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As the senior housing industry evolves, Sonida Senior Living (NYSE: SNDA) CEO Brandon Ribar is optimistic about the future. The Dallas-based company has implemented innovative strategies to tackle challenges like staffing shortages, utilizing technology to revamp their workforce and reduce turnover.
One recent milestone for Sonida was a $50 million equity private placement, allowing them to buy back debt on their communities and position themselves for further growth. Ribar emphasized the company’s goal to translate revenue growth into improved margins, with a focus on achieving 30% margins.
Improving labor practices has been a key focus for Sonida, with initiatives such as flexible scheduling for part-time staff through the Stogo program, resulting in decreased turnover and increased efficiency. Ribar highlighted the importance of enhancing public perception of senior living and shared how Sonida is investing in technology to enhance resident care.
Looking ahead, Sonida aims to expand its portfolio and solidify its leadership team while striving for performance improvements in newly acquired properties. By modernizing their staffing model and focusing on innovation, Sonida is positioning itself for long-term success in the senior housing industry.
