Q2 2024 Acadia Healthcare Company Inc Earnings Call Transcript
Key Points
- Total revenue increased by 8.8% year-over-year to $796 million, driven by rate improvement and patient day growth.
- Adjusted EBITDA grew by 7.6% over the same quarter last year, reflecting solid operating leverage.
- Acadia Healthcare Co Inc (ACHC) added 37 beds to existing facilities in Q2, with a year-to-date total of 64 beds, and remains on track to add over 400 beds for the full year.
- The company opened a new 100-bed De Novo acute care hospital in Mesa, Arizona, and broke ground on a new 96-bed behavioral health hospital in partnership with Geisinger Health.
- Strong demand for CTC services, with plans to open up to 14 new CTCs in 2024, driven by the opioid epidemic and the need for medication-assisted therapy.
- Adjusted EBITDA margin slightly decreased to 23.6% from 23.9% in the same quarter last year, primarily due to the accelerated pace of recently opened De Novo facilities.
- Adjusted income attributable to Acadia stockholders per diluted share was $0.91, down from $0.92 in the prior-year period.
- Closure of two underperforming facilities during the second quarter, with a total of five closures in the last 12 months, indicating ongoing portfolio optimization challenges.
- Updated 2024 guidance reflects the closure of underperforming facilities, impacting revenue and EBITDA expectations.
- Provider taxes associated with supplemental revenue payments increased, affecting other operating expenses and distorting financial metrics.
Good day and welcome to Acadia Healthcare second quarter of 2024 earnings call. (Operator Instructions) Also, please be aware that today's call is being recorded.
I would now like to turn the call over to Patrick Feeley, Head of Investor Relations. Please go ahead.
Thank you and good morning. Yesterday after the market closed, we issued a press release announcing our second quarter 2024 financial results. This press release can be found in the Investor Relations section of the acadiahealthcare.com website. Here with me today to discuss the results are Chris Hunter, Chief Executive Officer, and Heather Dixon, Chief Financial Officer.
To the extent any non-GAAP financial measure is discussed in today's call, you will also find a reconciliation of that measure to the most directly comparable financial measure calculated according to GAAP in the press release that is posted on our website.
This conference call may contain forward-looking statements within the
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