Business
Pennant Reports Third Quarter 2022 Results
Conference Call and Webcast scheduled for tomorrow, November 8, 2022 at 10:00 am MT EAGLE, Idaho, Nov. 07, 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, November 8, 2022 at 10:00 am MT\nEAGLE, Idaho, Nov. 07, 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 third quarter 2022, reporting GAAP diluted earnings per share of $0.16 and adjusted diluted earnings per share of $0.14 for the quarter(1). Third Quarter Highlights Total revenue for the quarter was $118.4 million, an increase of $6.4 million or 5.7% over the prior year quarter; Net income for the third quarter was $4.8 million, adjusted EBITDA for the quarter was $7.9 million, an increase of $1.4 million or 21.6% over the prior year quarter, and adjusted EBITDAR for the quarter was $17.0 million; Home Health and Hospice Services segment revenue for the third quarter was $85.8 million, an increase of $6.8 million or 8.6% over the prior year quarter, segment adjusted EBITDAR from Operations was $15.4 million, and segment adjusted EBITDA was $14.2 million, an increase $1.0 million or 7.7% over the prior year quarter; Total home health admissions for the third quarter was 10,152 and total Medicare home health admissions for the third quarter was 4,637, an increase of 10.2% and 10.1%, respectively, over the prior year quarter; Total hospice admissions for the third quarter was 2,392, an increase of 7.8% over the prior year quarter, and hospice average daily census for the third quarter was 2,293, an increase of 0.4% compared to the second quarter 2022 and a decrease of 1.9% compared to the prior year quarter; Senior Living Services segment revenue for the third quarter was $32.6 million, a decrease of $0.3 million or 1.1% over the prior year quarter, segment adjusted EBITDAR from Operations was $9.4 million, and segment adjusted EBITDA for the third quarter was $1.5 million, an increase of $1.4 million over the prior year quarter; and Same store senior living(2) revenue for the third quarter was $32.2 million, an increase of $3.4 million or 11.8% over the prior year, same store senior living average occupancy for the third quarter was 77.6%, an increase of 140 basis points over the prior year quarter, and average monthly revenue per occupied room for the third quarter was $3,560, an increase of $386 or 12.2% over th...