Thu, Jul 25, 8:08 PM (44 days ago)
The Ensign Group, Inc.'s quarterly financial report for the period ended June 30, 2024, highlights strong financial performance and strategic expansions. Key metrics include: 1. **Revenue and Earnings**: Total revenue for Q2 2024 was $1,036.3 million, a 12.5% increase from $921.3 million in Q2 2023. Net income attributable to The Ensign Group, Inc. was $71.0 million, up from $64.0 million in the prior year. Earnings per share (EPS) improved to $1.22 (diluted) from $1.12. 2. **Segment Performance**: The skilled services segment, which includes skilled nursing and rehabilitation therapy services, generated $991.3 million in revenue. The Standard Bearer segment, which manages real estate properties, contributed $23.4 million in rental revenue. The "All Other" category, including senior living operations and ancillary services, reported $47.3 million in revenue. 3. **Operational Metrics**: The company reported a skilled mix (high-acuity patients) of 48.2% of total skilled nursing routine revenue. Occupancy rates for skilled nursing facilities stood at 80.1%. 4. **Cash Flow and Liquidity**: Operating cash flow for the first half of 2024 was $112.2 million. The company maintained a strong cash position with $477.3 million in cash and cash equivalents. 5. **Strategic Expansions**: Ensign added 13 stand-alone skilled nursing operations and two campus operations, totaling 1,369 operational skilled nursing beds and 202 senior living units. Seven of these properties were acquired by Standard Bearer and leased back to Ensign subsidiaries. 6. **Future Outlook**: The company anticipates continued growth driven by acquisitions and a favorable demographic trend. Regulatory changes and reimbursement reforms remain areas of focus. Overall, Ensign Group demonstrated robust financial health and strategic growth, positioning itself well for future opportunities in the post-acute care market.