Welcome to our dedicated page for Pennant Group news (Ticker: PNTG), a resource for investors and traders seeking the latest updates and insights on Pennant Group stock.
The Pennant Group, Inc. (NASDAQ: PNTG) news page on Stock Titan focuses on updates about its home health, hospice, home care and senior living operations across multiple U.S. states. Pennant describes itself as a holding company for independent operating subsidiaries, and its news flow reflects activity at both the corporate and operating levels.
Investors following PNTG can find earnings announcements where the company reports GAAP and adjusted earnings per share, segment revenue and non-GAAP measures such as adjusted EBITDAR and adjusted EBITDA. These releases also highlight operational metrics, including home health admissions, Medicare home health admissions, hospice average daily census, senior living occupancy and average monthly revenue per occupied room.
Corporate development is another key theme in Pennant’s news. The company has issued press releases describing acquisitions of home health, hospice, personal care and outpatient therapy operations, as well as senior living communities. Examples include the purchase of Healing Hearts Home Health and Healing Hearts Outpatient Therapy in Wyoming, acquisitions of senior living communities in Idaho and Wisconsin, and a large transaction with UnitedHealth Group and Amedisys involving home health, hospice and personal care locations in Tennessee, Georgia and Alabama.
Capital structure and financing developments also appear in PNTG news, such as announcements about amendments to its credit facility and the addition of an incremental term loan. In addition, Pennant publishes notices about participation in healthcare and investment conferences, along with details of webcasts for quarterly earnings calls.
By reviewing PNTG news, readers can track how Pennant’s acquisition activity, segment performance, geographic expansion and financing arrangements evolve over time. This page brings together company-issued press releases and related disclosures in one place for convenient reference.
The Pennant Group (NASDAQ: PNTG) has announced a public offering of 3,500,000 shares of common stock. The company plans to grant underwriters a 30-day option to purchase up to 525,000 additional shares. Proceeds will be used to repay outstanding debt under the company's revolving credit facility, with any remaining funds allocated for general corporate purposes.
Citigroup and Truist Securities are lead book-running managers, while Wells Fargo Securities and RBC Capital Markets are joint book-running managers. Oppenheimer & Co. and Stephens Inc. are acting as co-managers. The offering is being made pursuant to the company's effective shelf registration statement filed with the SEC.
The Pennant Group (NASDAQ: PNTG) reported strong Q2 2024 results, with total revenue increasing 27.6% to $168.7 million and net income rising 103.4% to $5.7 million. Key highlights include:
- Home Health and Hospice segment revenue up 31.9% to $125.3 million
- Senior Living Services segment revenue increased 16.6% to $43.4 million
- Total home health admissions grew 35.4% to 14,140
- Hospice average daily census rose 29.1% to 3,220
The company updated its 2024 guidance, projecting total revenue between $654.0 million and $694.5 million, and adjusted earnings per diluted share between $0.89 and $0.95. Pennant's CEO attributed the strong performance to mature operations and robust acquisition activity.
The Pennant Group (NASDAQ: PNTG) has completed the acquisition of Signature Healthcare at Home's Washington and Idaho assets. This marks the first phase of a larger acquisition, with Signature's Oregon business set to close on January 1, 2025. The acquisition strengthens Pennant's presence in Idaho and expands its footprint in Washington, a critical certificate of need state.
Pennant's CEO, Brent Guerisoli, highlighted the acquisition as a significant milestone in the company's investment in the Pacific Northwest. The company plans to implement its unique operating model, innovative technology, and best practices to enhance the quality of care in the acquired operations. This strategic move is expected to complement Pennant's existing operations and leverage its high-performing leaders in the region.
The Pennant Group (NASDAQ: PNTG) has announced a significant expansion of its credit facility, increasing it by $100 million to reach a total of $250 million. This new facility, arranged by Truist Securities and supported by a lending consortium, will expire on July 31, 2029. The company plans to use the proceeds to refinance existing borrowings, fund acquisitions, cover working capital needs, and support other business purposes.
CEO Brent Guerisoli emphasized that this amended facility strengthens Pennant's balance sheet and, combined with strong operating cash flow, provides substantial resources for future growth. CFO Lynette Walbom expressed appreciation for the continued support of their banking partners and the confidence shown by new lenders joining the consortium.
The Pennant Group (NASDAQ: PNTG) has announced its plans to release second quarter 2024 financial results on August 6, 2024. The company will host a live webcast on August 7, 2024, at 10:00 a.m. Mountain Time for management to discuss the results. Pennant operates 118 home health and hospice agencies and 54 senior living communities across 13 states through independent subsidiaries. Investors can access the webcast and financial information on the company's investor relations website. The recorded webcast will be available for replay until August 6, 2025.
The Pennant Group (NASDAQ: PNTG) announced an agreement to purchase assets from Signature Healthcare at Home for $80 million. The acquisition, covering locations in Oregon, Washington, and Idaho, is expected to bolster Pennant's presence in the Pacific Northwest. Signature Healthcare's assets include over 650 staff, $78 million in annual revenue, 12,000 home health admissions, and a 300 daily hospice census. The purchases are set to close on August 1, 2024, and January 1, 2025, pending customary conditions and regulatory approvals. This acquisition aligns with Pennant's growth strategy and aims to enhance operational efficiency and leadership development within the acquired regions.
The Pennant Group (NASDAQ: PNTG) has entered into a management and consulting services agreement with Hartford HealthCare at Home (HHCAH) to provide operational support. HHCAH, a part of Hartford HealthCare, serves Connecticut with over 1,000 employees and 33,000 home health admissions annually. Pennant will offer operational leadership through its service center, which employs over 300 individuals. The collaboration aims to enhance in-home care services, improve clinical outcomes, and create jobs in Connecticut. This partnership reflects Hartford's commitment to expanding home-based care as a vital part of healthcare delivery.
The Pennant Group (NASDAQ: PNTG) announced its acquisition of Nurses on Wheels, a South Texas hospice provider. This strategic move aims to expand Pennant's hospice operations in Corpus Christi and surrounding areas. CEO Brent Guerisoli highlighted the company's commitment to empowering local leaders and enhancing community-based services. President John Gochnour emphasized the deep connection Nurses on Wheels has with the local community and expressed excitement about partnering with skilled clinicians to deliver high-quality care. Guerisoli confirmed that Pennant is actively seeking further acquisitions in the home health, hospice, and senior living sectors across the U.S.
The Pennant Group, Inc. (NASDAQ: PNTG) will participate in the 2024 RBC Global Healthcare Conference on May 14-15, 2024. Key executives will engage in a fireside chat, providing insights into the company's operations. Investors can access a live webcast of the event.
The Pennant Group, Inc. (NASDAQ: PNTG) reported strong first-quarter 2024 results, including GAAP diluted earnings per share of $0.16 and adjusted diluted earnings per share of $0.20. Total revenue increased by 24.1% to $156.9 million. Net income rose by 165.2% to $4.9 million. The Home Health and Hospice Services segment saw revenue growth of 27.9% to $116.5 million. Senior Living Services revenue increased by 14.2% to $40.4 million. The company's focus on margin resulted in improved bottom-line performance, positioning them well for 2024.