ATLANTA, July 18, 2024 (GLOBE NEWSWIRE) -- Aveanna Healthcare Holdings Inc. (“Aveanna”) (NASDAQ: AVAH) today announced that the company will release its second quarter results before the market open on Thursday, August 8, 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 two hours after the call and can be accessed by ...

Group 1 - Ikena Oncology, Inc. (IKNA) has a Zacks Rank 1 with a 18.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Ikena Oncology's shares increased by 28.9% in the last three months, outperforming the S&P 500's 10.4% gain [1] - Aveanna Healthcare Holdings Inc. (AVAH) also holds a Zacks Rank 1, with a 22.2% rise in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] Group 2 - Aveanna Healthcare Holdings' shares rose by 27.1% over the last three months, compared to the S&P 500's 10.3% increase [1] - Velocity Financial, Inc. (VEL) has a Zacks Rank 1, with an 8.3% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Velocity Financial's shares gained 15.1% in the last three months, also outperforming the S&P 500's 10.3% advance [2]

The Medical group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Aveanna Healthcare (AVAH) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Medical peers, we might be able to answer that question.Aveanna Healthcare is a member of our Medical group, which includes 1025 different companies and currently sits at #5 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 ...

ATLANTA, May 20, 2024 (GLOBE NEWSWIRE) -- Aveanna Healthcare Holdings Inc. ("Aveanna") (NASDAQ:AVAH) today announced that its management team will attend the UBS Healthcare Services Cape Cod Summit in Chatham, MA on Tuesday, June 4, 2024, and the Jefferies Global Healthcare Conference in New York on Wednesday, June 5, 2024. Management will host 1x1 investor meetings at the UBS Healthcare Services Summit on June 4, 2024. For the Jefferies Global Healthcare Conference on June 5, 2024, management will host 1x1 ...

Aveanna Healthcare Holdings Inc. (NASDAQ:AVAH) Q1 2024 Earnings Conference Call May 9, 2024 10:00 AM ET Company Participants Debbie Stewart - CAO Jeff Shaner - CEO Matt Buckhalter - CFO Conference Call Participants Ben Hendrix - RBC Capital Markets Scott Fidel - Stephens Pito Chickering - Deutsche Bank Brian Tanquilut - Jefferies Operator Good morning, and welcome to Aveanna Healthcare Holdings' First Quarter 2024 Earnings Conference Call. Today's call is being recorded, and we have allocated one hour for p ...

Financial Performance - Aveanna Healthcare reported a quarterly loss of $0.03 per share, better than the Zacks Consensus Estimate of a loss of $0.05, and an improvement from a loss of $0.05 per share a year ago [1] - The company achieved a revenue of $490.65 million for the quarter ended March 2024, exceeding the Zacks Consensus Estimate by 1.16% and up from $466.41 million year-over-year [1] Earnings Surprises - The quarterly report represents an earnings surprise of 40%, and Aveanna has surpassed consensus EPS estimates three times over the last four quarters [1] - A quarter ago, the company was expected to post a loss of $0.02 per share but actually reported a loss of $0.01, delivering a surprise of 50% [1] Stock Performance and Outlook - Aveanna shares have declined approximately 9.7% since the beginning of the year, contrasting with the S&P 500's gain of 8.8% [2] - The current consensus EPS estimate for the upcoming quarter is -$0.03 on revenues of $491.17 million, and for the current fiscal year, it is -$0.09 on revenues of $1.98 billion [4] Industry Context - The Medical - Outpatient and Home Healthcare industry, to which Aveanna belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [5] - The performance of Aveanna's stock may be influenced by the overall industry outlook, as the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [5]

