Akumin (AKUMQ) 17 May 212021 Q1 Earnings call transcript

Company Profile

Participants

Matthew Cameron	executive
Riadh Zine-El-Abidine	executive
Mohammad Saleem	executive
Noel Atkinson	analyst
Endri Leno	analyst
Tania Gonsalves	analyst
Kyle McPhee	analyst

Call transcript

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Operator

Good morning. My name is Brandy, and I will be your conference operator today. At this time, I would like to welcome everyone to the Akumin Inc.'s 2021 First Quarter Results Research Analyst Call. [Operator Instructions]

Thank you. Mr. Mr. [ (sic) Zine may conference. you begin ], your Cameron

Matthew Cameron

Senior Good for first Akumin's and Akumin. thank I'm quarter Counsel the joining us you for the Cameron, results Matt XXXX. name morning, President of My and General everyone, of is Vice call for the

is Chief Financial today's on me presentation Officer. A website section of is to accompany and slide and Investors today and a Mohammad the Zine, our are presentation on Joining Officer; Riadh Saleem, presentation, of copy akumin.com. call at President the the Executive available our Chief meant our

that Before from or matters future financial we statements. uncertainties those begin, given could let materially me performance. may are business forward-looking that and statements in remind to call and results you subject conference forward-looking to questions could risks differ asked certain anticipated constitute relating today's Akumin's be Actual these the discussed in answers that to

on future place on these undue particularly should You reliance not statements, performance. financial

in are to public no disclosure undue that update and disclosure. be statements reliance to our may under The results and forward-looking our Akumin statements. are today, is accessed investors sec.gov. These those discussed documents forward-looking any public detailed these affect at not risk and periodic obligation in can factors results cautioned under statements on sedar.com place

to as attributable adjusted adjusted loss EBITDA EBITDA, refer We adjusted of this conference income may certain to or non-GAAP EBITDA, also call, margin measures, during Akumin. including such -- net and shareholders

Our definitions disclosure. our public for terms in these are included

the our use the understanding additional to and GAAP of complement these measures operations. is of providing measures information intended Our by further of non-GAAP results

Riadh turn Zine. I'll things our that, over CEO, With to

Riadh Zine-El-Abidine

everyone. Thank you, and morning, Matt, good

on financial X. Slide begins Our report

released storm. Still, top XXXX X.X our were GAAP. in to similar our report by RVU year, winter annual recall, QX XXXX we And operations in results RVUs. is of with seasonal expectations volume usual with consistent results. QX fiscal guidance with QX seasonality. impacted by will the in we Texas on was our our somewhat financial severe you was and affected typically As with the over impact, was the this line now U.S. million

was You by with in pre-pandemic returned aggregate. March believe marginally only XXXX. volume QX levels will volume recall, largely has We affected of month in to XXXX COVID, the the only impacted

As of million slide, our approximately can the you see summary generated we of in million. adjusted and revenue EBITDA $XX $XX quarter for

it impact Turning volumes in significant X its Slide operations during impact of the volume. return our impact to winter on growth would to for have storm, the storm Texas, basis. Notwithstanding the aggregate a organic quarter the to of not on for seen levels. Were volume returned same-center severe pre-pandemic and a have the

track As a management meet our volume are to believes result, XXXX. fiscal we for guidance on

X. is shown on Revenue Slide

what of fee RVU XXXX form and $XX our XXXX, saw revenue generated in During the RVU, we consistent quarter, also guidance. averaged the for which fiscal we service with per $XX per basis

to for the Slide mix, broadly year our it slide was which and also X. line in fiscal XXXX. revenue was same the Moving shows This as

our of about makes fee continue service more AR. Our attorney XX% our but XX% than business to represent up of revenue

settlements. of As its making court payment AR, receivables. up our longer attorney I've we result classify talked about attorney in which are disproportionate separate often and as contingent it payer category, total cycles, processes a before, accounts victim a cycles given percentage longer on payment These

Financial to leverage our Mohammad over to it and Chief our Officer, Saleem, pass now EBITDA will I profile. discuss

Mohammad Saleem

in was EBITDA quarter QX million, about XXXX continues adjusted Good of The everyone. XXXX. guidance for Slide to will XX%. severe Thank we On adjusted $XX our Texas, approximately despite This you line winter you, with XXXX and provided. storms management the impact of the see that the was was was the management EBITDA in Riadh. the morning, X, with for in margin year previously with and consistent quarter be expectations comfortable margin

