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Mar 31, 2021
Ensign Group Q1 2021 Earnings Report
Ensign Group reported record results for Q1 2021, with GAAP diluted earnings per share of $0.86 and adjusted earnings per share of $0.87. Consolidated GAAP revenues were $627.3 million, and management raised the Company’s 2021 annual earnings guidance.
Key Takeaways
Ensign Group reported record operating results for the first quarter of 2021. GAAP diluted earnings per share was $0.86, and adjusted earnings per share was $0.87. Consolidated GAAP revenues reached $627.3 million. Management increased the Company’s 2021 annual earnings guidance to $3.54 to $3.66 per diluted share.
GAAP diluted earnings per share increased by 17.8% over the prior year quarter, reaching $0.86.
Adjusted diluted earnings per share increased by 13.0% over the prior year quarter, totaling $0.87.
Consolidated GAAP revenues increased by 6.4% over the prior year quarter, amounting to $627.3 million.
Same store and transitioning skilled revenue improved by 7.6% and 43.7%, respectively, over the prior year quarter.
Ensign Group
Ensign Group
Forward Guidance
Management increased the Company’s 2021 annual earnings guidance to $3.54 to $3.66 per diluted share and affirmed its previous annual revenue guidance of $2.62 billion to $2.69 billion. The midpoint of this 2021 earnings guidance represents an increase of approximately 15% over the Company’s 2020 results.
Positive Outlook
- Strong results during the first quarter
- Positive trends in occupancy
- Continuation of sequestration suspension
- Higher Medicaid funding in certain states
- Proven local leadership strategy
Challenges Ahead
- Normalized health insurance costs
- Normal anticipated Medicare and Medicaid reimbursement rate increases, net of provider taxes
- Acquisitions closed in the first half of 2021
- Recovery of the COVID-19 pandemic
- Excludes acquisition-related costs and amortization costs related to intangible assets acquired, share-based compensation and start-up losses