Financial Performance - First Quarter Revenue was $490.7 million, a 5.2% increase over the prior year [1][2] - Gross margin increased 1.0% to $145.9 million, compared to Q1 2023 [3] - First Quarter Net loss was $11.2 million, compared to net loss of $32.0 million in the comparable prior year period [3] - Adjusted EBITDA was $34.9 million, a 22.5% increase compared to the prior year quarter [4] Segment Performance - Revenue from Private Duty Services (PDS) segment increased by $22.1 million, while Medical Solutions (MS) segment revenue increased by $3.7 million [2] - Home Health & Hospice (HHH) segment revenue decreased by $1.5 million over the comparable quarter [2] Guidance and Outlook - Full Year 2024 Revenue guidance raised to greater than $1,970 million [1][8] - Full Year 2024 Adjusted EBITDA guidance raised to greater than $150 million [1][8] Liquidity and Cash Flow - As of March 30, 2024, the company had cash of $42.6 million and incremental borrowing capacity of $10.0 million under its securitization facility [5] - Free cash flow was $(12.7) million for 2024 [5] Management Commentary - CEO Jeff Shaner highlighted the positive momentum at Aveanna, emphasizing the growth in revenue and Adjusted EBITDA [2] - CFO Matt Buckhalter expressed pride in the revenue growth and the expectation of operating cash flow positivity for 2024 [7]