Slide to on X. Moving

here. leverage, approximately of end leverage about for low ratio debt net $XXX in XX business implies million. at debt we press finance XX. to leases, $XXX see $XX million, range X.X You including our guidance information about was of financial the will the at and statements rate assume run pro adjusted our forma a With profile release, our net respect XX total which EBITDA Using March March leverage the was million, March of in the reported

tuck-in business our as expect from volumes, future improving ratios our as other leverage savings service benefit initiatives will We and from strategic new acquisitions. well platform delivery

offset was due our recent to The $X.X receivable, March and March increase the accounts increase given a increase in mainly cycle. mainly issuance versus investment December in collection $XX by million This due million cash receivable balance artificial business longer is is in business accounts million the transaction versus at cash $XX.X at March intelligence improvements the was $XX.X related XXXX, million attorney its in At of in partly by and company. notes The XX. accounts in the The cash management reflects receivable as at XX balance million $XX also expense $XXX.X the received part volume XX, million December XX. the costs XXXX. equity senior ongoing to

back to pass it you. Riadh. Thank I will

Riadh Zine-El-Abidine

February, to be of completed that Slide occurred expected applied the million. acquisitions events for X, Part the In and balance the highlighted were offering to acquisitions. X, our for we've $XX alluded add-on Thank bond Florida an our on you, in early May applied future few is to quarter. earlier, to On of proceeds as Mohammad. during a we the

will equity an our platform modernization. expect AI the technology ERP we an investment also successful integral in supply which of part company, We completed

together with conversion resulted a the business. has the Our earlier an us $X.X in of million, investment, interest XX.X% investment debt of owning in

a final that highlighted of to events announced couple the we've end Moving the the of since slide. We've quarter.

paid for Akumin X X. for shares for clinics million, purchase of share. per acquisition $X already closed where Florida X price As mentioned, on we I tuck-in XX% in acquisitions X $XX in was May the

Florida pipeline X strong centers, leading a grown on a of With where acquisition XX continue returned we original service strategy, only have these into And we transactions, to to to increase. tenfold XXX to a from evolved provider. have centers care health we have now opportunities. In expect very growth our we our execute years,

We dedicated are also service really excited new about our health of offering. men's launching initiative a

We expect MRI-guided service Profound working to number opportunity this concludes quarter technology to locations of in ask for new question-and-answer operator TULSA-PRO thrilled the Medical prostate this remarks. health our of And their with making to to a efforts also men's at take all deploy we of the convert to be incision-free, therapies. I we the a core are our of prostate care prepared offering, their customizable, for and partners to period. success. This would to thank like the employees, all would start radiologists model. With

Operator

Atkinson [Operator Instructions] Clarus Noel Your Securities. first of comes line with from the question

Noel Atkinson

QX. in done Well

imaging First of conventional just acquisitions on the off, centers.

you under centers that folks So announced LOI XX year. this earlier were

tuck-in What's working You've completion done status X at rest towards of least those of a of acquisitions? the so of far, did X. and the little you

Riadh Zine-El-Abidine

So we your as Noel, questions. expect your and -- first for of you interest usual, all, for thank

or additional before second afterwards. to additional the already the complete We expect centers the -- centers announced to the quarter to XX we shortly up -- the of get sorry, end XX the

we're made previously centers have those additional a we announced. that expect we're -- And away closing significant progress. few we were So very from weeks

Noel Atkinson

prostate to the in these announcement image-guided procedures, just relation looking oriented? And Okay. adding imaging shifting about to recent primarily men's clinics, -- to prostate the as to services? are be said, add any going are you health other -- you Great. Or

Riadh Zine-El-Abidine

the of family planning more some guided But the of are will that is at be of other MRI-guided offering health adding the therapy whether We of a needs. be perspective will men's a certain other of there focus and concept the there this especially age. heart service of from above focus are From and kind a type will MRI perspective, is of history or men's imaging, and prostate you're on be monitoring services if value-add really a your offering. concierge

make to the taking your the at care most men health monitoring all want we are a man. kind core what and is obviously in of that destination really, really health of prostate main as issues of So men's age. we we think I health do as know clinics for want is And to a these your what

