Business
Pennant Reports Third Quarter 2021 Results
Conference Call and Webcast scheduled for tomorrow, November 9, 2021 at 10:00 am MT EAGLE, Idaho, Nov. 08, 2021 (GLOBE NEWSWIRE) -- The Pennant Group, Inc.
About this update from The Pennant Group, Inc.
[{"type":"text","content":"Conference Call and Webcast scheduled for tomorrow, November 9, 2021 at 10:00 am MT\nEAGLE, Idaho, Nov. 08, 2021 (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 third quarter of fiscal year 2021, reporting GAAP diluted earnings per share of $0.04 for the quarter and adjusted dilutive earnings per share of $0.11 for the quarter(1). Third Quarter Highlights Total revenue for the quarter was $111.9 million, an increase of $13.5 million or 13.7% over the prior year quarter;Net income for the quarter was $1.2 million, adjusted EBITDA for the quarter was $6.5 million, and adjusted EBITDAR for the quarter was $16.7 million;Home Health and Hospice Services segment revenue for the quarter was $79.0 million, an increase of $14.6 million or 22.7% over the prior year quarter;Home Health and Hospice Services segment adjusted EBITDAR from operations(2) was $14.4 million for the quarter, an increase of $0.9 million or 6.5% over the prior year quarter;Total home health admissions for the quarter were 9,213, an increase of 36.1% over the prior year quarter, and total Medicare home health admissions for the quarter were 4,211, an increase of 23.2% over the prior year quarter;Hospice average daily census for the quarter was 2,337, an increase of 7.3% over the prior year quarter, and total hospice admissions for the quarter were 2,219, an increase of 4.0% over the prior year quarter;Senior Living Services segment revenue for the quarter was $32.9 million and segment adjusted EBITDAR from operations(2) in the quarter was $9.1 million; andSenior living average occupancy for the quarter was 73.7%, an increase of 100 basis points over the second quarter 2021, and average monthly revenue per occupied unit was $3,174 for the quarter. (1) See \"Reconciliation of GAAP to Non-GAAP Financial Information.” (2) Segment Adjusted EBITDAR from Operations is defined and outlined in Note 6 on Form 10-Q and is the segment GAAP measure of profit and loss. Operating Results “In the third quarter, our performance fell short of the high standards to which we hold ourselves as we failed to fully offset the challenges stemming from the significant rise in COVID-19 cases in several of our key markets exacerbated b...