Acadia Healthcare posted $57.7 million in net income in the fourth quarter of 2023, according to its earnings report published Feb. 27.
The Franklin, Tenn.-based behavioral healthcare provider posted a loss of $15.7 million for 2023, down from the $280 million profit it posted in 2022.
Here are five things to note:
- Total revenue in the fourth quarter was $742.8 million, up 10% over the same period in 2022. Total revenue in 2023 was $2.9 billion, up from $2.6 billion in 2022.
- Revenue per patient day increased 7.1% year over year in the fourth quarter, and patient days increased by 2.9%.
- The company projected total revenues of $3.18 billion to $3.25 billion in 2023 and adjusted earnings of $730 million to $770 million.
- In a statement, Acadia Healthcare CEO Chris Hunter said the fourth quarter performance indicates "robust demand" for behavioral health. The company added 98 beds to its existing facilities and opened two comprehensive treatment centers in the fourth quarter of 2023.
- The company is plotting more growth, planning 14 new comprehensive treatment centers in 2024 and 11 joint venture partnerships with health systems expected to open in the coming years.