Aveanna Healthcare What You Need to Know from AVAH’s 1Q Earnings & Follow-Up with Management

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Aveanna Healthcare What You Need to Know from AVAH’s 1Q Earnings & Follow-Up with Management

J P M O R G A N North America Equity Research

14 May 2026

Aveanna Healthcare Neutral

AVAH, AVAH US

What You Need to Know from AVAH’s 1Q Earnings & Price (14 May 26):$7.44

Follow-Up with Management

Managed Care and Facilities

This morning, AVAH reported a strong 1Q earnings beat and raised 2026 guidance Benjamin Rossi AC

by ~3% (see our takeaways here), with the meaningful outperformance on (1-212) 622-9603

EBITDA driven by favorable topline growth across segments and a ~$6M A/R benjamin.rossi@jpmorgan.com

collection benefit despite a ~$1.0M–$1.5M weather-related drag. Looking ahead, Lisa C. Gill

AVAH emphasized stable demand, favorable rates, ongoing progress with (1-212) 622-6466

preferred payer strategy (now ~60% of PDS MCO volumes), elevated HHH lisa.c.gill@jpmorgan.com

episodic mix (~80% in 1Q), and continued AI/automation-driven efficiencies as John Stansel, CFA

providing optimism for AVAH’s decision to raise 2026 guidance. When discussing (1-212) 622-0083

john.stansel@jpmorgan.com

the recent announcement from CMS regarding the HHH agency enrollment

Cole Harris

moratorium, AVAH also characterized the changes as non-impactful to AVAH, (1-212) 622-9068

although acknowledged potential constraint on broader industry capacity. We cole.harris@jpmorgan.com

believe 1Q otherwise represented an encouraging start to the year as AVAH J.P. Morgan Securities LLC

continues to reap benefits from changes to contracting economics under the

company’s preferred payer strategy, with outperformance providing some added

optionality on capital deployment (with the Family First deal expected to close in

2Q). While AVAH struck a more sanguine tone regarding go-forward rate