The following are some of the companies belonging to the healthcare sector that reported quarterly financial results on Monday.
Acadia Healthcare Company Inc. (ACHC) reported third-quarter revenue growth of 13% and narrowed its financial outlook for the full year.
In the third quarter of 2022, revenue grew by 13% to $666.7 million from last year's $587.6 million.
On a GAAP basis, net income for the third quarter of 2022 grew to $71.1 million or $0.78 per share from last year's $66.5 million or $0.74 per share. On a non-GAAP basis, net income was $0.86 per share in Q3 2022 compared to $0.72 per share in Q3 2021.
The company narrowed its financial guidance for FY 2022. The company anticipates revenue in the range of $2.58 to $2.60 billion, and adjusted earnings to be in the range of $3.13 to $3.23 per share.
Wall Street analysts estimate the revenue to be $2.59 billion and earnings to be $3.08 per share in FY 2022.
Acadia reported revenue of $2.31 billion and earnings of $2.56 per share last year.
On Sep.30, 2022, the company's cash reserve totaled $93.4 million.
ACHC has traded in a range of $50.07 to $86.75 in the last 52 weeks. The stock closed Monday's trading at $81.30, down 2.11%.
Addus HomeCare Corporation (ADUS), a home care services company, reported third quarter earnings in line with expectations.
On a GAAP basis, net income for the third quarter of 2022 declined to $11.5 million, or $0.71 per share from last year's $11.6 million $0.72 per share. On a non-GAAP basis, adjusted net income grew to $15.2 million or $0.94 per share in Q3 2022 from $14.5 million or $0.91 per share in Q3 2021. Wall Street analysts were expecting earnings of $0.93 per share.
In Q3 2022, revenue grew 11% to $240.5 million from $216.7 million in the third quarter of 2021.
Addus ended Q3 2022, with $105.6 million in cash reserves.
ADUS has traded in a range of $68.57 to $112.11 in the last 52 weeks. The stock closed Monday's trading at $102.42, down 2.85%.
Axonics Inc. (AXNX), which reported revenue growth of 50% in the third quarter of 2022, has increased its revenue guidance for the year.
Net revenue rose to $70.4 million in the third quarter of 2022 from $46.9 million in the prior year period.
Net loss narrowed to $16.3 million or $0.34 per share in the third quarter of 2022 from $17.3 million or $0.38 per share in the prior year period. Analysts polled by Thomson Reuters expected a loss of $0.48 per share.
The company has two commercial products Sacral neuromodulation and Bulkamid.
Sacral neuromodulation contributed $56.9 million to the revenue while Bulkamid contributed $56.9 million.
Axonics increased its revenue guidance for the fiscal year 2022 to $262 million from its earlier forecast of $253 million. Wall Street analysts expect revenue of $254.84 million. In 2021, the company reported revenue of $180.3 million.
As of September 30, 2022, the company had $350 million in cash, cash equivalents, and short-term investments.
AXNX has traded in a range of $38.41 to $79.92 in the last 52 weeks. The stock closed Monday's trading at $73.14, up 1.72%.
OrthoPediatrics Corp. (KIDS), which turned around to profit in the third quarter on 39% revenue growth, has lowered its revenue guidance for the year.
In the third quarter of 2022, revenue grew 39% to $35.0 million, from $25.1 million in the third quarter of 2021.
In Q3 2022, OrthoPediatrics' net income was $18.5 million or $0.87 per share, compared to a loss of $2.2 million or $0.11 per share in the same period last year and well above analysts' estimate of a loss of $0.2 per basic share.
OrthoPediatrics ended the third quarter of 2022, with $121.6 million in cash, short-term investments, and restricted cash.
For full-year 2022, the company has lowered its revenue guidance to a range of $124 million to $125 million, from its previous guidance of $127 million to $130 million. Wall Street analysts expect revenue of $128.35 million. Revenue was $98 million last year.
KIDS has traded in a range of $36.71 to $73.91 in the last 52 weeks. The stock closed Monday's trading at $42.49, down 2.64%.
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