Acadia Healthcare Reports Strong Third Quarter 2024 Results

About this update from Acadia Healthcare Company, Inc.

[{"type":"text","content":"\nProvides Updated Guidance for 2024\n\n FRANKLIN, Tenn.--(BUSINESS WIRE)--\nAcadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the third quarter and nine months ended September 30, 2024.\n\nThird Quarter Highlights\n\n\nRevenue totaled $815.6 million, an increase of 8.7% over the third quarter of 2023\n\n\nSame facility revenue increased 8.6% compared with the third quarter of 2023, including an increase in revenue per patient day of 3.6% and an increase in patient days of 4.7%\n\n\nNet income attributable to Acadia totaled $68.1 million, or $0.74 per diluted share\n\n\nAdjusted income attributable to Acadia totaled $84.1 million, or $0.91 per diluted share\n\n\nAdjusted EBITDA totaled $194.3 million, an increase of 10.5% over the third quarter of 2023, excluding provider relief funds\n\n\nSame facility adjusted EBITDA margin increased 100 bps to 29.7% over the third quarter of 2023\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\nThird Quarter Results\nChris Hunter, Chief Executive Officer of Acadia Healthcare Company, remarked, “Our financial results for the third quarter of 2024 reflect continued execution of our growth strategy. We have the scale and expertise to support patients across the continuum of care. We are proud of the important work we are doing and are committed to providing safe, quality care for the patients, families and communities we serve while creating long-term value for our stockholders.”\n\nStrategic Investments for Long-Term Growth\nDuring the third quarter of 2024, the Company continued to make progress in meeting its strategic growth objectives. This includes the addition of 15 beds to existing facilities and the addition of five new CTCs during the quarter. With these additions, Acadia now operates 164 CTCs across 32 states treating over 72,000 patients daily and remains on track to open up to 14 new CTCs for the full year.\n\nIn the first nine months of the year, the Company opened 79 new beds at existing facilities. For the full year, the Company expects to open over 400 new beds at existing facilities, including over 300 beds expected in the fourth quarter.\n\nIn the first nine months of the year, the Company also opened ...

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