Acadia Healthcare (ACHC) shares plummeted 8.09% in after-hours trading on Tuesday, despite reporting second-quarter results that beat analyst estimates. The behavioral healthcare services provider announced an adjusted EBITDA of $201.8 million for Q2, surpassing the IBES estimate of $176.8 million.

However, the positive financial results were overshadowed by the unexpected announcement of CFO Heather Dixon's departure. The company stated that Dixon will be stepping down effective August 15, 2025, with Tim Sides set to serve as interim CFO. This abrupt change in leadership may have rattled investors, contributing to the sharp stock decline.

Additionally, Acadia provided its full-year outlook, projecting revenue between $3,300 million and $3,350 million, and adjusted EBITDA in the range of $675 million to $700 million. The company also forecasts capital expenditures of $495 million to $535 million for the fiscal year. While these projections seem solid, they may not have met the market's high expectations, potentially explaining the negative reaction in the stock price. Investors will likely be watching closely for any further details or explanations from the company regarding the CFO transition and its potential impact on Acadia's future performance.