Accendra Health (ACH) Q2 2026 earnings summary

Executive summary

• CEO Ed Pesicka announced plans to retire by the end of 2026, with succession planning underway following significant transformation, including the sale of the P&HS segment and balance sheet optimization.

• The company completed the sale of the Products & Healthcare Services (P&HS) business for $375 million, retaining a 5% equity interest, and now operates as a single segment.

• Q2 and first half of 2026 focused on continuing operations after the P&HS divestiture, with ongoing transition from a large commercial payor and nationwide rollout of growth initiatives.

• The company positions itself as a nationwide leader in patient direct healthcare, with a diversified payor and product portfolio.

• Major debt reduction and balance sheet optimization were achieved, resetting the debt maturity profile and improving liquidity.

Financial highlights

• Q2 2026 net revenue was $613.2 million, down from $681.9 million in Q2 2025, primarily due to the termination of major commercial payor contracts.

• Adjusted EBITDA for Q2 2026 was $60.1 million, down from $96.6 million in Q2 2025, with a slight margin improvement from Q1.

• Free cash flow for Q2 2026 was $(25.1) million, compared to $15.2 million in Q2 2025.

• GAAP loss from continuing operations was $(89.1) million in Q2 2026 versus $(83.8) million in Q2 2025.

• Cash and cash equivalents at June 30, 2026, were $7.7 million, down from $282 million at year-end 2025.

Outlook and guidance

• Full-year 2026 revenue guidance is $2.45–$2.55 billion, with adjusted EBITDA expected at $300–$320 million.

• Free cash flow for 2026 is projected to be breakeven to slightly positive, with stronger performance anticipated in Q4 to set up 2027.

• Interest expense for 2026 is expected at $142–$146 million; cash interest $158–$162 million.

• Management expects up to $65 million in additional exit and realignment costs related to the P&HS sale.

• Guidance is based on assumptions about market conditions, demand, supply chain, and interest rates.