Shares of SunLink Health (NYSEMKT:SSY) stock are blasting off on Tuesday after big news from one of its subsidiaries.
According to the release, Trace Regional Hospital implemented its “Trace Forward Capital Plan” of $2 million to give its business a major boost. The plan is “to expand, upgrade and improve its physical plant, patient care, ancillary services and support areas.” This includes modernized updates, updated heating and cooling systems, new equipment and improved IT security services.
“The expansion and upgrade of our Pathways Care Program will allow us to meet the growing demand for quality senior behavioral services as well as acute care hospital services in our northeast Mississippi service area,” Marianne Johnson, Trace COO/CNO and the executive in charge of the Pathways Care Program, said.
As a lesser-known firm across Wall Street, you may be wondering what SunLink Health is. That said, let’s dive in and take a closer look at the firm.
- Founded in 2000, SunLink Health invests in healthcare facilities and other related businesses specifically located in the Southwest corner of the United States.
- Overall, the company “targets environments which link patient service needs with dedicated healthcare professionals to deliver quality, compassionate, and efficient healthcare, products and services.”
- As of now, the firm currently holds investments in five major assets.
- These include one community hospital, two skilled nursing facilities, a healthcare technology company and a specialty pharmacy company.
- SunLink Health reported its fourth-quarter earnings results earlier this month.
- While its revenue fell year-over-year from $12.8 million to $10.2 million, its earnings per share (EPS) for Q4 jumped significantly — from a 1-cent loss in 2019 to EPS of 45 cents in 2020.
Shares of SSY stock were up 146% as of Tuesday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.