PLANTATION, Fla,
Feb. 8, 2021 /CNW/ - Today
Akumin Inc. (NASDAQ: AKU) (TSX: AKU) ("Akumin") provided a business
update on certain operating and financial information as set forth
below.
Akumin is announcing today that RVUs related to service fee
revenues in the three-month period ended December 31, 2020 are expected to be around 1.5
million. Although not yet finalized, this estimate reflects
Akumin's preliminary expectations with respect to RVUs for the
fourth quarter based on information currently available to
management of Akumin. Akumin reports the measurement of
volume of diagnostic imaging procedures at its facilities based on
relative value units ("RVUs"). RVUs are a standardized measure of
value used in the United States
Medicare reimbursement formula for physician services.
Additionally, Akumin is announcing that it has signed
non-binding letters of intent related to acquisitions of, in the
aggregate, 18 facilities with aggregate annual Adjusted EBITDA of
approximately $17 million based on
financial information and other data provided by the targets to
such acquisitions, inclusive of management's estimates of cost
synergies resulting from such Proposed Acquisitions, which
acquisitions are expected to close in the first quarter of
2021. Akumin has not entered into definitive agreements with
respect to such acquisitions and there can be no assurance that it
will enter into the acquisitions as currently contemplated, that it
will enter into or consummate any acquisitions at all, that the
historical financial results of such acquisitions will be
indicative of any future results, or that any synergies can be
realized.
Additionally, on February 8, 2021,
Akumin entered into an amendment to its revolving credit facility
to, among other things, amend its covenants to provide for the
issuance of additional indebtedness.
Finally, in December 2020, Akumin
received payments of approximately $4
million in the aggregate made by the U.S. Department of
Health and Human Services to Medicare providers pursuant to the
U.S. Coronavirus Aid, Relief, and Economic Security Act, or CARES
Act.
This press release makes reference to certain non-IFRS measures,
such as "Adjusted EBITDA". These non-IFRS measures are not
recognized measures under International Financial Reporting
Standards ("IFRS") and do not have a standardized meaning
prescribed by IFRS and are therefore unlikely to be comparable to
similar measures presented by other companies or, with respect to
the targets, similar measures presented by Akumin. Rather, these
non-IFRS measures are provided as additional information to
complement those IFRS measures by providing further understanding
of our results of operations from management's perspective.
Accordingly, these non-IFRS measures should not be considered in
isolation nor as a substitute for analysis of our financial
information reported under IFRS. These non-IFRS measures are
used to provide investors with supplemental measures of our
operating performance and, with respect to the targets, do not
purport to represent results had these targets been acquired by
Akumin and may contain adjustments which are different from those
that Akumin uses in preparing similar measures.
Forward-Looking Statements
Certain information in this press release constitutes
forward-looking information. In some cases, but not necessarily in
all cases, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "targets",
"expects" or "does not expect", "is expected", "an opportunity
exists", "is positioned", "estimates", "intends", "assumes",
"anticipates" or "does not anticipate" or "believes", or variations
of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might", "will" or "will be
taken", "occur" or "be achieved". In addition, any statements that
refer to expectations, projections or other characterizations of
future events or circumstances contain forward-looking information.
Statements containing forward-looking information are not
historical facts but instead represent management's expectations,
estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by Akumin as of the date of this press release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to the factors described in greater detail in the
"Risk Factors" section of our Management Discussion & Analysis
dated November 11, 2020, which is
available at www.sedar.com and www.sec.gov. These factors are
not intended to represent a complete list of the factors that could
affect Akumin; however, these factors should be considered
carefully. There can be no assurance that such estimates and
assumptions will prove to be correct. The forward-looking
statements contained in this press release are made as of the date
of this press release, and Akumin expressly disclaims any
obligation to update or alter statements containing any
forward-looking information, or the factors or assumptions
underlying them, whether as a result of new information, future
events or otherwise, except as required by law.
SOURCE Akumin Inc.