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Enhabit Inc. (EHAB-2.65%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in net service revenue to $1,034.8 million from $1,046.3 million in the previous year. This decline is attributed to a decrease in Home Health segment revenues of 3.0%, offset by a 7.0% increase in Hospice segment revenues.
Cost of service, excluding depreciation and amortization, decreased slightly to $530.8 million from $535.6 million. The decrease in costs is primarily due to improved clinical staff productivity and a reduction in contract labor.
General and administrative expenses were $425.9 million, down from $441.6 million in 2023, reflecting cost-saving initiatives and lower benefit-related expenses.
The company recorded an impairment charge of $161.7 million related to the Home Health reporting unit, following a decrease in its fair value.
Net loss for the year was $154.0 million, compared to a net loss of $79.0 million in the previous year. The increase in net loss is largely due to the impairment charge.
Enhabit reported cash and cash equivalents of $28.4 million as of December 31, 2024, with a total of $51.4 million available under its revolving credit facility.
The filing discusses the impact of the separation from Encompass Health Corporation, which was completed on July 1, 2022, and notes that Enhabit is now an independent public company.
Enhabit operates 255 home health agencies and 115 hospice provider locations across 34 states, focusing on providing Medicare-certified skilled home health and hospice services.
The company highlights risks related to reimbursement rates, regulatory changes, and competition in the healthcare industry, which could impact future financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Enhabit Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.