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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.
Glassbeam, Inc. has appointed Rhonda Longmore-Grund to its Board of Directors. She brings valuable experience from her tenure as President & CEO of Alliance Healthcare Services, now part of Akumin (NASDAQ: AKU). Longmore-Grund's role is expected to enhance Glassbeam's capabilities in data and predictive analytics for medical equipment. Her expertise in operational efficiencies and data-driven decisions aligns with Glassbeam's vision for growth, particularly in the US and international markets.
Akumin Inc. (NASDAQ: AKU) will host a conference call on November 10, 2022, at 8:30 a.m. Eastern Time to discuss its third quarter 2022 financial results, which will be released on November 9, 2022. Participants can join via dial-in or webcast, with access details provided on their website. Akumin offers outpatient diagnostic imaging services and cancer care solutions across the U.S., servicing approximately 1,000 hospitals. The company emphasizes its commitment to efficient healthcare delivery through advanced technology.
Akumin Inc. (NASDAQ: AKU) has successfully completed its change of incorporation from Ontario, Canada, to Delaware, USA, effective September 30, 2022. This process, termed 'Domestication,' was approved by Akumin's shareholders on June 30, 2022. Following this change, Akumin will continue to trade under the stock symbol 'AKU' on both NASDAQ and the Toronto Stock Exchange. The move aims to align Akumin with the General Corporation Law of Delaware, enhancing its operational framework. Further details are available on EDGAR and SEDAR.
Akumin Inc. (NASDAQ: AKU) has announced significant personnel changes and a transformation program aimed at enhancing operations and financial stability. The company has terminated CFO William Larkin's employment and appointed David Kretschmer as Interim CFO. Akumin has also sold certain accounts receivables for approximately $30 million, improving liquidity and reducing days sales outstanding. Pro forma cash position post-sale stands at $69 million. The company is seeking to optimize patient access, customer engagement, and employee well-being through this transformation.
Akumin Inc. (NASDAQ: AKU) announced its financial results for the second quarter ended June 30, 2022, highlighting a substantial revenue growth of $192.1 million, up 176.5% year-over-year, primarily due to the acquisition of Alliance HealthCare Services. Adjusted EBITDA surged 212.7% to $38.2 million, reflecting strong operational performance amidst industry challenges. However, the company reported a net loss of $26.1 million, compared to a loss of $6.9 million in the prior year. Management remains optimistic about achieving 2022 financial goals despite decreased capital expenditures.
Akumin Inc. (NASDAQ: AKU) will conduct a conference call on August 10, 2022, at 8:30 a.m. Eastern Time to discuss its second-quarter 2022 financial results, which will be available on August 9, 2022. Akumin provides diagnostic imaging and oncology services to approximately 1,000 hospitals across 48 states. The company is recognized as a leading partner for healthcare systems in the U.S., focusing on efficiency and effective patient care through advanced technology. More information can be found on their official website.
Akumin Inc. (NASDAQ: AKU) held its annual general and special meeting on June 30, 2022, with 52,829,002 shares represented, about 59.0% of outstanding shares. All director nominees were overwhelmingly approved, with Thomas Davies receiving 99.93% support. The appointment of Ernst & Young, LLP as external auditors was also approved. Notably, shareholders authorized a move of incorporation from Ontario, Canada, to Delaware, USA, and a reverse stock split of up to one new share for every four old shares, as detailed in the management proxy circular dated May 17, 2022.
Akumin reported a significant revenue increase of $186.3 million for Q1 2022, up 191.2% from $64.0 million in Q1 2021, driven by the acquisition of Alliance HealthCare Services. Revenue rose 3.8% from Q4 2021. Despite the positive revenue growth, net loss widened to $26.4 million compared to $2.5 million in the previous year, and loss per share grew to $0.35. Adjusted EBITDA was $32.0 million, a 247.9% increase from last year. Management expressed confidence in achieving 2022 financial guidance despite ongoing risks from Omicron disruptions.
Akumin Inc. (NASDAQ: AKU) will host a conference call on May 11, 2022, at 8:30 a.m. Eastern Time to discuss its first quarter 2022 financial results. The results will be released on May 10, 2022. Participants can join the call by registering at this link or by accessing the webcast at here. A replay will be available until May 18, 2022. Akumin offers diagnostic imaging and oncology services across the U.S., with approximately 200 imaging locations and partnerships with about 1,000 hospitals.
Akumin Inc. (NASDAQ: AKU) has filed a registration statement with the SEC to allow its Board to change the company's jurisdiction from Ontario to Delaware. This move aims to streamline operations and reduce costs associated with Canadian corporate laws, as the company has no Canadian operations. If approved, the Domestication will only be implemented if deemed beneficial for Akumin and its shareholders. The announcement underscores Akumin's strategic focus on improving operational efficiency and enhancing its competitive position in the U.S. medical services market.
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