Toronto, Canada – Extendicare Inc. held its Q4 2023 Earnings Conference Call on March 8, 2024, at 11:30 AM ET. During the call, executives highlighted the company’s achievements and financial results for the fourth quarter. Jillian Fountain, the VP of Investor Relations, along with President and CEO Michael Guerriere and Senior Vice President and CFO David Bacon, discussed the company’s performance and outlook for the future.

In his opening remarks, Michael Guerriere reflected on Extendicare’s 50-year milestone of trading on the Toronto Stock Exchange. He emphasized the company’s strategic initiatives to cater to the needs of the aging demographic, resulting in robust growth in home health care volumes and a recovery in long-term care occupancy levels. Guerriere also highlighted the impact of the Revera acquisition on the company’s financial performance across all operating segments.

The company reported a strong increase in long-term care occupancy to historical levels, showcasing margin improvement driven by occupancy recovery and cost efficiencies. In the home health care segment, Extendicare benefitted from government rate increases, driving continued volume growth and operational leverage. The company’s managed services segment also saw significant growth following strategic transactions, contributing to increased revenue and net operating income.

Extendicare’s repositioning strategy, focusing on managed services, long-term care homes redevelopment, and home health care services, has shown promising results. The company’s financial position remains stable, with a solid liquidity position and access to credit facilities for future growth opportunities. Extendicare also highlighted its commitment to returning capital to shareholders and maintaining a strong balance sheet for sustainable growth.

Looking ahead, Extendicare plans to continue its organic growth trajectory, focusing on meeting the increasing demand for services in the healthcare sector. The company remains optimistic about potential acquisition opportunities in line with its strategic direction, aiming to drive growth and enhance shareholder value. With a focus on improving operational efficiency and addressing the unmet demand for care services, Extendicare is poised for continued success in the healthcare industry.

While the company remains cautious about external factors such as government funding and market conditions, Extendicare is confident in its ability to adapt and thrive in the evolving healthcare landscape. As the company celebrates its 50th year in the public domain, it remains committed to its mission of providing high-quality care to residents and patients, supported by a dedicated team of professionals.