Yahoo Finance Acadia (ACHC) JV Opens New Behavioral Health Unit in Fort Wayne
Acadia Healthcare Company, Inc. ACHC announced the opening of its Maple Heights Behavioral Health hospital in Fort Wayne, IN. The hospital is a partnership between Acadia Healthcare and Lutheran Health Network, a leading integrated health healthcare delivery system, owned by Community Health Systems, Inc. CYH.
The partnership held a ribbon-tying ceremony for the 120-bed facility. The new hospital is expected to provide inpatient mental healthcare for adults. Further, it is likely to incorporate intensive outpatient treatment and inpatient adolescent programs in its service offerings.
On Aug 5, 2021, the partnership held a groundbreaking ceremony for the new hospital and stated that the facility was likely to open in the first half of this year. Through the facility, $45 million was expected to be invested in the community.
The move is expected to benefit the Fort Wayne community with easy access to quality behavioral healthcare. It is also in line with Acadia Healthcare’s vision to bolster the company’s reach in the U.S. behavioral healthcare market. ACHC remains actively engaged with its acquisition pipeline and expects buyouts and joint venture activities to add scale to its business.
At the third quarter-end, Acadia Healthcare had a major network with 242 behavioral healthcare units housing around 10,800 beds in 39 states and Puerto Rico. It is on course to add about 300 beds to its existing facilities in 2022. Also, it remains on track to inaugurate a minimum of six Comprehensive Treatment Centers this year.
Price Performance
Acadia Healthcare’s shares have jumped 65.6% in the past year against the 0.2% fall of the industry.
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Zacks Rank & Key Picks
Acadia Healthcare currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader medical space are Elevance Health Inc. ELV and AMN Healthcare Services, Inc. AMN, both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Elevance Health’s full-year earnings is currently pegged at $29.02 per share, indicating a year-over-year increase of 11.7%. ELV beat earnings estimates in all the past four quarters, with an average surprise of 4.1%.
The Zacks Consensus Estimate for AMN Healthcare’s current year bottom line indicates a 44% improvement from the prior-year reported number. The consensus estimate for AMN’s top line also indicates 30.1% year-over-year growth.
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Community Health Systems, Inc. (CYH) : Free Stock Analysis Report
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Acadia Healthcare Company, Inc. (ACHC) : Free Stock Analysis Report
Elevance Health, Inc. (ELV) : Free Stock Analysis Report
