Acadia Healthcare Company (ACHC) UBS Global Healthcare Conference summary

Performance and 2027 outlook

• First 9–10 months exceeded internal expectations; Q3 results were strong, with momentum entering 2027 after leadership and operating-structure changes aimed at faster decisions.

• Newer facilities are expected to contribute $60 million of incremental EBITDA in 2027 versus 2026, driven mainly by occupancy growth and progress toward break-even.

• 2027 outlook is expected with the Q4 call in February; ongoing momentum at other facilities is also a tailwind.

• 2026 included $11 million of Ohio payments in Q1 and $26 million of Florida payments in Q2, both for 2025 program years; $20 million of potential 2026 approvals could arrive in Q4 or early 2027.

Volumes and facility growth

• Acute behavioral volume grew 7.5% in Q3; occupancy in the 2023–2025 facility cohort was up 60% from the start of the year, supported by demand, referrals, partnerships and added capacity.

• Legacy facilities targeted for operational improvement also showed growth in Q3; lost New York Medicaid referrals to Pennsylvania facilities have been partly backfilled, with the full-year comparison beginning in Q1 2027.

• Acute represents 60% of revenue and is expected to grow as newer sites mature; acute length of stay is stable, while its shorter stays affect overall same-facility metrics.

• A more consistent opening playbook and closer work with partners cut opening time in half for four 2026 hospitals; Orlando and Iowa achieved record accreditation timing.

• Existing-site bed expansions are viewed as the first capital priority for 2027; a 100–200-bed opportunity pipeline is assessed by occupancy and site capacity.

Service lines and payer trends

• Specialty is about 15% of revenue across just under 30 facilities; adjusted for New York Medicaid changes and prior-year closures, it grew just over 2% YoY.

• Specialty care spans substance use and co-occurring mental health needs, with programs including women’s services; commercial referrals and nationwide patient draw support some facilities.

• Commercial payer mix was stable; Medicaid grew at acute facilities in markets with strong reimbursement, while specialty facilities have a higher commercial mix in some markets.

• CTC revenue was flat; market-level and company-wide cost efficiencies, patient-experience changes and marketing reviews helped offset revenue headwinds and support future growth.