Accendra Health reports first-quarter loss amid leadership transition
Net revenue fell to $627.8 million in the first quarter, down from $673.9 million a year earlier.
Accendra Health (ACH), the healthcare services provider, reported a first-quarter loss from continuing operations. The results marked a downturn in profitability and cash flow compared to the same period in the prior year.
Net revenue for the first quarter declined to $627.8 million from $673.9 million in the first quarter of 2024. The company's GAAP loss from continuing operations widened to $6.5 million, compared to a loss of $3.8 million in the prior-year period.
Profitability metrics saw a sharp decline across the board. Non-GAAP adjusted net income from continuing operations dropped to a loss of $3.1 million from a profit of $23.2 million. Non-GAAP adjusted EBITDA fell to $58.4 million from $96.0 million.
Cash flow also shifted into negative territory. Non-GAAP free cash flow swung to a loss of $2.0 million in the first quarter, compared to a positive $35.6 million in the first quarter of 2024.
Following the first-quarter results, the company undertook a balance sheet optimization transaction in the second quarter of 2026. Accendra Health exchanged 4.500% Senior Notes due 2029 and 6.625% Senior Notes due 2030 for new 9.000% Senior Secured First Lien Notes due 2032 and 9.750% Senior Secured Second Lien Notes due 2033. As part of this restructuring, the company issued $326.25 million in new First Lien Notes for cash.
Accendra Health affirmed its prior full-year 2026 guidance for net revenue and adjusted EBITDA as of May 11, 2026.
Chief Executive Officer Edward A. Pesicka announced his intent to retire by the end of 2026.