Revenue Performance - Third Quarter Revenue was $509.0 million, a 6.5% increase compared to $478.0 million in the prior year period[1] - Revenue for the three-month period ended September 28, 2024, was $509,023, an increase of 6.5% compared to $478,010 for the same period in 2023[29] - Revenue for the nine-month period ended September 28, 2024, reached $1,212,418,000, a 6.8% increase from $1,135,365,000[35] - Revenue for the three-month period in the UPS segment was $45,326,000, a 12.6% increase from $40,271,000[34] - Revenue per completed episode in home health increased to $3,104, up from $3,046, marking a 1.9% increase[33] Profitability Metrics - Gross margin increased 8.4% to $159.7 million, representing 31.4% of revenue for Q3 2024[3] - Gross margin for the nine-month period ended September 28, 2024, was $463,820, representing a gross margin percentage of 30.8%[31] - The company reported a gross margin percentage of 31.4% for the three-month period ended September 28, 2024, compared to 30.8% for the same period in 2023[30] - Gross margin for the same period was $109,827,000, with a gross margin percentage of 26.8%, down from 27.2% year-over-year[32] - Gross margin for the nine-month period was $320,830,000, with a gross margin percentage of 26.5%, down from 28.2% year-over-year[35] Net Income and Loss - Net loss for Q3 2024 was $42.8 million, significantly improved from a net loss of $102.4 million in Q3 2023[4] - Net loss for the nine-month period ended September 28, 2024, was $40,109, compared to a net loss of $108,788 for the same period in 2023[29] - Net loss for the three-month period ended September 28, 2024, was $42,843, compared to a loss of $102,389 for the same period in 2023, indicating a significant improvement[39] Adjusted Metrics - Adjusted Net income was $4.6 million, an increase of $9.3 million over the comparable prior year period[1] - Adjusted EBITDA was $47.8 million, a 32.2% increase compared to $36.2 million in Q3 2023[5] - Adjusted EBITDA for the three-month period ended September 28, 2024, was $36,191, compared to $36,191 for the same period in 2023, reflecting stable operational performance[38] Cash Flow and Liquidity - Cash as of September 28, 2024, was $78.5 million with an incremental borrowing capacity of $37.9 million[8] - Free cash flow for 2024 was reported at $16.7 million[8] - Cash and cash equivalents at the end of the period were $78,462, up from $48,294 at the end of the previous year[27] - Net cash provided by operating activities for the nine-month period ended September 28, 2024, was $19,231, compared to $25,677 for the same period in 2023[27] - Free cash flow for the nine-month period ended September 28, 2024, was $16,720, demonstrating positive cash generation capabilities[43] Debt and Financing - Bank debt as of September 28, 2024, was $1,480.2 million, with interest rate exposure hedged through $520.0 million in interest rate swaps and $880.0 million in interest rate caps[8] - Total indebtedness as of September 28, 2024, was $1,480,150, including a 2021 Extended Term Loan of $895,150 and a Second Lien Term Loan of $415,000[28] - Interest expense, net for the nine-month period ended September 28, 2024, was $118,208, compared to $113,304 for the same period in 2023, indicating rising financing costs[38] Operational Efficiency - Field contribution for the three-month period ended September 28, 2024, was $71,515, reflecting a 27.1% increase from $56,260 in the same period in 2023[30] - Operating income for the three-month period ended September 28, 2024, was $34,024, a significant improvement from an operating loss of $76,352 in the same period in 2023[30] - The field contribution margin improved to 14.0% for the three-month period ended September 28, 2024, compared to 11.8% in the prior year[36] Other Financial Metrics - Corporate expenses for the nine-month period ended September 28, 2024, were $91,981, an increase of 8.6% compared to $84,735 for the same period in 2023[31] - Total adjustments for the three-month period ended September 28, 2024, amounted to $48,952, down from $96,069 in the same period last year, indicating reduced operational disruptions[42] - Goodwill impairment for the nine-month period ended September 28, 2024, was $2,904, significantly lower than $107,222 for the same period in 2023, suggesting improved asset valuation[39] - Non-cash share-based compensation for the three-month period ended September 28, 2024, was $4,902, slightly down from $5,116 in the same period last year[39] - Acquisition-related costs for the three-month period ended September 28, 2024, were $150, down from $428 in the same period last year, indicating a decrease in transaction-related expenses[39] Shareholder Metrics - The weighted average shares outstanding, diluted, increased to 193,361 for the three-month period ended September 28, 2024, from 189,139 in the same period last year[39] - Income tax expense for the three-month period ended September 28, 2024, was $15,511, a significant increase from $631 in the same period last year, reflecting changes in tax obligations[39]

