The Pennant -Pennant Reports Fourth Quarter and Fiscal Year 2024 Results

Core Insights - The Pennant Group, Inc. reported strong financial results for the fiscal year and fourth quarter of 2024, with total revenue reaching $695.2 million, a 27.6% increase from the previous year [2] - The company achieved GAAP diluted earnings per share of$ 0.70 for the year and $0.16 for the fourth quarter, alongside adjusted diluted earnings per share of$ 0.94 for the year and $0.24 for the quarter [1][2] - The management anticipates continued growth in 2025, projecting total revenue between$ 800 million and $865 million and adjusted earnings per diluted share between$ 1.03 and $1.11 [6][7] Financial Performance - Total revenue for the full year was$ 695.2 million, an increase of $150.3 million or 27.6% over the prior year, and for the fourth quarter was$ 188.9 million, an increase of $42.9 million or 29.4% over the prior year quarter [2] - Net income for the full year was$ 22.6 million, an increase of $9.2 million or 68.6% over the prior year, and for the fourth quarter was$ 5.8 million, an increase of $1.4 million or 32.4% over the prior year quarter [2] - Adjusted EBITDA for the full year was$ 53.3 million, an increase of $12.6 million or 30.9% over the prior year, and for the fourth quarter was$ 13.8 million, an increase of $1.9 million or 16.1% over the prior year quarter [2] Segment Performance - Home Health and Hospice Services segment revenue for the year was$ 519.5 million, an increase of $125.0 million or 31.7% over the prior year, and for the fourth quarter was$ 142.0 million, an increase of $35.1 million or 32.9% over the prior year quarter [2] - Senior Living segment revenue for the full year was$ 175.8 million, an increase of $25.3 million or 16.8% over the prior year, and for the fourth quarter was$ 46.9 million, an increase of $7.8 million or 20.0% over the prior year quarter [2] Operational Highlights - Total home health admissions for the full year were 59,741, an increase of 16,233 or 37.3% over the prior year, and for the fourth quarter were 15,959, an increase of 4,631 or 40.9% over the prior year quarter [2] - Hospice average daily census for the full year was 3,268, an increase of 661 or 25.4% over the prior year, and for the fourth quarter was 3,445, an increase of 649 or 23.2% compared to the prior year quarter [2] - Average occupancy for the Senior Living segment for the fourth quarter was 78.6%, a decrease of 40 basis points over the prior year quarter, while average monthly revenue per occupied room for the fourth quarter was$ 4,961, an increase of $393 or 8.6% over the prior year quarter [2] Future Guidance - The company expects adjusted EBITDA for 2025 to be between$ 63.1 million and $68.2 million, reflecting management's expectations based on 2024 performance and current operating conditions [6][8] - The earnings guidance midpoint of$ 1.07 represents a 13.8% growth on 2024 adjusted earnings per share and a 46.6% growth over 2023 results [7]