Enhabit, Inc. reported a net service revenue of $1.034 billion for the fiscal year ending December 31, 2024, reflecting a 1.1% decrease from $1.046 billion in 2023. The decline was primarily driven by a 3.0% drop in revenue from the Home Health segment, which generated $824.8 million, accounting for 79.7% of total revenue. This decrease was attributed to a lower average daily census and a shift towards non-Medicare patients. Conversely, the Hospice segment experienced a 7.0% increase in revenue, totaling $210 million, supported by improved Medicare reimbursement rates and a growth in patient admissions.
The company's financial performance was significantly impacted by an impairment charge of $161.7 million related to goodwill, which contributed to an operating loss of $115.1 million, compared to a loss of $47.6 million in the previous year. The net loss attributable to Enhabit, Inc. was $156.2 million, a substantial increase from the $80.5 million loss reported in 2023. General and administrative expenses decreased by 3.6% to $425.9 million, reflecting cost-saving initiatives, although these were partially offset by merit increases.
Enhabit continues to expand its operational footprint, with 255 home health and 115 hospice locations across 34 states as of year-end 2024. The company has focused on enhancing its service delivery through technology and operational efficiencies, which it believes will support future growth. The average daily census for home health services was 40,987, while the hospice segment reported an average daily census of 3,565 patients. The company has also opened 44 de novo locations since 2015, indicating a strategic emphasis on geographic expansion.
Looking ahead, Enhabit anticipates continued growth in demand for home health and hospice services, driven by an aging U.S. population and a shift towards lower-cost care settings. The company is actively pursuing opportunities in the Medicare Advantage market, which accounted for 23% of its revenue in 2024, up from 19% in 2023. Enhabit aims to leverage its operational efficiencies and clinical expertise to enhance its competitive position in the evolving healthcare landscape, despite the challenges posed by regulatory changes and market dynamics.
About Enhabit, Inc.
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