Akumin Announces First Quarter 2023 Results

PLANTATION, Fla., May 10, 2023 /PRNewswire/ – Akumin Inc. (NASDAQ: AKU) (TSX: AKU) (“Akumin” or the “Company“), a nationwide accomplice of selection for U.S. hospitals, well being programs and doctor teams, with complete options addressing outsourced radiology and oncology service-line wants, introduced as we speak its monetary outcomes for the quarter ended March 31, 2023.

First Quarter 2023 Highlights

• Akumin delivered first quarter same-store quantity efficiency on a consolidated foundation as follows:

  

• The Company reported income totaling $187.6 million for the primary quarter, a $1.3 million or 1% enhance over the primary quarter of final 12 months.

• Net loss was $29.2 million for the primary quarter, a rise in web lack of $2.8 million, in comparison with the prior 12 months interval.

• Akumin generated $33.1 million of Adjusted EBITDA* (as outlined beneath) for the primary quarter, a $1.1 million or 4% enhance over the primary quarter of final 12 months.

*For a reconciliation of Adjusted EBITDA, which is a non-GAAP measure, to probably the most straight comparable GAAP monetary measure, please see “Reconciliation of Non-GAAP Financial Measures”.

Summary Consolidated Financial Results (in 1000’s, apart from per share quantities)

Commenting on the quarterly outcomes, Riadh Zine, Chairman and Chief Executive Officer of the Company, stated, “We are happy that our working and monetary efficiency was in step with our finances for the quarter, which is often the seasonally weakest interval within the fiscal 12 months.  Relative to final 12 months, the primary quarter was negatively impacted by a income loss from sure Florida amenities closed for renovations within the interval.

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“We skilled a return of natural development in MRI process volumes, as scientific labor shortages have moderated, and spectacular development in our PET/CT volumes pushed by an enlargement of scientific purposes and the event of recent tracers.  This natural development in our radiology section greater than offset the year-over-year income losses we skilled within the quarter.

“Following the completion of a complete evaluate and repositioning of our oncology business in 2022, our renewed concentrate on this section is now delivering supposed outcomes and was in step with our finances within the first quarter.  We proceed to imagine oncology will probably be a powerful driver of development for Akumin going ahead.

“We have continued our integration initiatives within the first quarter as we search to understand our subsequent section of synergies by rationalizing business processes, consolidating IT programs, and leveraging our scale to scale back upkeep and repair prices.  As beforehand acknowledged, we anticipate these initiatives to end in greater than $25 million in extra run-rate synergies by the tip of 2023.

“We are inspired by our working and monetary efficiency within the first quarter and stay assured in our capability to attain our monetary steerage for 2023”, Zine concluded.

Unless in any other case indicated, all quantities are expressed in U.S. {dollars}.  Certain metrics, together with these expressed on an adjusted or comparable foundation, are non-GAAP measures.  See “Non-GAAP Measures” and “Selected Consolidated Financial Information” of this press launch for additional particulars.

Investor Presentation

Akumin wish to invite events to an investor presentation to be held on Thursday, May 11, 2023 from 8:30 a.m. to 9:30 a.m. Eastern Time the place administration will focus on first quarter outcomes.

Conference name particulars:

Date:                                          8:30 a.m. Eastern Time, Thursday, May 11, 2023

Click to hitch by telephone:               https://akum.in/Q1-2023-Results-Dial-In-Numbers

Access through webcast:                  https://akum.in/Q1-2023-Results-Webcast

North American Toll Free:          888-664-6383

A associated presentation will probably be out there from Akumin’s web site (www.akumin.com) and at https://akumin.com/investor-relations/events-presentations/.  Participants are requested to attach a minimum of 10 minutes previous to the start of the decision to make sure participation.  The webcast archive will probably be out there for 90 days.  A replay of the presentation can even be out there till Thursday, May 18, 2023 by calling 416-764-8677 or toll-free 1-888-390-0541, utilizing passcode quantity 639247.

About Akumin

Akumin is a nationwide accomplice of selection for U.S. hospitals, well being programs and doctor teams, with complete options addressing outsourced radiology and oncology service-line wants. Akumin gives (1) fixed-site outpatient diagnostic imaging providers by way of a community of 180 owned and/or operated imaging areas; and (2) outpatient radiology and oncology providers and options to roughly 1,100 hospitals and well being programs throughout 48 states. By combining scientific and operational experience with the latest advances in know-how and data programs, Akumin facilitates extra environment friendly and efficient prognosis and therapy for sufferers and their suppliers.  Akumin’s imaging procedures embrace MRI, CT, positron emission tomography (PET and PET/CT), ultrasound, diagnostic radiology (X-ray), mammography, and different interventional procedures; most cancers care providers embrace a full suite of radiation remedy and associated choices. For extra data, go to www.akumin.com and www.alliancehealthcareservices-us.com.

