Finance

StoneMor Inc. partners with Empathy. . . .Reports 2nd Quarter financials

Foundation Partners why I partnered

StoneMor, Inc. the Pennsylvania based operator of cemeteries and funeral homes last week announced a partnership with end-of-life technology support start-up EmpathyEmpathy is, as they say, powered by technology and driven by purpose in helping grieving families handle countless tasks following the death of a loved one.  The company describes itself as “a service platform that helps families navigate the journey they face after losing a loved on.” 

Here’s what StoneMor, Inc. CEO Joe Redling said in this prepared press release, “Our goal at StoneMor is to constantly seek out new ways to enhance the services we provide to families in need. This is an opportunity to leverage a new technology platform that will extend our support and expand our services long after a family’s initial loss.”

Empathy co-founder and CEO Ron Gura said this in the same press release, “Laying your loved ones to rest will always feel daunting, lonely, and overwhelming—it is absolutely the worst time to be burdened with navigating a crippling bureaucracy.  Technology has the potential to help ease the burden of logistics following loss. . . . .and they (StoneMor) understand and embrace the potential of technology to enhance the overall services they provide to families in need.”

Empathy was launched in 2021 and is backed by venture capital firms General Catalyst and Aleph.  They are headquartered in New York City and Tel Aviv, Israel.  You can see their website here.

StoneMor Inc. reports 2nd Quarter 2021 Financial Results

StoneMor, Inc. also reported 2nd Quarter 2021 financial results last week.  Their 2nd Quarter will cover the operating results for the month of April, May, and June 2021.  You can see the full report here.  Here are what we took as some of the highlights:

  • Revenues for 2Q 2021 were $83.0 million as compared to $66.6 million for the same time period in 2020.  That is an increase of about 24.5%.
  • Cemetery Revenues, of which StoneMor, Inc. claims ownership of 301 cemeteries, was $72.12 million, inclusive of investment income, as compared to $56.8 million for the same period in 2020.  That is an increase of about 26.8%.
  • Cemetery Operating Income was $14.7 million in 2Q 2021 as compared to $7.4 million in 2Q 2020.
  • Funeral Home Revenues, of which StoneMor, Inc. claims ownership of 70 funeral homes, was $10.85 million in 2Q 2021 as compared to $9.73 million in 2Q 2020.
  • Funeral Home Operating Income was $1.2 million in 2Q 2021 as compared to $1.0 million in 2Q 2020.
  • 2Q 2021 Adjusted EBITDA was $32.1 million compared to an Adjusted EBITDA in 2Q 2020 of $15.1 million.

Here’s what CEO Joe Redling had to say in the the Financial Report and/or the Earnings Call transcript which you can access here:

We’ve continued to build upon the momentum from the second half of last year and the first quarter of 2021. Q2 results were driven by the strength in sales as we continue to achieve new highs in overall sales production.”

“In fact, each of the three months in the second quarter represented new same-store highs for StoneMor to those respective months, accumulating with the best second-quarter sales performance in company history.”

“While the successful execution of our turnaround strategy was an important step, it was only the first phase of the StoneMor transformation. We are on the right trajectory and have the tools and team in place to execute on the next phase of our transformation – which is already in full force – a continued focus on growth.”

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