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Jun 30, 2024
Pennant Group Q2 2024 Earnings Report
Pennant Group reported strong second quarter results driven by solid performance in mature operations and acquisition activity.
Key Takeaways
Pennant Group reported a strong second quarter with a 27.6% increase in total revenue to $168.7 million, and a 103.4% increase in net income to $5.7 million. The company is updating its annual guidance based on sustainable momentum and accretive additions.
Total revenue increased by 27.6% year-over-year to $168.7 million.
Net income increased by 103.4% year-over-year to $5.7 million.
Home Health and Hospice Services segment revenue increased by 31.9% year-over-year to $125.3 million.
Senior Living Services segment revenue increased by 16.6% year-over-year to $43.4 million.
Revenue by Segment
Forward Guidance
Management is updating its annual guidance as follows: total revenue is anticipated to be between $654.0 million and $694.5 million; full year 2024 adjusted earnings per diluted share is anticipated to be between $0.89 and $0.95; and full year 2024 adjusted EBITDA is anticipated to be between $50.7 million and $53.8 million.
Positive Outlook
- Total revenue is anticipated to be between $654.0 million and $694.5 million.
- Full year 2024 adjusted earnings per diluted share is anticipated to be between $0.89 and $0.95.
- Full year 2024 adjusted EBITDA is anticipated to be between $50.7 million and $53.8 million.
- Guidance incorporates current operations and organic growth.
- It anticipates continued strong operating performance through the end of the year.
Challenges Ahead
- Hospice reimbursement rate adjustments.
- Increased interest expense.
- Excludes unannounced acquisitions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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