The SMID Point

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The SMID Point

Tuesday, 11 August 2026

11 Aug 2026 07:00:00 ET

Company | Industry

Citi North America Research AC

Company

Accendra Health Inc (ACH.N) - 2Q26 Recap: Organic Growth Pressures, Delayed

Cost Cuts, and Collection Deterioration Leads to Miss and Guide Down

This was another difficult quarter for ACH, with revenue declining 10% y/y and adj.

EBITDA falling 38% y/y, driven by: (1) tepid revenue growth, with respiratory and

wound care (higher-margin categories) continuing to deteriorate; (2) delayed cost

reductions, as mgmt. took a deliberate pause post the initial $125M annualized

takeout to stabilize the business; and (3) payer collection rate deterioration

(~$20M 1H headwind), driven by an unprecedented surge in commercial payer

audit volumes. On the positive side, mgmt. has initiated the next cost reduction

phase, new aprialogistics arrangements are expected live later this year, and new

commercial agreements should begin contributing in late 2026/early 2027.

Collections resolution is expected by Q3/Q4, providing a tailwind into 2027. That

said, given the large 2H ramp and uncertainties around recovery efforts, we

downgrade ACH to Neutral/High Risk and lower our TP to $1.50 from $4.50.

Neutral/High Risk | Target price US$1.50

Daniel Grosslight

Model Summary

FY26

Revenue

FY27

FY28

Ci ti

Old

Cons.

G ui dance

Ci ti

Old

Cons.

Ci ti

Old

Cons.

$2,5 02. 9

$2,5 86. 9

$2,5 79. 3

$2,45 0 - $2,5 5 0

$2,5 78. 7

$2,677. 9

$2,702. 0

$2,679. 0

$2,793. 5

$2,831. 1

YoY Growth

(9.4%)

(6.3%)

(6.6%)

(11.3%) - (7.7%)

3.0%

3.5%

4.8%

3.9%

4.3%

4.8%

A dj . EBITD A

$306. 8

$343. 0

$342. 2

$300 - $320

$337. 7

$360. 6

$369. 9

$346. 8

$371. 3

$384. 4

YoY Growth

(18.2%)

(8.5%)

(8.7%)

(20.0%) - (14.6%)

10.1%

5.1%

8.1%

2.7%

3.0%

3.9%

Margin

12.3%

13.3%

12.2% - 12.5%

13.1%

13.5%

13.7%

12.9%

13.3%

13.6%

Margin Change

(131 bps)

(31 bps)

(30 bps)

(133 bps) - (102 bps)

84 bps

21 bps

42 bps

(15 bps)

(18 bps)

(11 bps)

Mobility Global Inc (MBGL.N) - Learning to Drive as a Standalone: Initiate at

Neutral/HR, $23 TP

We initiate coverage of Mobility Global (MBGL) with a Neutral/High Risk (2H)

rating and $23 target price, viewing its differentiated data moat and subscription

…