Irvine-based Sun Healthcare Group Inc. on Tuesday reported first-quarter financial results that were in line with analysts’ expectations.
Sun, an operator of nursing homes, rehabilitation facilities and hospices, said its quarterly profit from continuing operations was $11.6 million, up 43% from 2008’s first quarter.
Analysts expected Sun to make $11.4 million in the first quarter.
Sun said its first-quarter net profit was $10.2 million.
First-quarter revenue rose 4% to $468.3 million, versus Wall Street’s projection of $471.4 million in sales.
In a release, Sun said its revenue gain was driven by several factors, including an 8% hike in Medicare revenue.
The company also said Medicaid made up nearly 44% of its revenue, a new low for the company.
Shares of Sun tend to fluctuate on concerns about government funding for nursing homes.
Sun, on a conference call, reaffirmed its 2009 outlook of $51.3 million to $52.8 million in profit from continuing operations, above analysts’ forecast of $50.5 million.
Sun expects its full-year revenue to come in at $1.92 billion to $1.93 billion, in line with Wall Street’s expectations.
