This represents an increase of 52% year-over-year and a 10% increase compared to Q1 2021. "Akumin's volume for the quarter was approximately 1,659,000 RVUs, compared to approximately 1,094,000 RVUs in the same quarter last year. Prior to the restatement, we showed total service fee revenue per RVU of $43 for fiscal 2020.
AKUMIN IMAGING FULL
After taking into account the revised approach to implicit price concessions reflected in our restated financial statements, the total service fee revenue per RVU during the second quarter of 2021 was $41, as compared to $42 after the restatement for the full fiscal 2020. “Although Akumin faces heightened execution risk with the Alliance acquisition, the company has a good track record of integrating smaller scale transactions, which will continue to be core to its growth strategy,” Moody’s noted.Commenting on the Q2 Fiscal 2021 financial results, Riadh Zine, Chairman and Co-Chief Executive Officer of the Corporation, said, "During the quarter, we generated revenue of $69.5 million, which is in-line with consensus estimates. Altogether, the combined company will generate $730 million in revenue, operating 154 outpatient imaging locations across 46 states. The firm’s picture is further complicated by its acquisition of Alliance Healthcare Services for $820 million, which closed Sept. However, Akumin also benefits from nationwide presence, large scale, longstanding partnerships with providers and favorable industry trends such as an aging population and shift toward cheaper outpatient imaging. Its “aggressive” growth strategy and exposure to downward pressure on reimbursement pose further risk. In explaining its ratings rationale, Moody’s said Akumin is constrained by governance risks from its inability to file statements on time, and high leverage-with debt 7 times higher than earnings through 2022. Jeffrey White, director of investor relations at Akumin, noted that the company does not have any amount due on its revolving credit line, and leaders are "confident" about hitting the Oct. As part of its management cease-trade order with the Ontario Securities Commission (Akumin also holds offices in Toronto), the group has shared bi-weekly updates on its progress, issuing the latest on Sept. Akumin said the audit pertains to “potential additional credit losses with respect to prior years,” while emphasizing that the firm is not subject to insolvency proceedings. 15, noting the need for “additional information and analysis” before sharing Q2 results.
“Any further delay would substantially increase the risk of a default event and weaken Moody's assessment of liquidity and corporate governance.”Ĭompany management and auditors announced the delay Aug. “Although Moody's does not expect the company to rely on the revolver in the near term, financial flexibility will be more limited until publication of the missing reports, which would restore revolver capacity if completed by the extended 60-day deadline,” the New York-based ratings agency said Sept. But if the issue remains unresolved beyond mid-December, it will constitute a default under the Plantation, Florida, firm’s indentures.
Until the issue is resolved, Akumin executives have been barred from trading company stock, while creditors cut back the amount on its revolving credit line from $55 million down to $10M.Īkumin has said it plans to file the reports by an Oct. The publicly traded imaging center operator was forced to postpone its second quarter earnings call last month after failing to hit a filing deadline. Moody's Investors Service downgraded its outlook for radiology provider Akumin to “negative” Wednesday amid delays in furnishing key financial documents.
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