The Ensign Group Shares Surge 6% Following Q2 Beat

The Ensign Group, Inc. (NASDAQ:ENSG) shares closed more than 6% higher on Tuesday following the company’s reported Q2 results, with EPS of $1.01 coming in slightly better than the Street estimate of $1.00.

Revenue was $732.49 million, beating the Street estimate of $729.7 million, driven by a rise in occupancy and M&A. Same-store (representing 78% of revenues) grew 7.7%, driven by growth in occupancy/patient days of 180 bps/2.5%. Occupancy continued to rebound to 75.2%, marking the sixth consecutive quarter of sequential improvements.

The company expects full 2022-year EPS to be in the range of $4.05-$4.15, compared to the Street estimate of $4.09, and revenue in the range of $2.96-3 billion, compared to the Street estimate of $2.96 billion.