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Dec 31, 2024
Enhabit Q4 2023 Earnings Report
Enhabit reported its fourth quarter 2023 results, showing a slight decrease in total net service revenue but strong growth in home health Medicare Advantage admissions and improved hospice metrics.
Key Takeaways
Enhabit, Inc. reported positive fourth quarter results driven by strong growth in home health Medicare Advantage admissions, continued payor innovation success, and improved quality outcomes. Despite a slight decrease in total net service revenue, the company saw significant increases in non-episodic admissions and improved hospice cost efficiency.
Net service revenue for Q4 2023 was $260.6 million, a slight decrease from $263.2 million in Q4 2022.
Adjusted EBITDA for Q4 2023 was $25.2 million, down from $30.3 million in Q4 2022.
Home health non-episodic admissions grew by 34.2% year over year, contributing to a total admission growth of 3.9%.
Hospice cost per day decreased to $76, stabilizing after three quarters at $77.
Enhabit
Enhabit
Enhabit Revenue by Segment
Revenue by Segment
Home Health Net Service Revenue
CapyFin.comHospice Net Service Revenue
CapyFin.com Forward Guidance
Enhabit is providing full-year 2024 guidance with projected net service revenue between $1,076 million and $1,102 million, Adjusted EBITDA between $98 million and $110 million, and Adjusted EPS between $0.12 and $0.43.
Positive Outlook
- Projected full-year 2024 net service revenue of $1,076 million to $1,102 million.
- Anticipated full-year 2024 Adjusted EBITDA of $98 million to $110 million.
- Expected full-year 2024 Adjusted EPS of $0.12 to $0.43.
- Continued focus on payor innovation and national contracts.
- Strong performance in quality outcomes.
Challenges Ahead
- The guidance ranges indicate potential variability in financial performance.
- Continued shift to more non-episodic admissions in home health may impact consolidated revenue.
- Uncertainties related to future impact of items outside the Company's control.
- Potential for ongoing litigation and restructuring activities.
- Market and economic conditions could affect demand for services.
Revenue & Expenses
Visualization of income flow from segment revenue to net income