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) This section summarizes Aveanna's strong Q1 2024 financial performance, revised full-year guidance, and current liquidity position [First Quarter 2024 Financial Results](index=1&type=section&id=First%20Quarter%202024%20Financial%20Results) Aveanna reported strong Q1 2024 results with a 5.2% increase in revenue to $490.7 million and a 22.5% rise in Adjusted EBITDA to $34.9 million compared to the prior year, significantly narrowing net loss Q1 2024 Key Financial Metrics (vs. Q1 2023) | Metric | Q1 2024 | Q1 2023 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $490.7M | $466.4M | +$24.3M | +5.2% | | **Gross Margin** | $145.9M | $144.5M | +$1.4M | +1.0% | | **Net Loss** | $(11.2)M | $(32.0)M | +$20.8M | -65.0% | | **Adjusted EBITDA** | $34.9M | $28.5M | +$6.4M | +22.5% | | **Net Loss per Share** | $(0.06) | $(0.17) | +$0.11 | -64.7% | - The CEO attributed the strong results to the company's continued transformation into a leading value-based homecare provider, emphasizing enhanced payor partnerships that allow for further investment in caregivers[2](index=2&type=chunk) [Revised Full Year 2024 Guidance](index=3&type=section&id=Revised%20Full%20Year%202024%20Guidance) The company raised its full-year 2024 guidance, reflecting confidence from strong first-quarter performance and expectations for continued growth Updated Full Year 2024 Guidance | Metric | New Guidance (FY 2024) | Prior Guidance (FY 2024) | | :--- | :--- | :--- | | **Revenue** | > $1,970 million | $1,960 million - $1,980 million | | **Adjusted EBITDA** | > $150 million | $146 million - $150 million | - The company is not providing guidance on net income due to the volatility of certain inputs, such as fair value adjustments for interest rate swaps and caps[7](index=7&type=chunk) [Liquidity and Debt](index=3&type=section&id=Liquidity%20and%20Debt) As of March 30, 2024, the company maintained a solid liquidity position with $42.6 million in cash and over $220 million in available liquidity, including borrowing capacity, with total bank debt at approximately $1.48 billion - As of March 30, 2024, the company had **$42.6 million in cash**[5](index=5&type=chunk) - Total available liquidity is **over $220 million**, including an undrawn revolver with **$168.2 million of capacity**[5](index=5&type=chunk)[6](index=6&type=chunk) - Net cash used by operating activities was **$12.0 million in Q1 2024**, a seasonal low, with the company expecting to be operating cash flow positive for the full year[5](index=5&type=chunk)[6](index=6&type=chunk) Total Indebtedness as of March 30, 2024 | Instrument | Amount (in thousands) | | :--- | :--- | | 2021 Extended Term Loan | $897,450 | | Second Lien Term Loan | $415,000 | | Securitization Facility | $165,000 | | **Total Indebtedness** | **$1,477,450** | - The company's interest rate exposure is managed through **$520.0 million in interest rate swaps** and **$880.0 million in interest rate caps**[5](index=5&type=chunk) [Financial Tables](index=8&type=section&id=Financial%20Tables) This section presents detailed financial statements, including consolidated results, segment performance, and cash flow data [Consolidated Results of Operations](index=8&type=section&id=Consolidated%20Results%20of%20Operations) The consolidated income statement for Q1 2024 shows revenue of $490.7 million and operating income of $22.9 million, with a net loss of $11.2 million, a substantial reduction from Q1 2023 Consolidated Results of Operations (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Revenue** | $490,653 | $466,413 | | **Operating Income** | $22,866 | $17,639 | | Interest Expense | $(39,647) | $(35,958) | | Other Income (Expense) | $18,169 | $(12,188) | | **Net Loss** | **$(11,172)** | **$(31,998)** | | **Net Loss Per Share** | **$(0.06)** | **$(0.17)** | [Segment Performance](index=9&type=section&id=Segment%20Performance) In Q1 2024, revenue growth was driven by the Private Duty Services (PDS) and Medical Solutions (MS) segments, while Home Health & Hospice (HHH) saw improved gross margin despite a slight revenue decline [Private Duty Services (PDS)](index=9&type=section&id=Private%20Duty%20Services%20(PDS)) The PDS segment's revenue grew 5.9% to $395.0 million, driven by increased hours, though gross margin percentage decreased due to higher cost of revenue PDS Segment Key Metrics (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | $395.0M | $372.9M | +5.9% | | **Gross Margin** | $100.1M | $104.2M | -3.9% | | **Gross Margin %** | 25.4% | 27.9% | -2.5% | | **Hours (thousands)** | 10,264 | 9,783 | +4.9% | [Home Health & Hospice (HHH)](index=9&type=section&id=Home%20Health%20%26%20Hospice%20(HHH)) The HHH segment's revenue slightly decreased by 2.7% to $54.6 million, but achieved a significant 15.8% increase in gross margin, expanding to 53.1% HHH Segment Key Metrics (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | $54.6M | $56.1M | -2.7% | | **Gross Margin** | $29.0M | $25.0M | +15.8% | | **Gross Margin %** | 53.1% | 44.6% | +8.5% | | **Total Admissions (thousands)** | 10.1 | 11.7 | -13.7% | [Medical Solutions (MS)](index=9&type=section&id=Medical%20Solutions%20(MS)) The MS segment delivered strong performance with a 9.9% revenue increase to $41.0 million, driven by an 8.2% increase in unique patients