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Enhabit, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net service revenue to $253.6 million from $258.3 million in the same quarter the previous year. This decrease is attributed to lower Medicare recertifications in home health.
Cost of service, excluding depreciation and amortization, was $131.7 million, representing 51.9% of net service revenue, compared to 51.9% in the same quarter of the previous year.
The company reported a net loss of $109.5 million for the quarter, compared to a net loss of $2.2 million in the previous year. The increase in net loss is primarily due to a goodwill impairment charge of $107.9 million.
General and administrative expenses decreased to $103.8 million from $108.8 million, primarily due to lower incentive compensation and cost control initiatives.
Interest expense and amortization of debt discounts and fees were $10.8 million, compared to $10.9 million in the previous year.
Cash provided by operating activities was $55.3 million, while cash used in investing and financing activities was $2.1 million and $35.6 million, respectively.
As of September 30, 2024, Enhabit had $45.7 million in cash and cash equivalents and $48.4 million available under its revolving credit facility.
The filing also discusses the termination of a national contract with UnitedHealth Group (UNH-1.09%), effective January 31, 2025, and the impact of Hurricanes Helene and Milton on operations.
Enhabit continues to focus on managing its home health and hospice segments, with efforts to shift business to Medicare Advantage contracts with improved rates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Enhabit Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.