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Aveanna Healthcare Holdings Inc. (AVAH-3.96%) has submitted its 10-Q filing for the quarterly period ended September 28, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $509.0 million from $478.0 million in the same quarter the previous year. This growth was driven by increases in all three segments: Private Duty Services, Home Health & Hospice, and Medical Solutions.
Cost of revenue for the quarter was $349.3 million, representing 68.6% of revenue, compared to 69.2% in the same quarter of the previous year. This slight decrease in cost ratio reflects improved operational efficiency.
The company reported a gross margin of $159.7 million for the quarter, compared to $147.3 million in the previous year, with the increase attributed to higher revenue and improved cost management.
Branch and regional administrative expenses decreased to $88.2 million from $91.0 million, primarily due to restructuring efforts.
Corporate expenses increased to $31.9 million from $27.4 million, driven by higher compensation and professional services costs.
Net loss for the quarter was $42.8 million, down from $102.4 million in the previous year. The decrease in net loss was primarily due to a reduction in goodwill impairment charges.
Cash provided by operating activities was $19.2 million, while cash used in investing and financing activities was $4.8 million and $20.1 million, respectively.
Aveanna had a working capital of $78.5 million as of September 28, 2024. The company continues to focus on improving operational efficiencies and managing costs.
The filing also details various financial agreements, including amendments to the Revolving Credit Facility and Securitization Facility, which extend maturity dates and adjust borrowing capacities.
Aveanna identified a material weakness in its internal controls over financial reporting related to IT general controls and is implementing a remediation plan.
The company continues to focus on providing home care services to medically complex, high-cost patient populations, with an emphasis on operational improvements and strategic growth initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aveanna Healthcare Holdings Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.