Acadia Healthcare Reports Second Quarter 2024 Results

About this update from Acadia Healthcare Company, Inc.

[{"type":"text","content":"\nProvides Updated Guidance for 2024\n\n\n FRANKLIN, Tenn.--(BUSINESS WIRE)--\nAcadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the second quarter and six months ended June 30, 2024.\n\n\nSecond Quarter Highlights\n\n\n\nRevenue totaled $796.0 million, an increase of 8.8% over the second quarter of 2023\n\n\n\nSame facility revenue increased 8.3% compared with the second quarter of 2023, including an increase in revenue per patient day of 5.6% and an increase in patient days of 2.6%\n\n\n\nNet income attributable to Acadia totaled $78.5 million, or $0.85 per diluted share\n\n\n\nAdjusted income attributable to Acadia totaled $83.6 million, or $0.91 per diluted share\n\n\n\nAdjusted EBITDA totaled $187.6 million, an increase of 7.6% over the second quarter of 2023\n\n\n\nContinued progress on the execution of the Company’s growth strategy, including the addition of 37 beds to the Company’s existing facilities and the opening of a 100-bed de novo facility in Mesa, Arizona.\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 8.\n\n\nSecond Quarter Results\n\n\nChris Hunter, Chief Executive Officer of Acadia Healthcare Company, remarked, “Acadia delivered another strong financial and operating performance for the second quarter of 2024. With solid execution of our strategy, we achieved top line revenue growth of 8.8% and Adjusted EBITDA growth of 7.6% compared with the second quarter of 2023. These results reflect continued strong demand across our business, and we remain on track to add approximately 1,200 beds in 2024 to meet the growing need for our services. Looking forward, we expect the second half to benefit from further volume growth as the facilities and beds added over the past several quarters continue to ramp.”\n\n\n“We commend our dedicated employees and clinicians across our facilities who continue to provide safe, high-quality care for the growing number of patients seeking help with behavioral health and substance use issues. With service lines across the continuum of care, strong clinical quality, and a focused operating model, we are well-positioned to continue to lead the behavioral health industry and address these critical needs across the Uni...

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