The Ensign Group announced record operating results for the second quarter during an earnings call Thursday, including that skilled nursing service income increased 15% during the three-month period ending June 30.
“As the healthcare system continued its march toward normalcy, we continued to see patient flows trending towards traditional patterns, and the momentum we saw in occupancies during the first quarter continued into the second,” CEO Barry Port said in a press release issued in conjunction with the call.
“In fact, from the low point of our pandemic period census, which we hit in December of 2020, our same store and transitioning operations have already improved census by 51.6%,” he added.
Census at some of the company’s more mature holdings, particularly many in Arizona and Colorado, already has returned to pre-pandemic levels, the company reported.
Ensign also reported added 17 operations to the organization since the pandemic began.
“When it would have been easy to hunker down and wait out the storm, we have maintained our disciplined march to responsible growth,” Chief Investment Officer Chad Keetch said, adding that each of the new additions were carefully selected and acquired at prices and terms deemed attractive.
Chief Financial Officer Suzanne Snapper said that Ensign’s liquidity remains strong, with approximately $198.4 million of cash on hand and $342.4 million of available capacity under its line-of-credit facility.
Snapper noted that the results for the quarter do not include any benefit related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act Provider Relief Fund. Ensign returned the funds, which to date totaled $153.2 million, she said.