The Ensign Group, Inc. reported record-setting operating results for the first quarter ended March 31, 2025, with GAAP diluted earnings per share of $1.37 and adjusted earnings per share of $1.52. These results exceeded Wall Street expectations, driven by strong clinical outcomes and dedicated local teams.
The company achieved new high-water marks for occupancy, with same-store and transitioning occupancy increasing to 82.6% and 83.5% respectively. Skilled daily census increased by 7.6% for same-store and 9.9% for transitioning operations, while managed care census grew by 8.9% and 15.6% respectively over the prior year quarter.
Following this strong performance, Ensign raised its annual 2025 earnings guidance to between $6.22 to $6.38 per diluted share, up from $6.16 to $6.34. The new midpoint represents a 14.5% increase over 2024 results. Annual revenue guidance was also increased to $4.89 billion to $4.94 billion, up from $4.83 billion to $4.91 billion.
Ensign continued its robust pace of acquisitions, adding 19 new operations, including eight real estate assets, during and since the quarter. Since 2024, the company has acquired 47 new operations across several markets. Standard Bearer, the captive REIT, added 13 new assets during and since the quarter, comprising 137 owned properties and generating $28.4 million in rental revenue.
The company's liquidity remains strong with approximately $282.7 million of cash on hand and $572.1 million of available capacity under its line-of-credit. Ensign also completed a $20.0 million share repurchase program and paid a quarterly cash dividend of $0.0625 per share, maintaining its long history of dividend payments.
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