       0.23
                                                ============  ============

                                                ------------  ------------
EBITDAR                                         $     60,770  $     61,473
Margin - EBITDAR                                        12.8%         13.1%
                                                ------------  ------------

                                                ------------  ------------
EBITDA                                          $     42,218  $     43,110
Margin - EBITDA                                          8.9%          9.2%
                                                ------------  ------------

                                                ------------  ------------
Pre-tax income continuing operations            $     17,795  $     19,661

Income tax expense                              $      7,296  $      8,059

Income from continuing operations               $     10,499  $     11,602

Diluted earnings per share from continuing
 operations                                     $       0.24  $       0.26

Net income                                      $     10,198  $     10,243

Diluted earnings per share                      $       0.23  $       0.23
                                                ------------  ------------

See definitions of EBITDA and EBITDAR in the table "Reconciliation of
 Net Income to EBITDA and EBITDAR".



                SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES

                        CONSOLIDATED BALANCE SHEETS
                    (in thousands, except share data)

                                                  March 31,   December 31,
                                                    2010          2009
                                                ------------  ------------
                                                (unaudited)   (unaudited)
               ASSETS

Current assets:
  Cash and cash equivalents                     $    102,453  $    104,483
  Restricted cash                                     25,186        24,034
  Accounts receivable, net                           220,627       220,319
  Prepaid expenses and other assets                   17,679        21,757
  Deferred tax assets                                 69,679        68,415
                                                ------------  ------------
    Total current assets                             435,624       439,008

Property and equipment, net                          622,263       622,682
Intangible assets, net                                52,432        53,931
Goodwill                                             338,364       338,296
Restricted cash, non-current                           3,321         3,317
Deferred tax assets                                  102,799       108,999
Other assets                                           5,097         4,961
                                                ------------  ------------
      Total assets                              $  1,559,900  $  1,571,194
                                                ============  ============


      LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                              $     45,679  $     57,109
  Accrued compensation and benefits                   67,377        58,953
  Accrued self-insurance obligations, current         45,703        45,661
  Income taxes payable                                   628             -
  Other accrued liabilities                           58,995        55,265
  Current portion of long-term debt and capital
   lease obligations                                  27,076        46,416
                                                ------------  ------------
  Total current liabilities                          245,458       263,404

Accrued self-insurance obligations, net of
 current portion                                     123,943       121,948
Long-term debt and capital lease obligations,
 net of current portion                              652,528       654,132
Unfavorable lease obligations, net                    11,948        12,663
Other long-term liabilities                           64,836        69,983
                                                ------------  ------------
  Total liabilities                                1,098,713     1,122,130


Stockholders' equity:
  Preferred stock of $.01 par value, authorized
   10,000,000 shares, no shares were issued and
   outstanding as of March 31, 2010 and December 31,
   2009                                                    -             -
  Common stock of $.01 par value, authorized
   125,000,000 shares, 43,769,054 and 43,764,240
   shares issued and outstanding as of March 31,
   2010 and December 31, 2009, respectively              438           438
  Additional paid-in capital                         656,616       655,667
  Accumulated deficit                               (193,814)     (204,012)
  Accumulated other comprehensive loss, net           (2,053)       (3,029)
                                                ------------  ------------
                                                     461,187       449,064
                                                ------------  ------------
     Total liabilities and stockholders' equity $  1,559,900  $  1,571,194
                                                ============  ============


                SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES

                      CONSOLIDATED INCOME STATEMENTS
                  (in thousands, except per share data)

                                               For the Three  For the Three
                                                Months Ended  Months Ended
                                                  March 31,     March 31,
                                                    2010           2009
                                                ------------  ------------
                                                (unaudited)   (unaudited)

Total net revenues                              $    473,255  $    468,129
                                                ------------  ------------
Costs and expenses:
  Operating salaries and benefits                    267,034       262,909
  Self-insurance for workers' compensation and
   general and professional liability insurance       14,538        14,653
  Operating administrative costs                      12,289        12,577
  Other operating costs                               97,480        95,779
  Center rent expense                                 18,552        18,363
  General and administrative expenses                 15,266        16,750
  Depreciation and amortization                       12,446        10,723
  Provision for losses on accounts receivable          5,878         3,988
  Interest, net of interest income of $90 and
   $108, respectively                                 11,977        12,726
                                                ------------  ------------
Total costs and expenses                             455,460       448,468
                                                ------------  ------------

