Aveanna Healthcare Holdings Announces CEO Transition and Reaffirms FY 2022 Revenue and Adjusted EBITDA Guidance
14 December 2022 - 9:07AM
Aveanna Healthcare Holdings, Inc. (NASDAQ: AVAH), a leading,
diversified home care platform focused on providing care to
medically complex, high-cost patient populations, today announced
that its Chief Executive Officer and Director, Tony Strange, is
retiring and will depart the company effective December 31, 2022.
Jeff S. Shaner, Aveanna’s long serving Chief Operations Officer,
will serve as CEO and Director, effective December 31, 2022.
“Tony’s leadership was a significant part of
Aveanna’s formation and growth since its inception five years ago.
He leaves an enduring legacy of building one of the nation’s
largest home care companies in America, during an unprecedented
pandemic. Tony’s steady and stable leadership was a welcome gift
during troubled waters within our industry. It has been an honor
working side-by-side, with Tony, at Aveanna and the many other
companies during our career together. The Board and I are confident
that under Jeff’s leadership, Aveanna will continue its transition
into a new era of value-based care. Jeff’s experience, passion, and
innovative mindset will serve Aveanna well as we look to the
future,” said Rod Windley, Chairman of Aveanna.
“I am looking forward to this new leadership role as CEO and
further building on the rock-solid commitment we have to clinical
excellence and value creation here at Aveanna. Aveanna will
continue with its mission making a positive impact in the lives of
the patients and families that we serve every day,” said Mr.
Shaner.
Mr. Strange commented, “I am looking forward to
slowing down and assisting Jeff with his transition. I have worked
with Jeff for over 20 years both at Aveanna and other industry
leading home-health companies. Jeff is ready to lead Aveanna into a
new era of growth, innovation, and clinical value creation. I am
thankful to all the Aveanna employees for the opportunity to have
served as your CEO.”
Aveanna also is reaffirming its most recent revised Full Year
2022 Guidance of (1) Revenue of at least $1,782 million and (2)
Adjusted EBITDA of at least $128 million.
Forward-Looking Statements
Certain matters discussed in this press release
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
(other than statements of historical facts) in this press release
regarding our prospects, plans, financial position, business
strategy and expected financial and operational results may
constitute forward-looking statements. Forward-looking statements
generally can be identified by the use of terminology such as
“believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,”
“seek,” “will,” “may,” “should,” “predict,” “project,” “potential,”
“continue” or the negatives of these terms or variations of them or
similar expressions. These statements are based on certain
assumptions that we have made in light of our experience in the
industry as well as our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate in these circumstances. These
forward-looking statements are based on our current expectations
and beliefs concerning future developments and their potential
effect on us. Forward-looking statements involve a number of risks
and uncertainties that may cause actual results to differ
materially from those expressed or implied by such forward-looking
statements, such as our CEO and Director transition, our ability to
successfully execute our growth strategy, including through organic
growth and the completion of acquisitions, effective integration of
the companies we acquire, unexpected costs of acquisitions and
dispositions, the possibility that expected cost synergies may not
materialize as expected, the failure of Aveanna or the companies we
acquire to perform as expected, estimation inaccuracies in revenue
recognition, our ability to drive margin leverage through lower
costs, unexpected increases in SG&A and other expenses, changes
in reimbursement, changes in government regulations, changes in
Aveanna’s relationships with referral sources, increased
competition for Aveanna’s services or wage inflation, changes in
the interpretation of government regulations or discretionary
determinations made by government officials, uncertainties
regarding the outcome of rate discussions with managed care
organizations and our ability to effectively collect our cash from
these organizations, our ability to effectively collect and submit
data required under Electronic Visit Verification regulations, our
ability to comply with the terms and conditions of the CMS Review
Choice Demonstration program, our ability to effectively implement
and transition to new electronic medical record systems or billing
and collection systems, changes in tax rates, the impact of adverse
weather, the impact to our business operations, reimbursements and
patient population were the COVID-19 environment to
worsen, and other risks set forth under the heading “Risk
Factors” in Aveanna’s Annual Report on Form 10-K for its 2021
fiscal year filed with the Securities and Exchange Commission on
March 28, 2022, which is available at www.sec.gov. In
addition, these forward-looking statements necessarily depend upon
assumptions, estimates and dates that may prove to be incorrect or
imprecise. Accordingly, forward-looking statements included in this
press release do not purport to be predictions of future events or
circumstances, and actual results may differ materially from those
expressed by forward-looking statements. All forward-looking
statements speak only as of the date made, and Aveanna undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
About Aveanna Healthcare
Aveanna Healthcare is headquartered in Atlanta,
Georgia and has locations in 33 states providing a broad range of
pediatric and adult healthcare services including nursing,
rehabilitation services, occupational nursing in schools, therapy
services, day treatment centers for medically fragile and
chronically ill children and adults, home health and hospice
services, as well as delivery of enteral nutrition and other
products to patients. The Company also provides case management
services in order to assist families and patients by coordinating
the provision of services between insurers or other payers,
physicians, hospitals, and other healthcare providers. In addition,
the Company provides respite healthcare services, which are
temporary care provider services provided in relief of the
patient’s normal caregiver. The Company’s services are designed to
provide a high quality, lower cost alternative to prolonged
hospitalization. For more information, please
visit www.aveanna.com.
Investor Contact
Dave Afshar Chief Financial Officer
Ir@aveanna.com
Aveanna Healthcare (NASDAQ:AVAH)
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