Akumin Announces Full-Year 2022 Results and Provides 2023 Guidance.
PLANTATION, Fla: Akumin Inc. (NASDAQ: AKU) (TSX: AKU) ("Akumin" or the "Company"), a national partner of choice for U.S. hospitals, health systems and physician groups, with comprehensive solutions addressing outsourced radiology and oncology service-line needs, announced today its financial results for the quarter and year ended December 31, 2022.
Fourth Quarter 2022 Highlights
Akumin delivered fourth quarter same-store volume performance on a consolidated, pro forma basis as follows:
-0.3% for MRI
+7.8% for PET/CT
+8.0% for Oncology Patient Starts
The Company reported revenue totaling $184.6 million for the fourth quarter, a $5.2 million or 3% increase over the fourth quarter of last year. For the full year ended December 31, 2022, Akumin reported revenue of $749.6 million, a $328.6 million or 78% increase over the full year 2021. This year-over-year increase was primarily as a result of the Alliance HealthCare Services acquisition (the "Alliance Acquisition") which was completed on September 1, 2021.
Net loss was $49.3 million and $151.6 million for the fourth quarter and year ended December 31, 2022, respectively, an increase in net loss of $22.7 million and $116.8 million, respectively, compared to the prior periods primarily due to higher interest expense, goodwill impairment charges, restructuring charges, and severance and related costs, partially offset by lower acquisition-related costs.
Akumin generated $37.4 million of Adjusted EBITDA* (as defined below) for the fourth quarter, a $9.9 million or 36% increase over the fourth quarter of last year. For the full year ended December 31, 2022, Akumin reported Adjusted EBITDA* of $144.1 million, a $77.2 million or 115% increase over the full year 2021, primarily as a result of the Alliance Acquisition.
*For a reconciliation of Adjusted EBITDA, which is a non-GAAP measure, to the most directly comparable GAAP financial measure, please see "Reconciliation of Non-GAAP Financial Measures".
Summary Consolidated Financial Results (in thousands, except for per share amounts)
3-month period
ended
Dec 31, 2022
3-month period
ended
Dec 31, 2021
Year ended
Dec 31, 2022
Year ended
Dec 31, 2021
MRI Scans
217
217
876
539
PET-CT Scans
34
32
133
46
Oncology Patient Starts
2.623
2.504
10.347
3.401
Revenue
$184,635
$179,443
$749,631
$421,079
Net Loss
($49,331)
($26,632)
($151,587)
($34,814)
Adjusted EBITDA (1)
$37,381
$27,522
$144,102
$66,903
EPS -Diluted
$(0.46)
$(0.36)
$(1.75)
$(0.56)
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