EDEN PRAIRIE, Minn. - Agiliti Inc. (NYSE: AGTI), a leading nationwide provider of healthcare technology management and service solutions, announced a modest beat on adjusted earnings per share (EPS) for the fourth quarter, while also reporting a revenue increase compared to the same quarter last year.
The company reported an adjusted EPS of $0.13, which was $0.01 higher than the analyst consensus of $0.12. Fourth quarter revenue reached $292 million, slightly above the analyst expectations of $291.41 million, marking a 4% growth from the $281.7 million reported in the fourth quarter of the previous year.
Despite the revenue growth, the company experienced a net loss of $5.7 million in the fourth quarter, a decline from the net income of $3.4 million reported in the same period last year. The diluted loss per share was $0.04, in contrast to the diluted earnings per share of $0.02 from the prior year.
Adjusted EBITDA for the quarter was $67.3 million, which represents a decrease of 5.7% from the $71.4 million in the fourth quarter of 2022.
For the full year of 2023, Agiliti saw a revenue increase of 5% to $1.17 billion, up from $1.12 billion in the previous year. Still, the company recorded a net loss of $19.4 million for the year, compared to a net income of $30.2 million in the prior year. The full-year adjusted EPS was $0.55, down from $0.85 in the previous year.
The company has also announced a significant change in its ownership structure. On Monday, February 26, 2024, Agiliti disclosed that it has entered into a definitive merger agreement in which an affiliate of private equity firm Thomas H. Lee Partners, L.P. (THL), the company’s majority shareholder, will take the company private.
The transaction, valued at approximately $2.5 billion, is expected to close in the first half of 2024, after which Agiliti will no longer be publicly traded on the New York Stock Exchange.
Agiliti's CEO commented on the results, noting that the company's focus on providing essential services to the healthcare industry has driven the revenue growth, despite the challenges faced in the fourth quarter. The CEO also expressed confidence in the company's strategic direction and the value it will continue to deliver as a private entity post-acquisition.
While the company did not provide guidance for upcoming quarters due to the pending acquisition, the overall financial performance and the announcement of going private reflect a period of transition for Agiliti. The company's long-standing commitment to supporting efficient, safe, and sustainable healthcare delivery systems remains at the core of its operations.
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