ACH completes $375M divestiture, restructures debt as payor loss drives 39% EBITDA decline

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

• high

  Sold Products & Healthcare Services segment for $375M cash (closed Dec 31, 2025), retaining 5% equity. Company now operates single Patient Direct segment, eliminating revenue diversification.

  MD&A: P&HS business sale completion verify on EDGAR →
• high

  Announced debt restructuring May 11, 2026: extending revolver to 2030, refinancing Term Loan A with new 9% first lien notes due 2032. Management asserts sufficient liquidity for next twelve months.

  MD&A: Balance Sheet Optimization Transaction verify on EDGAR →
• high

  Major commercial payor terminated contracts representing $37M (6% of Q1 revenue), including nearly all capitation revenue. Sleep therapy revenue fell 8.2%, home respiratory therapy down 10.5%.

  MD&A: Commercial payor contract termination verify on EDGAR →