Business
Aveanna Healthcare Holdings Announces Second Quarter 2023 Financial Results
Revenue was $471.9 million, a 6.5% increase over the prior year Gross margin increased 7.0% to $155.3 million, compared to Q2 2022 Net income was $25.6
About this update from Aveanna Healthcare Holdings Inc.
[{"type":"text","content":"Revenue was $471.9 million, a 6.5% increase over the prior year Gross margin increased 7.0% to $155.3 million, compared to Q2 2022 Net income was $25.6 million, compared to net loss of $473.9 million in the comparable prior year period Adjusted EBITDA was $35.8 million, a sequential increase of 25.6% and a 3.2% decrease as compared to the prior year Full year 2023 revenue guidance raised to a range of $1,850 million to $1,860 million Full year 2023 Adjusted EBITDA guidance raised to a range of $132 million to $135 million ATLANTA, Aug. 10, 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 six-month periods ended July 1, 2023. Jeff Shaner, Chief Executive Officer, commented, “Our second quarter results affirm the Aveanna team’s strategy to adapt and transform our businesses as we execute on our key initiatives. Enhanced payor partnerships allow us to further invest in our caregivers and broaden our care to more patients in need. We are delivering high-quality care to our patients at an exceptional value to our government and payor partners. The Aveanna team’s efforts produced solid results, and we are pleased with our early 2023 performance. We are confident in our revised outlook for the remainder of 2023.” Three-Month Periods Ended July 1, 2023 and July 2, 2022 Revenue was $471.9 million for the three-month period ended July 1, 2023, as compared to $443.0 million for the three-month period ended July 2, 2022, an increase of $29.0 million, or 6.5%. The overall increase in revenue was attributable to a $29.6 million increase in Private Duty Services (“PDS”) segment revenue and a $5.3 million increase in Medical Solutions (\"MS\") segment revenue, partially offset by a $6.0 million decrease in Home Health & Hospice (“HHH”) segment revenue over the comparable quarter. Gross margin was $155.3 million, or 32.9% of revenue, for the three months ended July 1, 2023, as compared to $145.0 million, or 32.7% of revenue, for the three months ended July 2, 2022, an increase of $10.2 million, or 7.0%. Net income was $25.6 million for the second quarter of 2023, as compared to net loss of $473.9 million for the second quarter of 2022, primarily attri...