Enhabit(US:EHAB)2025-03-05 21:55Financial Performance - Net service revenue for Q4 2024 was $258.2 million, a decrease of 0.9% compared to Q4 2023[5] - The net loss attributable to Enhabit, Inc. was $46.0 million, representing a significant increase of 618.8% from a loss of $6.4 million in Q4 2023[6] - Adjusted EBITDA for Q4 2024 was $25.1 million, a slight decrease of 0.4% from $25.2 million in Q4 2023[6] - The net loss attributable to Enhabit, Inc. for the year ended December 31, 2024, was $156.2 million, compared to a net loss of $80.5 million in 2023, representing a 94.2% increase in losses[18] - The company reported a basic loss per share of $3.11 for the year 2024, compared to $1.61 in 2023, indicating a 93.2% increase in loss per share[24] - Adjusted diluted earnings per share for Q4 2024 was $0.04, compared to $0.06 in Q4 2023[24] - For the year ended December 31, 2024, Adjusted EBITDA was $100.1 million, compared to $97.6 million for 2023, reflecting a 2.6% increase[30] - Adjusted diluted EPS for the year ended December 31, 2024, was $0.21, compared to $0.22 in 2023[30] Revenue and Admissions - Home health non-Medicare admissions increased by 10.7%, contributing to a total admissions growth of 1.8% year over year[5] - Hospice average daily census rose by 8.6% year over year, with sequential increases every month since January 2024[5] - Hospice net service revenue increased by 13.1% year over year, with adjusted EBITDA rising by 13.7%[5] - Net service revenue for Q4 2024 was $258.2 million, a decrease of 1% from $260.6 million in Q4 2023[18] - Full-year 2025 guidance for net service revenue is projected between $1,050 million and $1,080 million[11] Expenses and Liabilities - Home health cost per patient day increased approximately 1% year over year, while hospice cost per patient day rose by 5.7%[5] - Goodwill impairment for the year was $161.7 million, significantly higher than the $85.8 million recorded in 2023[18] - Total assets decreased to $1,226.0 million in 2024 from $1,433.6 million in 2023, reflecting a decline of 14.5%[20] - Total liabilities decreased to $672.1 million in 2024 from $731.9 million in 2023, a reduction of 8.1%[20] - Interest expense for the year ended December 31, 2024, was $42.9 million, consistent with $43.0 million in 2023[38] Cash Flow and Financial Health - Cash and cash equivalents at the end of 2024 were $30.3 million, up from $29.8 million at the end of 2023[21] - The company experienced a net cash provided by operating activities of $51.2 million for the year 2024, slightly up from $48.4 million in 2023[21] - Adjusted free cash flow for the year ended December 31, 2024, was $53.5 million, a decrease from $58.8 million in 2023[39] - Net cash provided by operating activities for the three months ended December 31, 2024, was $(4.1) million, compared to $2.8 million in the same period of 2023[39] Operational Metrics - Operating loss for Q4 2024 was $(41.2) million, a significant decline from an operating income of $4.9 million in Q4 2023[18] - Gross margin as a percentage of revenue for the three months ended December 31, 2024, was 48.5%, slightly down from 48.8% in 2023[41] - General and administrative expenses as a percentage of revenue improved to (40.5)% in Q4 2024 from (43.9)% in Q4 2023[41] - Adjusted EBITDA margin for the year ended December 31, 2024, was 9.7%, an increase from 9.3% in 2023[41] Strategic Outlook and Risks - The company anticipates potential disruptions or breaches of information systems as a risk factor affecting future performance[42] - Future financial performance projections are subject to various risks, including regulatory developments and changes in reimbursement rates[42] - The strategic review process concluded in May 2024, which may impact future operational strategies[39] - The company is focused on successfully completing and integrating de novo locations, acquisitions, and joint ventures as part of its growth strategy[42]