Aveanna Healthcare Holdings Inc. (AVAH) shares surged 5.19% on Wednesday, November 8th, following the company's robust third-quarter 2024 earnings report and positive analyst sentiment.
The healthcare services provider reported a 6.5% year-over-year increase in revenue to $509 million, exceeding estimates. Adjusted EBITDA also saw a significant 32.2% jump, primarily driven by improved payer rates and cost reduction efforts. Notably, Aveanna secured double-digit rate improvements in key states like Georgia and Massachusetts, boosting its reimbursement rates for private duty services.
Additionally, the company added seven new preferred payer agreements during the quarter, bringing the total to 21, with expectations to exceed its goal of 22 by year-end. This strategic focus on preferred payer relationships has been a key contributor to Aveanna's growth and profitability.
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