FRANKLIN, Tenn. / Jul 31, 2024 / Business Wire / Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the second quarter and six months ended June 30, 2024.
Second Quarter Highlights
Adjusted income attributable to Acadia and Adjusted EBITDA are non-GAAP financial measures. A reconciliation of all non-GAAP financial measures in this press release begins on page 8.
Second Quarter Results
Chris Hunter, Chief Executive Officer of Acadia Healthcare Company, remarked, “Acadia delivered another strong financial and operating performance for the second quarter of 2024. With solid execution of our strategy, we achieved top line revenue growth of 8.8% and Adjusted EBITDA growth of 7.6% compared with the second quarter of 2023. These results reflect continued strong demand across our business, and we remain on track to add approximately 1,200 beds in 2024 to meet the growing need for our services. Looking forward, we expect the second half to benefit from further volume growth as the facilities and beds added over the past several quarters continue to ramp.”
“We commend our dedicated employees and clinicians across our facilities who continue to provide safe, high-quality care for the growing number of patients seeking help with behavioral health and substance use issues. With service lines across the continuum of care, strong clinical quality, and a focused operating model, we are well-positioned to continue to lead the behavioral health industry and address these critical needs across the United States.”
Strategic Investments for Long-Term Growth
During the second quarter of 2024, the Company continued to advance its growth strategy. This includes the addition of 37 beds to existing facilities during the quarter, and the opening of a new 100-bed acute care hospital, Agave Ridge Behavioral Hospital, in Mesa, Arizona.
For the full year, the Company remains on track to add approximately 1,200 beds, including over 400 new beds to existing facilities, and add up to 14 new Comprehensive Treatment Centers (CTCs).
The Company expects to open four additional inpatient facilities in the second half of 2024, including two new joint venture facilities. Acadia has 21 joint venture partnerships for 22 hospitals, with 11 hospitals already in operation and 11 additional hospitals expected to open in the coming years.
Cash and Liquidity
Acadia has continued to maintain a strong financial position with sufficient capital to make strategic investments in its business. As of June 30, 2024, the Company had $77.2 million in cash and cash equivalents and $371.5 million available under its $600 million revolving credit facility with a net leverage ratio of approximately 2.5x.
Net leverage ratio is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures in this press release begins on page 8.
2024 Financial Guidance
Acadia today revised its previously announced financial guidance for 2024. Revised guidance reflects the closure of two facilities during the second quarter(2).
| 2024 Guidance Range |
Revenue (1) | $3.180 to $3.225 billion |
Adjusted EBITDA (1) | $735 to $765 million |
Adjusted earnings per diluted share (1) | $3.45 to $3.65 |
Interest expense | $110 to $120 million |
Tax rate | 24.5% to 25.5% |
Depreciation and amortization expense | $150 to $160 million |
Stock compensation expense | $40 to $45 million |
Operating cash flows | $525 to $575 million |
Expansion capital expenditures | $425 to $475 million |
Maintenance and IT capital expenditures | $90 to $110 million |
|
|
Total bed additions, excluding acquisitions | Approx. 1,200 beds |
(1) |
| Includes one-time state payments of approximately $10 million (or $0.09 per diluted share) for the year, of which approximately $7 million (or $0.06 per diluted share) was received in the first quarter of 2024. |
(2) | Prior full-year guidance assumed approximately $25 million of revenue and approximately break-even EBITDA from two facilities that were closed during the second quarter. |
The Company’s guidance does not include the impact of any future acquisitions, divestitures, transaction, legal and other costs or non-recurring legal settlements expense.
Conference Call
Acadia will hold a conference call to discuss its second quarter financial results at 8:00 a.m. Central/9:00 a.m. Eastern Time on Thursday, August 1, 2024. 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 for 30 days.
About Acadia
Acadia is a leading provider of behavioral healthcare services across the United States. As of June 30, 2024, Acadia operated a network of 258 behavioral healthcare facilities with approximately 11,400 beds in 38 states and Puerto Rico. With approximately 23,500 employees serving more than 75,000 patients daily, Acadia is the largest stand-alone behavioral healthcare company in the U.S. Acadia provides behavioral healthcare services to its patients in a variety of settings, including inpatient psychiatric hospitals, specialty treatment facilities, residential treatment centers and outpatient clinics.
