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Same Store Occupancy: Increased to 81.7%, a 2.8% rise over the prior year quarter.
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Skill Days Increase: Grew by 6.1% over the prior year quarter.
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Revenue Growth: 7.3% increase for store operations.
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Managed Care Census: Increased by 9.1% for same store and 23.2% for transitioning operations over the prior year quarter.
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Annual Earnings Guidance: Raised to $5.46 to $5.52 per diluted share.
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Annual Revenue Guidance: Increased to between $4.25 billion and $4.26 billion.
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New Operations: Added 53 new operations, including 1,279 skilled nursing beds and 20 senior living units.
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GAAP Diluted EPS: $1.34, an increase of 20.7%.
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Adjusted Diluted EPS: $1.39, an increase of 15.8%.
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Consolidated GAAP Revenue: $1.1 billion, an increase of 15%.
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GAAP Net Income: $78.4 million, an increase of 22.8%.
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Adjusted Net Income: $81.1 million, an increase of 17.7%.
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Cash and Cash Equivalents: $532.1 million.
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Cash Flow from Operations: $246.7 million.
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Quarterly Cash Dividend: 6 cents per share.
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Lease Adjusted Net Debt to EBITDA Ratio: 1.88 times.
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Rental Revenue from Standard Bearer: $24.4 million for the quarter.
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FFO (Funds From Operations): $14.8 million for the quarter.
Release Date: October 25, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Ensign Group Inc (NASDAQ:ENSG) reported a record quarter with strong clinical and financial performance.
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Same store occupancies grew to 81.7%, a 2.8% increase over the prior year quarter, marking a new high for same store occupancy.
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Revenue growth for same store operations was 7.3%, driven by a 6.1% increase in skill days across all skilled payer sources.
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Managed care census grew by 9.1% and 23.2% for same store and transitioning operations respectively, indicating strong trust and high-quality outcomes.
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The company raised its annual 2024 earnings guidance, reflecting a more than 15.1% increase over 2023 results, and increased its revenue guidance to account for current quarter growth and acquisitions.
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Ensign Group Inc (NASDAQ:ENSG) faces risks and uncertainties that could cause actual results to differ materially from forward-looking statements.
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The company is a holding entity with no direct operating assets, employees, or revenues, relying on independent subsidiaries for operations.
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There is a potential impact from variations in reimbursement systems, state budget changes, and seasonality in occupancy and skilled mix.
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The company must manage the short-term impact of acquisition activities and variations in insurance accruals.
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Ensign Group Inc (NASDAQ:ENSG) is exposed to challenges in maintaining consistent growth amidst a rapidly changing healthcare environment and potential regulatory changes.
