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Dec 31, 2023
Pennant Group Q4 2023 Earnings Report
Reported an increase in revenue and net income compared to the prior year quarter.
Key Takeaways
The Pennant Group, Inc. reported strong Q4 2023 results, with a 17.1% increase in revenue and a 25.2% increase in net income compared to the prior year quarter. The company's performance was driven by growth in both its home health and hospice services and senior living services segments.
Total revenue increased by 17.1% to $146.0 million.
Net income increased by 25.2% to $4.3 million.
Home Health and Hospice Services segment revenue increased by 17.9% to $106.9 million.
Senior Living Services segment revenue increased by 14.8% to $39.1 million.
Revenue by Segment
Forward Guidance
Management is providing 2024 annual guidance as follows: total revenue is anticipated to be between $596.8 million and $633.7 million; adjusted earnings per diluted share is anticipated to be between $0.82 and $0.91; and adjusted EBITDA is anticipated to be between $46.2 million and $49.7 million.
Positive Outlook
- Total revenue is anticipated to be between $596.8 million and $633.7 million.
- Adjusted earnings per diluted share is anticipated to be between $0.82 and $0.91.
- Adjusted EBITDA is anticipated to be between $46.2 million and $49.7 million.
- Earnings guidance midpoint of $0.87 represents 19.2% growth on our 2023 adjusted earnings per share.
- Guidance is based on compelling momentum in both segments and the readiness of local leaders to drive organic and inorganic growth.
Challenges Ahead
- Guidance assumes reimbursement rate adjustments.
- Guidance assumes no unannounced acquisitions.
- Guidance excludes the tax-effected costs at start-up operations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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