Forward-Looking Information
This press 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 press 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) potential difficulties in successfully integrating the operations of acquired facilities or realizing the expected benefits and synergies of our facility expansions, acquisitions, joint ventures and de novo transactions; (ii) Acadia’s ability to add beds, expand services, enhance marketing programs and improve efficiencies at its facilities; (iii) potential reductions in payments received by Acadia from government and commercial payors; (iv) the occurrence of patient incidents, governmental investigations, litigation and adverse regulatory actions, which could adversely affect the price of our common stock and result in substantial payments and incremental regulatory burdens; (v) the risk that Acadia may not generate sufficient cash from operations to service its debt and meet its working capital and capital expenditure requirements; (vi) potential disruptions to our information technology systems or a cybersecurity incident; and (vii) potential operating difficulties, including, without limitation, disruption to the U.S. economy and financial markets; reduced admissions and patient volumes; increased costs relating to labor, supply chain and other expenditures; changes in competition and client preferences; and general economic or industry conditions that may prevent Acadia from realizing the expected benefits of its business strategies. These factors and others are more fully described in Acadia’s periodic reports and other filings with the SEC.
| Acadia Healthcare Company, Inc. | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
(In thousands, except per share amounts) | ||||||||||||||||
| Revenue | $ | 796,040 |
| $ | 731,337 |
| $ | 1,564,091 |
| $ | 1,435,604 |
| ||||
| Salaries, wages and benefits (including equity-based compensation expense of $8,869, $7,348, $17,547 and $14,977, respectively) |
| 419,757 |
|
| 386,633 |
|
| 837,280 |
|
| 777,810 |
| ||||
| Professional fees |
| 48,050 |
|
| 43,803 |
|
| 93,738 |
|
| 84,928 |
| ||||
| Supplies |
| 27,878 |
|
| 26,144 |
|
| 54,530 |
|
| 52,165 |
| ||||
| Rents and leases |
| 11,889 |
|
| 11,725 |
|
| 23,752 |
|
| 23,149 |
| ||||
| Other operating expenses |
| 109,690 |
|
| 95,912 |
|
| 210,763 |
|
| 186,750 |
| ||||
| Depreciation and amortization |
| 36,066 |
|
| 32,012 |
|
| 72,413 |
|
| 63,581 |
| ||||
| Interest expense, net |
| 29,159 |
|
| 20,910 |
|
| 56,373 |
|
| 40,909 |
| ||||
| Loss on impairment |
| 1,000 |
|
| 8,694 |
|
| 1,000 |
|
| 8,694 |
| ||||
| Transaction, legal and other costs |
| 6,091 |
|
| 9,074 |
|
| 8,938 |
|
| 15,545 |
| ||||
| Total expenses |
| 689,580 |
|
| 634,907 |
|
| 1,358,787 |
|
| 1,253,531 |
| ||||
| Income before income taxes |
| 106,460 |
|
| 96,430 |
|
| 205,304 |
|
| 182,073 |
| ||||
| Provision for income taxes |
| 25,643 |
|
| 22,881 |
|
| 45,717 |
|
| 41,966 |
| ||||
| Net income |
| 80,817 |
|
| 73,549 |
|
| 159,587 |
|
| 140,107 |
| ||||
| Net income attributable to noncontrolling interests |
| (2,335 | ) |
| (1,250 | ) |
| (4,722 | ) |
| (1,793 | ) | ||||
| Net income attributable to Acadia Healthcare Company, Inc. | $ | 78,482 |
| $ | 72,299 |
| $ | 154,865 |
| $ | 138,314 |
| ||||
| Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: | ||||||||||||||||
| Basic | $ | 0.86 |
| $ | 0.79 |
| $ | 1.69 |
| $ | 1.53 |
| ||||
| Diluted | $ | 0.85 |
| $ | 0.79 |
| $ | 1.68 |
| $ | 1.51 |
| ||||
