Business
Aveanna Healthcare Holdings Announces First-Quarter 2022 Financial Results
Revenue increased 8.0% to $450.5 million, compared to Q1 2021Acquisitions of Comfort Care (HHH) and Accredited (PDS) drove revenue growthGross margin
About this update from Aveanna Healthcare Holdings Inc.
[{"type":"text","content":"Revenue increased 8.0% to $450.5 million, compared to Q1 2021Acquisitions of Comfort Care (HHH) and Accredited (PDS) drove revenue growthGross margin increased 10.0% to $144.8 million, compared to Q1 2021Net income was $25.3 million, primarily attributable to a $38.3 million non-cash gain on interest rate hedgesAdjusted EBITDA decreased 13.2% to $38.0 million, compared to Q1 2021 ATLANTA, May 11, 2022 (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 three month period ended April 2, 2022. Tony Strange, Chief Executive Officer, commented “Despite the significant pressure on labor supply and operating challenges created by the Omicron variant of COVID-19 in the first quarter of 2022, our caregivers and support staff continued to work tirelessly to deliver on our important mission of providing care for our patients and families. Although we continue to face near-term caregiver supply constraints like many other healthcare providers, we have moved past the near-term impact from Omicron and importantly the demand for our services has never been higher and we remain optimistic about Aveanna's long-term prospects. While we have benefitted from recent reimbursement rate increases in many states, we continue to engage in dialogue with our payors on the value and critical nature of our services, with the ultimate goal of bringing more caregivers back to work. We are working diligently to solve for the recent macro pressures, but despite these challenges we are confident that the Aveanna platform and infrastructure is primed for growth. We also continue to focus on the integration of our Accredited Nursing Services (\"Accredited\") and Comfort Care Home Health Services acquisitions, which we completed in the fourth fiscal quarter of 2021, in addition to identifying new acquisition opportunities with the appropriate multiples.\" Three-Month Periods Ended April 2, 2022 and April 3, 2021 Revenue was $450.5 million for the three-month period ended April 2, 2022, as compared to $417.2 million for the three month period ended April 3, 2021, an increase of $33.4 million, or 8.0% The overall increase in revenue was primarily attributable to a $35.1 million increase i...