Accendra Health Inc/va/ (ACH) · Nov 5, 2026 · Earnings
Miss — Adj. EPS -$0.23 vs ~$0.01 consensus; FY EBITDA could fall to ~$217M from $310M midpoint
Accendra Health’s third-quarter earnings missed published expectations, with revenue falling and adjusted EBITDA guidance cut sharply as its new CEO launches a turnaround.
Accendra Health is now a narrower, pure-play patient-direct home-care business built around Apria and Byram after the Products & Healthcare Services sale, but the post-separation model has not stabilized. Its prior 2026 plan called for $2.45–$2.55 billion of revenue and $300–$320 million of adjusted EBITDA, so the market was already expecting a difficult transition.
The quarter missed on both sales and profitability. Revenue was $601.8 million versus a published consensus of roughly $618 million, while adjusted EPS was a $0.23 loss against a roughly $0.01 consensus loss. The operating deterioration is visible against last year: adjusted EBITDA fell to $47.8 million from $92.2 million, and adjusted earnings moved from $19.9 million of income to an $18.0 million loss. 〔0〕
| Metric | Q3 2026 | Q3 2025 | Consensus / prior guide |
|---|---|---|---|
| Net revenue (Third Quarter Results) | $601.8M (-13.7%) | $697.3M | ~$618M consensus |
| Adj. EPS (Third Quarter Results) | -$0.23 | $0.25 | ~$0.01 consensus |
| Adj. EBITDA (Third Quarter Results) | $47.8M (-48.1%) | $92.2M | — |
| Free cash flow (Third Quarter Results) | $5.8M (-80.0%) | $29.2M | — |
| FY adjusted EBITDA outlook (Financial Outlook) | Could be ~$217M | — | $310M midpoint |
| Cash (Balance Sheet) | $26.6M | — | — |
| Net debt (Debt reconciliation) | $1.728B | — | — |
The guidance cut is the more important news. Management now expects revenue only at the bottom of its existing range and says adjusted EBITDA could be as much as 30% below the prior $310 million midpoint—an implied floor near $217 million. That is not a routine reset; it says the earnings damage is broader than one quarter and that the prior recovery path is no longer credible.
The new CEO has acknowledged a business problem, not just temporary noise. Kenny Gardner-Smith said 2026 results had “fallen well short” of expectations and introduced a value-creation plan, but the filing provides no quantified savings, timing, or operating targets. That leaves the turnaround as an intention rather than evidence of improved execution. 〔1〕
Cash generation and balance-sheet flexibility remain weak. Nine-month free cash flow was negative $21.3 million and operating cash flow was negative $93.5 million, while cash fell to $26.6 million against $1.728 billion of net debt. The quarter did produce positive free cash flow, but the year-to-date figures show that the company is still consuming cash while funding a heavily levered turnaround.
Bottom line: This is a clear earnings miss followed by a substantial outlook reduction, not merely a noisy post-sale comparison. The filing weakens the current turnaround story until management can show that the new plan reverses the earnings and cash-flow deterioration.
Value creation plan details, expected over the coming months
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