Mission Viejo-based nursing home operator Ensign Group Inc. on Wednesday reported third-quarter results that beat expectations on profit and missed on revenue.
Ensign shares were down about 3% in midday trading Thursday for a market value of $593 million.
The company posted net income of $13.3 million, up 15% from a year ago and beating analysts’ expectations of $13.1 million.
Third-quarter revenue totaled $207.2 million, 6% higher than 2011’s third quarter but short of Wall Street estimates of $211.1 million.
Chief Executive Christopher Christensen said in a release that Ensign has been able to post improved results in the four quarters since the federal government cut Medicare rates for nursing home care by 11% in October 2011.