Business
Pennant Reports First Quarter 2022 Results
Conference Call and Webcast scheduled for tomorrow, May 10, 2022 at 10:00 am MT EAGLE, Idaho, May 09, 2022 (GLOBE NEWSWIRE) -- The Pennant Group, Inc.
About this update from The Pennant Group, Inc.
[{"type":"text","content":"Conference Call and Webcast scheduled for tomorrow, May 10, 2022 at 10:00 am MT\nEAGLE, Idaho, May 09, 2022 (GLOBE NEWSWIRE) -- The Pennant Group, Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice and senior living companies, today announced its operating results for the first quarter 2022, reporting GAAP diluted earnings per share of $0.03 and adjusted diluted earnings per share of $0.11 for the quarter(1). First Quarter Highlights Total revenue for the quarter was $113.9 million, an increase of $8.2 million or 7.8% over the prior year quarter; Net income for the first quarter was $1.0 million, adjusted EBITDA for the quarter was $6.1 million, and adjusted EBITDAR for the quarter was $15.2 million; Home Health and Hospice Services segment revenue for the first quarter was $80.5 million, an increase of $5.9 million or 7.9% over the prior year quarter; segment adjusted EBITDAR from operations(2) was $13.9 million for the quarter, an increase of $0.2 million or 1.1% over the prior year quarter and an increase of $1.5 million or 12.2% over the fourth quarter of 2021; Total home health admissions for the first quarter was 10,182, an increase of 11.9% over the prior year quarter, and total Medicare home health admissions for the first quarter was 4,633, an increase of 3.0% over the prior year quarter; Total hospice admissions for the first quarter was 2,409, an increase of 11.8% over the prior year quarter, and hospice average daily census for the first quarter was 2,232, a decrease of 1.1% compared to the fourth quarter of 2021; Senior Living Services segment revenue for the first quarter was $33.4 million, an increase of $2.4 million or 7.7% over the prior year quarter, segment adjusted EBITDA for the first quarter was $1.6 million, an increase of $1.7 million over the prior year quarter, and segment adjusted EBITDAR for the quarter was $9.4 million; Senior living average occupancy for the first quarter was 72.6%, an increase of 50 basis points over the prior year quarter and 20 basis points over the fourth quarter 2021, and average monthly revenue per occupied room for the first quarter was $3,371, an increase of $185 or 5.8% over the prior year quarter and $80 or 2.4% over the fourth quarter of 2021. Excluding the impact of senior living operations exited during the first quarter and ...