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Saturday, June 19, 2021

What makes Akumin Inc (AKU) stock turnaround on Thursday, April 1?

Akumin Inc (AKU) stock gained 12.75% in the after-hours trading on April 1, 2021. AKU turnaround after losing 17.30% in Thursday’s morning session. The share price closed at $3.85 per share on Thursday. Let’s try to figure out the reason behind its turnaround.


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Acquiring more clinics in Florida

ON April 1, 2021, Akumin Inc. announced the acquisition of six freestanding, fixed-site outpatient diagnostic imaging clinics located in Florida at a purchase price of $39 million. The transaction is expected to close in Q2 2021 subject to approvals from the NASDAQ and the Toronto Stock Exchange.

Recent financial results announcement

On March 31, 2021, Akumin Inc. reported its financial results for the quarter and year ended December 31, 2020.

Q4 2020 highlights

  • Akumin generated an Adjusted EBITDA of $15.9 million in the fourth quarter of 2020, compared to $20.24 million in Q4 2019.
  • AKU fourth-quarter revenue was $58.19 million compared to $ 77 million in Q4, 2019.
  • Akumin’s volume during the quarter was approximately 1,533,000 RVUs compared to approximately 1,583,000 RVUs in Q4 Fiscal 2019.
  • As of December 31, 2020, AKU had cash and cash equivalents of $44.4 million

Full-year 2020 highlights

  • AKU full year 2020 revenue was $251 million compared to $ 247 million in 2019.
  • Akumin’s volume for the full year 2020  was approximately 5,642,000 RVUs compared to approximately 5,247,000 RVUs in 2019.
  • Akumin generated an Adjusted EBITDA of $53.7 million in 2020, compared to $59.8 million in 2019.

2021 Fiscal outlook

For fiscal 2021, Akumin is expecting

  • Revenue between $270 million to $279 million
  • Volume: 6,250,000 RVUs to 6,450,000 RVUs
  • Adjusted EBITDA between $65 million to $70 million

Conclusion:

The AKU’s recent financial results were not promising which could be the main reason behind the devaluing of stock in the morning session of April 1. But it seems that the investors welcomed AKU stock’s decision to buy more clinics in Florida which increased the stock price in the evening session. We have to wait and see where the AKU stands after the Easter holidays.

About AKU

Akumin Inc. provides outpatient diagnostic imaging services in the United States. Its centers offer physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders and reduce unnecessary invasive procedures. AKU stock provides a range of medical imaging services, including magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, digital radiography, fluoroscopy. As of December 31, 2020, AKU stock operated 127 outpatient diagnostic imaging centres located in Florida, Texas, Pennsylvania, Delaware, Georgia, Illinois, and Kansas. Akumin Inc. is headquartered in Toronto, Canada.

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