Acadia Healthcare Co. Inc., a health-clinic operator, reported fourth-quarter net income of $63.1 million, or 67 cents a share, compared with $71.5 million, or 77 cents a share, in the same quarter in 2021. Revenue came in at $675.3 million, compared with $593.5 million in the prior-year quarter. Excluding income from a provider relief fund, Acadia earned 70 cents a share, compared with 67 cents a share in the fourth quarter of 2021. Analysts polled by FactSet expected adjusted earnings per share of 75 cents, on revenue of $660.4 million. The company’s stock rose 0.30% on the news.
Acadia’s performance exceeded expectations, but their net income was lower than in the previous year. The company attributed this to the impact of the coronavirus pandemic, which has had a significant effect on the healthcare industry. They also provided guidance for 2023, forecasting sales of $2.82 billion to $2.88 billion, with adjusted earnings per share of $3.10 to $3.40. This was in line with FactSet’s estimates of $2.83 billion in sales and $3.31 a share in earnings. For the first quarter, the company projected sales of $690 million to $700 million and adjusted earnings per share of 70 cents to 74 cents, compared with FactSet forecasts for sales of $674 million and 73 cents a share.
The pandemic has had a major effect on the healthcare industry, and Acadia’s results reflect this. In addition to lower profits, the company has had to make significant changes to its operations to ensure the safety of its staff and patients. This includes implementing social distancing measures, providing testing and personal protective equipment (PPE) to staff and patients, and introducing telehealth services to reduce the need for in-person visits.
Acadia’s outlook for 2023 is cautiously optimistic. Although their profits are lower than in previous years, their sales and earnings projections are in line with estimates. This suggests that the company is confident that it can weather the pandemic and continue to grow in the coming years.
Acadia Healthcare Co. Inc. is a leading provider of mental health and addiction treatment services. Their fourth-quarter results and 2023 outlook show that they are well-positioned to continue providing quality care despite the challenges posed by the pandemic. The company is taking the necessary steps to ensure the safety of their staff and patients, while also remaining competitive in an increasingly competitive market. As a result, Acadia is well-positioned to continue to be a leader in the healthcare industry in the years to come.