Aveanna Healthcare Holdings Announces First Quarter 2024 Financial Results and Revised 2024 Outlook

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]