Business
Pennant Previews Third Quarter 2021 Results, Adjusts Guidance and Announces Earnings Release and Call Date
EAGLE, Idaho, Nov. 01, 2021 (GLOBE NEWSWIRE) -- The Pennant Group, Inc. (NASDAQ: PNTG), the parent company of operating subsidiaries that provide home health,
About this update from The Pennant Group, Inc.
[{"type":"text","content":"EAGLE, Idaho, Nov. 01, 2021 (GLOBE NEWSWIRE) -- The Pennant Group, Inc. (NASDAQ: PNTG), the parent company of operating subsidiaries that provide home health, hospice and senior living services, provides the following preview of its expected results for the third quarter ended September 30, 2021, and updates its previously issued guidance for the fiscal year 2021. The Company expects to issue its third quarter 2021 financial results on Monday, November 8, 2021. “Our third quarter results were negatively impacted by several factors, notably a sharp rise in COVID-19 cases and ongoing labor challenges, which disrupted the momentum we achieved in the second quarter. Our efforts to adequately respond to these headwinds in the quarter ultimately fell short. Although we are confident the measures we are taking will improve our ability to achieve better clinical and financial results, in light of the significant impact of these headwinds on our quarterly results and the likelihood some will persist through the fourth quarter, we are providing a preview of our expected results and accordingly updating our full year 2021 guidance. While we are disappointed with these results, we know that despite this challenging operating environment there are many short- and long-term opportunities to deliver significant value. We look forward to providing more color on the quarter and a detailed look at the compelling upside for 2022 and beyond during our forthcoming earnings call,” commented Daniel Walker, Pennant’s Chief Executive Officer. Preliminary Third Quarter Financial Results Total revenue of $111.9 million, including $79.0 million from our Home Health and Hospice segment, representing an increase in segment revenue of $14.6 million or 22.7% over the prior year quarter and an increase of $0.9 million or 1.1% over the second quarter of 2021, and $32.9 million from our Senior Living segment, representing a decrease in segment revenue of $1.1 million or 3.2% over the prior year quarter and an increase of $0.7 million or 2.1% over the second quarter of 2021;Net income of $1.2 million, earnings per diluted share of $0.04 and adjusted earnings per diluted share of $0.11; andHome Health and Hospice segment adjusted EBITDAR of $14.4 million, a 6.5% increase over the prior year quarter and a decrease of $0.5 million or 3.5% over the second quarter of 2...