Enhabit, Inc ( (EHAB) ) has released its Q3 earnings. Here is a breakdown of the information Enhabit, Inc presented to its investors.
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Enhabit, Inc., a prominent provider of home health and hospice care, has released its financial results for the third quarter of 2024, showcasing its operations in the healthcare sector with a focus on enhancing patient care through innovative strategies. The company’s highlights for the quarter include an increase in Adjusted EBITDA due to strategic growth and cost management efforts.
Enhabit reported a net service revenue of $253.6 million for the third quarter of 2024, despite a net loss of $110.2 million. The company’s Adjusted EBITDA showed a year-over-year increase of 5.6%, reaching $24.5 million, highlighting successful cost management and revenue growth strategies, particularly in the hospice segment. Admissions in the non-Medicare sector surged by over 20%, contributing to an overall admissions growth of 5.6%.
In its home health segment, Enhabit experienced a decline in Medicare revenue due to reduced recertifications, while non-Medicare admissions and revenue per visit increased significantly. The hospice segment saw a robust performance with a 11% growth in net service revenue and a 6.9% increase in average daily census, driven by higher patient days and improved Medicare reimbursement rates.
Looking ahead, Enhabit has adjusted its full-year 2024 guidance due to lower recertifications and the impact of recent hurricanes, projecting net service revenue between $1,031 to $1,046 million and Adjusted EBITDA in the range of $98 to $102 million. The company remains focused on executing its strategic plans to enhance patient care and operational efficiency.