Income before income taxes and discontinued
 operations                                           17,795        19,661
Income tax expense                                     7,296         8,059
                                                ------------  ------------
Income from continuing operations                     10,499        11,602
                                                ------------  ------------

Discontinued operations:
  Loss from discontinued operations, net of
   related taxes                                        (301)       (1,051)
  Loss on disposal of discontinued operations,
   net of related taxes                                    -          (308)
                                                ------------  ------------
Loss from discontinued operations, net                  (301)       (1,359)
                                                ------------  ------------

Net income                                      $     10,198  $     10,243
                                                ============  ============

Basic income per common and common equivalent
 share:
  Income from continuing operations             $       0.24  $       0.27
  Loss from discontinued operations, net               (0.01)        (0.04)
                                                ------------  ------------
Net income                                      $       0.23  $       0.23
                                                ============  ============

Diluted income per common and common equivalent
 share:
  Income from continuing operations             $       0.24  $       0.26
  Loss from discontinued operations, net               (0.01)        (0.03)
                                                ------------  ------------
Net income                                      $       0.23  $       0.23
                                                ============  ============

Weighted average number of common and common
 equivalent shares outstanding:
  Basic                                               44,033        43,643
  Diluted                                             44,183        43,872


                SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES

                  CONSOLIDATED STATEMENTS OF CASH FLOWS
                              (in thousands)

                                               For the Three  For the Three
                                                Months Ended  Months Ended
                                                  March 31,     March 31,
                                                    2010           2009
                                                ------------  ------------
                                                (unaudited)   (unaudited)

Cash flows from operating activities:
  Net income                                    $     10,198  $     10,243
  Adjustments to reconcile net income to net
   cash provided by operating activities,
   including discontinued operations:
    Depreciation and amortization                     12,446        10,723
    Amortization of favorable and unfavorable
     lease intangibles                                  (474)         (401)
    Provision for losses on accounts receivable        6,014         3,987
    Loss on sale of assets, including
     discontinued operations, net                          -           523
    Stock-based compensation expense                   1,393         1,268
    Deferred taxes                                     4,936         6,174
  Changes in operating assets and liabilities,
   net of acquisitions:
    Accounts receivable                               (6,322)      (10,068)
    Restricted cash                                   (1,156)        8,106
    Prepaid expenses and other assets                  4,283           154
    Accounts payable                                  (5,859)       (3,536)
    Accrued compensation and benefits                  8,424         4,273
    Accrued self-insurance obligations                 2,037           907
    Income taxes payable                                 628             -
    Other accrued liabilities                          2,470         4,743
    Other long-term liabilities                         (955)          297
                                                ------------  ------------
      Net cash provided by operating activities       38,063        37,393
                                                ------------  ------------

Cash flows from investing activities:
  Capital expenditures                               (17,058)      (11,865)
  Proceeds from sale of assets held for sale               -         2,174
                                                ------------  ------------
    Net cash used for investing activities           (17,058)       (9,691)
                                                ------------  ------------

Cash flows from financing activities:
  Principal repayments of long-term debt and
   capital lease obligations                         (20,941)      (19,612)
  Payment to non-controlling interest                 (2,025)            -
  Distribution to non-controlling interest               (69)         (311)
  Proceeds from issuance of common stock                   -            13
                                                ------------  ------------
    Net cash used for financing activities           (23,035)      (19,910)
                                                ------------  ------------

Net (decrease) increase in cash and cash
 equivalents                                          (2,030)        7,792
Cash and cash equivalents at beginning of
 period                                              104,483        92,153
                                                ------------  ------------
Cash and cash equivalents at end of period      $    102,453  $     99,945
                                                ============  ============


                SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES

            RECONCILIATION OF NET INCOME TO EBITDA and EBITDAR
                              (in thousands)


                                               For the Three  For the Three
                                                Months Ended  Months Ended
                                                  March 31,     March 31,
                                                    2010           2009
                                                ------------  ------------
                                                (unaudited)   (unaudited)

Total net revenues                              $     473,255 $     468,129
                                                ------------- -------------

