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...