ACH earnings analysis
What we found in ACH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Accendra Health reported a weak second quarter, with revenue of $613.2 million below the $628.1 million estimate and GAAP EPS of negative $1.16 versus the negative $0.10 estimate. Management’s 2026 outlook remains dependent on revenue of $2.45 billion-$2.55 billion, adjusted EBITDA of $300 million-$320 million, and free cash flow only at breakeven to slightly positive levels. Debt reduction of $385 million is constructive, but the 9.000% and 9.750% secured notes and weak earnings outlook keep financial risk elevated. No material changes to the 2025 Form 10-K risk factors were reported.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue missed consensus
- Second-quarter revenue was $613.2 million, below the $628.1 million consensus estimate by approximately $14.9 million, indicating continued top-line pressure.
- Sharp EPS miss
- GAAP diluted EPS was negative $1.16 versus the negative $0.10 estimate. Adjusted EPS was negative $0.19, reflecting a materially weaker result than expected.
- Quantitative 2026 outlook
- The 2026 continuing-operations outlook calls for revenue of $2.45 billion-$2.55 billion and adjusted EBITDA of $300 million-$320 million.
- Cash flow targeted near breakeven
- Management expects 2026 free cash flow to range from breakeven to slightly positive, implying limited cash-generation capacity despite the full-year outlook.
- Debt reduction and refinancing
- Debt was reduced by $385 million, a positive balance-sheet action, while new financing includes 9.000% senior secured notes due 2032 and 9.750% senior secured notes due 2033.
- Controls remained effective
- Disclosure controls were concluded effective as of June 30, 2026, and the company reported no material change in internal control over financial reporting during the period.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue and earnings contraction
- Revenue of $613.2 million was approximately $14.9 million below the $628.1 million consensus estimate, while adjusted EPS was negative $0.19 and GAAP EPS was negative $1.16, signaling persistent earnings and demand pressure.
- Limited cash generation
- The 2026 outlook expects free cash flow only from breakeven to slightly positive, leaving limited cushion for debt service, restructuring, or investment requirements.
- High-cost debt structure
- The capital structure includes 9.000% senior secured notes due 2032 and 9.750% senior secured notes due 2033, creating significant interest-cost and refinancing exposure.
- No new risk-factor changes
- The company stated that there were no material changes to the risk factors described in the 2025 Form 10-K through June 30, 2026; therefore, no new filing-specific risk-factor changes were identified.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.16
What they said about what is next.
The company provided a 2026 continuing-operations outlook of $2.45 billion-$2.55 billion of revenue, $300 million-$320 million of adjusted EBITDA, and free cash flow ranging from breakeven to slightly positive. The filing does not provide the prior outlook, so the direction of the change cannot be determined; no numeric EPS outlook was provided.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 11, 2026
- Accendra Health reported Q1 2026 results with net revenue of $627.8 million, missing the consensus estimate of $641.5 million, while the loss per share was $0.08, beating the estimate of a $0.09 loss. The company…
- 10-K · February 20, 2026
- Accendra Health completed the divestiture of its Products & Healthcare Services (P&HS) business on December 31, 2025 and is now a single-segment home-health focused company. For the year ended December 31, 2025, net…
- 10-Q · August 11, 2025
- Owens & Minor reported a net revenue of $681.9 million for the three months ended June 30, 2025, reflecting an increase of 3.9% year-over-year and a net loss of $869.1 million primarily due to losses from discontinued…
- 10-Q · May 3, 2024
- Owens & Minor reported revenue of $2,612,680 (in thousands) for the quarter ended March 31, 2024, up $89,831 (3.6%) versus $2,522,849 in Q1 2023. Gross profit improved to $535,529 (up $38,222, +7.7%) and gross margin…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing ACH makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever