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Sep 30, 2024
Ensign Group Q3 2024 Earnings Report
Ensign Group reported a record quarter driven by consistent clinical and financial performance, with significant growth in same store occupancies and skilled mix days. The company raised its annual earnings and revenue guidance.
Key Takeaways
The Ensign Group reported strong third quarter results with GAAP diluted earnings per share of $1.34 and adjusted earnings per share of $1.39. Consolidated GAAP and adjusted revenue for the quarter were both $1.08 billion, an increase of 15.0% over the prior year quarter. The company raised its annual earnings guidance to between $5.46 to $5.52 per diluted share and revenue guidance to between $4.25 billion to $4.26 billion.
GAAP net income increased by 22.8% over the prior year quarter.
Same Facilities occupancy increased by 2.8% over the prior year quarter.
Consolidated GAAP and adjusted revenue increased by 15.0% over the prior year quarter.
The Company raised annual earnings and revenue guidance.
Ensign Group
Ensign Group
Ensign Group Revenue by Segment
Revenue by Segment
Skilled Services Revenue
CapyFin.comStandard Bearer Revenue
CapyFin.com Forward Guidance
The company raised its annual 2024 earnings guidance to between $5.46 to $5.52 per diluted share, up from $5.38 to $5.50 per diluted share. The company is also increasing its annual revenue guidance to between $4.25 billion to $4.26 billion, up from its previous guidance of $4.20 billion to $4.22 billion.
Positive Outlook
- Solid skilled mix and occupancy growth during the quarter.
- Continued strength from recent acquisitions.
- New midpoint of 2024 earnings guidance represents an increase of more than 15.1% of 2023 results and is 32.6% higher than 2022 results.
- Anticipate closing additional acquisitions by the end of the year.
- Strong liquidity with approximately $532.1 million of cash on hand and $572.1 million of available capacity under its line-of-credit.
Challenges Ahead
- Guidance assumes normalized health insurance costs.
- Guidance assumes current expectations regarding reimbursement rates.
- Guidance excludes certain charges that arise outside of the business.
- Guidance excludes acquisition related costs.
- Guidance excludes share-based compensation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income