SunLink Health Systems, Inc. (SSY) is up 17.69% in the pre-market trading session at the price of $3.06 despite any recent news.
Fiscal 2021 Third Quarter Results and COVID-19 Updates
On 14th May 2021, SSY declared a loss of $473,000 or $0.07 per fully diluted share from continuing operations for its third fiscal quarter ended 31st March 2021. A loss of $46,000 or $0.01 per fully diluted share from continuing operations was reported for the same quarter of 2020. Net loss for the quarter ended 31st March 2021 was $531,000 or $0.08 per fully diluted share. A net loss of $158,000 or $0.02 per fully diluted share was reported for the quarter ended 31st March 2020. Consolidated net revenues for the quarters ended 31st March 2021, and 2020 were $9,778,000 and $12,667,000, respectively. The drop was 22.8% in the third quarter of current fiscal year, compared to the comparable quarter of the previous fiscal year. Net revenue was reduced significantly in the current fiscal quarter due to limited hospitals and nursing home net revenues. Moreover, it was decreased due to Pharmacy segment revenues amid COVID-19 pandemic.
SSY reported net earnings of $2,203,000 or $0.32 per fully diluted share for the nine months ended 31st March 2021. Net loss of $461,000 or $0.07 per fully diluted share reported for the nine months ended 31st March 2020. Earnings from continuing operations were $2,382,000 or $0.34 per fully diluted share for this period of 2021. Earnings from continuing operations were $14,000 or $0.00 per fully diluted share for the nine months ended 31st March 2020.
SSY Published $2 Million Expansion, Capital, and Operating Improvements
On 16th March 2021, SSY published that its wholly-owned subsidiary, Trace Regional Hospital, had implemented its Trace Forward Capital Plan worth roughly $2 million. The plan intends to develop, upgrade and improve its physical plant, patient care, ancillary services, and support areas. It covers an 8-bed expansion of its Pathways Care Program, which will bring Pathways to 26 total beds. The plan features acute care patient rooms with renewed support areas, a complete hospital-wide replacement, and an upgrade heating and air conditioning systems. Moreover, it has replaced a substantial part of its building roof, enhanced Women’s services equipment, new diagnostic equipment, additional information technology equipment, and improved IT security services.
Executive in charge of the Pathways Care Program of Trace, Marianne Johnson, commented that the expansion and upgrade of their Pathways Care Program would help them meet the increasing demand for quality senior behavioral services. Additionally, Trace has added new ultrasound equipment and expanded telemedicine services to expand its existing digital mammography capabilities, he added.