Non-GAAP Measures

This press launch refers to sure non-GAAP measures. These non-GAAP measures will not be acknowledged measures below United States usually accepted accounting ideas (“GAAP“) and do not need a standardized that means prescribed by GAAP.  Although the Company gives steerage for adjusted EBITDA, it isn’t capable of present steerage for web revenue, probably the most straight comparable GAAP measure. Certain components of the composition of web revenue, together with equity-based compensation, will not be predictable, making it impractical for us to supply steerage on web revenue or to reconcile our adjusted EBITDA steerage to web revenue with out unreasonable efforts. For the identical causes, the Company is unable to handle the possible significance of the unavailable data concerning web revenue, which could possibly be materials to future outcomes.

There is unlikely to be comparable or comparable measures offered by different corporations. Rather, these non-GAAP measures are offered as extra data to enhance these GAAP measures by offering additional understanding of our outcomes of operations from administration’s perspective. Accordingly, these non-GAAP measures shouldn’t be thought-about in isolation nor as an alternative to evaluation of our monetary data reported below GAAP. We use non-GAAP monetary measures, together with “EBITDA”, “Adjusted EBITDA” and “Adjusted EBITDA Margin” (every as outlined beneath). These non-GAAP measures are used to supply buyers with supplemental measures of our working efficiency and thus spotlight developments in our core business that won’t in any other case be obvious when relying solely on GAAP measures. We imagine the usage of these non-GAAP measures, together with GAAP monetary measures, enhances the reader’s understanding of our working outcomes and is beneficial to us and to buyers in evaluating efficiency with opponents, estimating enterprise worth, and making funding selections.  We additionally imagine that securities analysts, buyers, and different events ceaselessly use non-GAAP measures within the analysis of issuers. Our administration makes use of non-GAAP measures to facilitate working efficiency comparisons from interval to interval, to organize annual working budgets and forecasts and to find out elements of administration compensation. Reconciliations of non-GAAP measures to the related reported measures will be present in “Reconciliation of Non-GAAP Financial Measures” and in our Form 10-Q filed May 10, 2023 out there in our public disclosure at www.sec.gov and www.sedar.com.

We outline such non-GAAP measures as follows:
“EBITDA” means web revenue (loss) earlier than curiosity expense (web), revenue tax expense (profit), and depreciation and amortization.

“Adjusted EBITDA” means EBITDA, as additional adjusted for impairment fees, restructuring fees, severance and associated prices, settlements and associated prices (recoveries), stock-based compensation, loss (acquire) on sale of accounts receivable, losses (positive aspects) on disposal of property and gear, acquisition-related prices, monetary instrument revaluation changes, deferred lease expense, different losses (positive aspects), and one-time changes.

“Adjusted EBITDA Margin” means Adjusted EBITDA divided by the full income within the interval.

Forward-Looking Information

Certain data on this press launch constitutes forward-looking data or forward-looking statements.  In some instances, however not essentially in all instances, such statements or data will be recognized by means of forward-looking terminology comparable to “plans”, “targets”, “expects” or “doesn’t anticipate”, “is anticipated”, “a chance exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “doesn’t anticipate” or “believes”, or variations of such phrases and phrases or state that sure actions, occasions or outcomes “could”, “might”, “would”, “may”, “will” or “will probably be taken”, “happen” or “be achieved”. In addition, any statements that discuss with expectations, projections or different characterizations of future occasions or circumstances include forward-looking data.  Statements containing forward-looking data will not be historic information however as a substitute characterize administration’s expectations, estimates and projections concerning future occasions.

Forward-looking data is essentially based mostly on numerous opinions, assumptions and estimates that, whereas thought-about cheap by Akumin as of the date of this press launch, are topic to identified and unknown dangers, uncertainties, assumptions and different elements which will trigger the precise outcomes, degree of exercise, efficiency or achievements to be materially completely different from these expressed or implied by such forward-looking data, together with however not restricted to the elements described in better element within the “Risk Factors” part of our Form 10-Q filed May 10, 2023, which is offered at www.sec.gov and www.sedar.com. These elements will not be supposed to characterize a whole listing of the elements that would have an effect on Akumin; nonetheless, these elements ought to be thought-about rigorously.  There will be no assurance that such estimates and assumptions will show to be appropriate.  The forward-looking statements contained on this press launch are made as of the date of this press launch, and Akumin expressly disclaims any obligation to update or alter statements containing any forward-looking data, or the elements or assumptions underlying them, whether or not on account of new data, future occasions or in any other case, besides as required by legislation.

Selected Consolidated Financial Information

Reconciliation of Non-GAAP Financial Measures

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SOURCE Akumin Inc.