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Mar 31, 2023
Pennant Group Q1 2023 Earnings Report
Pennant Group reported solid growth in the first quarter of 2023.
Key Takeaways
Pennant Group reported a revenue increase of 11.0% and net income increase of 82.4% compared to the prior year quarter. The company's leadership and acquisition pipelines are strong, and the first quarter performance puts them on track to meet 2023 expectations. Cash flow from operations was $9.0 million.
Total revenue for the quarter was $126.5 million, an 11.0% increase year-over-year.
Net income for the first quarter was $1.9 million, an 82.4% increase year-over-year.
Home Health and Hospice Services segment revenue was $91.1 million, a 13.2% increase year-over-year.
Senior Living Services segment revenue was $35.4 million, a 5.8% increase year-over-year, with average occupancy at 78.1%.
Forward Guidance
The company is focused on pushing top-line growth to the bottom line throughout the remainder of the year and expects to meet 2023 expectations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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