Acadia Healthcare, a major operator of behavioral health facilities, had higher earnings and revenues in the fourth quarter and for all of fiscal 2014 thanks to adding nearly 1,800 beds through acquisitions and expansion.
The company reported earnings of $22.1 million in the three months ended Dec. 31, 2014, an 80.2% increase from $12.3 million in income reported during the same period in 2013. Fourth-quarter revenue hit $294.9 million, up 55.2% from $190 million the prior year.
Full fiscal 2014 earnings were $83 million, up 95.4% from $42.6 million reported the prior year. Revenue was $1 billion, up 40.8% from $713.4 million in fiscal 2013.
Revenue growth for the year stemmed from five acquisitions that added 27 facilities and more than 1,400 beds, said Joey Jacob, Acadia's chairman and CEO. The company also added 378 beds at existing facilities throughout the year, which made for strong same facility performance during the fourth quarter and the year.
Same facility revenues were up 10.9% for the year. Same facility patient days were up 10.3% across all U.S. facilities during the year, with admissions up 16.6%. Average length of stay was down 5.4% for the year, at 17.6 days. The average length of stay is down 11.1% with new facilities included.
The company will continue adding beds and evaluating potential acquisitions in the U.S. and the U.K., Jacob said in a news release. In June, the company acquired Partnerships in Care, the U.K.'s second-largest independent provider of inpatient behavioral health services.
The company expects adjusted earnings per diluted share of $2.03 to $2.10 in fiscal 2015, an increase of roughly 32% to 36% over the previous year, assuming a 7% lower exchange rate for the British Pound, non-cash stock compensation expense of about $19 million and a tax rate of 32%. First-quarter earnings per share are expected to be in the range of $0.40 to $0.41 per diluted share.
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