Welcome to our dedicated page for Akumin news (Ticker: AKU), a resource for investors and traders seeking the latest updates and insights on Akumin stock.
Akumin Inc. (NASDAQ: AKU, TSX: AKU) is a prominent U.S.-based provider of comprehensive radiology and oncology services. Serving as a national partner of choice, Akumin collaborates with hospitals, health systems, and physician groups across 48 states, delivering state-of-the-art diagnostic and therapeutic services.
Akumin operates a robust network of 180 owned and/or operated imaging locations, providing a wide range of diagnostic imaging procedures such as MRI, CT, PET/CT, ultrasound, X-ray, mammography, and interventional radiology. Additionally, Akumin offers extensive oncology care, including a full suite of radiation therapy services.
In recent developments, Akumin reported significant financial milestones for the fiscal year ended December 31, 2022. The company achieved a revenue increase of 78% year-over-year, primarily driven by the acquisition of Alliance HealthCare Services. Despite a net loss of $151.6 million for the year, Akumin generated an adjusted EBITDA of $144.1 million, reflecting a substantial growth of 115% over the previous year.
Akumin has also been proactive in addressing industry challenges, such as clinical labor shortages and cost inflation. The company’s transformation initiatives, including site consolidations and operational restructuring, are expected to yield additional run-rate synergies exceeding $25 million in 2023.
Looking forward, Akumin remains focused on enhancing its service offerings and operational efficiency. The company's ongoing integration initiatives and technological advancements, such as the deployment of remote clinical capabilities, aim to deliver significant benefits and support organic growth in the coming years.
Recently, Akumin announced a financial restructuring plan backed by Stonepeak, an alternative investment firm. This plan, which involves a prepackaged chapter 11 process, is designed to strengthen Akumin's balance sheet and secure ample liquidity for future growth. Upon completion, Akumin will transition to a privately-held entity, further streamlining its operations and focusing on its strategic objectives.
Akumin Inc. (NASDAQ: AKU) reported its Q4 and full-year 2022 financial results on March 16, 2023. The company achieved Q4 revenue of $184.6 million, a 3% increase year-over-year, and full-year revenue of $749.6 million, up 78% due to the Alliance HealthCare Services acquisition. However, net losses for Q4 and the year rose to $49.3 million and $151.6 million, respectively, primarily due to increased interest expenses and goodwill impairment charges. Adjusted EBITDA for Q4 was $37.4 million, marking a 36% increase. Akumin expects 2023 revenue between $765-775 million and Adjusted EBITDA of $150-160 million, highlighting ongoing transformation initiatives.
Akumin Inc. (NASDAQ: AKU) will host a conference call on March 17, 2023, at 8:30 a.m. ET to discuss its year-end 2022 financial results. These results will be available on March 16, 2023. The company provides diagnostic imaging and oncology services to nearly 1,000 hospitals across 48 states. Participants can access the call via a designated dial-in number or through a webcast. A replay will be available until March 24, 2023. Akumin focuses on enhancing patient diagnosis and treatment through advanced technology and operational expertise.
Akumin Inc. (NASDAQ: AKU) announced the appointment of John Wagner and Lawrence Ross Sinclair to its board of directors, effective January 1, 2023. Wagner, a co-founder of SCW Capital Management, brings significant investor confidence, holding about 12.7% of Akumin's stock. Sinclair, a former partner at PwC with over 25 years of experience, is set to join the audit committee. The appointments aim to enhance board expertise in finance and strategy, which could aid Akumin's growth and service delivery across its radiology and oncology solutions to 1,000 hospitals in 48 states.
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