Net income                                      $      10,198 $      10,243
                                                ------------- -------------


  Income from continuing operations                    10,499        11,602

  Income tax expense                                    7,296         8,059

  Interest, net                                        11,977        12,726

  Depreciation and amortization                        12,446        10,723
                                                ------------- -------------

EBITDA                                          $      42,218 $      43,110


  Center rent expense                                  18,552        18,363
                                                ------------- -------------

EBITDAR                                         $      60,770 $      61,473
                                                ============= =============

EBITDA is defined as earnings before loss on discontinued operations,
income taxes, interest, net, depreciation and amortization. EBITDAR is
defined as EBITDA before center rent expense. EBITDA and EBITDAR are used
by management to evaluate financial performance and resource allocation
for each entity within the operating units and for the Company as a whole.
EBITDA and EBITDAR are commonly used as analytical indicators within the
healthcare industry and also serve as measures of leverage capacity and
debt service ability. EBITDA and EBITDAR should not be considered as
measures of financial performance under generally accepted accounting
principles. As the items excluded from EBITDA and EBITDAR are significant
components in understanding and assessing financial performance, EBITDA and
EBITDAR should not be considered in isolation or as alternatives to net
income, cash flows generated by or used in operating, investing or
financing activities or other financial statement data presented in the
consolidated financial statements as indicators of financial performance
or liquidity. Because EBITDA and EBITDAR are not measurements determined
in accordance with U.S. generally accepted accounting principles and are
thus susceptible to varying calculations, EBITDA and EBITDAR as presented
may not be comparable to other similarly titled measures of other
companies.

                SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES

           RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS
                          TO EBITDA and EBITDAR
                             ($ in thousands)

                For the Three Months Ended March 31, 2010
                                (unaudited)



                      Rehabil-                     Elimination
                      itation   Medical                of
           Inpatient  Therapy   Staffing  Other &   Affiliated
            Services  Services  Services  Corp Seg   Revenue   Consolidated
            --------  --------  --------  --------  ---------  -----------
Nonaffiliated
 revenue    $420,528  $ 29,362  $ 23,357  $      8  $       -  $   473,255
Affiliated
 revenue           -    21,154       143         -    (21,297)           -
            --------  --------  --------  --------  ---------  -----------
  Total
   revenue  $420,528  $ 50,516  $ 23,500  $      8  $ (21,297) $   473,255
            --------  --------  --------  --------  ---------  -----------

Income
 (loss)
 from
 continuing
 operations $ 37,756  $  3,876  $  1,482  $(32,615) $       -  $    10,499
Income tax
 expense           -         -         -     7,296          -        7,296
Interest,
 net           2,812         -        (1)    9,166          -       11,977
Depreciation
 and
 amortization 11,279       153       180       834          -       12,446
            --------  --------  --------  --------  ---------  -----------

  EBITDA    $ 51,847  $  4,029  $  1,661  $(15,319) $       -  $    42,218
Center rent
 expense      18,219       123       210         -          -       18,552
            --------  --------  --------  --------  ---------  -----------

  EBITDAR   $ 70,066  $  4,152  $  1,871  $(15,319) $       -  $    60,770
            ========  ========  ========  ========  =========  ===========

    EBITDA
     margin     12.3%      8.0%      7.1%                              8.9%
    EBITDAR
     margin     16.7%      8.2%      8.0%                             12.8%


See definitions of EBITDA and EBITDAR in the table "Reconciliation of
 Net Income to EBITDA and EBITDAR".

                SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES

           RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS
                          TO EBITDA and EBITDAR
                             ($ in thousands)

                For the Three Months Ended March 31, 2009
                                (unaudited)



                      Rehabil-                     Elimination
                      itation   Medical                of
           Inpatient  Therapy   Staffing  Other &   Affiliated
            Services  Services  Services  Corp Seg   Revenue   Consolidated
            --------  --------  --------  --------  ---------  -----------
Nonaffiliated
 revenue    $415,235  $ 25,516  $ 27,374  $      4  $       -  $   468,129
Affiliated
 revenue           -    18,216       560         -    (18,776)           -
            --------  --------  --------  --------  ---------  -----------
  Total
   revenue  $415,235  $ 43,732  $ 27,934  $      4  $ (18,776) $   468,129
            --------  --------  --------  --------  ---------  -----------