| Weighted-average shares outstanding: | ||||||||||||||||
| Basic |
| 91,628 |
|
| 91,044 |
|
| 91,495 |
|
| 90,691 |
| ||||
| Diluted |
| 92,043 |
|
| 91,546 |
|
| 92,051 |
|
| 91,640 |
| ||||
| Acadia Healthcare Company, Inc. | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (Unaudited) | ||||||
June 30, |
| December 31, | ||||
2024 |
| 2023 | ||||
| (In thousands) | ||||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 77,167 | $ | 100,073 | ||
| Accounts receivable, net |
| 389,374 |
| 361,451 | ||
| Other current assets |
| 178,673 |
| 134,476 | ||
| Total current assets |
| 645,214 |
| 596,000 | ||
| Property and equipment, net |
| 2,497,856 |
| 2,266,610 | ||
| Goodwill |
| 2,261,395 |
| 2,225,962 | ||
| Intangible assets, net |
| 73,348 |
| 73,278 | ||
| Deferred tax assets |
| 2,741 |
| 6,658 | ||
| Operating lease right-of-use assets |
| 123,273 |
| 117,780 | ||
| Other assets |
| 74,225 |
| 72,553 | ||
| Total assets | $ | 5,678,052 | $ | 5,358,841 | ||
| LIABILITIES AND EQUITY | ||||||
| Current liabilities: | ||||||
| Current portion of long-term debt | $ | 66,574 | $ | 29,219 | ||
| Accounts payable |
| 159,520 |
| 156,132 | ||
| Accrued salaries and benefits |
| 134,503 |
| 141,901 | ||
| Current portion of operating lease liabilities |
| 27,010 |
| 26,268 | ||
| Other accrued liabilities |
| 158,915 |
| 532,261 | ||
| Total current liabilities |
| 546,522 |
| 885,781 | ||
| Long-term debt |
| 1,774,556 |
| 1,342,548 | ||
| Deferred tax liabilities |
| 37,031 |
| 1,931 | ||
| Operating lease liabilities |
| 104,706 |
| 100,808 | ||
| Other liabilities |
| 150,641 |
| 140,113 | ||
| Total liabilities |
| 2,613,456 |
| 2,471,181 | ||
| Redeemable noncontrolling interests |
| 111,878 |
| 105,686 | ||
| Equity: | ||||||
| Common stock |
| 917 |
| 913 | ||
| Additional paid-in capital |
| 2,665,215 |
| 2,649,340 | ||
| Retained earnings |
| 286,586 |
| 131,721 | ||
| Total equity |
| 2,952,718 |
| 2,781,974 | ||
| Total liabilities and equity | $ | 5,678,052 | $ | 5,358,841 | ||
| Acadia Healthcare Company, Inc. | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (Unaudited) | ||||||||
Six Months Ended June 30, | ||||||||
| 2024 |
|
| 2023 |
| |||
| (In thousands) | ||||||||
| Operating activities: | ||||||||
| Net income | $ | 159,587 |
| $ | 140,107 |
| ||
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||||
| Depreciation and amortization |
| 72,413 |
|
| 63,581 |
| ||
| Amortization of debt issuance costs |
| 2,034 |
|
| 1,651 |
| ||
| Equity-based compensation expense |
| 17,547 |
|
| 14,977 |
| ||
| Deferred income taxes |
| 39,017 |
|
| 347 |
| ||
| Loss on impairment |
| 1,000 |
|
| 8,694 |
| ||
| Other |
| (3,942 | ) |
| 1,086 |
| ||
| Change in operating assets and liabilities, net of effect of acquisitions: | ||||||||
| Accounts receivable, net |
| (26,114 | ) |
| (23,397 | ) | ||
| Other current assets |
| (14,182 | ) |
| (8,743 | ) | ||
| Other assets |
| 842 |
|
| (322 | ) | ||
| Accounts payable and other accrued liabilities |
| (399,619 | ) |
| 21,518 |
| ||
| Accrued salaries and benefits |
| (8,525 | ) |
| (13,889 | ) | ||
| Other liabilities |
| 9,805 |
|
| 2,568 |
| ||
| Net cash (used in) provided by operating activities |
| (150,137 | ) |
| 208,178 |
| ||
| Investing activities: | ||||||||
| Cash paid for acquisitions, net of cash acquired |
| (50,722 | ) |
| — |
| ||
| Cash paid for capital expenditures |
| (296,652 | ) |
| (157,359 | ) | ||
| Proceeds from sale of property and equipment |
| 10,209 |
|
| 621 |
| ||
| Other |
