Full Press Release Details
Healthcare Third Quarter Adjusted EPS Increases 34.8% to $0.62 on
Revenue of $479.7 Million
Two U.S. and Two U.K. Acquisitions
Guidance for 2015 Adjusted Earnings per Diluted Share to New Range of
FRANKLIN, Tenn.--(BUSINESS WIRE)--November 3, 2015--Acadia Healthcare
Company, Inc. (NASDAQ: ACHC) today announced financial results for the
third quarter and nine months ended September 30, 2015. For the quarter,
revenue was $479.7 million, a 62.9% increase from $294.5 million for the
third quarter of 2014. Income from continuing operations attributable to
Acadia stockholders was $29.5 million, or $0.42 per diluted share, for
the third quarter of 2015 compared with $25.5 million, or $0.43 per
diluted share, for the third quarter of 2014. Adjusted income from
continuing operations attributable to Acadia stockholders increased
61.0% to $43.9 million for the third quarter of 2015 from $27.3 million
for the third quarter of 2014, while adjusted income from continuing
operations per diluted share attributable to Acadia stockholders
increased 34.8% to $0.62 from $0.46. Weighted average diluted shares
outstanding increased 19.7% for the third quarter of 2015 from the third
quarter of 2014, primarily due to the issuance of common stock in
February and May 2015, the net proceeds of which have primarily been
used to fund acquisitions. A reconciliation of all non-GAAP financial
results in this release appears on pages 8 and 9.
For the first nine months of 2015, revenue was $1.3 billion, an increase
of 83.1% from $709.7 million for the first nine months of 2014. Income
from continuing operations attributable to Acadia stockholders for the
first nine months of 2015 was $77.9 million, or $1.15 per diluted share,
compared with $60.9 million, or $1.13 per diluted share, for the same
period in 2014. Adjusted income from continuing operations attributable
to Acadia stockholders increased 90.9% to $110.5 million for the first
nine months of 2015 from $57.9 million for the first nine months of
2014, while adjusted income from continuing operations per diluted share
attributable to Acadia stockholders increased 53.3% to $1.64 from $1.07.
Weighted average shares outstanding increased 25.3% for the first nine
months of 2015 compared with the same period in 2014.
"We are very pleased with Acadia's third quarter operating and financial
performance," said Joey Jacobs, Chairman and Chief Executive Officer of
Acadia. "Our strong profitable growth for the quarter reflects the
continued successful implementation of our organic growth and
acquisition strategies, both in the United States and the United
During the third quarter, Acadia completed five acquisitions, comprised
of eight inpatient facilities with an aggregate of over 300 beds. These
transactions increased total acquisition activity over the 12 months
ended September 30, 2015, to 14 transactions for 66 inpatient facilities
with approximately 3,300 beds and 88 comprehensive treatment centers
The Company is also pleased to announce the completion of four
acquisitions thus far in the fourth quarter, including:
Discovery House, which operates 19 CTCs in Rhode Island, Pennsylvania,
Duffy's Napa Valley Rehab, a 61-bed addiction treatment facility in
Calistoga, California;
Meadow View, a 28-bed behavioral healthcare facility in Lincolnshire;
Cleveland House, a 32-bed behavioral healthcare facility in Southport.
Mr. Jacobs added, "We welcome the staffs of these outstanding facilities
to Acadia, and we look forward to helping them expand to better serve
their communities. We expect these four transactions, which, in
aggregate are expected to produce full-year 2015 revenues of more than
$50 million, to be accretive to our financial results for the fourth
quarter of 2015 and beyond."
Acadia's third quarter results also reflected significant organic
growth, primarily from the addition of approximately 630 new beds,
including 420 to existing facilities and 210 in two de novo facilities
opened during the 12 months ended September 30, 2015. During the third
quarter, Acadia added 270 new beds, including 150 to existing facilities
and 120 in a de novo facility opened through a joint venture.
Same facility revenue growth for the third quarter was 6.5%, with a 6.8%
increase in patient days and a 0.2% decline in revenue per patient day.
New beds added to the same facility base over the previous 12 months, as
well as Acadia's continuing initiatives to build revenue at each
facility, contributed to this growth. Consolidated same facility EBITDA
margin increased 40 basis points to 25.7%. These results contributed to
a 66.7% increase in Acadia's consolidated adjusted EBITDA for the third
quarter to $108.5 million, which is 22.6% of revenue, up 50 basis points
from the third quarter last year.
Mr. Jacobs concluded, "We believe Acadia is well positioned to continue
executing its acquisition and organic growth strategies, with $50.8
million in cash and cash equivalents at the end of the third quarter and
$53.0 million of cash flow from continuing operations for the quarter.
In addition, after completing the acquisitions announced today, we
continue to have significant availability under our $300 million
revolving credit facility."
Acadia today increased its guidance for 2015 adjusted earnings per
diluted share to a range of $2.20 to $2.22 from the previous range of
$2.15 to $2.18. The Company's guidance does not include the impact of
any future acquisitions or transaction-related expenses.
Acadia will hold a conference call to discuss its third quarter
financial results at 9:00 a.m. Eastern Time on Wednesday, November 4,
2015. A live webcast of the conference call will be available at www.acadiahealthcare.com
in the "Investors" section of the website. The webcast of the conference
call will be available through November 19, 2015.
This news release contains forward-looking statements. Generally words
such as "may," "will," "should," "could," "anticipate," "expect,"
"intend," "estimate," "plan," "continue," and "believe" or the negative
of or other variation on these and other similar expressions identify
forward-looking statements. These forward-looking statements are made
only as of the date of this news release. We do not undertake to update
or revise the forward-looking statements, whether as a result of new
information, future events or otherwise. Forward-looking statements are
based on current expectations and involve risks and uncertainties and
our future results could differ significantly from those expressed or
implied by our forward-looking statements. Factors that may cause actual
results to differ materially include, without limitation, (i) Acadia's