After a nearly three-month delay, publicly traded imaging center operator Akumin Inc. reported its second-quarter earnings on Monday.
The Plantation, Florida-based company had originally planned to update investors on its financial results back in August. However, Akumin executives and auditors agreed additional analysis was needed before making anything public. The delay led to Akumin barring its executives from trading company stock, a Moody’s downgrade, and threats of an investor lawsuit.
All told, the company recorded 1.659 million relative value units during the three months ending June 30, up 52% from the same time last year, with COVID “significantly” impacting those numbers. RVUs were up 45% on an organic basis, while year-over-year earnings increased nearly 109% up to $11.7 million.
“We appreciate the patience of our various stakeholders as we’ve worked to address the issues identified in our review of Akumin’s Q2 and historic financial results,” Chairman and CEO Riadh Zine said in a statement. “We believe the robust review process undertaken is reflective of our prudent approach to ensuring the integrity of our financial statements and public filings.”
Akumin said previously that the audit pertained to “potential additional credit losses with respect to prior years,” while emphasizing that the firm was not subject to insolvency proceedings. Accounting changes led to its accounts receivable balance falling from $95.9 million as of March 31 to $64.2 million. Meanwhile, Akumin said it was unable to file documents for the third quarter that ended Sept. 30 on time and continues to work on those results with its auditors. Officials hope to submit Q3 filings by Dec. 15, with executives still barred from trading in Akumin’s stock amid such delays.
The company recently closed an $820 million acquisition of Alliance Healthcare Services and now operates a network of more than 170 outpatient imaging centers across 11 states.
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.