| (2,933 | ) |
| (940 | ) | ||
| Net cash used in investing activities |
| (340,098 | ) |
| (157,678 | ) | ||
| Financing activities: | ||||||||
| Borrowings on long-term debt |
| 350,000 |
|
| — |
| ||
| Borrowings on revolving credit facility |
| 160,000 |
|
| 40,000 |
| ||
| Principal payments on revolving credit facility |
| (15,000 | ) |
| (20,000 | ) | ||
| Principal payments on long-term debt |
| (25,605 | ) |
| (10,625 | ) | ||
| Payment of debt issuance costs |
| (1,518 | ) |
| — |
| ||
| Repurchase of shares for payroll tax withholding, net of proceeds from stock option exercises |
| (1,668 | ) |
| (45,904 | ) | ||
| Contributions from noncontrolling partners in joint ventures |
| 2,970 |
|
| 2,516 |
| ||
| Distributions to noncontrolling partners in joint ventures |
| (1,500 | ) |
| (1,983 | ) | ||
| Other |
| (350 | ) |
| 20 |
| ||
| Net cash provided by (used in) financing activities |
| 467,329 |
|
| (35,976 | ) | ||
| Net (decrease) increase in cash and cash equivalents |
| (22,906 | ) |
| 14,524 |
| ||
| Cash and cash equivalents at beginning of the period |
| 100,073 |
|
| 97,649 |
| ||
| Cash and cash equivalents at end of the period | $ | 77,167 |
| $ | 112,173 |
| ||
|
| |||||||
| Effect of acquisitions: | ||||||||
| Assets acquired, excluding cash | $ | 55,678 |
| $ | — |
| ||
| Liabilities assumed |
| (3,456 | ) |
| — |
| ||
| Contingent consideration issued in connection with an acquisition |
| (1,500 | ) |
| — |
| ||
| Cash paid for acquisitions, net of cash acquired | $ | 50,722 |
| $ | — |
| ||
| Operating Statistics | ||||||||||||||||||||||
| (Unaudited, Revenue in thousands) | ||||||||||||||||||||||
Three Months Ended June 30, |
| Six Months Ended June 30, | ||||||||||||||||||||
| 2024 |
|
|
| 2023 |
|
| % Change |
|
| 2024 |
|
|
| 2023 |
|
| % Change | ||||
| Same Facility Results (1) | ||||||||||||||||||||||
| Revenue | $ | 776,145 |
| $ | 716,653 |
| 8.3 | % | $ | 1,532,401 |
| $ | 1,409,073 |
| 8.8 | % | ||||||
| Patient Days |
| 773,499 |
|
| 754,099 |
| 2.6 | % |
| 1,531,489 |
|
| 1,495,810 |
| 2.4 | % | ||||||
| Admissions |
| 49,091 |
|
| 48,727 |
| 0.7 | % |
| 97,249 |
|
| 97,733 |
| -0.5 | % | ||||||
| Average Length of Stay (2) |
| 15.8 |
|
| 15.5 |
| 1.8 | % |
| 15.7 |
|
| 15.3 |
| 2.9 | % | ||||||
| Revenue per Patient Day | $ | 1,003 |
| $ | 950 |
| 5.6 | % | $ | 1,001 |
| $ | 942 |
| 6.2 | % | ||||||
| Adjusted EBITDA margin |
| 29.5 | % |
| 29.5 | % | 0 bps |
| 29.1 | % |
| 28.5 | % | 60 bps | ||||||||
| Facility Results | ||||||||||||||||||||||
| Revenue | $ | 796,040 |
| $ | 731,337 |
| 8.8 | % | $ | 1,564,091 |
| $ | 1,435,604 |
| 9.0 | % | ||||||
| Patient Days |
| 791,673 |
|
| 771,955 |
| 2.6 | % |
| 1,560,351 |
|
| 1,526,813 |
| 2.2 | % | ||||||
| Admissions |
| 50,511 |
|
| 50,029 |
| 1.0 | % |
| 99,569 |
|
| 99,935 |
| -0.4 | % | ||||||
| Average Length of Stay (2) |
| 15.7 |
|
| 15.4 |
| 1.6 | % |
| 15.7 |
|
| 15.3 |
| 2.6 | % | ||||||
| Revenue per Patient Day | $ | 1,006 |
| $ | 947 |
| 6.1 | % | $ | 1,002 |
| $ | 940 |
| 6.6 | % | ||||||
| Adjusted EBITDA margin |
| 28.1 | % |
| 28.6 | % | -50 bps |
| 27.8 | % |
| 27.6 | % | 20 bps | ||||||||
| (1) Same facility results for the periods presented include facilities we have operated for more than one year and exclude certain closed services. | ||||||||||||||||||||||
| (2) Average length of stay is defined as patient days divided by admissions. | ||||||||||||||||||||||
| Acadia Healthcare Company, Inc. | ||||||||||||||||
