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Acadia Healthcare Reports Fourth Quarter 2022 Results
Company Provides Full Year and First Quarter 2023 Guidance FRANKLIN, Tenn.--(BUSINESS WIRE)-- Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced
About this update from Acadia Healthcare Company, Inc.
[{"type":"text","content":"\nCompany Provides Full Year and First Quarter 2023 Guidance\n\n FRANKLIN, Tenn.--(BUSINESS WIRE)--\nAcadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the fourth quarter and year ended December 31, 2022.\n\nFourth Quarter Highlights\n\n\nRevenue totaled $675.3 million, an increase of 13.8% over the fourth quarter of 2021\n\n\nSame facility revenue increased 9.4% compared to the fourth quarter of 2021, including an increase in revenue per patient day of 5.2% and an increase in patient days of 4.0%\n\n\nNet income attributable to Acadia totaled $61.1 million, or $0.67 per diluted share, and adjusted income from continuing operations attributable to Acadia stockholders totaled $68.1 million, or $0.74 per diluted share, which included $0.04 of income from the Provider Relief Fund (“PRF”) established under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act\n\n\nAdjusted EBITDA totaled $150.9 million, which included $5.2 million of income from the PRF established under the CARES Act\n\n\nRecorded a $5.9 million unfavorable adjustment to professional and general liability reserves relating to the settlement or expected settlement of certain prior year claims relating primarily to the 2017 to 2018 period\n\n\nOpened a joint venture facility with Lutheran Health Network, in Ft. Wayne, Indiana, and added seven new Comprehensive Treatment Centers (“CTCs”) through acquiring four existing facilities and opening three de novos\n\n\nFourth Quarter Results\n\nThe Company reported revenue of $675.3 million for the fourth quarter of 2022, compared with $593.5 million for the fourth quarter of 2021. Adjusted EBITDA was $150.9 million for the fourth quarter of 2022, compared with $156.1 million for the same period last year.\n\nDuring the fourth quarter of 2022, the Company recorded $5.2 million of income from the PRF related to the American Rescue Plan (“ARP”) Rural Payments. The Company will continue to review the remaining $9.0 million of ARP funds held on its balance sheet as of December 31, 2022, for potential repayment of the remaining balance.\n\nThe Company also recorded an unfavorable adjustment of $5.9 million, or $0.05 per diluted share, to its professional and general liability reserves relating to the settlement or expected settlement of certain prior year claims relating primarily to th...