Publicly traded imaging center operator Akumin Inc. was forced to postpone the release of its second quarter earnings on Monday after it was unable to hit a key deadline.
The Plantation, Florida, radiology firm said management and auditors agreed “additional information and analysis” is needed to complete its report on the quarter that ended June 30. Company officials said the analysis relates to “potential additional credit losses with respect to prior years.”
“Akumin confirms that there are no insolvency proceedings that Akumin is subject to and there is no other material information relating to its affairs that has not been generally disclosed,” the firm said in an Aug. 15 press announcement. “Other than as disclosed herein, Akumin is up to date in its filing obligations.”
Monday would have marked the first corporate earnings call since announcing its blockbuster $820 million acquisition of Alliance Healthcare Services. Akumin—which currently operates 138 imaging centers across eight states—is taking on $700 million in debt to fuel the acquisition. If consummated, the deal would expand Akumin’s reach into oncology solutions and other radiology-related services.
In the announcement, Akumin said it hopes to resolve this issue within 60 days of the original filing deadline. The company (which also has offices in Toronto) has additionally applied to the Ontario Securities Commission for the imposition of a management cease-trade order. If approved, such an action would not impact outside investors’ ability to trade Akumin’s shares.
Meanwhile, a Los Angeles-based law firm said Monday that it’s launching an investigation into the delay on behalf of investors. The Law Offices of Frank R. Cruz alleges Akumin’s actions may have violated federal securities laws. Following the Q2 earnings delay, the radiology firm’s stock price fell 16%, closing at $2.46 per share on Monday, Aug. 16, “thereby injuring investors,” Cruz and colleagues claimed.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.