Business
Acadia Healthcare Reports Second Quarter 2023 Results and Raises 2023 Guidance
Company Signs Definitive Agreement for Acquisition of Specialty Provider FRANKLIN, Tenn.--(BUSINESS WIRE)-- Acadia Healthcare Company, Inc. (“Acadia”)
About this update from Acadia Healthcare Company, Inc.
[{"type":"text","content":"\nCompany Signs Definitive Agreement for Acquisition of Specialty Provider\n\n\n FRANKLIN, Tenn.--(BUSINESS WIRE)--\nAcadia Healthcare Company, Inc. (“Acadia”) (NASDAQ: ACHC) today announced financial results for the second quarter ended June 30, 2023.\n\n\nSecond Quarter and Recent Highlights\n\n\n\nRevenue totaled $731.3 million, an increase of 12.2% over the second quarter of 2022\n\n\n\nSame facility revenue increased 11.4% compared with the second quarter of 2022, including an increase in revenue per patient day of 6.1% and an increase in patient days of 4.9%\n\n\n\nNet income attributable to Acadia totaled $72.3 million, or $0.79 per diluted share, and adjusted income from continuing operations attributable to Acadia totaled $84.7 million, or $0.92 per diluted share\n\n\n\nAdjusted EBITDA increased 10.9% to $174.5 million as compared to $157.3 million for the second quarter of 2022, which excludes $8.6 million of income from the Provider Relief Fund (“PRF”) established under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act\n\n\n\nContinued progress on the execution of the Company’s growth strategy by adding 98 beds to existing facilities and opening two additional comprehensive treatments centers (CTCs) during the quarter\n\n\n\nAnnounced two new joint venture partnerships for future hospitals, marking Acadia’s 19th and 20th partnerships with leading healthcare systems across the country, and opened two new hospitals with joint venture partners early in the third quarter\n\n\n\nSigned a definitive agreement in July to acquire a 76-bed specialty provider of substance use disorder and primary mental health treatment services based in the greater Salt Lake City, Utah, area\n\n\n\nA reconciliation of all non-GAAP financial results in this press release begins on page 9.\n\n\nSecond Quarter Results\n\n\nChris Hunter, Chief Executive Officer of Acadia, remarked, “Acadia delivered strong financial and operating results for the second quarter of 2023, as we continued to see robust demand across all business lines. We are pleased with the trajectory of our business through the first half of the year and our ability to effectively manage our operations and meet our key performance objectives. Our labor costs were in line with our expectations. We continue to see stability with sequential improvement in our labor tren...