By Kelly Cloonan
Acadia Healthcare's first-quarter profit fell, despite higher revenue, as increased expenses related to government investigations and legal costs weighed on the results.
The behavioral-healthcare provider on Monday said its profit fell to $8.37 million, or 9 cents a share, compared with $76.4 million, or 83 cents a share, a year earlier.
Adjusted earnings per share were 40 cents, ahead of estimates of 36 cents a share according to analysts polled by FactSet.
Revenue rose to $770.5 million from $768.1 million a year ago. Analysts expected $769.9 million.
Same facility revenue rose 2.1% from a year ago as patient days increased 2.2%, despite an extra day helping results in the year-ago quarter.
Total expenses rose to $757 million from $669.2 million a year ago. Expenses related to government investigations rose to $31 million from $481,000 a year ago, while transaction, legal and other costs increased to $31.1 million from $2.85 million. Termination and restructuring costs also rose.
For the full year, the company continues to guide for revenue of $3.3 billion to $3.4 billion and adjusted earnings per share of $2.50 to $2.80. Analysts expect sales of $3.34 billion and adjusted earnings of $2.66 on a per-share basis.
Chief Executive Chris Hunter said the company looks set to break its record for annual bed expansion this year. It expects to add 800 to 1,000 beds in the year, up from 776 new licensed beds in 2024. It added 378 new beds in the first quarter.
Write to Kelly Cloonan at
(END) Dow Jones Newswires
May 12, 2025 17:25 ET (21:25 GMT)
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