Acadia’s adjusted EBITDA increased by 14.9% to $173.93m in Q1 2023. Credit: Pavel Kapysh / Shutterstock.

US-based behavioural healthcare company Acadia Healthcare has reported attributable net income of $76.38m for the first quarter (Q1) of 2024, a 15.7% increase from $66.01m in the same quarter of last year.

For the three months to 31 March, the company’s diluted earnings for each share attributable to its stockholders were $0.83, up from $0.72 in Q1 2023.

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The company generated revenues of $768.05m in Q1 2024, a 9.1% increase from $704.26m in Q1 2023.

This growth was driven by a 9.2% rise in same-facility revenue, which amounted to $756.25m in the first three months of this year, up from $692.42m a year earlier.

Acadia Healthcare’s revenue for each patient day grew by 6.9% in the three-month period while its revenue for each patient day increased by 2.2%.

The company saw a 1.7% decline in same-facility admissions from 49,006 in Q1 2023 to 48,158 in Q1 2024.

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Its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) reached $173.93m in Q1 2024, representing a 14.9% increase from $151.31m in Q1 2023.

Acadia Healthcare’s adjusted EBITDA margin expanded by 110 basis points to 22.6% in Q1 2024 from 21.5% a year earlier.

As of 31 March this year, the company had $77.3m in cash and cash equivalents, with $371.5m available under its revolving credit facility, maintaining a net leverage ratio of 2.6x.

Acadia CEO Chris Hunter said: “We are pleased with our solid financial and operating performance for the first quarter of 2024, with year-over-year top-line growth of 9.1%.

“Overall, we continue to see a robust need for our behavioural health services and remain confident in our ability to meet our strategic growth objectives in 2024, including the addition of approximately 1,200 new beds this year.”

The results come after Acadia Healthcare opened a 100-bed acute care hospital in Mesa, Arizona, last month.