Sonida Senior Living, Inc. (NYSE:SNDA), a company specializing in nursing and personal care facilities, announced today the appointment of BDO USA, P.C. as its new independent registered public accounting firm. The decision was ratified by the Audit Committee of the Board of Directors effective today, with BDO set to audit the company's financial statements for the fiscal year ending December 31, 2024.
The engagement with BDO will include reviews of Sonida Senior Living's unaudited quarterly financial statements, starting with the period ending June 30, 2024. This change comes without any reported disagreements or consultations regarding accounting principles or audit opinions between Sonida Senior Living and BDO in the two most recent fiscal years or the subsequent interim periods prior to this engagement.
The company, previously known as Capital Senior Living (NYSE:SKDA) Corp before a name change on July 24, 1997, is headquartered in Dallas, Texas. As a Delaware corporation, Sonida Senior Living operates under the SIC code for Services-Nursing & Personal Care Facilities.
This announcement is a routine disclosure required by the Securities and Exchange Commission (SEC) and does not indicate any issues with the previous auditor or Sonida Senior Living's financial practices. The company's decision to engage BDO reflects its commitment to maintaining the highest standards of financial reporting and transparency for its stakeholders.
The information in this article is based on a press release statement filed with the SEC.
In other recent news, Sonida Senior Living displayed a strong first-quarter performance for 2024, reporting a 2.4% sequential revenue increase and a 7.3% rise from the same period last year. The company has successfully raised $60 million in equity capital and anticipates closing four notable transactions by the end of June.
Sonida's strategy to acquire and enhance underperforming assets, coupled with their focus on efficient expense management, is supporting margin improvement. The company's balance sheet is also undergoing de-leveraging, with a $5 million principal paydown scheduled for the upcoming month.
Sonida has recently hired a new Chief Investment Officer to bolster its capital markets and acquisition capabilities. Despite facing challenges with higher snow removal and utility costs due to severe winter weather, the company has seen benefits from real estate tax credits and reduced liability from workers' compensation claims.
As part of their recent developments, Sonida is optimistic about its 2024 growth prospects, anticipating operational excellence, enhanced resident programs, and strategic acquisitions to drive future success.
InvestingPro Insights
As Sonida Senior Living, Inc. (NYSE:SNDA) transitions to BDO USA, P.C. for its financial audits, investors and stakeholders may be interested in the company's recent financial performance and market position.
According to real-time data from InvestingPro, Sonida Senior Living currently holds a market capitalization of $413.65 million, with a notable revenue increase of 8.08% over the last twelve months as of Q1 2024. The company's gross profit margin stands at 24.98% for the same period, demonstrating its ability to maintain profitability amid its operational costs.
InvestingPro Tips highlight that Sonida Senior Living operates with a significant debt burden, which is an important factor for investors to consider when evaluating the company's financial health. Moreover, the stock has experienced a significant return over the last week, with a 27.53% price total return, and an impressive 267.99% return over the last year, indicating a strong performance in the market. These metrics suggest a dynamic investment landscape for SNDA, with both opportunities and risks present.
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