Business
Aveanna Healthcare Holdings Announces Second-Quarter 2021 Financial Results
Revenue Increased 24.0% to $436.1 Million Gross Margin Increased 37.5% to $146.6 Million Net Income of $1.3 Million, or $0.01 per Diluted Share Adjusted Net
About this update from Aveanna Healthcare Holdings Inc.
[{"type":"text","content":"Revenue Increased 24.0% to $436.1 Million Gross Margin Increased 37.5% to $146.6 Million Net Income of $1.3 Million, or $0.01 per Diluted Share Adjusted Net Income per Diluted Share of $0.10 Adjusted EBITDA Increased 30.6% to $48.8 Million ATLANTA, Aug. 11, 2021 (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 six-month periods ended July 3, 2021. Tony Strange, Chief Executive Officer, commented “We are very pleased with the progress that we’ve made on all fronts during the second quarter, delivering robust top and bottom line growth and building on the solid results reported in the first quarter. The integration of Doctor's Choice is continuing to track ahead of expectations, giving us a clear line of sight on our synergies and opportunities ahead. In addition to our positive results, we continued to experience favorable rate outcomes across our diversified payer platform. Finally, we completed a successful refinancing of our remaining debt balances after the IPO, providing us enhanced operational and financial flexibility. I'm extremely proud of our team's focus during these uncertain times” Three-Month Periods Ended July 3, 2021 and June 27, 2020 Revenue was $436.1 million for the second quarter of 2021, as compared to $351.6 million for the second quarter of 2020, an increase of $84.5 million, or 24.0%. This increase was driven by growth across our key segments, including: a $35.5 million, or 11.3%, increase in Private Duty Services (“PDS”) revenue to $349.7 million;a $45.4 million, or 975.4%, increase in Home Health & Hospice (“HHH”) revenue to $50.1 million; anda $3.6 million, or 11.1%, increase in Medical Solutions (“MS”) revenue to $36.4 million. Gross margin was $146.6 million, or 33.6% of revenue, for the second quarter of 2021, as compared to $106.6 million, or 30.3% of revenue, for the second quarter of 2020, an increase of $40.0 million, or 37.5%. Net income was $1.3 million for the second quarter of 2021, as compared to a net loss of $77.6 million for the second quarter of 2020, while net income per diluted share was $0.01 for the second quarter of 2021, as compared with net loss per diluted share of $0.55 for the second qua...