ACHC Q3 Revenue Up 13%, AXNX Narrows Loss, KIDS Trims Outlook

The following are some of the companies belonging to the healthcare sector that reported quarterly financial results on Monday.

Acadia Healthcare Company Inc. (ACHC) reported third-quarter revenue growth of 13% and narrowed its financial outlook for the full year.

In the third quarter of 2022, revenue grew by 13% to $666.7 million from last year’s $587.6 million.

On a GAAP basis, net income for the third quarter of 2022 grew to $71.1 million or $0.78 per share from last year’s $66.5 million or $0.74 per share. On a non-GAAP basis, net income was $0.86 per share in Q3 2022 compared to $0.72 per share in Q3 2021.

The company narrowed its financial guidance for FY 2022. The company anticipates revenue in the range of $2.58 to $2.60 billion, and adjusted earnings to be in the range of $3.13 to $3.23 per share.

Wall Street analysts estimate the revenue to be $2.59 billion and earnings to be $3.08 per share in FY 2022.

Acadia reported revenue of $2.31 billion and earnings of $2.56 per share last year.

On Sep.30, 2022, the company’s cash reserve totaled $93.4 million.

ACHC has traded in a range of $50.07 to $86.75 in the last 52 weeks. The stock closed Monday’s trading at $81.30, down 2.11%.

Addus HomeCare Corporation (ADUS), a home care services company, reported third quarter earnings in line with expectations.

On a GAAP basis, net income for the third quarter of 2022 declined to $11.5 million, or $0.71 per share from last year’s $11.6 million $0.72 per share. On a non-GAAP basis, adjusted net income grew to $15.2 million or $0.94 per share in Q3 2022 from $14.5 million or $0.91 per share in Q3 2021. Wall Street analysts were expecting earnings of $0.93 per share.

In Q3 2022, revenue grew 11% to $240.5 million from $216.7 million in the third quarter of 2021.

Addus ended Q3 2022, with $105.6 million in cash reserves.

ADUS has traded in a range of $68.57 to $112.11 in the last 52 weeks. The stock closed Monday’s trading at $102.42, down 2.85%.

Axonics Inc. (AXNX), which reported revenue growth of 50% in the third quarter of 2022, has increased its revenue guidance for the year.

Net revenue rose to $70.4 million in the third quarter of 2022 from $46.9 million in the prior year period.

Net loss narrowed to $16.3 million or $0.34 per share in the third quarter of 2022 from $17.3 million or $0.38 per share in the prior year period. Analysts polled by Thomson Reuters expected a loss of $0.48 per share.

The company has two commercial products Sacral neuromodulation and Bulkamid.

Sacral neuromodulation contributed $56.9 million to the revenue while Bulkamid contributed $56.9 million.

Axonics increased its revenue guidance for the fiscal year 2022 to $262 million from its earlier forecast of $253 million. Wall Street analysts expect revenue of $254.84 million. In 2021, the company reported revenue of $180.3 million.

As of September 30, 2022, the company had $350 million in cash, cash equivalents, and short-term investments.

AXNX has traded in a range of $38.41 to $79.92 in the last 52 weeks. The stock closed Monday’s trading at $73.14, up 1.72%.

OrthoPediatrics Corp. (KIDS), which turned around to profit in the third quarter on 39% revenue growth, has lowered its revenue guidance for the year.

In the third quarter of 2022, revenue grew 39% to $35.0 million, from $25.1 million in the third quarter of 2021.

In Q3 2022, OrthoPediatrics’ net income was $18.5 million or $0.87 per share, compared to a loss of $2.2 million or $0.11 per share in the same period last year and well above analysts’ estimate of a loss of $0.2 per basic share.

OrthoPediatrics ended the third quarter of 2022, with $121.6 million in cash, short-term investments, and restricted cash.

For full-year 2022, the company has lowered its revenue guidance to a range of $124 million to $125 million, from its previous guidance of $127 million to $130 million. Wall Street analysts expect revenue of $128.35 million. Revenue was $98 million last year.

KIDS has traded in a range of $36.71 to $73.91 in the last 52 weeks. The stock closed Monday’s trading at $42.49, down 2.64%.

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