Business
Aveanna Healthcare Holdings Announces Third Quarter 2023 Financial Results
Revenue was $478.0 million, a 7.9% increase over the prior year Gross margin increased 9.4% to $147.3 million, compared to Q3 2022 Net loss was $102.4
About this update from Aveanna Healthcare Holdings Inc.
[{"type":"text","content":"Revenue was $478.0 million, a 7.9% increase over the prior year Gross margin increased 9.4% to $147.3 million, compared to Q3 2022 Net loss was $102.4 million, inclusive of a $105.1 million non-cash goodwill impairment, compared to net income of $24.3 million in the comparable prior year period Adjusted EBITDA was $36.2 million, a 46.2% increase as compared to the prior year Full year 2023 revenue guidance raised to a range of $1,870 million to $1,880 million Full year 2023 Adjusted EBITDA guidance raised to a range of $134 million to $137 million ATLANTA, Nov. 09, 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 nine-month periods ended September 30, 2023. Jeff Shaner, Chief Executive Officer, commented “Our third quarter results reflect the continued momentum in our business, highlighted by revenue and Adjusted EBITDA growth of 7.9% and 46.2% when compared to the prior year period. These strong results further affirm the Aveanna strategy to adapt and transform our business as we execute on our 2023 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. I am proud of our Aveanna teammates' efforts and the solid results they produced for the third quarter. We are confident in our revised outlook for the remainder of 2023.” Three-Month Periods Ended September 30, 2023 and October 1, 2022 Revenue was $478.0 million for the three-month period ended September 30, 2023, as compared to $443.0 million for the three-month period ended October 1, 2022, an increase of $35.0 million, or 7.9%. The overall increase in revenue was attributable to a $29.1 million increase in Private Duty Services (“PDS”) segment revenue, a $2.7 million increase in Medical Solutions (\"MS\") segment revenue, and a $3.1 million increase in Home Health & Hospice (“HHH”) segment revenue over the comparable quarter. Gross margin was $147.3 million, or 30.8% of revenue, for the three months ended September 30, 2023, as compared to $134.6 million, or 30.4% of revenue, for the thre...