Ensign Group Shares Gain On Mixed Q4 Results, Better-Than-Expected FY22 Outlook

Provider of post-acute healthcare services, The Ensign Group Inc's  ENSG Q4 FY21 sales increased 10.2% Y/Y to $693.1 million, missing the consensus of $698.33 million.

  • Ensign reported an adjusted EPS of $0.97 ahead of the consensus of $0.96.
  • Total skilled services segment income increased to $100.2 million, +19.1%.
  • Same-store and transitioning occupancy increased by 3.0% and 6.8%, respectively, from the prior-year quarter. 
  • Real estate segment income was $9.4 million, an increase of 7.3% Y/Y. FFO was $14.7 million, up 10.2%.
  • The Company's liquidity remains strong with approximately $262.2 million cash on hand and $343.3 million of available capacity under its line of credit.
  • The Company also announced a new stock repurchase program for 2022 of $20 million. 
  • Guidance: For FY22, Ensign expects EPS of $4.01 - $4.13, compared to the consensus of $3.94, with sales of $2.93 billion - $2.98 billion versus the consensus of $2.89 billion. 
  • The new midpoint of this 2022 earnings guidance represents an increase of 12% over 2021 results and is 30% higher than 2020 results. 
  • Price Action: ENSG shares are up 4.38% at $78.28 during the market session on the last check Thursday.

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