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Sep 30, 2024
Pennant Group Q3 2024 Earnings Report
Pennant Group reported strong performance driven by momentum across the business and robust performance in existing operations, along with successful integration of new operations.
Key Takeaways
The Pennant Group reported a strong third quarter with a 28.9% increase in total revenue compared to the prior year quarter. GAAP diluted earnings per share were $0.20, and adjusted diluted earnings per share were $0.26. The company is well-positioned for future growth with a healthy balance sheet.
Total revenue for the third quarter was $180.7 million, an increase of 28.9% over the prior year quarter.
Net income for the third quarter was $6.2 million, an increase of 41.6% over the prior year quarter.
Home Health and Hospice Services segment revenue for the third quarter was $135.7 million, an increase of 33.7% over the prior year quarter.
Senior Living Services segment revenue for the third quarter was $45.0 million, an increase of 16.3% over the prior year quarter.
Revenue by Segment
Forward Guidance
Management is updating its annual guidance as follows: total revenue is anticipated to be between $665.3 million and $706.5 million; full year 2024 adjusted earnings per diluted share is anticipated to be between $0.90 and $0.96; and full year 2024 adjusted EBITDA is anticipated to be between $51.9 million and $55.2 million.
Positive Outlook
- Continued momentum in the business
- Incorporates current operations and organic growth
- Diluted weighted average shares outstanding of approximately 32.5 million
- Effective tax rate of 26.0%
- Consistent operating performance through the end of the year
Challenges Ahead
- Hospice reimbursement rate adjustments
- Excludes unannounced acquisitions
- Excludes the announced purchase of Signature’s Oregon assets
- Excludes start-ups
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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