Accendra Flags Adjusted EBITDA Up to 30% Below Midpoint

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter net revenue was $601.8 million as the home-care company cut 2026 adjusted EBITDA guidance.

Accendra Health (ACH), a nationwide provider of home-based care products and services, said it expects full-year 2026 net revenue at the bottom of its prior $2.45 billion to $2.55 billion range and that adjusted EBITDA could be as much as 30% lower than the $310 million midpoint of that outlook.

The company reported third-quarter net revenue of $601.8 million, down from $697.3 million a year earlier. GAAP loss from continuing operations widened to $18.0 million, or $0.23 a share, from a $5.6 million loss, or $0.07 a share, a year earlier. Adjusted income from continuing operations swung to an $18.0 million loss, or $0.23 a share, from $19.9 million of adjusted income, or $0.25 a share, a year earlier. Adjusted EBITDA fell to $47.8 million from $92.2 million a year earlier.

President and Chief Executive Officer Kenny Gardner-Smith said results to date in 2026 have fallen well short of the company’s expectations and potential, and that four key areas are critical to a continued transformation and returning the business to the profitability shareholders should expect. He said the company is already taking action on a turnaround and that a value creation plan, which he called the cornerstone of returning the business to its potential, will be fully underway over the next several months.

The quarter followed a second quarter in which GAAP loss from continuing operations was $89.1 million, or $1.16 a share, and net revenue was $613.2 million. The third-quarter GAAP loss narrowed from that $89.1 million. Free cash flow was $5.8 million, after a $25.1 million outflow in the second quarter. Adjusted EBITDA declined to $47.8 million from $60.1 million in the second quarter.

Operating income was $1.3 million, versus $26.5 million a year earlier. Interest expense, net, rose to $37.6 million from $29.0 million a year earlier. Exit and realignment charges, net, were $5.5 million, versus $0.7 million a year earlier. Acquisition-related charges and intangible amortization were $5.0 million, versus $29.2 million a year earlier. Cost of net revenue was $340.5 million and selling, general and administrative expenses were $249.5 million.

Cash and cash equivalents were $26.6 million at September 30, 2026, versus $282.0 million at December 31, 2025. Total debt, as reported, was $1.75 billion at September 30, 2026, and non-GAAP net debt was $1.73 billion. The company had previously reduced outstanding debt by $385 million in the second quarter and completed a balance sheet optimization transaction in June.

Results reflect continuing operations, which represent what was previously the Patient Direct segment and certain functional operations. Loss from discontinued operations, net of tax, was $1.7 million in the third quarter, versus $144.7 million a year earlier. Net loss was $20.0 million, or $0.25 a share.

The company said the outlook is based on assumptions including market conditions, consumer demand, supply chain stability and interest rates. It said it is not able to forecast the most directly comparable GAAP measures without unreasonable effort, citing unpredictable elements including restructuring and acquisition charges, and provided no GAAP guidance.