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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.
Akumin announced the departure of President and Co-CEO Rhonda Longmore-Grund, effective March 18, 2022, following a decision by the board to discontinue the co-CEO arrangement. Riadh Zine continues as Chairman and CEO. Longmore-Grund played a pivotal role in the integration following Akumin's acquisition of Alliance HealthCare Services on September 1, 2021. Akumin is recognized for its comprehensive radiology and oncology solutions, operating over 200 imaging locations and serving about 1,000 hospitals across 46 states.
On March 16, 2022, Akumin Inc. (NASDAQ: AKU) announced its financial results for Q4 and the full year of 2021. The company reported a significant 168.3% increase in revenue to $179.4 million compared to Q4 2020, with a 65.9% sequential growth from Q3 2021. Adjusted EBITDA also rose 103.6% year-over-year to $27.5 million. Akumin attributed strong performance to the acquisition of Alliance HealthCare Services and indicated a robust recovery from pandemic-related disruptions. Despite a diluted EPS of $(0.36), the company remains optimistic about continued growth in 2022.
Akumin Inc. (NASDAQ: AKU) will present virtually at the 40th Annual J.P. Morgan Health Care Conference on January 12, 2022, at 2:15 PM EST. The presentation, featuring Chairman & Co-CEO Riadh Zine and President & Co-CEO Rhonda Longmore-Grund, will be accessible via webcast at akum.in/jpmorgan. Akumin provides comprehensive radiology and oncology solutions to over 1,000 hospitals across 46 states, following its acquisition of Alliance HealthCare Services, enhancing its diagnostic imaging and cancer care services.
Akumin Inc. (NASDAQ: AKU) has provided its full-year 2022 financial guidance, following the acquisition of Alliance Healthcare Services, completed on September 1, 2021. The company anticipates 2022 revenues between $760 million and $780 million, with Adjusted EBITDA projected at $155 million to $170 million. Capex is expected to be $85 million, of which $59 million will be allocated for growth. A corporate presentation detailing the new enterprise is available on its website, coinciding with an upcoming investor call on December 17, 2021.
Akumin Inc. (NASDAQ: AKU) reported strong Q3 Fiscal 2021 results, highlighting a revenue increase of 71.1% year-over-year to $108.2 million. This growth follows the completion of its acquisition of Alliance HealthCare Services on September 1, 2021, expanding its operations across 46 states. The company achieved notable same-store volume performance, with increases of 8.5% for MRI and 10.1% for Oncology Patient Starts. Adjusted EBITDA rose to $18.0 million, a 47.4% increase compared to the previous year.
Akumin Inc. (NASDAQ: AKU) held a special meeting on November 23, 2021, with 69.75% of shares represented. The meeting's purpose was to elect three directors to its board following the acquisition of Alliance HealthCare Services. The nominees, Rhonda Longmore-Grund, Paul Viviano, and James Wyper, received overwhelming support, each securing over 99.95% of votes in favor. This board expansion to nine members aims to strengthen governance and oversight as Akumin enhances its position as a national partner for hospitals and health systems.
Akumin Inc. (NASDAQ/TSX: AKU) has announced its agreement to acquire Alliance HealthCare Services, Inc. for $820 million. The transaction, expected to close in Q3 2021, is subject to regulatory approval. Together, the companies will enhance their radiology and oncology offerings across 46 states, servicing more than 2 million patient visits annually through over 1,000 hospital partnerships and outpatient centers. This acquisition aims to create a comprehensive healthcare service provider focused on outpatient, value-based care.
Akumin Inc. (NASDAQ: AKU) announced the completion of a private offering of $400 million in 7.00% senior secured notes due in 2025. The net proceeds will be used to fully repay existing borrowings, terminate commitments under revolving credit facilities, and cover related expenses, with remaining funds allocated for general corporate purposes. The notes are guaranteed by all wholly owned subsidiaries of the issuer and are exempt from the registration requirements of the Securities Act of 1933.
Akumin will hold a conference call on November 12, 2020, at 8:30 a.m. Eastern Time to discuss its third quarter 2020 financial results. Participants can join by calling 888-231-8191 (U.S./Canada) or 647-427-7450 (international). The call will also be available via a webcast for 90 days. Akumin operates outpatient diagnostic imaging centers across several U.S. states, providing services such as MRI, PET, and diagnostic radiology, aimed at improving disease diagnosis while reducing patient care costs.
On October 23, 2020, Akumin Inc. (NASDAQ: AKU) announced the pricing of a private offering of $400 million in senior secured notes due 2025 with an interest rate of 7.00%. Closing of the offering is scheduled for November 2, 2020, pending customary conditions. The company plans to utilize the net proceeds to repay all outstanding borrowings, terminate its revolving credit facility, and pay related fees. The notes will be guaranteed by wholly owned subsidiaries and are exempt from Securities Act registration requirements.
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