Business
Aveanna Healthcare Holdings Announces First Quarter 2024 Financial Results and Revised 2024 Outlook
First Quarter Revenue was $490.7 million, a 5.2% increase over the prior year Gross margin increased 1.0% to $145.9 million, compared to Q1 2023 First Quarter
About this update from Aveanna Healthcare Holdings Inc.
[{"type":"text","content":"First Quarter Revenue was $490.7 million, a 5.2% increase over the prior year Gross margin increased 1.0% to $145.9 million, compared to Q1 2023 First Quarter Net loss was $11.2 million, compared to net loss of $32.0 million in the comparable prior year period Adjusted EBITDA was $34.9 million, a 22.5% increase as compared to the prior year quarter Full Year 2024 Revenue guidance raised to greater than $1,970 million Full Year 2024 Adjusted EBITDA guidance raised to greater than $150 million ATLANTA, May 09, 2024 (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 March 30, 2024. Jeff Shaner, Chief Executive Officer, commented, “Our first quarter results reflect the continued positive momentum at Aveanna, highlighted by revenue and Adjusted EBITDA growth of 5.2% and 22.5% respectively, when compared to the prior year period. These results are the product of our continued approach to transform our business with an emphasis on expanding our position as a leading, value-based homecare provider. We believe enhanced payor partnerships allow us to further invest in our caregivers and deliver more care to more patients in need. Additionally, our revised outlook demonstrates the positive results from our Strategic Transformation and our continued execution of our business plans. I want to thank the dedicated team of Aveanna leaders and caregivers that deliver our mission every day to patients and families in need.” Three-Month Periods Ended March 30, 2024 and April 1, 2023 Revenue was $490.7 million for the three-month period ended March 30, 2024, as compared to $466.4 million for the three-month period ended April 1, 2023, an increase of $24.2 million, or 5.2%. The overall increase in revenue was attributable to a $22.1 million increase in Private Duty Services (“PDS”) segment revenue and a $3.7 million increase in Medical Solutions (\"MS\") segment revenue, offset by a $1.5 million decrease in Home Health & Hospice (“HHH”) segment revenue over the comparable quarter. Gross margin was $145.9 million, or 29.7% of revenue, for the three-month period ended March 30, 2024, as compared to $144.5 million, or 31.0% of revenue, for the three-month ...