The Ensign Group Reports Second Quarter 2023 Results; Raises 2023 Earnings Guidance

About this update from The Ensign Group, Inc.

[{"type":"text","content":"Conference Call and Webcast scheduled for tomorrow, July 28, 2023 at 10:00 am PT\nSAN JUAN CAPISTRANO, Calif., July 27, 2023 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign(TM) group of companies, which provide post-acute healthcare services and invest in the post-acute healthcare industry, primarily in skilled nursing and senior living facilities, announced operating results for the second quarter of 2023, reporting GAAP diluted earnings per share of $1.12 and adjusted earnings per share(1) of $1.16 for the quarter ended June 30, 2023. Highlights Include: GAAP diluted earnings per share for the quarter was $1.12 and adjusted diluted earnings per share(1) was $1.16, an increase of 10.9% and 14.9%, respectively, over the prior year quarter.GAAP net income was $64.0 million and adjusted net income(1) was $66.3 million for the quarter, an increase of 10.9% and 15.4%, respectively, over the prior year quarter.Total skilled services(2) revenue for the quarter was $884.2 million, an increase of 25.9% over the prior year quarter, and total skilled services(2) segment income was $117.0 million, or an increase of 14.4% over the prior year quarter.Same store and transitioning occupancy increased by 4.0% and 3.3%, respectively, over the prior year quarter.Same store and transitioning skilled revenue increased by 8.8% and 7.4%, respectively, over the prior year quarter. Same store and transitioning combined managed care revenue increased by 12.2% and managed care census increased by 8.2%. Standard Bearer(2) revenue was $19.9 million for the quarter, an increase of 13.2% from prior year quarter and FFO was $13.3 million for the quarter, an increase of 10.1% from the prior year quarter.(1) See \"Reconciliation of GAAP to Non-GAAP Financial Information\".(2) Our Skilled Services and Standard Bearer Segments are defined and outlined in Note 7 on Form 10-Q. Operating Results “We are very happy with the record results we reported this quarter as our local leaders and their teams achieved excellent clinical and financial results, even when the operating environment continues to present challenges,” said Barry Port, Ensign’s Chief Executive Officer. “During the quarter we saw continued improvement in occupancies, skilled revenue, skilled days and managed care revenues, which is particularly impressive giv...

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