Noel Atkinson

the imaging centers cost health Okay. these to Cool. the out do would -- be What you one -- men's of typical at outset? think retrofit to

Riadh Zine-El-Abidine

Yes.

news we of So the benefit that's acquisition good had. is obviously already we the have -- strategy growth the

do our to network. have So we opportunities optimize

perspective, in markets and certain So up density when a door opens to from close up with offerings. to by locations we do up it which actually other open are great the more locations did representation end

MRI-only be it's -- And so would the here, really service clinics. these

think I for a So of terms well could part of the type you creative the here about model procedures really procedures treatment of the putting as because equipment, looked opportunity than there pay-as-you-go we full-service in thinking we it And require start of And the other even as at lot aside very be and we're other offering. these to believe is space equipment. with. we don't

that footprint, as think you only, put clinic context, to to MRI, need is, into So because MRI a understand I you is pay smaller go. this so what this

need going to we on the $X do So of believe, the to health million the bring need to to to around what range, which really new the depending depending between the on be clinics. the anywhere CapEx, you typically to for and standard -- what going mostly $X.X it's -- done, is clinic the we these remodeling men's established clinic, the be get million

Noel Atkinson

the just And the Okay. queue. Great. one before in get I back last

your what U.S.? Are these in XX% accelerate collection some any So you do improvement collections the the have as you receivables? And of been the you -- post-COVID attorney seeing happen that of of recoveries these to you outstanding long-dated mentioned is then in can AR channel.

Riadh Zine-El-Abidine

So that there's X question. parts of

and I you spend AR. owned all it of helped severely you've XXX And with. XXXX when exercise. more have which platforms XXXX wasn't platform, then -- with them least mean months. really that the them did But to icing disruption steady the them and even to last real The have collection staffing integrating the that by impacted quarter same that to I more improvement a -- added was at numbers by on I you and first mean disruption owned collections has mentioned COVID, the on XXXX. case the start over XX XX is different the a all integration or the as for company actually to COVID. at centers they when growing these of of acquisitions we earlier. for years, And driver they as cake in just always improvement us not us. The look the in one to made forget people Yes. for COVID an a we relative seen we X have things, that of like was result the expect X see is first been and

we're that behind and beginning So the at with see XXXX start improvements that perspective. is that very we us, of pleased from to

the question and we of cycle Now part second of nature that payment is attorney do with side payment could the the of business. long-dated the or business your what

I actually financing for plan, a our which business and we business And paid least continue you sheet. those financed As to months, period -- time the outside will progress financing of will when -- them be at couple the the next see be believe, it the execute not -- it the of towards attorney will mentioned at we outside, very not of make have significant statements will impact earlier, that in short balance we make will the financial or you attorney over upfront because anymore you will receivables. look from we on

Operator

with next National Your Leno question the line Bank. from comes Instructions] of [Operator Endri

Endri Leno

start, with attorney A couple I'll the the the in actually, one for AR me. on business. last

mix financing going all How contribution any to transactions forward? you I and I view of bit, to attorney view mean you management business you there receivables. mean can to or you revenues go just this team, the is part have was you its desire a the do through bring your business these of reduce chance how as wondering Akumin? it So that if as talk do in? company I little the

Riadh Zine-El-Abidine

you. thank Endri,

-- question, to we're how going going like the is So how do the to we're do -- the the financing?

Endri Leno

you what part of No, mix it's to you're all keep this it these the of it. could mean going let's doing forward steps it I forward. if be finance I a question work, business of giving business mean why more going part the of as extra Akumin it's of say?

Riadh Zine-El-Abidine

see think I mean I question now. the I

market, with our of you the well you benefits to I cannot in and as you know, Florida our always core business, without market, the this a especially of in think business. in the -- as as for are, cover the the you're well. has been and Florida we -- for density to It's attorney region want be the significant patients our and that. mix in market payers every be Florida part if the benefit the of our Everybody from market in

the financing -- as it's creates So it's bad it business. perspective, about just think way mean a need because I -- you sheet a from business perspective. I to a from capital at market an agree you, with think inconvenience from perspective looked doesn't mean and balance a that I it bad everyone a business

to the the if anyone. you think and actually you sell own it you cash in saw I never it personally business, will

