Q1 2024 Ensign Group Inc Earnings Call Transcript
Key Points
- Ensign Group Inc reported another record quarter with strong and consistent performance across its portfolio.
- Same-store occupancy reached 81%, surpassing pre-pandemic levels for the first time since Q1 2020, demonstrating recovery and growth.
- Skilled mix days and revenue increased, indicating a growing demand for skilled post-acute services.
- The company successfully reduced the use of third-party nursing agencies by 59% since December 2022, showing improved internal staffing capabilities.
- Ensign Group Inc reaffirmed its annual 2024 earnings guidance, projecting a significant increase over previous years and demonstrating confidence in continued growth.
- The new CMS minimum staffing rule poses potential challenges, especially given the current nationwide shortage of nursing labor, which could impact the industry's ability to serve the growing long-term care population.
- The rule is expected to have a more significant impact on smaller and thinly capitalized operators, potentially reducing the quality care options available to seniors.
- Despite the company's strong performance, there is an ongoing need to focus on attracting and training great talent, which remains a critical challenge in maintaining service quality.
- Regulatory uncertainties and potential changes could impact operational strategies and financial performance.
- The company's growth and performance heavily rely on the successful integration and improvement of newly acquired operations, which poses inherent risks and challenges.
Thanks for standing by. My name is Mandeep, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Ensign Group, Inc., first quarter fiscal year 2024 earnings conference call. (Operator Instructions)
I would now like to turn the conference over to Mr. Keetch. You may begin.
Thank you, operator, and welcome, everyone. We filed our earnings press release yesterday, and it is available on the Investor Relations section of our website at ensigngroup.net. A replay of this call will also be available on our website until 5:00 PM Pacific on Friday, May 31, 2024. We want to remind anyone that may be listening to a replay of this call that all statements made are as of today, May 2, 2024, and these statements have not been or will be updated subsequent to today's call.
Also, any forward-looking statements made today are based on management's current expectations, assumptions, and beliefs about our business and the
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