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Acadia Healthcare Reports Second Quarter 2020 Results
FRANKLIN, Tenn.--(BUSINESS WIRE)-- Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the second quarter ended June 30,
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 second quarter ended June 30, 2020.\n\n\nThe Company reported revenue of $750.3 million for the second quarter of 2020, compared with $789.4 million for the second quarter of 2019. Net income attributable to Acadia stockholders for the second quarter of 2020 was $41.1 million, or $0.46 per diluted share, compared to net income of $48.1 million, or $0.55 per diluted share, for the same period in 2019.\n\n\nDuring the second quarter of 2020, the Company recognized $18.1 million ($13.5 million, net of tax), or $0.15 per diluted share, in other income from the provider relief fund established by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. Results for the second quarter of 2020 also include transaction-related expenses of $5.2 million, debt extinguishment costs of $3.3 million and the income tax effect of adjustments to income of $(1.5) million. Results for the second quarter of 2019 include transaction-related expenses of $5.2 million and the income tax effect of adjustments to income of $0.4 million.\n\n\nAcadia’s consolidated adjusted EBITDA for the second quarter of 2020 was $144.4 million, compared to $158.9 million for the second quarter of 2019. Adjusted income attributable to Acadia stockholders per diluted share was $0.54 for the second quarter of 2020. A reconciliation of all non-GAAP financial results in this press release appears beginning on page 8.\n\n\nU.S. same facility revenue decreased 3.4%, including a 0.7% decrease in patient days and a 2.7% decrease in revenue per patient day, compared to the second quarter last year. The decrease in revenue per day is primarily attributable to a decline in outpatient volumes and reimbursement in certain markets for CTC in-person services that was temporarily affected by stay-at-home orders. In April, the Company experienced declines in inpatient volumes as a result of a number of temporary factors related to the COVID-19 pandemic. During the quarter, same facility patient days improved from a decline of 6.7% in April to an increase of 0.1% in May and an increase of 4.7% in June, compared to the same periods in the prior year. The improved volume trends were driven by a shift in marketing strategy and efforts and the easing of stay-at...