Ensign Group Lifts FY22 Outlook On Higher Occupancies, Skilled Mix, Reimbursement

  • The Ensign Group Inc's  ENSG Q3 FY22 sales increased 15.2% Y/Y to $770.0 million, beating the consensus of $751.22 million.
  • Ensign reported an adjusted EPS of $1.04, in line with the consensus estimates, up 14.3% Y/Y.
  • Total skilled services revenue reached $739.3 million, up 15.1%.
  • Same-store and transitioning occupancy increased by 2.4% and 5.3%, respectively, over the prior-year quarter.
  • The company's liquidity remains strong, with approximately $308.9 million cash on hand and $593.3 million available capacity under its line of credit.
  • The company noted that it experienced continued improvement in occupancies, medicare & managed care revenues and reported that its operators achieved sequential growth in overall occupancy for the seventh consecutive quarter.
  • Guidance: For FY22, Ensign raised its annual 2022 EPS guidance to $4.10-$4.18, up from the previously increased guidance of $4.05-$4.15 versus the consensus of $4.12.
  • The company also raised annual revenue guidance to $3.01-$3.03 billion, up from the previously increased revenue guidance of $2.96-$3.0 billion and against the consensus of $2.98 billion. 
  • The new midpoint of revised 2022 guidance represents a 14% Y/Y increase and 32% higher than 2020 results.
  • Price Action: ENSG shares are down 0.38% at $89.75 on the last check Thursday.
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