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What were the key takeaways from Enhabit’s earnings call?

- **Revenue Growth**: Home Health admissions +3.6% YoY, Hospice revenue +20% YoY driven by de novo openings and sales expansion.
- **Cost Efficiency**: G&A expenses down 9.1% of revenue, net debt reduced $15.5M QoQ, leverage ratio 3.9x.
- **Strategic Initiatives**: Visits per episode pilot reduces costs, 10 de novo openings on track for 2025.
- **Operational Resilience**: Recovered 120% of disrupted census levels, Hospice LOS stable at 101 days, mitigating CMS rule risks.

**【CEO Opening Remarks】**
- Home Health admissions grew 3.6% YoY, census up 3.7% YoY. Non-Medicare revenue per visit increased 2.8% YoY.
- Recovered 120% of pre-renegotiation census levels with a national payer by late Q3.
- Hospice admissions grew 1.4% YoY, census up 12.6% YoY. Added 21 direct sales team members (+11% YoY).
- Launched 2 de novo locations in Q3, bringing total to 6 YTD, on track for 10 by year-end.
- Piloted 'visits per episode' optimization in 11 branches, reducing visits from 15 to 13, with full rollout expected by end of Q4.

**【CFO Financial Commentary】**
- Consolidated net revenue: $263.6M (+3.9% YoY). Adjusted EBITDA: $27M (+10.2% YoY), margin 10.2% vs 9.7% YoY.
- Home Health revenue flat YoY (-0.2%), impacted by payer disruption. Hospice revenue up 20% YoY, EBITDA up 72% YoY.
- G&A expenses improved sequentially to 9.1% of revenue ($24.1M), down $2.3M QoQ. Reduced net debt by $15.5M QoQ, leverage ratio 3.9x vs 4.8x YoY.
- Updated FY25 guidance: Revenue $1.058B-$1.063B, EBITDA $106M-$109M, free cash flow $53M-$61M.

**【Q&A Highlights】**
- Payer contracts typically 3-year terms; 2025 renegotiations achieved rate increases without census disruption.
- G&A savings from headcount reductions and in-sourcing, with $1M-$1.5M sequential improvement.
- Hospice seasonal trends: Q4 2024 saw 101-day average LOS, 2025 expects similar volatility.
- Labor market: Nursing/therapy applicant pools improving, wage inflation ~3% YoY.

Enhabit, Inc. (EHAB) Q3 2025 Earnings Call Transcript

Home Health

Hospice

EHAB

EHAB fundamentals

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