Significant Revenue and EBITDA Growth
Aveanna reported a revenue of approximately $590 million, representing a 16.8% increase over the prior year period. Adjusted EBITDA was $88.3 million, a 93.6% increase compared to the prior year, driven by an improved rate environment and cost savings initiatives.
Preferred Payer Strategy Success
Aveanna’s preferred payer agreements accounted for about 55% of total private duty services MCO volumes. The preferred payer strategy is gaining momentum, allowing for increased caregiver wages and recruitment efforts.
Positive Cash Flow and Liquidity Position
Aveanna reported positive free cash flow of $36.9 million and liquidity of approximately $354 million at the end of Q2, reflecting strong cash collections and operational efficiency.
Thrive Skilled Pediatrics Integration
The acquisition of Thrive Skilled Pediatrics is on target with integration efforts, expanding Aveanna’s PDS offerings in 5 current states and adding new states Kansas and New Mexico. The acquisition is expected to be accretive to 2025 results.