| Reconciliation of Net Income Attributable to Acadia Healthcare Company, Inc. to Adjusted EBITDA | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
Three Months Ended June 30, |
| Six Months Ended June 30, | ||||||||||||||
| 2024 |
|
|
| 2023 |
|
|
| 2024 |
|
|
| 2023 |
| ||
| (in thousands) | ||||||||||||||||
| Net income attributable to Acadia Healthcare Company, Inc. | $ | 78,482 |
| $ | 72,299 |
| $ | 154,865 |
| $ | 138,314 |
| ||||
| Net income attributable to noncontrolling interests |
| 2,335 |
|
| 1,250 |
|
| 4,722 |
|
| 1,793 |
| ||||
| Provision for income taxes |
| 25,643 |
|
| 22,881 |
|
| 45,717 |
|
| 41,966 |
| ||||
| Interest expense, net |
| 29,159 |
|
| 20,910 |
|
| 56,373 |
|
| 40,909 |
| ||||
| Depreciation and amortization |
| 36,066 |
|
| 32,012 |
|
| 72,413 |
|
| 63,581 |
| ||||
| EBITDA |
| 171,685 |
|
| 149,352 |
|
| 334,090 |
|
| 286,563 |
| ||||
| Adjustments: | ||||||||||||||||
| Equity-based compensation expense (a) |
| 8,869 |
|
| 7,348 |
|
| 17,547 |
|
| 14,977 |
| ||||
| Transaction, legal and other costs (b) |
| 6,091 |
|
| 9,074 |
|
| 8,938 |
|
| 15,545 |
| ||||
| Loss on impairment (c) |
| 1,000 |
|
| 8,694 |
|
| 1,000 |
|
| 8,694 |
| ||||
| Adjusted EBITDA | $ | 187,645 |
| $ | 174,468 |
| $ | 361,575 |
| $ | 325,779 |
| ||||
| Adjusted EBITDA margin |
| 23.6 | % |
| 23.9 | % |
| 23.1 | % |
| 22.7 | % | ||||
| See footnotes on page 10. | ||||||||||||||||
| Reconciliation of Net Income Attributable to Acadia Healthcare Company, Inc. to | ||||||||||||
| Adjusted Income Attributable to Acadia Healthcare Company, Inc. | ||||||||||||
| (Unaudited) | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
| (in thousands, except per share amounts) | ||||||||||||
| Net income attributable to Acadia Healthcare Company, Inc. | $ | 78,482 | $ | 72,299 | $ | 154,865 | $ | 138,314 | ||||
| Adjustments to income: | ||||||||||||
| Transaction, legal and other costs (b) |
| 6,091 |
| 9,074 |
| 8,938 |
| 15,545 | ||||
| Loss on impairment (c) |
| 1,000 |
| 8,694 |
| 1,000 |
| 8,694 | ||||
| Provision for income taxes |
| 25,643 |
| 22,881 |
| 45,717 |
| 41,966 | ||||
| Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc. |
| 111,216 |
| 112,948 |
| 210,520 |
| 204,519 | ||||
| Income tax effect of adjustments to income (d) |
| 27,643 |
| 28,271 |
| 49,654 |
| 51,191 | ||||
| Adjusted income attributable to Acadia Healthcare Company, Inc. | $ | 83,573 | $ | 84,677 | $ | 160,866 | $ | 153,328 | ||||
| Weighted-average shares outstanding - diluted |
| 92,043 |
| 91,546 |
| 92,051 |
| 91,640 | ||||
| Adjusted income attributable to Acadia Healthcare Company, Inc. per diluted share | $ | 0.91 | $ | 0.92 | $ | 1.75 | $ | 1.67 | ||||
| See footnotes on page 10. | ||||||||||||
| Acadia Healthcare Company, Inc. | |
| Footnotes | |
| We have included certain financial measures in this press release, including those listed below, which are “non-GAAP financial measures” as defined under the rules and regulations promulgated by the SEC. These non-GAAP financial measures include, and are defined, as follows: | |
| • EBITDA: net income attributable to Acadia Healthcare Company, Inc. adjusted for net income attributable to noncontrolling interests, provision for income taxes, net interest expense and depreciation and amortization. | |
| • Adjusted EBITDA: EBITDA adjusted for equity-based compensation expense, transaction, legal and other costs and loss on impairment. | |
| • Adjusted EBITDA margin: Adjusted EBITDA divided by revenue. | |
| • Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc.: net income attributable to Acadia Healthcare Company, Inc. adjusted for transaction, legal and other costs, loss on impairment and provision for income taxes. | |
| • Adjusted income attributable to Acadia Healthcare Company, Inc.: Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc. adjusted for the income tax effect of adjustments to income. | |
| • Net leverage ratio: Long-term debt (excluding $10.5 million of unamortized debt issuance costs, discount and premium) less cash and cash equivalents divided by Adjusted EBITDA for the trailing twelve months. | |
| The non-GAAP financial measures presented herein are supplemental measures of our performance and are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The non-GAAP financial measures presented herein are not measures of our financial performance under GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as measures of our liquidity. Our measurements of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies. We have included information concerning the non-GAAP financial measures in this press release because we believe that such information is used by certain investors as measures of a company’s historical performance. We believe these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of issuers of equity securities, many of which present similar non-GAAP financial measures when reporting their results. Because the non-GAAP financial measures are not measurements determined in accordance with GAAP and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures of other companies. Our presentation of these non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. | |
| The Company is not able to provide a reconciliation of projected Adjusted EBITDA and adjusted earnings per diluted share, where provided, to expected results due to the unknown effect, timing and potential significance of transaction-related expenses and the tax effect of such expenses. | |
| (a) Represents the equity-based compensation expense of Acadia. | |
| (b) Represents transaction, legal and other costs incurred by Acadia primarily related to legal, management transition, termination, restructuring, acquisition and other similar costs. | |
| (c) During the three months ended June 30, 2024 and 2023, we recorded non-cash impairment charges totaling $1.0 million and $8.7 million, respectively, related to the closure of certain facilities. | |
| (d) Represents the income tax effect of adjustments to income based on tax rates of 24.9% and 25.0% for the three months ended June 30, 2024 and 2023, respectively, and 23.6% and 25.0% for the six months ended June 30, 2024 and 2023, respectively. | |
| Last Trade: | US$39.10 |
| Daily Change: | 2.01 5.42 |
| Daily Volume: | 1,950,624 |
| Market Cap: | US$3.630B |
October 30, 2024 | |
C4 Therapeutics is pioneering a new class of small-molecule drugs that selectively destroy disease-causing proteins via degradation using the innate machinery of the cell. This targeted protein degradation approach offers advantages over traditional drugs, including the potential to treat a wider range of diseases...
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Immix Biopharma is a clinical-stage biopharmaceutical company pioneering a novel class of CAR-T cell therapies and Tissue-Specific Therapeutics targeting oncology and immuno-dysregulated diseases with >75 patients treated to-date. Our lead cell therapy asset is NXC-201...
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