Business
Aveanna Healthcare Holdings Announces Second-Quarter 2022 Financial Results
ATLANTA, Aug. 10, 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, Aug. 10, 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 financial results for the three-month period ended July 2, 2022. Tony Strange, Chief Executive Officer, commented, “Despite continued challenges in the labor markets during the second quarter, including both shortages in workforce and ongoing inflationary wage pressures, we are optimistic about many aspects of our business, including reimbursement rate increases in our PDS segment during the second half of 2022 and ongoing opportunities to further solidify our relationships with our payor partners through value based pricing arrangements. The demand for our services has never been higher and we are confident that the Aveanna platform and infrastructure is primed for growth once the macro headwinds we are facing subside.” Three-Month Periods Ended July 2, 2022 and July 3, 2021 Revenue was $443.0 million for the three-month period ended July 2, 2022, as compared to $436.1 million for the three-month period ended July 3, 2021, an increase of $6.8 million, or 1.6%. The overall increase in revenue was attributable to a $11.3 million increase in Home Health & Hospice (“HHH”) segment revenue, net of a $2.8 million decrease in Medical Solutions (\"MS\") segment revenue, and a $1.7 million decrease in Private Duty Services (\"PDS\") segment revenue compared with the prior year period. Gross margin was $145.0 million, or 32.7% of revenue, for the three months ended July 2, 2022, as compared to $146.6 million, or 33.6% of revenue, for the three months ended July 3, 2021, a decrease of $1.5 million, or 1.1%. Net loss was $473.9 million for the second quarter of 2022, compared to net income of $1.3 million for the second quarter of 2021, primarily due to a goodwill impairment of approximately $470.2 million. Net loss per diluted share was $2.56 for the second quarter of 2022, as compared to net income per diluted share of $0.01 for the second quarter of 2021. Adjusted net income per diluted share was $0.03 for the second quarter of 2022, as compared to $0.10 for the second quarter of 2021. Adjusted EBITDA was $37.0 million, or 8.3% of revenue, for the second quarter of 2022, as compared to $48.8 million, or 11.2% of...