Core Viewpoint - Aveanna Healthcare Holdings Inc. reported strong financial results for Q3 2024, with significant growth in revenue and adjusted EBITDA, reflecting positive operational momentum and strategic cost reductions. Financial Performance - Q3 2024 revenue reached $509.0 million, a 6.5% increase from $478.0 million in Q3 2023, driven by growth in Private Duty Services, Medical Solutions, and Home Health & Hospice segments [1][2] - Gross margin for Q3 2024 was $159.7 million, or 31.4% of revenue, up from $147.3 million, or 30.8% of revenue in Q3 2023, marking an 8.4% increase [3] - The net loss for Q3 2024 was $42.8 million, significantly improved from a net loss of $102.4 million in Q3 2023, with adjusted net income of $4.6 million compared to an adjusted net loss of $9.3 million in the prior year [4][5] - Adjusted EBITDA for Q3 2024 was $47.8 million, a 32.2% increase from $36.2 million in Q3 2023, representing 9.4% of revenue [5] Year-to-Date Performance - For the nine-month period ended September 28, 2024, revenue totaled $1,504.6 million, a 6.2% increase from $1,416.4 million in the same period of 2023, primarily due to growth in Private Duty Services and Medical Solutions [6][7] - Gross margin for the nine-month period was $463.8 million, or 30.8% of revenue, compared to $447.0 million, or 31.6% of revenue in the prior year, reflecting a 3.8% increase [6] - The net loss for the nine-month period was $40.1 million, improved from a net loss of $108.8 million in the same period of 2023 [7][8] - Adjusted EBITDA for the nine-month period was $128.4 million, a 27.7% increase from $100.5 million in the prior year, representing 8.5% of revenue [8] Guidance and Outlook - The company raised its full-year 2024 revenue guidance to approximately $2.0 billion, up from prior guidance of greater than $1,985 million [11] - Adjusted EBITDA guidance for the full year 2024 was also raised to greater than $168 million, up from previous guidance of greater than $158 million [12] Liquidity and Cash Flow - As of September 28, 2024, the company had cash of $78.5 million and an incremental borrowing capacity of $37.9 million under its securitization facility, with a revolver undrawn [9] - Year-to-date net cash provided by operating activities was $19.2 million, with free cash flow of $16.7 million for 2024 [9]

Core Insights - Aveanna Healthcare Holdings Inc. has appointed Brent Layton as a Class III director of its Board of Directors and a member of the Audit Committee, effective November 1, 2024 [1] - Brent Layton brings over 20 years of healthcare leadership experience from Centene Corporation, which will support Aveanna's strategic growth plans [2] - Layton currently serves as CEO of Sharecare and previously held the position of president and COO at Centene, overseeing significant healthcare offerings [3] Company Overview - Aveanna Healthcare is headquartered in Atlanta, Georgia, and operates in 33 states, providing a wide range of healthcare services for both pediatric and adult populations [5] - Services include nursing, rehabilitation, therapy, home health, hospice, and case management, aimed at offering high-quality, lower-cost alternatives to prolonged hospitalization [5] - The company also provides respite healthcare services to relieve normal caregivers [5]

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:Kinross Gold Corporation (KGC) : This gold exploration and development company has seen the Zacks Consensus Estimate for its current year earnings increasing 8.6% over the last 60 days.Orla Mining Ltd. (ORLA) : This mining company has seen the Zacks Consensus Estimate for its current year earnings increasing 13.6% over the last 60 days.Carvana Co. (CVNA) : This e-commerce platform provider has seen the Zacks Consensus Estimate for its c ...

ATLANTA, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Aveanna Healthcare Holdings Inc. (“Aveanna”) (NASDAQ: AVAH) today announced that its management team will attend the Stephens Annual Investment Conference. Management will host virtual 1x1 investor meetings on Friday, November 22, 2024. About Aveanna Healthcare Aveanna Healthcare is headquartered in Atlanta, Georgia and has locations in 33 states providing a broad range of pediatric and adult healthcare services including nursing, rehabilitation services, occupatio ...

ATLANTA, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Aveanna Healthcare Holdings Inc. (“Aveanna”) (NASDAQ: AVAH) today announced that the company will release its third quarter results before the market open on Thursday, November 7, 2024, to be followed by a conference call at 10:00 a.m. (Eastern Time) on the same day. The conference call can be accessed live over the phone by dialing 1-877-407-0789 or for international callers, 1-201-689-8562. A replay will be available three hours after the call and can be accessed ...

Company Performance - Aveanna Healthcare (AVAH) has shown a year-to-date performance increase of approximately 72.4%, significantly outperforming the average gain of 7% in the Medical sector [2] - Aveanna Healthcare currently holds a Zacks Rank of 2 (Buy), indicating a positive earnings outlook and strong analyst sentiment, with full-year earnings estimates moving 30.4% higher in the past quarter [2][3] - Cardinal Health (CAH) is another Medical stock that has outperformed the sector, with a year-to-date increase of 12.9% and a Zacks Rank of 2 (Buy) [2] Industry Comparison - Aveanna Healthcare is part of the Medical - Outpatient and Home Healthcare industry, which has gained an average of 15.5% year-to-date, indicating that AVAH is performing better than its industry peers [3] - In contrast, Cardinal Health belongs to the Medical - Dental Supplies industry, which has seen a decline of 1.2% year-to-date, highlighting the relative strength of Aveanna Healthcare's performance [3] - The Medical sector ranks 3 in the Zacks Sector Rank, with Aveanna Healthcare being one of the 1025 individual stocks contributing to this ranking [1]

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Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth po ...

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth po ...