Business
Aveanna Healthcare Holdings Announces First Quarter 2023 Financial Results
Revenue increased 3.5% to $466.4 million, compared to Q1 2022 Gross margin decreased 0.2% to $144.5 million, compared to Q1 2022 Net loss was $32.0 million,
About this update from Aveanna Healthcare Holdings Inc.
[{"type":"text","content":"Revenue increased 3.5% to $466.4 million, compared to Q1 2022 Gross margin decreased 0.2% to $144.5 million, compared to Q1 2022 Net loss was $32.0 million, compared to net income of $25.3 million in Q1 2022 Adjusted EBITDA decreased 25.0% to $28.5 million, compared to Q1 2022 Affirms previously issued 2023 guidance ATLANTA, May 11, 2023 (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 1, 2023. Jeff Shaner, Chief Executive Officer, commented “Our first quarter results reflect the Aveanna team’s remarkable ability to adapt and transform our businesses as we execute on our strategic initiatives. Enhanced payor partnerships allow us to further invest in our caregivers and broaden our care to more patients in need. We are delivering high-quality care to our patients at an exceptional value to our government and payor partners. The Aveanna team’s efforts produced solid results, and we are pleased with our early 2023 performance. We remain confident in our outlook for the remainder of 2023.” Three-Month Periods Ended April 1, 2023 and April 2, 2022 Revenue was $466.4 million for the three-month period ended April 1, 2023, as compared to $450.5 million for the three-month period ended April 2, 2022, an increase of $15.9 million, or 3.5%. The overall increase in revenue was attributable to a $22.8 million increase in Private Duty Services (“PDS”) segment revenue and a $3.6 million increase in Medical Solutions (\"MS\") segment revenue, partially offset by a $10.5 million decrease in Home Health & Hospice (“HHH”) segment revenue over the comparable quarter. Gross margin was $144.5 million, or 31.0% of revenue, for the three months ended April 1, 2023, as compared to $144.8 million, or 32.1% of revenue, for the three months ended April 2, 2022, a decrease of $0.4 million, or 0.2%. Net loss was $32.0 million for the first quarter of 2023, as compared to net income of $25.3 million for the first quarter of 2022, primarily attributable to a $56.8 million decrease in non-cash valuation gains associated with interest rate derivatives driven by changes in market expectations for future interest rates. Net loss per diluted share was $...