Pennant Reports First Quarter 2023 Results

About this update from The Pennant Group, Inc.

[{"type":"text","content":"Conference Call and Webcast scheduled for tomorrow, May 5, 2023 at 10:00 am MT\nEAGLE, Idaho, May 04, 2023 (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 of 2023, reporting GAAP diluted earnings per share $0.06 for the three months ended March 31, 2023. Pennant also reported adjusted diluted earnings per share of $0.13 for the quarter (1). First Quarter Highlights Total revenue for the quarter was $126.5 million, an increase of $12.6 million or 11.0% over the prior year quarter;Net income for the first quarter was $1.9 million, an increase of $0.8 million or 82.4% over the prior year quarter, and adjusted net income of the first quarter was $3.8 million, an increase of $0.5 million or 15.6% over the prior year quarter;Adjusted EBITDA was $7.9 million for the first quarter, an increase of $1.8 million or 28.8% over the prior year quarter; adjusted EBITDAR for the first quarter was $17.1 million, an increase of $1.9 million or 12.5% over the prior year quarter;Home Health and Hospice Services segment revenue for the first quarter was $91.1 million, an increase of $10.6 million or 13.2% over the prior year quarter; Home Health and Hospice Services segment adjusted EBITDA from operations was $13.2 million for the first quarter, an increase of $0.5 million or 3.7% over the prior year quarter; segment adjusted EBITDAR from operations was $14.4 million for the first quarter, an increase of $0.5 million or 3.3% over the prior year quarter; Total home health admissions were 10,910 for the first quarter, an increase of 728 or 7.1% over the prior year quarter; total Medicare home health admissions were 4,948 for the first quarter, an increase of 315 or 6.8% over the prior year quarter; Total hospice admissions for the first quarter were 2,451, an increase of 42 or 1.7% over the prior year quarter, and an increase of 205 or 9.1% over the fourth quarter of 2022. Hospice average daily census for the first quarter was 2,439, an increase of 9.3% compared to the prior year quarter; Senior Living Services segment revenue for the first quarter was $35.4 million, an increase of $2.0 million or 5.8% over the prior year quarter; average occupancy for the first quarter was 78.1...

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