24/7 Market News Snapshot 07 November, 2024 – Aveanna Healthcare Holdings Inc. Common Stock (NASDAQ:AVAH)

November 7, 2024

DENVER, Colo., 07 November, 2024 (247marketnews.com) – (NASDAQ:AVAH) are discussed in this article.
Aveanna Healthcare Holdings Inc. (AVAH) is experiencing a significant surge in its stock performance today, with the shares rising from a previous close of $4.81 to $5.69, reflecting an increase of approximately 18.30%. The trading volume has reached 501.73K, indicating heightened investor interest and a strong bullish sentiment around the stock. This upward movement suggests a potential breakout above key resistance levels, making AVAH a stock to watch for investors seeking growth opportunities.

In addition to its stock performance, Aveanna has reported strong financial results for the third quarter, which ended on September 28, 2024. The company achieved revenue of $509 million, marking a 6.5% increase compared to the previous year, while adjusted EBITDA surged by 32.2% to $47.8 million. This outstanding performance highlights Aveanna’s strategic initiatives to enhance operational efficiency and navigate the changing landscape of payor rates effectively.

Jeff Shaner, the Chief Executive Officer, expressed pride in the team’s achievements and stressed the importance of their partnerships with government and payor organizations in delivering quality care while managing expenses. The company’s gross margin improved to $159.7 million, or 31.4% of revenue, further showcasing operational success alongside an adjusted net income of $4.6 million, a turnaround from a year-ago loss.

Compounding this positive outlook, Aveanna has lifted its full-year revenue guidance to approximately $2 billion, with adjusted EBITDA expected to exceed $168 million. Matt Buckhalter, Chief Financial Officer, noted the vital nature of the company’s cash flow, emphasizing a commitment to sustainable growth and profitability. As Aveanna Health expands its services, it remains focused on enriching the lives of its patients, positioning itself as a leader in the home care sector.

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