Business
Aveanna Healthcare Holdings Announces Preliminary Second Quarter 2022 Results Updated Full-Year 2022 Guidance & Earnings Release Date
ATLANTA, July 19, 2022 (GLOBE NEWSWIRE) -- Aveanna Healthcare Holdings, Inc. (NASDAQ: AVAH), a leading, diversified home care platform focused on providing
About this update from Aveanna Healthcare Holdings Inc.
[{"type":"text","content":"ATLANTA, July 19, 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 preliminary second quarter 2022 results and updated full-year 2022 guidance. The Company also announced that it plans to release its second quarter results after the market close on Wednesday, August 10, 2022, to be followed by a conference call on Thursday, August 11, 2022 at 10:00 a.m. Eastern Time. As a result of continued challenges in the labor markets, including both shortages in workforce and inflationary wage pressures which have not abated, Aveanna expects weaker than anticipated second quarter 2022 results. While the books for the second quarter are not yet closed, our preliminary view suggests that sequential quarterly results will not improve from the first quarter to the second quarter as we had originally anticipated, and that Adjusted EBITDA for the second quarter will more likely be in the range of $36 million to $39 million. While we anticipate continued reimbursement rate increases during the second half of 2022, a meaningful portion of which will be passed through to caregivers in an effort to increase available clinical labor, our revised outlook assumes that the current labor market pressures will persist for the remainder of the year. We will provide further details and insights on these rate increases, corresponding wage pass-throughs and payment model enhancements on our regularly scheduled second quarter 2022 earnings conference call. We will also provide details on our overall second quarter results, including any non-cash goodwill impairment charge we may incur as a result of the circumstances noted above. In consideration of all these factors, we are revising our full-year 2022 guidance to reflect these conditions. Revised Full Year 2022 Guidance Revenue of at least $1,785 million, updated from prior guidance of revenue in a range of $1,890 million to $1,920 million. Consistent with prior practice, we are not providing guidance on net income at this time due to the volatility of certain required inputs that are not available without unreasonable efforts, including future fair value adjustments associated with our interest rate swaps and caps. Adjusted EBITDA of at least $150 ...