Business
Aveanna Healthcare Holdings Announces Fourth Quarter 2023 Financial Results and 2024 Outlook
Fourth Quarter Revenue was $478.8 million, a 6.1% increase over the prior year Gross margin increased 15.3% to $148.4 million, compared to Q4 2022 Fourth
About this update from Aveanna Healthcare Holdings Inc.
[{"type":"text","content":"Fourth Quarter Revenue was $478.8 million, a 6.1% increase over the prior year Gross margin increased 15.3% to $148.4 million, compared to Q4 2022 Fourth Quarter Net loss was $25.7 million, compared to net loss of $237.8 million in the comparable prior year period Adjusted EBITDA was $38.7 million, a 30.4% increase as compared to the prior year quarter Expect Full Year 2024 Revenue between $1,960 million and $1,980 million and Adjusted EBITDA between $146 million and $150 million ATLANTA, March 14, 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 and fiscal year ended December 30, 2023. Jeff Shaner, Chief Executive Officer, commented “Our fourth quarter results reflect the substantial progress we have made in 2023, highlighted by revenue and Adjusted EBITDA growth of 6.1% and 30.4% respectively, when compared to the prior year period. These strong results re-affirm our strategy to transform our business with an emphasis on expanding our position as a leading, value-based homecare provider. Enhanced payor partnerships allow us to further invest in our caregivers and deliver more care to more patients in need. We are delivering high-quality outcomes to our patients at an exceptional value to our government and payor partners. I am proud of our team's efforts and the solid results they produced for the fourth quarter and full year 2023. We are excited to carry this momentum into the new year which supports our outlook for the full year 2024.” Three-Month Periods Ended December 30, 2023 and December 31, 2022 Revenue was $478.8 million for the three-month period ended December 30, 2023, as compared to $451.1 million for the three-month period ended December 31, 2022, an increase of $27.7 million, or 6.1%. The overall increase in revenue was attributable to a $22.2 million increase in Private Duty Services (“PDS”) segment revenue and a $6.1 million increase in Medical Solutions (\"MS\") segment revenue, offset by a $0.6 million decrease in Home Health & Hospice (“HHH”) segment revenue over the comparable quarter. Gross margin was $148.4 million, or 31.0% of revenue, for the three months ended December 30, 2023, as compared to $128....