Core Viewpoint - Regional Health Properties, Inc. reported a continued turnaround in its financial performance for Q3 2024, with improvements in revenue and operational metrics despite ongoing challenges in rent collections [2][3]. Financial Results - Total revenue for Q3 2024 was 4.1 million in Q3 2023, reflecting a slight year-over-year increase [4][12]. - The company reported a net loss of 0.973 million in the same quarter of the previous year [4][12]. - Adjusted EBITDA for the quarter was 0.6 million in Q3 2023, indicating improved operational efficiency [2][4]. Operational Highlights - The company reduced its loss from operations year-over-year from 0.3 million [2]. - The Healthcare Services segment achieved its first positive EBITDA quarter since regaining control of two facilities in 2022 [2]. - The Meadowood facility in Glencoe, AL reached its highest occupancy since 2022 [2]. Rent Collection and Outlook - The company collected 80.3% of contractual rent during Q3 2024 and is optimistic about improving collectability in Q4 2024 [2][3]. - Management is actively working with tenants to address outstanding rent issues [3]. Balance Sheet and Liquidity - As of September 30, 2024, the company had 0.5 million line of credit post-quarter end and expects to be current on all debt payments during Q4 2024 [6]. Management Comments - The CEO expressed confidence in the company's turnaround strategy and highlighted the recent management contract with CJM Advisors to enhance the financial performance of the Sylva, NC facility [3].
Regional Health Properties Reports Third Quarter 2024 Financial Results