Genesis opens health center in China
Genesis Healthcare Inc., a major nursing home and rehabilitation company based in Kennett Square, said it opened a post-hospital rehabiliation facility in China, its first venture outside the United States.
Genesis Healthcare Inc., a major nursing home and rehabilitation company based in Kennett Square, said it opened a post-hospital rehabiliation facility in China, its first venture outside the United States.
"With 14.8 percent of the Chinese population over the age of 60 and 70 million people in need of rehabilitation services, there is significant market potential in China," George V. Hager Jr., Genesis's chief executive, said.
The new Genesis facility, called a "Vitality Center," is in Zengcheng, which is in southern China, near Guangzhou.
In the third quarter, Genesis said it plans to open an inpatient rehabilitation center with the potential for 300 beds. The company also has an informal deal with BangEr Orthopedic Hospital Group to open rehab centers in 11 hospitals in China.
Genesis had a net loss of $112.57 million on $1.34 billion in revenue in the first quarter, compared to a net loss of $44.17 million on $1.19 billion in revenue in the same period last year.
The company's operating earnings before interest, taxes and certain accounting charges were $138.93 million in the first quarter, up from $115.46 million last year.
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