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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