By Connor Hart
Shares of Acadia Healthcare fell after the company cut its full-year outlook, saying recent media reports have hurt the company's operations.
The behavioral-healthcare provider's stock price was down 17% at $43.15 in afternoon trading Thursday, rebounding slightly from the 52-week low of $42.56 hit earlier in the day. Shares are down more than 44% since the beginning of the year.
The Franklin, Tenn., company, which operates a network of 260 facilities, after the bell Wednesday said it expected revenue for the year of between $3.15 billion and $3.17 billion, down from a prior outlook between $3.18 billion and $3.23 billion. It also guided for adjusted earnings of $3.35-$3.45 a share, compared with a previous forecast for $3.45-$3.65.
For the year, analysts surveyed by FactSet expect revenue of $3.2 billion and adjusted earnings of $3.51 a share.
Chief Financial Officer Heather Dixon said the company has experienced lower-than-expected volume growth in October, which she attributed to "recent headlines and reporting in the media."
The New York Times in September reported that the company lured patients into its facilities and held them there against their will, even when not medically necessary.
"The allegation that Acadia systematically holds patients longer than medically necessary is false and goes directly against everything we do and stand for when it comes to patient care," Chief Executive Chris Hunter said on a call with analysts Thursday.
Also Wednesday, Acadia reported third-quarter net income of $68.1 million, or 74 cents a share, compared with a loss of $217.7 million, or $2.39 a share, in the same quarter last year.
Adjusted per-share earnings came in at 91 cents, narrowly ahead of the 90 cents that analysts forecast, according to FactSet.
Revenue rose 8.7% to $815.6 million, but missed the $819.4 million that analysts surveyed by FactSet expected.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 31, 2024 14:26 ET (18:26 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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