Akumin (AKU.U, AKU) released very strong Q2 results after the close on August 12th.
Please see the full press release here: https://akumin.com/investor-relations/press-releases/akumin-inc-announces-second-quarter-2020-financial-results/
Some highlights:
Despite an approx. 30% despite decline in imaging volumes in Q2 as a result of COVID-19, AKU generated over US$13.7mm in Adjusted EBITDA in the quarter excluding any benefit from the CARES ACT or other programs– a very strong result!
Akumin’s EBITDA margins rebounded to pre-pandemic levels of 26%(!), a testament to the cost-containment and integration initiatives that the company implemented in the quarter.
Akumin finished the quarter with $28.1 million cash-on-hand, an increase of $11.5 million in the cash position! Akumin did not draw down on its revolver and net debt actually decreased – strong evidence of the resiliency of the Akumin platform as an essential healthcare service.
The Q2 2020 Investor Presentation is available for download on Akumin’s website at https://akumin.com/wp-content/uploads/2020-Q2-Investor-Presentation.pdf. A replay of the conference call will also be available until Thursday, August 20, 2020 by calling 416-849-0833 or toll-free 1-855-859-2056, using passcode number 7967905.
Please give me a call or send me an email if you would like more details.
Jeffrey White
(416) 274-7762
rjwhite@hingemarkets.com
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