Q2 2024 Ensign Group Inc Earnings Call Transcript
Key Points
- Ensign Group Inc (ENSG) reported another record quarter with significant growth in occupancy and skilled mix days.
- Same store occupancy reached 80.8%, a 2.8% increase over the prior year quarter.
- The company saw a 6.8% increase in same store skilled service revenue and a 6.0% increase in transitioning skilled service revenue.
- Ensign Group Inc (ENSG) raised its annual 2024 earnings guidance to between $5.38 to $5.50 per diluted share, up from $5.29 to $5.47 per diluted share.
- The company added 10 new operations and six real estate assets during the quarter, bringing the total number of operations acquired during the year to 15.
- Despite improvements, Ensign Group Inc (ENSG) is not yet back to pre-COVID nurse agency utilization levels.
- The company faces challenges with newly acquired operations, which often come with significant agency staffing issues.
- There is ongoing uncertainty regarding the CMS minimum staffing rule, although the recent Chevron ruling has increased confidence.
- Ensign Group Inc (ENSG) must continue to manage and integrate newly acquired operations, which can be resource-intensive.
- The company is still navigating the impact of inflationary pressures on wage trends and overall cost management.
Hello, and welcome to The Ensign Group Inc Q2 2024 earnings call.
At this time, I would like to turn the call over to Mr. Keetch. Please go ahead.
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, August 30, 2024.
We want to remind anyone that may be listening to a replay of this call that all statements made are as of today, July 26, 2024, and these statements have not been nor 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 environment in which we operate.
These statements are subject to risks and uncertainties that could cause our actual results to materially differ from those
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