The following is a summary of the Aveanna Healthcare Holdings Inc. (AVAH) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Aveanna reported Q4 2023 revenue of $479 million, a 6.1% increase from the previous year.

• Q4 Adjusted EBITDA increased by 30.4% year-over-year to $38.7 million, reflecting improved payor rates and cost reduction efforts.

• Full-year revenue for 2023 was approximately $1.895 billion, up 6% while adjusted EBITDA rose 7.6% to $139.2 million.

• Gross margin was $148.4 million or 31%, which was a 15.3% increase from the previous period.

• Aveanna finished the period with strong liquidity, at $232 million.

Business Progress:

• In 2023, Aveanna saw double-digit Private Duty Services rate increases in eight key states and achieved additional rate wins in 11 states.

• The number of preferred payors for its Private Duty Services doubled from 7 to 14 which they hope to further increase in 2024.

• Eight episodic agreements were signed in Home Health, improving the episodic mix to 74% in the last quarter of 2023.

• Aveanna projects 2024 full-year revenue to be between $1.96 billion to $1.98 billion and adjusted EBITDA falling within the range of $146 million to $150 million.

• The 2024 strategic plan involves extending existing partnerships, prioritizing cost efficiencies, and fostering employee engagement.

More details: Aveanna Healthcare IR

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