The Pennant (US:PNTG)2025-05-06 20:10Financial Performance - Total revenue for Q1 2025 was $209.8 million, an increase of $52.9 million or 33.7% year-over-year[2] - Net income for Q1 2025 was $7.8 million, an increase of $2.9 million or 58.5% year-over-year[2] - Adjusted net income for Q1 2025 was $9.6 million, an increase of $3.7 million or 61.4% year-over-year[2] - Consolidated Adjusted EBITDA for Q1 2025 was $16.4 million, an increase of $5.1 million or 45.9% year-over-year[2] - Non-GAAP net income for Q1 2025 was $9,624 thousand, an increase from $5,962 thousand in Q1 2024[28] - Adjusted diluted earnings per share increased to $0.27 in Q1 2025, compared to $0.20 in Q1 2024[28] - Income from operations for Q1 2025 was $12,650 million, a significant rise from $8,524 million in Q1 2024, reflecting a 48.5% growth[36] Revenue Segments - Home Health and Hospice Services segment revenue for Q1 2025 was $159.9 million, an increase of $43.4 million or 37.2% year-over-year[2] - Senior Living Services segment revenue for Q1 2025 was $50.0 million, an increase of $9.5 million or 23.6% year-over-year[2] - Home health and hospice services revenue reached $159,870 thousand, accounting for 76.1% of total revenue, up from 74.3% in the previous year[18] - Senior living revenue grew by 23.6% to $49,972 thousand in Q1 2025, compared to $40,425 thousand in Q1 2024[24] - Home Health and Hospice segment revenue for Q1 2025 was $159,443 million, up 39.2% from $114,490 million in Q1 2024[36] - Senior Living segment revenue for Q1 2025 was $49,534 million, an increase of 23.7% compared to $40,015 million in Q1 2024[36] Admissions and Census - Total home health admissions for Q1 2025 were 18,878, an increase of 4,229 or 28.9% year-over-year[2] - Hospice average daily census for Q1 2025 was 3,794, an increase of 832 or 28.1% year-over-year[2] - Total home health admissions increased by 28.9% to 18,878 in Q1 2025, compared to 14,649 in Q1 2024[20] - Total hospice admissions increased by 22.8% to 3,783 in Q1 2025, compared to 3,080 in Q1 2024[20] Financial Metrics - Average Medicare revenue per 60-day completed episode rose by 9.3% to $3,801 in Q1 2025, from $3,477 in Q1 2024[20] - Total Medicare revenue accounted for 48.2% of total revenue in Q1 2025, slightly down from 49.1% in Q1 2024[26] - Average monthly revenue per occupied unit in senior living rose by 11.3% to $5,193 in Q1 2025, from $4,667 in Q1 2024[24] Asset and Expense Overview - The total assets of the company as of March 31, 2025, were $743.6 million, an increase from $679.5 million as of December 31, 2024[13] - Unallocated corporate expenses for Q1 2025 were $13,694 million, compared to $10,161 million in Q1 2024, indicating a 34.9% increase[36] Operational Changes - The company is transitioning memory care units into assisted living communities, with insurance proceeds recorded as a gain on asset disposition in 2024[38] - The company emphasizes the importance of non-GAAP financial measures like Adjusted EBITDA to evaluate operating performance, which may not be comparable with other companies[43]