Thursday, Gentiva Health Services Inc. (GTIV), a comprehensive home health services provider, reported an increase in the second quarter profit, as revenues increased 12% excluding the contribution from CareCentrix in the year ago quarter. Earnings on a per share basis, came in above the analysts' estimates of $0.45 per share. Providing an update to its forecast, the company raised its earnings and revenue outlook for fiscal year 2009.
The Atlanta, Georgia-based company reported second-quarter net income of $17.10 million or $0.58 per share, up from $12.02 million or $0.41 per share reported in the same quarter last year.
On an adjusted basis, net income was $17.5 million, up 43% from the prior year quarter. On a per share basis, adjusted net income was $0.59, up from $0.42 in the previous year quarter. Adjusted net income for both quarter excluded special charges of $0.01 per share related to restructuring and integration activities.
On average, nine analysts polled by Thomson Reuters expected the company to earn $0.45 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter was $298.10 million, down from $344.21 million in the comparable quarter last year. Revenue for the year ago quarter included net revenues of $79.3 million from CareCentrix business unit.
Excluding revenues from CareCentrix in the previous year quarter, the company's net revenues grew about $33 million or 12% in the quarter. The company had sold a majority interest in CareCentrix to Water Street Healthcare Partners last year.
Nine analysts expected the company report revenue $291.54 million for the quarter.
Selling, general and administrative expenses increased to $127.19 million from $125.57 million in the year ago quarter. Interest and other expense were $2.69 million, down from $5.59 million in the prior year quarter. Interest income for the quarter was $817 thousand, down from $273 thousand in the prior year quarter.
For the six-month period, net income was $35.12 million or $1.19 per share, compared to $19.75 million or $0.68 per share a year ago. On an adjusted basis, net income was $30.2 million, up 50% from the prior year period. On a per share basis, adjusted net income was $1.02, up from $0.69in the corresponding period last year.
Net revenues for the six-months declined to $587.02 million from $665.85 million in the comparable period last year. Excluding revenue from CareCentrix, Gentiva's net revenues improved about $77 million, or 15%, in the six-month period.
Looking ahead to the full year 2009, the company raised its outlook and now anticipates net revenues to be in the range of $1.19 billion - $1.21 billion, compared to prior guidance of $1.14 billion - $1.18 billion. On an adjusted basis, net income is expected to be in the range of $2.04 - $2.10 per share, up from the previous guidance range of $1.72 - $1.80 per share. Analysts currently anticipate the company to earn $1.79 per share on revenue of $1.18 billion for the full year 2009.
GTIV is currently trading at $18.43, up $0.61 or $3.64%, on a volume of 0.40 million shares on the Nasdaq.
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