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Dec 31, 2021
Pennant Group Q4 2021 Earnings Report
Reported lower-than-anticipated results due to another surge of COVID-19, but achieved record full-year results in the home health and hospice segment.
Key Takeaways
Pennant Group's Q4 2021 results were impacted by COVID-19, but the home health and hospice segment showed strength. Strategic transactions were executed to reposition the senior living segment for better results in 2022.
Total revenue for the quarter was $111.8 million, an increase of 3.5% over the prior year quarter.
GAAP diluted earnings per share was $(0.08) for the quarter, and adjusted diluted earnings per share was $0.07.
Home Health and Hospice Services segment revenue for the quarter was $77.9 million, an increase of 4.5% over the prior year quarter.
Senior Living Services segment revenue for the quarter was $33.9 million, an increase of 1.4% over the prior year quarter.
Forward Guidance
The Company provided revised fiscal year 2022 guidance, anticipating total revenue to be in the range of $450.0 million to $460.0 million and adjusted earnings per share to be in the range of $0.60 to $0.72 per diluted share.
Positive Outlook
- Total revenue is anticipated to be in the range of $450.0 million to $460.0 million, representing an increase of 7.5% over full year 2021 revenue results (adjusted for the disposition of five senior living communities).
- Adjusted earnings per share is anticipated to be in the range of $0.60 to $0.72 per diluted share, representing an increase of 43.5% over full year 2021 adjusted earnings per share results.
- The 2022 annual guidance is based on diluted weighted average shares outstanding of approximately 31.2 million and a 26.1% effective tax rate.
- Confidence in leaders across the organization being stronger and more capable of confronting headwinds.
- Expectation that measures taken to emphasize core opportunities and reinforce the operating model will lead to improvement.
Challenges Ahead
- Guidance assumes anticipated reimbursement rate adjustments and the lingering effects of COVID-19.
Historical Earnings Impact
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