good It's it's And service part And we MRI, -- a We be the doesn't want financial very patients don't because the you. us. our relationships it don't pretty, want a not have it's we see the statement us. market this what is markets in for business not to you are to because steady of very our important this for in the a medical doesn't where, Just offer. the unless is is great a strong. for mean business look business. Actually, business

we So Endri, financial easily and cash the it have to actually improve -- we of -- of financial optics And streamline actually side but be have resolve will it, of side our solve statements financial will is from solved. the flows. it it. it And also this could to --

business. an We see be to we the So as We issue. it. like in want it don't

balance We have and very to properly be thrilled today. take to shortly. management very will to it it a be strong digest we're actually working it's from comes very our the markets, resolving that we will guess, business. to where this be which, continue sheet team public like for a very we're to that I to easy frustration -- finance And with that strong the expand But job

Endri Leno

color, great that there's on there Akumin? there increased And Riadh. general question Great. more on mean driving any the I the a That's And this higher there's in have U.S. type volume that at just out accidents. as you and more seen attorney of business. -- from is one reports reckless business

Riadh Zine-El-Abidine

Yes.

a of now even it and -- supply -- supply right it You that created world. We see, going had that, where to global trend fab see that. in it's interesting. And impact anymore. for basically semiconductor we're some give we're reduced producers in the nightmare their their actually, global and not on beginning. that of actually -- you trend, very looked going for to COVID actually, the I'll some you And anymore -- fab everyone all X of impact resized cars I'll followed cars basically thought When basically at and production. even that saw not shortage And the the of anecdotes automotive forecast in have that terms in happened, the huge some a that produce chain, supply that at

are if some driving strong are is know, just way. you Of anywhere. observed, we auto noted as start see areas, it Traffic in like in and be. And course, sales used back just Today, not, business, you they're to to back, a not Endri. the not the lockdowns, in worse as recovery probably with you worse than people

rest as COVID some was well. to consensus we the business. back started not -- business just it impact I we'll and point, the think -- the pre-COVID did that And has recover the of levels but of to recover from So at like maybe

Endri Leno

that for of a add-backs and the I last That's main bit it's mean, Akumin I if a and this It's to acquisition item, same of time, to nonoperational, talk arguably you something is the at one little but a yes, can One is, wondering thought line you And way fees? growth. is what little that about more Can the bit me. is Great. just about talk EBITDA grows. the know see. which to your good could adding actually. your of say you it back, avenue process was

Riadh Zine-El-Abidine

kind becoming -- a strategy in as our growth Yes. almost be is you very because of the ordinary with acquisitive. the actually big course us of that's I actually part it's of business We to agree

However, have don't year sense, it it anything. to still back you where like we think makes buy because add could Endri, XXXX you a

get to actually a every could normal do XX was year You very not buy sense. you lot make doesn't if And adding start to averaged sense centers, XX We believe have going, when actually because doesn't something buy anymore more. it and which every we're not XX to where year. But to year, don't we acquisitive going you we're XX you back our past. to where make you it buy add then substantial, back XX a

in of sense. state, to also year to instead if you adding will to year, heading. with XX, like But where back clinics a lot be I steady If you time more not think XX for buy growth XXX we're clinics every to spending We've start XX that's agree make platform a you. of not we assume But last been then lot XX not our year I ahead. did the every a ready integrating

Operator

with the Canaccord. question next Tania comes from of Your line Gonsalves

Tania Gonsalves

So a couple left just me. for

talked the does of What the that to attorney receivables you business. margin about financing do Firstly, for this profile the revenue?

Riadh Zine-El-Abidine

that on side the other So -- the financing alluded I to, which, think I that's course, -- really what think because question good of it's of you it.

which look X of There's DSOs everybody type is course kind lot what there see DSO it, going it's some EBITDA. in And at balance a them good is is books. obviously, of is impact focused normal. impacts. One upfront, impact, margin. -- of to lower standards but impact, discount, would to the a more you the would you're So AR that's normal some of off what be going on, -- is not be And will highlighting back sheet. But sell no par. terms which normal be is, you're which the a there when going to and -- second cash at There market you by to and the have

