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Dec 31, 2023
Enhabit Q4 2022 Earnings Report
Enhabit reported a slight decline in net service revenue and a significant decrease in net income and adjusted EBITDA for the fourth quarter of 2022.
Key Takeaways
Enhabit, Inc. reported net service revenue of $275.1 million for the fourth quarter of 2022, a 0.4% decline from Q4 2021. Net income decreased by 72.5% to $8.2 million, and Adjusted EBITDA was down 17.8% to $40.3 million.
Net service revenue for Q4 2022 was $275.1 million, a slight decrease of 0.4% compared to Q4 2021.
Net income for Q4 2022 significantly declined by 72.5% to $8.2 million.
Adjusted EBITDA for Q4 2022 was $40.3 million, representing a 17.8% decrease from the prior year.
Home health Medicare Advantage experienced strong growth with nine new negotiated agreements added during the fourth quarter.
Revenue by Segment
Forward Guidance
Enhabit provided full-year 2023 guidance with net service revenue projected between $1,110 million and $1,140 million, Adjusted EBITDA between $125 million and $140 million, and Adjusted EPS between $0.50 and $0.89.
Positive Outlook
- The company is confident in the long-term prospects for Enhabit despite facing numerous headwinds in 2023.
- Expansion of human resource and talent acquisitions teams is making notable progress.
- Establishment of a payor innovation team is making notable progress.
- Strategic changes to management and the staffing model in hospice are making notable progress.
- Operational and sales teams are being aligned into a regional structure to drive clinical and operational success at a local level.
Challenges Ahead
- The company faces numerous headwinds in 2023.
- The guidance for comparable GAAP measures for Adjusted EBITDA and Adjusted EPS is not provided due to inherent difficulty in predicting future impacts of certain items.
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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