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Acadia Healthcare Reports Third Quarter 2020 Results
Company Provides Fourth Quarter 2020 Guidance FRANKLIN, Tenn.--(BUSINESS WIRE)-- Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial
About this update from Acadia Healthcare Company, Inc.
[{"type":"text","content":"\nCompany Provides Fourth Quarter 2020 Guidance\n\n FRANKLIN, Tenn.--(BUSINESS WIRE)--\nAcadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the quarter ended September 30, 2020, and provided guidance for the fourth quarter of 2020.\n\nThe Company reported revenue of $833.3 million for the third quarter of 2020, compared with $777.3 million for the third quarter of 2019. Net income attributable to Acadia stockholders for the third quarter of 2020 was $37.0 million, or $0.42 per diluted share, compared to net income of $42.6 million, or $0.48 per diluted share, for the same period in 2019.\n\nResults for the third quarter of 2020 include a reversal of $18.1 million in other income recorded in the second quarter of 2020 related to the Provider Relief Fund (“PRF”) established by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The Company’s decision to reverse this income was based on additional guidance issued by the U.S. Department of Health and Human Services (“HHS”). The Company received $12.8 million of additional general distributions from the PRF in the third quarter of 2020 and has received cumulative total distributions of approximately $32.5 million, which are recorded in other accrued liabilities on the Company’s balance sheet at September 30, 2020, pending the Company’s final review of HHS guidance.\n\nDebbie Osteen, Chief Executive Officer of Acadia, remarked, “We are pleased with our financial and operating performance for the third quarter, reflecting strong demand for our behavioral health services. The ongoing challenges and uncertainties related to the COVID-19 global pandemic have had a profound impact on everyone’s lives, especially for the more vulnerable populations served by Acadia. We commend the work of our dedicated employees across our operations, who have worked hard to meet this demand and provide quality care in a safe environment. Acadia is well positioned to address the needs of those seeking treatment for mental health and substance use issues. We expect demand for our services will continue to increase as the mental and emotional toll caused by economic and societal concerns persists and more individuals across our markets look to Acadia for the highest quality of patient care.”\n\nAcadia’s consolidated adjusted EBITDA for the third quarter of 2020 w...