Income
 (loss)
 from
 continuing
 operations $ 41,793  $  2,889  $  2,021  $(35,101) $       -  $    11,602
Income tax
 expense           -         -         -     8,059          -        8,059
Interest,
 net           3,209        (1)        1     9,517          -       12,726
Depreciation
 and
 amortization  9,728       128       190       677          -       10,723
            --------  --------  --------  --------  ---------  -----------

  EBITDA    $ 54,730  $  3,016  $  2,212  $(16,848) $       -  $    43,110
Center rent
 expense      18,004       115       244         -          -       18,363
            --------  --------  --------  --------  ---------  -----------

  EBITDAR   $ 72,734  $  3,131  $  2,456  $(16,848) $       -  $    61,473
            ========  ========  ========  ========  =========  ===========

    EBITDA
     margin     13.2%      6.9%      7.9%                              9.2%
    EBITDAR
     margin     17.5%      7.2%      8.8%                             13.1%


See definitions of EBITDA and EBITDAR in the table "Reconciliation of
 Net Income to EBITDA and EBITDAR".


                Sun Healthcare Group, Inc. and Subsidiaries
                      Selected Operating Statistics
                          Continuing Operations


                                                    For the
                                              Three Months Ended
                                                  March 31,
                                          --------------------------
                                            2010             2009
Consolidated Company                      ---------        ---------

Revenues - Non-affiliated (in thousands)
  Inpatient Services                      $ 420,528        $ 415,235
  Rehabilitation Therapy Services            29,362           25,516
  Medical Staffing Services                  23,357           27,374
  Other - non-core businesses                     8                4
                                          ---------        ---------
    Total                                 $ 473,255        $ 468,129
                                          =========        =========

Revenue Mix - Non-affiliated (in thousands)
  Medicare                                $ 142,181    30% $ 141,876    30%
  Medicaid                                  189,324    40%   181,451    39%
  Private and Other                         112,406    24%   114,497    24%
  Managed Care / Insurance                   24,413     5%    26,409     6%
  Veterans                                    4,931     1%     3,896     1%
                                          ---------  ----  ---------  ----
    Total                                 $ 473,255   100% $ 468,129   100%
                                          =========  ====  =========  ====

Inpatient Services Stats
  Number of centers:                            205              205
  Number of available beds:                  22,423           22,484
  Occupancy %:                                 87.5%            88.8%

  Payor Mix % based on patient days:
    Medicare - SNF Beds                        15.6%            16.5%
    Managed care / Ins. - SNF Beds              4.1%             4.3%
                                          ---------        ---------
       Total SNF skilled mix                   19.7%            20.8%
                                          ---------        ---------
   Medicare                                    14.2%            15.1%
   Medicaid                                    62.0%            59.8%
   Private and Other                           18.9%            20.2%
   Managed Care / Insurance                     3.8%             3.9%
   Veterans                                     1.1%             1.0%

  Revenue Mix % of revenues:
    Medicare - SNF Beds                        32.5%            33.9%
    Managed care / Ins. - SNF Beds              6.1%             6.7%
                                          ---------        ---------
       Total SNF skilled mix                   38.6%            40.6%
                                          ---------        ---------
   Medicare                                    32.7%            33.2%
   Medicaid                                    45.0%            43.7%
   Private and Other                           15.4%            15.9%
   Managed Care / Insurance                     5.7%             6.3%
   Veterans                                     1.2%             0.9%


  Revenues PPD:
   LTC only Medicare (Part A)             $  465.96        $  450.41
   Medicare Blended Rate (Part A & B)     $  502.32        $  485.72
   Medicaid                               $  173.07        $  168.71
   Private and Other                      $  186.32        $  176.92
   Managed Care / Insurance               $  363.84        $  373.93
   Veterans                               $  245.16        $  220.02

Rehab contracts
  Affiliated                                    131              120
  Non-affiliated                                337              331

Average Qtrly Revenue per Contract
 (in thousands)                           $     108        $      97

Contact Information

  • Contact:
    Investor Inquiries
    (505) 468-2341
    Media Inquiries
    (505) 468-4582