Enhabit, Inc. has recently released its 10-K report, providing an insight into the company's financial condition and operations. Enhabit is a leading provider of home health and hospice services in the United States, operating in 252 home health agencies and 105 hospice agencies across 23 states as of December 31, 2022. The company offers services such as patient education, pain management, wound care, cardiac rehabilitation, infusion therapy, and hospice services including pain and symptom management, palliative and dietary counseling, and bereavement counseling.
In the Management's Discussion and Analysis of Financial Condition and Results of Operations, Enhabit highlighted several factors impacting its performance. These include pricing, volume of services, cost and operating efficiencies, inflation, and the impact of the COVID-19 pandemic on its results of operations. The company also discussed its separation from Encompass, which may impact the comparability of its historical results and future performance.
The consolidated results of operations for the years ended December 31, 2023, 2022, and 2021 were as follows: Net service revenue: $1,046.3 million (2023), $1,071.1 million (2022), and $1,106.6 million (2021) Cost of service, excluding depreciation and amortization: $535.6 million (2023), $525.6 million (2022), and $513.9 million (2021) General and administrative expenses: $441.6 million (2023), $414.9 million (2022), and $412.9 million (2021) Depreciation and amortization: $30.9 million (2023), $33.0 million (2022), and $36.9 million (2021) Impairment of goodwill: $85.8 million (2023), $109.0 million (2022), and not applicable in 2021 Operating (loss) income: $(47.6) million (2023), $(11.4) million (2022), and $142.9 million (2021) Interest expense and amortization of debt discounts and fees: $43.0 million (2023), $15.0 million (2022), and $0.3 million (2021) Net (loss) income attributable to Enhabit, Inc.: $(80.5) million (2023), $(40.4) million (2022), and $111.1 million (2021)
The company also provided a breakdown of its consolidated results as a percentage of Net service revenue, highlighting the changes in various expense categories as a percentage of revenue over the years.
Enhabit also discussed Adjusted EBITDA as a non-GAAP measure of its financial performance, aiming to assist investors in comparing its operating performance across operating periods on a consistent basis by excluding items not indicative of its operating performance.
Today the company's shares have moved 0.4% to a price of $10.89. For the full picture, make sure to review Enhabit's 10-K report.
