Healthcare Services Group (HCSG) Tops Q1 EPS by 1c, Revenues Beat

Healthcare Services Group (NASDAQ: HCSG) reported Q1 EPS of $0.27, $0.01 better than the analyst estimate of $0.26. Revenue for the quarter came in at $449.2 million versus the consensus estimate of $448.16 million.

Ted Wahl, Chief Executive Officer, stated, “COVID-19 quickly became the dominant theme during the quarter. The pace at which the virus presented and altered operational protocol for our customers was unlike anything we’ve experienced in the industry. Our customers responded with innovation and resolve, and we’ve been right there with them, at our absolute best and delivering in the most extraordinary way. Our subject matter expertise in infection control and supply chain management has been rivaled only by the incredible dedication and commitment of our employees, at every level, but especially our heroes working in the facilities. Their passion, perseverance and courage in the face of great adversity is nothing short of inspirational.”

Mr. Wahl continued, “We’ll continue to closely monitor the impact of COVID-19 on the industry, as we work with our customers in managing this unique challenge. While quite a bit of uncertainty remains as to the path and impact of this virus on the industry, we’ve been encouraged by both the pace and significance of the enacted and proposed federal and state relief measures, which are providing meaningful financial support to an industry committed to combating this crisis.”

Mr. Wahl stated, “In the coming months, we will continue our intensive operational focus on mitigating the effects of COVID-19 and remain proactive in delivering the best possible outcomes on all fronts. We are prudently maintaining a strong balance sheet with no near-term maturities, which appropriately complements our cash position. Above all, we are deeply committed to supporting our customers in the care of their patients and residents, while simultaneously continuing to protect company resources, including our most valued resource - our employees.”

For earnings history and earnings-related data on Healthcare Services Group (HCSG) click here.

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