served, while maintaining a stable gross margin MS Segment Key Metrics (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | $41.0M | $37.3M | +9.9% | | **Gross Margin** | $16.7M | $15.3M | +9.8% | | **Gross Margin %** | 40.8% | 40.8% | 0.0% | | **Unique Patients Served (thousands)** | 92 | 85 | +8.2% | [Cash Flow Statement](index=8&type=section&id=Cash%20Flow%20Statement) For Q1 2024, the company experienced a net cash outflow from operating activities of $12.0 million, a seasonal low, but expects to be operating cash flow positive for the full year Summary of Cash Flows (in thousands) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net cash (used in) provided by operating activities** | $(11,972) | $7,495 | | **Net cash used in investing activities** | $(1,308) | $(4,800) | | **Net cash provided by financing activities** | $11,945 | $12,521 | | **Cash and cash equivalents at end of period** | $42,607 | $34,433 | [Non-GAAP Financial Measures and Reconciliations](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section defines and reconciles non-GAAP financial measures used to evaluate the company's performance, providing a normalized view of core operations [Definitions of Non-GAAP Measures](index=4&type=section&id=Definitions%20of%20Non-GAAP%20Measures) The company uses several non-GAAP measures, including EBITDA, Adjusted EBITDA, Field Contribution, Adjusted Net Income, and Free Cash Flow, to supplement GAAP results by excluding certain non-core items - **EBITDA & Adjusted EBITDA**: Net income adjusted for interest, taxes, D&A, and other items deemed non-recurring or not indicative of core operations, such as acquisition costs and restructuring charges[10](index=10&type=chunk) - **Field Contribution**: Gross margin less branch and regional administrative expenses, used to assess the performance of core field operations[13](index=13&type=chunk)[15](index=15&type=chunk) - **Adjusted Net Loss**: Net loss adjusted for items like goodwill impairment, non-cash compensation, and acquisition costs, with a normalized tax provision applied[16](index=16&type=chunk) - **Free Cash Flow**: Operating cash flow adjusted for capital expenditures and mandatory debt payments, used as a measure of liquidity[17](index=17&type=chunk)[18](index=18&type=chunk) [Reconciliation of Net Loss to Adjusted EBITDA](index=11&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) Adjusted EBITDA for Q1 2024 was $34.9 million, a 22.5% increase from Q1 2023, reconciled from a GAAP net loss by adding back interest, taxes, D&A, and adjusting for other items Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Loss** | **$(11,172)** | **$(31,998)** | | Interest expense, net | $39,545 | $35,883 | | Income tax expense | $12,662 | $1,566 | | Depreciation and amortization | $2,912 | $4,041 | | **EBITDA** | **$43,947** | **$9,492** | | Total Adjustments | $(9,064) | $18,989 | | **Adjusted EBITDA** | **$34,883** | **$28,481** | [Reconciliation of Net Loss to Adjusted Net Loss](index=12&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20Net%20Loss) Adjusted net loss for Q1 2024 improved to $(5.7) million, or $(0.03) per share, compared to $(8.6) million in Q1 2023, after removing the after-tax impact of certain non-core items Reconciliation to Adjusted Net Loss (in thousands, except per share data) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Loss** | **$(11,172)** | **$(31,998)** | | Total Adjustments (pre-tax) | $3,598 | $20,555 | | Adjusted pre-tax net loss | $(7,574) | $(11,443) | | Income tax expense on adjusted loss | $1,894 | $2,861 | | **Adjusted Net Loss** | **$(5,680)** | **$(8,582)** | | **Adjusted Net Loss per Diluted Share** | **$(0.03)** | **$(0.05)** | [Other Reconciliations](index=11&type=section&id=Other%20Reconciliations) The report provides reconciliations for key operational and liquidity metrics, showing Field Contribution increased to $57.9 million and Free Cash Flow was negative $12.7 million for the quarter Reconciliation of Gross Margin to Field Contribution (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Gross Margin** | $145,854 | $144,465 | | Branch and regional admin expenses | $(87,914) | $(91,708) | | **Field Contribution** | **$57,940** | **$52,757** | Reconciliation of Operating Cash Flow to Free Cash Flow (in thousands) | Line Item | Q1 2024 | | :--- | :--- | | **Net cash used in operating activities** | $(11,972) | | Purchases of property and equipment | $(1,308) | | Principal payments of term loans | $(2,300) | | Principal payments of notes payable/leases | $(1,448) | | Settlements with swap counterparties | $4,344 | | **Free Cash Flow** | **$(12,684)** |

The upcoming report from Aveanna Healthcare (AVAH) is expected to reveal quarterly loss of $0.05 per share, indicating no change from the year-ago quarter compared to the year-ago period. Analysts forecast revenues of $485.05 million, representing an increase of 4% year over year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a company ...

ATLANTA, May 03, 2024 (GLOBE NEWSWIRE) -- Aveanna Healthcare Holdings Inc. ("Aveanna") (NASDAQ:AVAH) today announced that its management team will attend the Barclays Leveraged Finance Conference in Austin, TX on May 21, 2024. Management will host 1x1 investor meetings that day. 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 ...