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Acadia Healthcare Reports First Quarter 2024 Results, Affirms Full Year 2024 Guidance
FRANKLIN, Tenn.--(BUSINESS WIRE)-- Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the first quarter ended March 31,
About this update from Acadia Healthcare Company, Inc.
[{"type":"text","content":" FRANKLIN, Tenn.--(BUSINESS WIRE)--\nAcadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the first quarter ended March 31, 2024.\n\n\nFirst Quarter Highlights\n\n\n\nRevenue totaled $768.1 million, an increase of 9.1% over the first quarter of 2023\n\n\n\nSame facility revenue increased 9.2% compared with the first quarter of 2023, including an increase in revenue per patient day of 6.9% and an increase in patient days of 2.2%\n\n\n\nNet income attributable to Acadia totaled $76.4 million, or $0.83 per diluted share\n\n\n\nAdjusted income attributable to Acadia totaled $77.3 million, or $0.84 per diluted share\n\n\n\nAdjusted EBITDA totaled $173.9 million, an increase of 14.9% over the first quarter of 2023\n\n\n\nAdjusted EBITDA margin of 22.6%, an increase of 110 basis points over the first quarter of 2023\n\n\n\nContinued progress on the execution of the Company’s growth strategy, including the addition of 27 beds to the Company’s existing facilities and through opening one new specialty de novo facility and acquiring one specialty provider and three comprehensive treatment centers (“CTCs”)\n\n\n\nOpened a 100-bed acute care hospital in Mesa, Arizona, in April 2024.\n\n\n\nAdjusted income attributable to Acadia and Adjusted EBITDA are non-GAAP financial measures. A reconciliation of all non-GAAP financial measures in this press release begins on page 9.\n\n\nFirst Quarter Results\n\n\nChris Hunter, Chief Executive Officer of Acadia Healthcare Company, remarked, “We are pleased with our solid financial and operating performance for the first quarter of 2024, with year-over-year top line growth of 9.1%. Strong operating leverage, including continued improvement in our labor trends, helped drive year-over-year EBITDA growth of 14.9%. Overall, we continue to see a robust need for our behavioral health services and remain confident in our ability to meet our strategic growth objectives in 2024, including the addition of approximately 1,200 new beds this year. With a proven operating model, a patient-centric approach across the continuum of care, and a strong focus on clinical quality, we are well positioned to meet expected demand and continue to provide safe, quality patient care for those seeking treatment for mental health and substance use issues.”\n\n\nStrategic Investments for Long-Term Growt...