PNTG - Pennant hits a historic low as 2021 outlook lags expectations
The Pennant Group (PNTG -23.6%) shares have recorded the biggest intraday loss ever to reach the lowest level since July 2020 after the company trimmed its full-year estimates due to the impact of the COVID-19 Delta variant and preliminary Q3 results. “Our third quarter results were negatively impacted by several factors, notably a sharp rise in COVID-19 cases and ongoing labor challenges, which disrupted the momentum we achieved in the second quarter,” CEO Daniel Walker remarked. According to preliminary data for Q3 2021, Pennant (NASDAQ:PNTG) has posted $111.9M in revenue, indicating only ~1.5% growth from the previous quarter despite ~13.7% YoY growth. Revenue from Health and Hospice segment and Senior Living segment have risen ~22.7% and ~3.2% YoY. The provider of healthcare services reported that its average senior living occupancy dropped 3.1% YoY to 73.7% even as total hospice average daily census and home health admissions climbed ~7.3% YoY and ~36.1% YoY
For further details see:
Pennant hits a historic low as 2021 outlook lags expectations