Acadia Healthcare reported adjusted fourth-quarter net income of $14.5 million, or 29 cents per diluted share, in line with estimates and up 79 percent from late 2012. EBITDA increased to $39 million in Q4, a 61 percent leap from $24 million in 2012.
Revenue in the quarter was $190 million at the behavioral health company, a 66 percent increase from the year prior and also on track with analysts' estimates.
"The fourth quarter was a strong finish to a great 2013 for Acadia," said Chairman and CEO Joey Jacobs in a release. "We added over 1,000 licensed beds to our operations in 2013, through the completion of seven acquisitions during the year."
Jacobs said Acadia finished 2013 with about 4,200 licensed beds in 23 states and Puerto Rico. He also noted that same-facility revenue increased 8.5 percent in the quarter, driven by a 7 percent rise in patient days and a slight uptick in revenue per patient days.
Acadia's executives also established guidance for 2014 EPS in a range of $1.26 to $1.29, excluding future acquisitions, putting it well below the Street's estimate of $1.43. On his team's conference call Thursday morning, Jacobs said 2014 capital expenditures should come close to 2013's $160 million.
Also on the call, Jacobs made remarks regarding the Affordable Care Act that mirrored industry-wide perceptions — a net positive, but too early to quantify.
"It could be a 1 to 2 percent increase in revenue," Jacobs said, noting that mental health care is an essential benefit included in the ACA. "So we know it's a positive for us. We still don't know that number yet. We're keeping a close eye on it just like everybody else in the health care industry."
Shares of Acadia (Ticker: ACHC) were down slightly in afternoon trading Thursday to $51.14. They have climbed 14 percent over the past three months.
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