Aveanna Healthcare Holdings Inc. (Aveanna), headquartered in Atlanta, Georgia, delivers a range of healthcare services, primarily focused on home care for medically complex patient populations. The company operates across 34 states and provides services such as nursing, rehabilitation, and therapy, emphasizing the cost-effective delivery of care in patients’ homes.

For the fourth quarter ended December 28, 2024, Aveanna reported revenue of approximately $519.9 million, marking an 8.6% increase from approximately $478.8 million in the prior year period. The full year 2024 revenue reached about $2.024 billion, reflecting a 6.8% increase year-over-year. The company’s gross margin in Q4 was $171.7 million, a rise of 15.7% from the previous year’s Q4 gross margin of $148.4 million. The gross margin percentage improved to 33.0% for Q4 2024, compared to 31.0% in Q4 2023.

Aveanna’s adjusted EBITDA for Q4 2024 was $55.2 million, representing a 42.6% increase from $38.7 million in Q4 2023. This performance contributed to a full-year adjusted EBITDA of $183.6 million, which reflects a 31.9% increase from the prior year’s figure of $139.2 million. The adjusted EBITDA margin for Q4 2024 was 10.6%, up from 8.1% in the previous year.

In terms of specific segments, the Private Duty Services (PDS) segment generated approximately $422.2 million in Q4 2024 revenue, driven by a volume of about 10.5 million care hours, which represents a 10.1% year-over-year increase. The Medical Solutions segment achieved revenue of approximately $43.3 million, a 4.8% increase, while the Home Health & Hospice segment’s revenue was approximately $54.4 million, up slightly by 0.6%.

The guidance for full-year 2025 anticipates revenue in the range of $2.10 billion to $2.12 billion, alongside projected adjusted EBITDA between $190 million and $194 million. Aveanna’s Q4 results benefitted from a favorable payer rate environment, enhanced caregiver hiring strategies, and reduced operational costs. The company also highlighted specific achievements in securing double-digit state rate increases in Georgia and Massachusetts.

At the end of Q4, Aveanna reported a cash balance of approximately $84 million, with total liquidity of about $260 million. The total indebtedness stood at approximately $1.48 billion, with significant portions hedged against interest rate fluctuations.

With ongoing focus on preferred payer agreements, Aveanna expanded its preferred payer partnerships to 22 in 2024, marking a key strategic objective met. Overall, the company appears to maintain a stable trajectory, as evidenced by ongoing revenue growth and margin improvements across its business segments.