Yahoo Finance Acadia Healthcare Co Inc (ACHC) Q1 2024 Earnings: Revenue and Earnings Outperform Analyst ...
Revenue: $768.1 million, a 9.1% increase year-over-year, falling short of estimates of $779.17 million.
Net Income: $76.4 million, surpassing the estimated $74.28 million.
Earnings Per Share (EPS): Reported at $0.83 per diluted share, exceeding the estimated $0.81.
Adjusted EBITDA: Increased by 14.9% to $173.9 million from the previous year.
Adjusted EBITDA Margin: Improved by 110 basis points to 22.6%.
Facility Expansion: Added 27 beds, opened a new 100-bed acute care hospital, and acquired several facilities.
2024 Full-Year Guidance: Revenue projected between $3.18 to $3.25 billion, with Adjusted EBITDA expected to be between $730 to $770 million.
On May 1, 2024, Acadia Healthcare Co Inc (NASDAQ:ACHC) announced its financial results for the first quarter ended March 31, 2024. The company reported a revenue of $768.1 million, surpassing the analyst estimate of $779.17 million by demonstrating a 9.1% increase from the previous year. Net income for the quarter stood at $76.4 million, or $0.83 per diluted share, also exceeding the forecasted $0.81 earnings per share. Acadia's robust performance is detailed in its 8-K filing.
Company Overview
Acadia Healthcare Co Inc is a leading provider in the behavioral healthcare services sector in the United States, the United Kingdom, and Puerto Rico. The company operates acute inpatient psychiatric facilities and specialty treatment facilities, primarily funded through Medicaid in the U.S., and by the National Health Service in the U.K.
Operational Highlights and Financial Performance
Acadia's first quarter saw significant operational achievements, including a 9.2% increase in same facility revenue and the addition of 27 beds to existing facilities. The company also opened a new 100-bed acute care hospital in Mesa, Arizona, and acquired several new treatment centers. Adjusted EBITDA for the quarter was $173.9 million, up 14.9% year-over-year, with an Adjusted EBITDA margin increase of 110 basis points to 22.6%.
CEO Chris Hunter highlighted the company's strong operating leverage and improved labor trends as key drivers of the impressive EBITDA growth. Hunter expressed confidence in meeting the strategic growth objectives for 2024, including the addition of approximately 1,200 new beds.
Strategic Growth and Financial Position
Acadia's strategic investments focus on expanding its service offerings and facility network, which are integral to long-term growth. As of March 31, 2024, the company maintained a solid financial position with $77.3 million in cash and cash equivalents and significant credit facilities available.
2024 Financial Outlook
Acadia reaffirmed its 2024 full-year guidance, projecting revenue between $3.18 billion and $3.25 billion and adjusted EBITDA between $730 million and $770 million. The company's focus remains on expanding its bed count and enhancing its service quality, without the impact of potential future acquisitions or divestitures factored into the guidance.
Conclusion
Acadia Healthcare's first-quarter results reflect a strong start to 2024, underpinned by strategic expansions and solid financial management. The company's commitment to enhancing healthcare services and its robust growth strategy positions it well for sustained success in the behavioral healthcare market.
Investor Communications
Acadia will discuss these results and provide further insights during its conference call on May 2, 2024. Interested parties can access the live webcast through the company's website in the "Investors" section.
Explore the complete 8-K earnings release (here) from Acadia Healthcare Co Inc for further details.
This article first appeared on GuruFocus.
