Business
Aveanna Healthcare Holdings Announces First-Quarter 2021 Financial Results
Revenue Increased 17.4% to $417.2 Million Gross Margin Increased 22.4% to $131.7 Million Net Income of $5.8 Million, or $0.04 per Diluted Share Adjusted Net
About this update from Aveanna Healthcare Holdings Inc.
[{"type":"text","content":"Revenue Increased 17.4% to $417.2 Million Gross Margin Increased 22.4% to $131.7 Million Net Income of $5.8 Million, or $0.04 per Diluted Share Adjusted Net Income per Diluted Share of $0.08 Adjusted EBITDA Increased 46.7% to $43.7 Million ATLANTA, May 25, 2021 (GLOBE NEWSWIRE) -- Aveanna Healthcare Holdings, Inc. (NASDAQ: AVAH), a leading, diversified home care platform focused on providing care to medically complex, high-cost patient populations, today announced financial results for the first quarter ended April 3, 2021. Tony Strange, Chief Executive Officer commented “We are excited to share our first quarter results following our recent initial public offering. We are very proud of the results that we delivered for the quarter and remain optimistic about our ability to continue to perform. With a strong balance sheet and positive outlook on both Medicaid and Medicare reimbursement, we believe that we are well positioned to continue to execute our growth initiatives and pursue value creation opportunities for all of our stakeholders.” Revenue was $417.2 million for the first quarter of 2021, as compared to $355.2 million for the first quarter of 2020, an increase of $61.9 million, or 17.4%. This increase was driven by growth across our key segments, including: a $30.3 million, or 9.5%, increase in Private Duty Services (“PDS”) revenue to $350.8 million;a $27.0 million, or 604.0%, increase in Home Health & Hospice (“HHH”) revenue to $31.5 million; anda $4.6 million, or 15.2%, increase in Medical Solutions (“MS”) revenue to $34.8 million. Gross margin was $131.7 million, or 31.6% of revenue, for the first quarter of 2021, as compared to $107.5 million, or 30.3% of revenue, for the first quarter of 2020, an increase of $24.1 million, or 22.4%. Net income was $5.8 million for the first quarter of 2021, as compared to $37.6 million for the first quarter of 2020, while net income per diluted share was $0.04 for the first quarter of 2021, compared with $0.27 for the first quarter of 2020. Adjusted net income per diluted share was $0.08 for the first quarter of 2021 as compared to $0.02 for the first quarter of 2020. Adjusted EBITDA was $43.7 million, or 10.5% of revenue, for the first quarter of 2021 as compared to $29.8 million, or 8.4% of revenue, for the first quarter of 2020, an increase of $13.9 million, or 46.7%. Recent Devel...