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Dec 31, 2023
Encompass Health Q4 2023 Earnings Report
Encompass Health reported a strong finish to 2023 with significant growth in net operating revenue and Adjusted EBITDA.
Key Takeaways
Encompass Health reported a strong fourth quarter with a 9.6% increase in net operating revenue and Adjusted EBITDA. The company's discharge growth and net revenue per discharge contributed to the overall revenue increase. Encompass Health provided guidance for 2024, projecting net operating revenue between $5.2 billion and $5.3 billion and adjusted earnings per share between $3.77 and $4.06.
Net operating revenue growth of 9.6% resulted primarily from discharge growth of 8.3%, including same-store growth of 5.3%.
Net revenue per discharge grew 0.9%.
Cash flows provided by operating activities increased 16.7% over the prior year to $201.0 million, due to a favorable change in working capital and an increase in net income.
The 9.6% increase in Adjusted EBITDA resulted primarily from higher revenue.
Forward Guidance
The Company provided the following guidance for 2024. Net operating revenue $5,200 to $5,300 millions, Adjusted EBITDA $1,015 to $1,055 millions, Adjusted earnings per share from continuing operations attributable to Encompass Health $3.77 to $4.06.
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