Pennant Reports Fourth Quarter 2022 Results

About this update from The Pennant Group, Inc.

[{"type":"text","content":"Conference Call and Webcast scheduled for tomorrow, February 24, 2023 at 10:00 am MT\nEAGLE, Idaho, Feb. 23, 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 fiscal year and fourth quarter of 2022, reporting GAAP diluted earnings per share of $0.22 and $0.12 for the year ended December 31, 2022 and the fourth quarter, respectively. Pennant also reported adjusted diluted earnings per share of $0.57 for the year and $0.18 for the quarter (1). Fourth Quarter Highlights Total revenue was $473.2 million for the fiscal year 2022, an increase of $33.5 million or 7.6% over the prior year, and total revenue for the quarter was $124.7 million, an increase of $12.9 million or 11.5% over the prior year quarter; Net income for the full year was $6.6 million, an increase of $3.9 million over the prior year, and net income for the fourth quarter was $3.5 million, an increase of $5.6 million over the prior year quarter, our adjusted net income for the full year was $17.1 million, an increase of $3.1 million or 21.8% over the prior year and adjusted net income of the fourth quarter was $5.4 million, an increase of $3.3 million or 152.4% over the prior year quarter; Adjusted EBITDA was $31.5 million for the full year, an increase of $5.1 million or 19.5% over the prior year, and adjusted EBITDA was $9.9 million for the fourth quarter, an increase of $4.9 million or 98.3% over the prior year quarter; adjusted EBITDAR for the full year and fourth quarter was $68.0 million and $19.1 million, respectively; Home Health and Hospice Services segment revenue for the full year was $342.2 million, an increase of $32.7 million or 10.6% over the prior year, and segment revenue for the fourth quarter was $90.7 million, an increase of $12.8 million or 16.4%; Home Health and Hospice Services segment adjusted EBITDA from operations was $57.0 million for the full year, an increase of $5.9 million or 11.6%, and $15.5 million, an increase of $4.3 million or 38.5% for the fourth quarter; segment adjusted EBITDAR for the full year and the fourth quarter was $61.8 million and $16.8 million respectively; Total home health admissions for the full year increased from 37,366 to 40,436 or 8.2%; and total home ...

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