Loading...
•
Jun 30, 2024
Enhabit Q2 2024 Earnings Report
Enhabit reported its second quarter 2024 financial results, demonstrating sequential growth and strategic success in home health and hospice segments.
Key Takeaways
Enhabit, Inc. reported a net service revenue of $260.6 million for Q2 2024, with a net loss attributable to Enhabit, Inc. of $0.2 million. The company achieved adjusted EBITDA of $25.2 million and adjusted EPS of $0.07, showing improvements in key metrics and continued progress in its growth strategies.
Total admissions grew 6.4% year over year, driven by a 25.2% increase in non-Medicare admissions.
Adjusted EBITDA increased 5.4% year over year to $25.2 million, reflecting effective cost management and revenue growth.
Hospice average daily census increased 2.7% year over year, with sequential growth each month since January 2024.
The company reduced bank debt by $15 million in the quarter and opened a new home health location in Florida.
Enhabit
Enhabit
Enhabit Revenue by Segment
Revenue by Segment
Home Health Net Service Revenue
CapyFin.comHospice Net Service Revenue
CapyFin.com Forward Guidance
Enhabit updated its full-year 2024 guidance, adjusting net service revenue and adjusted EPS ranges while narrowing the adjusted EBITDA range.
Positive Outlook
- Adjusted EBITDA guidance range narrowed to $100 million to $106 million, indicating increased confidence in profitability.
- Adjusted EPS guidance increased to $0.19 to $0.37, suggesting improved earnings expectations.
- Continued focus on payor innovation strategy and improved utilization of clinical resources in home health.
- Steady progress in growing hospice census, with average daily census increasing each month since January 2024.
- Recruitment and retention efforts are expected to position the company for long-term growth.
Challenges Ahead
- Net service revenue guidance range lowered to $1,050 million to $1,063 million from previous $1,076 million to $1,102 million.
- Lower Medicare volume in home health due to lower recertifications impacted revenue.
- Increased costs associated with patient supplies, durable medical equipment, and pharmacy in hospice segment.
- Potential impact of regulatory developments on market conditions.
- Risks associated with the ability to attract and retain key management personnel and healthcare professionals.
Revenue & Expenses
Visualization of income flow from segment revenue to net income