Kindred Healthcare, a post-acute care provider based in Louisville, Ky., saw revenue decrease in the fourth quarter of 2016 and ended the period with a net loss.
Kindred ended the fourth quarter of 2016 with revenues of $1.75 billion, down from revenues of $1.78 billion in the same quarter of the year prior. The post-acute care provider reported a net loss of $15.4 million, compared to a net surplus of $45.7 million in the same period of 2015.
Kindred Healthcare President and CEO Benjamin Breier said the company was pleased its operating results in the fourth quarter were in line with its projections.
"We continue to advance our strategic initiative to divest our skilled nursing center business, and are pleased with the level of interest in the portfolio," said Mr. Breier. "We hope to complete this accretive transaction by year end, and use the anticipated net cash proceeds of $100 million to $300 million to repay debt. Similar to our strategic move into the home health, hospice and community care space, our exit from the nursing center business will contribute to the ongoing transformation of Kindred’s growth, cash flow and earnings profile."