revenue
2.45–2.55 $billion
FY 2026
official guidance
ACCENDRA HEALTH, INC.
Last · —$0.31-0.007136 (-2.25%)live · yahoo · 3h ago
Market cap$24.06M—
P/E · TTM—fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
——
Volume—session
| Revenue | $2.6B |
|---|---|
| Operating income | $-18.0M |
| Net income | $-95.5M |
| Free cash flow | $-165.3M |
| Operating margin | -0.7% |
| Net margin | -3.6% |
| Period | TTM 2026-06-30 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Not a buy yet:
Q2 revenue fell to $613.2 million from $681.9 million and adjusted EBITDA to $60.1 million from $96.6 million, while management cut FY2026 revenue guidance to $2.45-$2.55 billion and EBITDA to $300-$320 million. The bull case is debt reduction of $385 million and a late-2026/Q4 recovery, but the bear case is an unproven collection turnaround, only breakeven-to-slightly-positive FY2026 free cash flow, likely ATM dilution, and a CEO transition before the recovery is demonstrated.
Themes
- Payor Audits
- Collection Rates
- Deleveraging
- Atm Equity
- Sleep Center Of Excellence
- Ceo Succession
Near term
Payor audit resolution and reimbursement collection rates are the key near-term swing factor: collections reduced revenue and EBITDA by approximately $20 million in the first half, with the issue extending into Q3.
The implied Q4 acceleration is doing substantial work in the revised outlook; management expects Q4 to be materially stronger than Q3, but provided no quarterly bridge or quantified contribution from cost cuts, new contracts, or the Sleep Center of Excellence.
Liquidity is thin at $7.7 million of cash. The revolver is expected to be used intermittently for working-capital timing, while the planned ATM will reduce debt but may pressure the share count at the current valuation.
Revenue trends are expected to remain similar through Q3: sleep grew 5.5% like-for-like, diabetes grew 4%, while respiratory and wound remained weak.
Longer term
The structural thesis depends on restoring growth in higher-margin sleep and respiratory categories, completing the Sleep Center of Excellence rollout, and realizing further cost-to-serve reductions; none has yet translated into sustained earnings improvement.
Debt maturities have been pushed out to 2029 and weighted average debt life is nearly 5.5 years, materially reducing near-term refinancing risk, but leverage remains high at $1.72 billion of total debt.
Management argues the business can generate approximately $100 million of annual free cash flow in a normalized year, but explicitly said 2027 will still include transition activity and did not commit to reaching that level next year.
The CEO's planned retirement by year-end 2026 introduces execution and succession risk during a period when the recovery, cost program, and post-separation operating model remain unfinished.
Management gave no quantified evidence that supplier relationships or competitive positioning are improving beyond stating that no supplier has terminated an agreement; this leaves pricing and supplier economics insufficiently tested.
Red flags
Management described payor audits as unprecedented and highly manual, diverting personnel from automation and collections work. The claim that the issue is temporary rests on expected resolution in Q3 rather than demonstrated cash recovery.
Accounts receivable rose to $120.1 million from $95.9 million at year-end 2025 because of inefficient payor audit processes, creating a direct cash-flow and working-capital risk.
The revised FY2026 free-cash-flow outlook is only breakeven to slightly positive, despite management's longer-term $100 million normalized target; cash interest rises in December when the new first- and second-lien notes begin requiring payments.
Analysts pressed on the large Q4 ramp, liquidity, ATM dilution, and whether 2027 would be normalized. Management attributed the improvement mainly to EBITDA timing and operational initiatives, but did not quantify the risk-weighted contribution or provide a firm 2027 framework.
The planned ATM issuance is a financing solution that can delever the company only through equity dilution, highlighting limited internal cash generation after debt service and investment needs.
The $200 million-plus NOL balance has value but is not an operating catalyst; the rights plan was prompted by ownership-change risk from trading activity and adds governance complexity.
Forward outlook
ebitda
300–320 $million
FY 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-02-20
- Operating Cf Burn
- Net Margin Sharply Negative
- Cash Conversion Weak
- Current Ratio Low
- Cash Runway Medium
Red flags
- Operating Cf Burn — Negative operating cash flow
- Net Margin Sharply Negative — Net margin -39.8%
- Cash Conversion Weak — Cash conversion (CFO/Rev) -3.7%
- Current Ratio Low — Current ratio 0.58
- Cash Runway Medium — Cash runway ~2.8 years
Upcoming earnings
1:30 PM UTC+1
Period
Sep 2026
Est. EPS
−$0.09
Est. revenue
617.4M
Earnings transcripts
Documents
FormReporting forFiledFlags