Q1 2024 Acadia Healthcare Company Inc Earnings Call Transcript
Key Points
- Total revenue increased by 9.1% over the previous year's first quarter, reaching $768 million, driven by rate improvements and patient day growth.
- Adjusted EBITDA grew by 14.9% and adjusted EPS by 12.0% compared to the first quarter of 2023, reflecting strong operating leverage.
- Acadia Healthcare Co Inc (ACHC) is expanding its facilities, with 27 new beds added in the first quarter and plans to add over 400 beds throughout 2024.
- The company successfully opened new facilities and has plans for further expansion, including a 100-bed acute care hospital and up to 14 comprehensive treatment centers.
- Acadia Healthcare Co Inc (ACHC) continues to strengthen its leadership team with strategic hires, enhancing its expertise in behavioral health care.
- Experienced weaker-than-anticipated same-store patient volumes in the first quarter, primarily due to greater seasonality effects from the timing of spring break and Easter.
- Weaker admissions towards the end of the quarter were noted, particularly in military specialty programs, impacting overall performance.
- The company faces ongoing challenges from the opioid epidemic, which complicates treatment demands and service delivery.
- Despite overall growth, certain operational headwinds such as the timing of new military facility openings unexpectedly impacted patient admissions.
- The company's guidance for 2024 remains cautious, reflecting potential uncertainties in patient volume and revenue growth due to external factors.
Good day, and welcome to Acadia Healthcare's First 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 First 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 measures is discussed on today's call, you will 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 meaning of the Private Securities Litigation Reform Act of 1995, including statements, among
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