So of EBITDA here's going margins. news there materially be it's loss, the good impact XX% yes, it's but the Because so will front. to on our not an revenues, only that

a lose will nothing You material. points few but

on points at with scale, and is level You forma pro what other to of it's all it size time on is -- X X lose depending you your your margin, could do acquisitions. because what depending relative the

remember, of that the balance come upfront everything then The And sheet. second sell going part you're actually is there big because going you on that forward. have too is, to to chunk cash significant you're the to selling will sell you're going recalibrate, a -- everything

So doing. we're that's of financing kind the

will So when you're That actually offset have like you cash. almost the EBITDA significant cash, you significant it's redeploy sell going wash. to acquisitions, It it everything a towards if upfront, -- it's loss.

end sheet end cash, redeploying we're will up balance by -- DSO, from market we two, -- up from And sheet, more better with offset balance obviously a the So have number we're again, one, going to substantially then natural one, cleaner to number an cleaner going with, standards. on a AR much -- cash.

have cash a have EBITDA it business, offset of our that would new it be XX% going -- on you're the profile it margins. it's XX% to it's with because, loss redeploying the like not very of again, modest by will EBITDA. And impact margin So replace our business, the will be to

there actually to for is another you side thank saying this and -- financing. that's So

the So us of to it. I clarify side a gave appreciate it chance that other

Tania Gonsalves

that Perfect. color. Appreciate Perfect.

next will of Or at this all line, a be you of I this sale? gradual? couple in terms more time it Will happen said months. once In the in think bulk

Riadh Zine-El-Abidine

substantially that on once, Yes, structure or well. deal which of with is time. balance it's taking happen as we'll with forward will it's everything the a deal will going why And all It it. sheet it

Tania Gonsalves

Or the $X.X million equipment? And remodeling centers equipment? did cost of Does million new for Excellent. answer $X include about for purchasing leasehold is or in for the health that to additional you question CapEx cost leasing earlier there terms improvements. the of an men's

Riadh Zine-El-Abidine

business between that's leasehold It's a running, -- it's improvement. the remodeling, like equipment $X in you terms anywhere to it's the to clinic of clinic. probably having And terms in of -- said, million with I familiar million $X.X and think go. The model. of with Profound you're kind So up per ready

capital So business Profound It's no purchase. pay you there model, is as go.

the SaaS They a So a model model. very similar it's software world. like have in

pay So procedure. per it's

you the of So procedure, for usage a if pay do the you equipment.

So no side. upfront there cost the for Profound is

we an said, for And will it the purchase. I out not MRI could itself, like -- be

have to not deploy. do for opportunities have Because -- alternatives are of we of model leasing even we could we're to that models, We a other alternatives to the different capital some and the some there what also us a doing, uniqueness some traditional purchase. have

Tania Gonsalves

in lot There's how affects I And terms the for withstand pool Could to and about Or good then and wages find reasonable to wage you enough media increase of and wage? the talk your Excellent. minimum labor rhetoric a Okay. pool? that for that here. just is a lastly Is in it inflation. you to large people me you draw of now of, employees guess, this? making it harder contractors

Riadh Zine-El-Abidine

a markets is in, again, think we it's I again, And why and thank we've very heard a -- we always we they impacting something We do I can't it employees great mentioned have economy. many us. I mean interesting pool. in have have for And our here rotations. the you that's always for I'm excess larger pool. sectors. The whole in enough what we're think sure the observation, that's

So could owner clinic When with. if you're you be small up, doesn't someone what that to doesn't have that a show close. operator, live

have afford market. in large a every cannot pool to You

this is to -- industry, the we So a that's many our going many, think shortage going And of sectors. not just because that's affect really benefit scale. I believe on -- to

do become their access And more and is you could remote everybody do push business. is is today about change everybody everywhere. business online shortage, AI But remember, the big way efficient, as as and a there's much we like to just about also talking changing towards how talking everything as technology we how

taking a a come and we we're AI more were we those as our forces few actually actually is balance will those to and and ago, -- visionary things those investment months as to position well. So leading there about with technology because did

think I employees we're us COVID means we to we small sometimes. that X technological factors about -- every really company. and larger the But market, a not large things. start We're -- have to happened with because Akumin is So of we technology because to and work a shortage pools them two, which help haven't with mitigating and now shortage One, We're for company, in changes. embraced think not didn't started start embrace which to changes. happen. We

each large on for the side we the these deploy clinical ready employees of to dedication all you in As Tania, our people because addition, our is mean at technology, actually in why where have employees employees today. heading, remember, this? ready saying a get could still when And shortage when we've got it. And these to some you and others of are sector from, and balance the Because on administrative that in you to multiple the time. pools have and business. for were come was you not where side why I in vision least. X have equilibrium we there do other things talking where market know, been of that's And we sectors over even will the no but these the just we some discussions for of had, about I years

is post very again, again. COVID benefit unfortunately, to this of important, scale as Scale be a going But is well.

