Business
Aveanna Healthcare Holdings Announces Third-Quarter 2021 Financial Results
Third Quarter 2021 Highlights Revenue Increased 12.4% to $411.3 MillionGross Margin Increased 22.4% to $139.7 MillionNet Income of $2.1 Million, or $0.01 per
About this update from Aveanna Healthcare Holdings Inc.
[{"type":"text","content":"Third Quarter 2021 Highlights Revenue Increased 12.4% to $411.3 MillionGross Margin Increased 22.4% to $139.7 MillionNet Income of $2.1 Million, or $0.01 per Diluted Share Adjusted Net Income per Diluted Share of $0.11Adjusted EBITDA Increased 14.6% to $45.8 MillionAgrees to Acquire Comfort Care on September 27 (HHH, approximately $97 million revenue)Agrees to Acquire Accredited on November 12 (PDS, approximately $115 million revenue) ATLANTA, Nov. 15, 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 nine-month periods ended October 2, 2021. Tony Strange, Chief Executive Officer, commented, \"We are pleased with our solid results in the third quarter, where we delivered another consecutive quarter of double-digit growth on both the top and bottom line. The high demand for our services, as well as the support we are receiving from state and federal governments, underscores our value proposition over the long-term. Despite the temporary headwinds related to labor pressures, our team continues to demonstrate great discipline in managing our margins while investing into the growth of our caregivers. We also continue to execute on our M&A strategy despite a challenging macro backdrop, and have optimized our capital structure to support our M&A strategy, as well as provide us with enhanced operational and financial flexibility. We are pleased with our overall results and our runway to continue to build shareholder value.” Three-Month Periods Ended October 2, 2021 and September 26, 2020 Revenue was $411.3 million for the third quarter of 2021, as compared to $366.0 million for the third quarter of 2020, an increase of $45.3 million, or 12.4%. This increase was primarily driven by significant growth in our Home Health & Hospice (“HHH”) segment with a $42.3 million, or 902.1%, increase in HHH revenue as a result of strong acquisition-related activity. Gross margin was $139.7 million, or 34.0% of revenue, for the third quarter of 2021, as compared to $114.1 million, or 31.2% of revenue, for the third quarter of 2020, an increase of $25.6 million, or 22.4%. The gross margin expansion relative to our revenue growth rate was primarily attributabl...