Acadia Healthcare Raises Full-Year Guidance Despite Adjusted EBITDA Drop
The behavioral health provider raised its 2026 operating cash flow guidance to a range of $350 million to $400 million.
Acadia Healthcare Company (ACHC) reported second-quarter total revenue of $865.8 million. The result was approximately flat compared to the $869.2 million reported in the second quarter of 2024, though growth was 2.8% after normalizing for prior period supplemental payment program revenue.
Net income attributable to Acadia fell 64% year-over-year to $10.9 million from $30.1 million in the prior-year period. Adjusted EBITDA declined 26% to $149.2 million from $201.8 million in the second quarter of 2024. This decline was primarily due to a $39.3 million increase in PLGL costs, which included a $28.6 million reserve adjustment.
Same-facility revenue remained flat year-over-year. While patient days increased 0.8%, revenue per patient day decreased 0.8%.
Performance varied across business segments. Residential Treatment Facility revenue increased 11.6% to $96.5 million, while Specialty Treatment Facility revenue decreased 8.4% to $133.5 million year-over-year. Acute inpatient psychiatric facility volumes increased 5.5%, though reported revenue for that segment remained flat at $494.6 million.
Acadia raised its full-year 2024 revenue guidance to a range of $3.40 billion to $3.45 billion from the April guidance of $3.37 billion to $3.45 billion. Full-year Adjusted EBITDA guidance was raised to $590 million to $615 million from $580 million to $615 million, and Adjusted EPS guidance was raised to $1.45 to $1.60 from $1.35 to $1.60.
Operating cash flow guidance for the year was raised to $350 million to $400 million from the April range of $285 million to $325 million. Conversely, the company lowered its full-year capital expenditures guidance to $235 million to $255 million from $255 million to $280 million.
Operating cash flows for the second quarter increased to $162.1 million from $133.5 million in the prior-year period, while capital expenditures dropped to $38.6 million from $167.7 million. During the quarter, the company added 240 licensed beds through two new joint venture facilities in Florida and Iowa.