Business
Aveanna Healthcare Holdings Announces Second Quarter 2024 Financial Results and Revised 2024 Outlook
Second Quarter Revenue was $505.0 million, a 7.0% increase over the prior year Gross margin increased 1.9% to $158.3 million, compared to Q2 2023 Second
About this update from Aveanna Healthcare Holdings Inc.
[{"type":"text","content":"Second Quarter Revenue was $505.0 million, a 7.0% increase over the prior year Gross margin increased 1.9% to $158.3 million, compared to Q2 2023 Second Quarter Net income was $13.9 million, compared to net income of $25.6 million in the comparable prior year period Adjusted Net income was $2.5 million, an increase of $6.6 million over the comparable prior year period Adjusted EBITDA was $45.6 million, a 27.3% increase as compared to the prior year periodFull Year 2024 Revenue guidance raised to greater than $1,985 million Full Year 2024 Adjusted EBITDA guidance raised to greater than $158 million ATLANTA, Aug. 08, 2024 (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 June 29, 2024. Jeff Shaner, Chief Executive Officer, commented, “The results of our second quarter illustrate the continued success of executing on our Strategic Transformation. Revenue and Adjusted EBITDA growth of 7.0% and 27.3%, respectively, when compared to the prior year period, confirm we are tracking in the right direction. Our continued approach of transforming our business with an emphasis on expanding our position as a leading, value-based homecare provider is underscored by these outcomes, both operationally and financially. Our ongoing enhanced payor partnerships allow us to deliver more care to more patients in need through investment in our caregivers. Additionally, our updated outlook demonstrates the positive momentum from our ongoing execution of our business plans. The key to our current and future success continues to be our dedicated team of Aveanna leaders and caregivers, who deliver on our mission of exceptional care every day.” Three-Month Periods Ended June 29, 2024 and July 1, 2023 Revenue was $505.0 million for the three-month period ended June 29, 2024, as compared to $471.9 million for the three-month period ended July 1, 2023, an increase of $33.0 million, or 7.0%. The overall increase in revenue was attributable to a $30.2 million increase in Private Duty Services (“PDS”) segment revenue and a $3.6 million increase in Medical Solutions (\"MS\") segment revenue, offset by a $0.8 million decrease in Home Health & Hospice (“HHH”) ...