Business
Acadia Healthcare Provides Business Update
FRANKLIN, Tenn.--(BUSINESS WIRE)-- Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today provides a business update to investors in light of the ongoing
About this update from Acadia Healthcare Company, Inc.
[{"type":"text","content":" FRANKLIN, Tenn.--(BUSINESS WIRE)--\nAcadia Healthcare Company, Inc. (NASDAQ: ACHC) today provides a business update to investors in light of the ongoing market environment.\n\n\nDebbie Osteen, Chief Executive Officer of Acadia Healthcare Company, remarked, “Today, we face an unprecedented global event with the COVID-19 pandemic. Though we do not know exactly how this situation will unfold, we are carefully monitoring the impact to our business and believe Acadia is well-positioned to support our patient population and continue to grow our business. The health and safety of our staff, patients and visitors are always our top priorities, and we have implemented recommended precautionary measures throughout our operations. We have strong local leadership and staff in our facilities who continue to support and provide our patients with high-quality care every day. We believe the demand for mental health and substance use treatment is not discretionary or elective. We continue to see demand across our services lines consistent with our expectations.\n\n\n“As we disclosed when we announced financial results on February 27, 2020, we commenced a formal process regarding the sale of our U.K. business in January and received multiple indications of interest. While the interest from potential buyers remains strong, given evolving market dynamics related to the COVID-19 pandemic, we have decided to temporarily suspend the sale process until market conditions improve. Our objective continues to be maximizing value for our stockholders. At this time, our focus is on serving our patients in the U.K. to the very best of our ability and ensuring the safety and health of our employees.\n\n\n“Our balance sheet remains strong, and we have adequate liquidity and capital to invest in and grow our business. Acadia had $90 million in cash and cash equivalents and full availability under its $500 million revolving credit facility as of February 29, 2020.\n\n\n“As we emerge from this difficult time, we believe our services will be in greater need, and we will be very well-positioned to meet that demand,” added Osteen.\n\n\nAbout Acadia\n\n\nAcadia is a leading provider of behavioral healthcare services. At December 31, 2019, Acadia operated a network of 585 behavioral healthcare facilities with approximately 18,200 beds in 40 states, the United Kingdom ...