Acadia Healthcare Reports Revenue Growth, Improved Profitability, and Strategic Expansion

As of September 30, 2024, Acadia Healthcare Company, Inc. reported total assets of $5.87 billion, an increase from $5.36 billion at the end of 2023. Total current assets rose to $652.1 million, up from $596.0 million. However, the current portion of long-term debt increased significantly to $71.7 million from $29.2 million, while long-term debt surged to $1.80 billion from $1.34 billion. Total liabilities also grew to $2.72 billion, compared to $2.47 billion at the end of 2023. Equity increased to $3.03 billion, up from $2.78 billion, with retained earnings rising to $354.7 million from $131.7 million.

For the three months ended September 30, 2024, Acadia reported revenue of $815.6 million, an 8.7% increase from $750.3 million in the same period of 2023. For the nine months, revenue reached $2.38 billion, up from $2.19 billion. The revenue growth was driven by a 3.6% increase in revenue per patient day and a 4.7% growth in patient days. Notably, revenue from acute inpatient psychiatric facilities for the three months was $439.8 million, compared to $382.4 million in the prior year.

Total expenses for the three months ended September 30, 2024, were $717.1 million, significantly lower than $1.04 billion in the same period of 2023. For the nine months, expenses decreased to $2.08 billion from $2.29 billion. This reduction in expenses contributed to a turnaround in profitability, with income before income taxes for the three months at $98.6 million, compared to a loss of $287.4 million in the prior year. Net income for the three months was $71.4 million, a stark contrast to a loss of $215.5 million in 2023.

The company’s earnings per share for the three months ended September 30, 2024, were $0.74, compared to a loss of $2.39 in the same period of 2023. For the nine months, earnings per share were $2.44, compared to a loss of $0.87 in the previous year.

Strategically, Acadia expanded its operations by acquiring Turning Point Centers, a 76-bed specialty provider, in February 2024. The company operates 260 behavioral healthcare facilities with approximately 11,300 beds across 38 states and Puerto Rico. During the nine months ended September 30, 2024, Acadia added 275 beds, including 67 to existing facilities and 208 through new openings.

Cash provided by financing activities for the nine months was $502.2 million, a significant increase from cash used in financing activities of $57.0 million in the same period of 2023. The company also reported a decrease in cash provided by operating activities to $13.0 million from $346.0 million in the prior year.