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Acadia Healthcare Reports Second Quarter 2022 Results and Raises 2022 Guidance
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, 2022.\n\nSecond Quarter Highlights\n\n\nRevenue totaled $651.7 million, an increase of 11.9% over the second quarter of 2021\n\n\nSame facility revenue increased 8.5% compared to the second quarter of 2021, including an increase in revenue per patient day of 7.8% and an increase in patient days of 0.7%\n\n\nNet income attributable to Acadia totaled $80.1 million, or $0.88 per diluted share, and adjusted income from continuing operations attributable to Acadia stockholders totaled $82.8 million, or $0.91 per diluted share, which included $0.07 of income from the Provider Relief Fund (“PRF”) established under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act\n\n\nAdjusted EBITDA totaled $165.9 million, which included $8.6 million of income from PRF established under the CARES Act\n\n\nCash flows from operating activities totaled $149.2 million\n\n\nSecond Quarter Results\n\nThe Company reported revenue of $651.7 million for the second quarter of 2022, compared with $582.2 million for the second quarter of 2021. Adjusted EBITDA was $165.9 million for the second quarter of 2022, compared with $141.3 million for the same period last year. Excluding the income from PRF, Adjusted EBITDA was $157.3 million for the second quarter of 2022.\n\nAs of December 31, 2021, the Company had $8.6 million of PRF that had been received but not recognized in income, pending the Company’s ongoing review of the criteria and evaluation of pandemic related costs incurred. During the second quarter of 2022, the Company received an additional $7.7 million of funds from PRF and $14.2 million of funds from the American Rescue Plan (“ARP”) Rural Payments for hospitals. The Company recorded income of $8.6 million in the second quarter of 2022. The Company will continue to review the remaining $21.9 million of PRF and ARP funds held on our balance sheet as of June 30, 2022, for the potential recognition of additional income. Financial guidance for 2022 does not include the recognition of additional income in the second half of 2022.\n\nNet income attributable to Acadia stockholders for the second quarter of 2022 was $80.1 million, or $0.88 per diluted share. Adjusted income from continuing ope...