FRANKLIN, Tenn. - Acadia Healthcare (NASDAQ:ACHC) Company, Inc. (NASDAQ:ACHC) reported third quarter earnings that beat estimates, but shares plunged 17% after the company issued disappointing full-year guidance.
The behavioral healthcare services provider posted adjusted earnings of $0.91 per share for Q3, edging past analyst expectations of $0.90. Revenue rose 8.7% YoY to $815.6 million, falling short of the $819.39 million consensus estimate.
While quarterly results were largely in line, Acadia's outlook for the full year fell short of Wall Street projections. The company now expects 2024 earnings per share between $3.35 and $3.45, below the $3.52 analyst consensus. Full-year revenue guidance of $3.15 billion to $3.165 billion also came in light compared to estimates of $3.2 billion.
"Our financial results for the third quarter of 2024 reflect continued execution of our growth strategy," said CEO Chris Hunter. He noted the company made progress on strategic objectives, including adding 15 beds to existing facilities and opening five new comprehensive treatment centers during the quarter.
Same facility revenue increased 8.6% in Q3, driven by a 4.7% rise in patient days and a 3.6% increase in revenue per patient day. Adjusted EBITDA grew 10.5% to $194.3 million, with margins expanding 100 basis points to 29.7%.
For the full year, Acadia now expects to open over 400 new beds at existing facilities. The company also remains on track to complete construction on several new wholly owned and joint venture facilities totaling nearly 700 beds in Q4.
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