Business
Aveanna Healthcare Holdings Announces Fourth Quarter and Full Year 2022 Financial Results
Revenue increased 9.0% to $451.1 million, compared to Q4 2021 Gross margin increased 3.5% to $128.8 million, compared to Q4 2021 Net loss was $237.8 million,
About this update from Aveanna Healthcare Holdings Inc.
[{"type":"text","content":"Revenue increased 9.0% to $451.1 million, compared to Q4 2021 Gross margin increased 3.5% to $128.8 million, compared to Q4 2021 Net loss was $237.8 million, compared to net loss of $126.2 million in Q4 2021 Adjusted EBITDA decreased 35% to $29.7 million, compared to Q4 2021 ATLANTA, March 16, 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 and twelve-month periods ended December 31, 2022. Jeff Shaner, Chief Executive Officer, commented “We are pleased with our Q4 results we are reporting today which met our expectations, and we are excited about the next chapter for Aveanna as we execute on our priorities in 2023. Although the labor environment continues to be challenging, we believe that our preferred payor and legislative initiatives provide a clear and consistent road map for improved reimbursement rates. These important initiatives allow us to attract and retain caregivers, while supporting families in the comfort of their home. We believe that Aveanna's value-based strategy continues to highlight the most cost effective, patient preferred and clinically sophisticated healthcare delivered at home.” Three-Month Periods Ended December 31, 2022 and January 1, 2022 Revenue was $451.1 million for the three-month period ended December 31, 2022, as compared to $414.1 million for the three-month period ended January 1, 2022, an increase of $37.1 million, or 9.0%. The overall increase in revenue was primarily attributable to a $30.8 million increase in Private Duty Services (“PDS”) segment revenue and a $6.0 million increase in Home Health & Hospice (“HHH”) segment revenue over the comparable quarter. Gross margin was $128.8 million, or 28.5% of revenue, for the three months ended December 31, 2022, as compared to $124.4 million, or 30.0% of revenue, for the three months ended January 1, 2022, an increase of $4.4 million, or 3.5%. Net loss was $237.8 million for the fourth quarter of 2022, as compared to net loss of $126.2 million for the fourth quarter of 2021, primarily attributable to $87.4 million of incremental non-cash goodwill impairment charges over the comparable period. Net loss per diluted share was $1.28 for the fourth quarter o...