Research Desk Line-up: U.S. Physical Therapy Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 8, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Acadia Healthcare Company, Inc. (NASDAQ: ACHC), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=ACHC, following the Company's release of its third quarter fiscal 2017 operating results on October 24, 2017. The provider of inpatient behavioral health care services missed top and bottom-line expectations, while it also adjusted its guidance for FY17. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Specialized Health Services industry. Pro-TD has currently selected U.S. Physical Therapy, Inc. (NYSE: USPH) for due-diligence and potential coverage as the Company reported on November 02, 2017, its financial results for Q3 and nine months which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on U.S. Physical Therapy when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on ACHC; also brushing on USPH. With the links below you can directly download the report of your stock of interest free of charge at:
http://protraderdaily.com/optin/'symbol=ACHC
http://protraderdaily.com/optin/'symbol=USPH
Earnings Reviewed
Acadia reported revenue of $716.7 million for Q3 2017, reflecting a 2.4% decrease from revenue of $734.7 million for Q3 2016. The Company stated that the results for the reported quarter were impacted by the divestiture of 22 facilities in the UK that occurred on November 30, 2016. On a pro-forma basis, adjusting results for the UK divestitures, the decrease in the exchange rate and discontinued operations, Acadia's revenue for Q3 2017 increased 4.8% to $716.7 million compared to $684.2 million for Q3 2016. The Company's revenue number fell short of analysts' estimates of $728.2 million.
Acadia's consolidated adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) for Q3 2017 was $152.3 million, or 21.2% of revenue, compared to $155.8 million, or 21.2% of revenue, for Q3 2016.
During Q3 2017, net income attributable to Acadia's stockholders was $45.6 million, or $0.52 per diluted share, compared to a net loss attributable to Acadia's stockholders of $117.8 million, or $1.36 per diluted share, for Q3 2016. The Company's adjusted income from continuing operations attributable to Acadia's stockholders per diluted share was $0.58 for the reported quarter compared to $0.58 for the prior year's same quarter, excluding the impact of transaction-related expenses of $5.7 million and $1.1 million for Q3 2017 and Q3 2016 as well as debt extinguishment costs of $3.4 million and loss on divestiture of $174.7 million for Q3 2016.
Acadia's pro-forma adjusted EPS increased 18.4% to $0.58 for Q3 2017 compared to $0.49 for Q3 2016. The Company's pro-forma adjusted EPS for Q3 2016 included the negative impact from the UK's divestitures of $0.09. Acadia's earnings missed Wall Street's estimates of $0.65 per share.
Operating Results
On a consolidated basis, Acadia's total same facility revenue increased 5.5% to $687.28 million on a y-o-y basis, with a 3.5% increase in patient days, at 1.12 billion and a 1.9% increase in revenue per patient day totaling $614. Acadia's same facility revenue growth resulted, in part, from the addition of more than 600 new beds to existing facilities in the 12 months ended September 30, 2017. During Q3 2017, the Company added 179 new beds to existing facilities.
During Q3 2017, the Company's UK same facility revenue increased 3.8% to $236.35 million on a y-o-y basis, with a 2.5% increase in patient days at 498.93 million and a 1.2% increase in revenue per patient day totaling $474. Acadia noted that the hurricanes had unfavorable impacts of 60 basis points on US same facility revenue and 30 basis points on same facility patient days. Despite this impact, same facility revenue for the US increased 6.3% to $450.92 million, with a 4.2% increase in patient days at 621.32 million and 2.0% increase in revenue per patient day to $726 in the reported quarter.
For Q3 2017, Acadia's total same facility EBITDA margin was 24.9% compared to 25.0% for Q3 2016. The Company's UK same facility EBITDA margin was 21.4% for the reported quarter compared to 22.6% for the prior year's same quarter. Acadia's US same facility EBITDA margin increased 50 basis points to 26.8% for Q3 2017.
Outlook
For FY17, Acadia is forecasting revenue in the range of $2.82 billion to $2.83 billion. The Company is expecting adjusted EBITDA for 2017 in the band of $600 million to $605 million and adjusted earnings per diluted share in the range $2.23 to $2.25.
Stock Performance
At the close of trading session on Tuesday, November 07, 2017, Acadia Healthcare's stock price declined 2.13% to end the day at $29.35. A total volume of 1.18 million shares were exchanged during the session. The Company's shares are trading at a PE ratio of 14.94. At Tuesday's closing price, the stock's net capitalization stands at $2.63 billion.
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