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Jun 30, 2024
Encompass Health Q2 2024 Earnings Report
Encompass Health's Q2 performance was strong, marked by revenue and Adjusted EBITDA growth, capacity expansion, and share repurchase resumption.
Key Takeaways
Encompass Health reported a strong second quarter with a 9.6% increase in revenue and an 8.9% increase in Adjusted EBITDA, driven by discharge growth. The company added 194 beds to its capacity and resumed share repurchases. Full-year guidance was increased.
Revenue growth of 9.6% resulted primarily from discharge growth of 6.7%, including same-store growth of 4.8%. Net revenue per discharge grew 2.0%.
Cash flows provided by operating activities increased 5.2% to $217.4 million, primarily due to an increase in net income partly offset by higher cash tax payments.
Adjusted EBITDA increased 8.9%, primarily from increased revenue.
The Company increased its full-year guidance.
Forward Guidance
The Company increased its full-year guidance as follows: Net operating revenue $5,275 to $5,350 million, Adjusted EBITDA $1,040 to $1,075 million, Adjusted earnings per share from continuing operations attributable to Encompass Health $3.97 to $4.22.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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