Operator

Kyle question next the Your Cormark. of from McPhee comes with line

Kyle McPhee

here. a just the Riadh, on follow-up CapEx

the think So I converting you're these clinics model. men's health of to XX

So be million, that $XX year's your such $XX in to CapEx, that's $X million is remodel that to going of CapEx to Is million? right? addition Is million this $XX typical CapEx. that kind of

Riadh Zine-El-Abidine

Yes.

-- You're also, correct. going at once. all not that's but And happen to

these, be So obviously, market. Florida, both launch will And the by Profound the the you great partnership about it's for very and one because got where from have we're urologists and these key this need a with we learn And what Akumin exercise. partnership prostate launched we looking it's we're in to first of all a as great end model Florida to is with a do market hoping that know, the different to market really to a consumer-centric a -- approach but which the footprint, year. market excited And the address a all for markets. in in care. also with it that also

quarter, don't as for the starting think to next about aside going these So capital put we're basically it sites. all

So we doing what And balance refine then this -- could, we our the continue we're the the of approach. that's year consumer is when one, -- the markets, for with the over consultations further these we direct-to-consumer continue -- our of in balance our model, urologists do define when perfecting launched those. first when time,

going because to clinics, other around for imaging imaging, these to all continue some going We're news health. of we're other the they obviously, thing a And men's related the is good to profitability regular only quickly do. very that's to do not too could get of breakeven and

it's be And X something it's -- you're it's typical So also million. hit same the about CapEx our not $X above going yes, to to time, us but -- in -- at $XX that's But to right million quarter. your going that's levels.

Kyle McPhee

just the Florida last for on already Got it. acquisitions And one you've closed. me,

some color. maybe the get that from to Your RVU what's press X.X you release it and some work second gave us us upside then and backwards? these there revenue you when part, is acquisitions? And synergies? EBITDA integrate Can help Like

Riadh Zine-El-Abidine

Yes.

the would will disclosed But -- assume as always part as we I we add, say contribution could you So whole you as I for a look the whole as know, But RVUs, similar the that the whole, whole that, a blended a the part on think of you it you be is that as I basis prefer actually when of when at infrastructure and better have think the that profile. revenue to have EBITDA. there's EBITDA, for because And quarter. the upside -- than you sorry, business. margin,

and really think express think we'll bad numbers especially that them RVU average platform above is to a we contribution start your it our guidance have place our on is not provide it But when I blended apples-to-apples. use we actually integrated to for I the So to volume have a our in margin on on assumptions. obviously, run is it's something, -- the of we because, kind to more

Operator

portion. turn call for And to our will question-and-answer that does the any over the speakers closing remarks. conclude back I

Riadh Zine-El-Abidine

treatments to in about XXx not Again, very that we and an moving of our we EBITDA will participation And technological procedure. side an ahead be a with very paid of a MRI-guided platform to for men's excited in this AI, like a what revenues the of new XX, imaging We're we're your only the and today's for get And to are the health not the significant service the clinical investment future investment at with on just just in and treatment. delivery on are of on us, thank as lot confident a of on and like the growth because are call. We clinic -- trends a quarter years you, results it's from couple as benefit, and could Akumin from that Profound benefit its up both the on going the that built. in you result, everyone, the procedure. there and, very what doing own next shareholders pleased we're contributor this capitalize of is the

top built. that's -- what be which if of the a again big excited today from platform with network only very going to went XXX with and with lie XX we on that the ahead. the we're thought achievement we And clinics platform now that accelerated. If So people what's we've the and opportunities we're have been coming, will really was excited about doing, we

So are today all our continued for shareholders being the I looking of we for support. thank to support their where want of and forward

Operator

Thank you, does today's conclude and this call. conference

may You now disconnect.

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