olivLaw · US equity research
Accendra Health, Inc. ACH
Wholesale-Medical, Dental & Hospital Equipment & Supplies · SIC 5047 · Vertical: Wholesale — durable goods (SIC 504x)
Accendra Health (formerly Owens & Minor) is a nationwide provider of products, technology and services for care beyond the hospital, focused on diabetes, sleep therapy and home respiratory care. In 2026 the company is in transition: it lost a large commercial payor contract, sold its P&HS business and reset its debt, while its 2026 guidance points to a return toward profitability.
At the close of 05 Nov 2026, Accendra Health, Inc. (ACH) stock was 0.30 USD (+6.46% on the day), with market capitalisation 22.9 m USD, dividend yield 3.35%, beta 0.98, 52-week range 0.20–3.89 USD. Latest reported quarter (Q2 2026): revenue of 613.2 m USD (−10.1% YoY), net income of -89.1 m USD, diluted EPS -1.16 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.2
- weak (30–45)
- Bollinger (20, 2)
- 0.15 – 0.38
- in the upper half of the band · %B 0.64 · band width 89.4%
- SMA 50 / 200
- 0.64 / 2.20
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.15
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −36.6% | −1.1% | −35.5 pp | — |
| 3 months | −89.8% | −0.5% | −89.3 pp | — |
| 6 months | −92.0% | +4.4% | −96.4 pp | — |
| Year to date | −89.4% | +12.3% | −101.7 pp | — |
| 1 year | −91.1% | +13.5% | −104.6 pp | +9.6% |
| 3 years | −98.5% | +76.4% | −174.9 pp | +31.7% |
| 5 years | −99.3% | +63.7% | −163.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 686.8 m | 695.0 m | 673.9 m | 681.9 m | 697.3 m | 709.0 m | 627.8 m | 613.2 m |
| Cost of revenue | 355.1 m | 362.0 m | 354.6 m | 357.3 m | 375.1 m | 385.7 m | 349.8 m | 349.8 m |
| Gross profit | 559.7 m | 579.8 m | 526.0 m | — | — | — | — | — |
| SG&A | 272.3 m | 269.9 m | 262.4 m | 267.9 m | 265.8 m | 271.5 m | 255.2 m | 243.6 m |
| Operating income | 31.1 m | -272.7 m | 19.8 m | -39.7 m | 26.5 m | 20.9 m | 17.1 m | -35.2 m |
| Depreciation & amortisation | 61.6 m | -18.3 m | 42.9 m | 43.0 m ≈ | 98.8 m ≈ | 29.9 m | 61.7 m | 65.7 m ≈ |
| Interest expense | 29.0 m | 27.6 m | 34.0 m | 26.0 m | 29.0 m | 27.9 m | 32.3 m | 34.5 m |
| Pre-tax income | 958.0 k | -302.0 m | -5.4 m | -84.9 m | -3.6 m | -8.0 m | -16.2 m | -87.6 m |
| Income tax | -303.0 k | 29.8 m | -1.6 m | -1.1 m | 2.0 m | 1.5 m | -9.8 m | 1.4 m |
| Net income | -12.8 m | -296.1 m | -25.0 m | -869.1 m | -150.3 m | -56.3 m | -6.5 m | -89.1 m |
| Diluted EPS | -0.16 | -3.85 ≈ | -0.32 | -11.30 | -1.94 | -0.74 ≈ | -0.08 | -1.16 |
| Operating cash flow | 27.3 m ≈ | 71.0 m | -35.1 m | 37.6 m ≈ | -172.5 m ≈ | — | — | — |
| Capex | 61.5 m | 22.3 m | 45.8 m | 57.6 m ≈ | 74.4 m ≈ | 13.1 m | 41.6 m | 47.6 m ≈ |
| Share repurchases | 0 ≈ | — | 1.5 m | 5.2 m ≈ | 0 ≈ | 3.5 m | 0 | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | ⚠ 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.4 bn | 9.2 bn | 8.5 bn | 9.8 bn | 10.0 bn | 2.6 bn | 2.7 bn | 2.8 bn |
| Revenue YoY | +1.1% | −2.2% | −7.9% | +15.4% | +1.7% | — | +5.0% | +3.1% |
| Net income | -437.0 m | -62.4 m | 29.9 m | 221.6 m | 22.4 m | -41.3 m | -362.7 m | -1.1 bn |
| Net income YoY | −700.3% | unavailable | unavailable | +641.8% | −89.9% | — | unavailable | unavailable |
| Diluted EPS | unavailable | -1.03 | 0.47 | 2.94 | 0.29 | -0.53 | -4.73 | -14.31 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +525.5% | −90.1% | — | unavailable | unavailable |
| net % | -4.6% | -0.7% | 0.4% | 2.3% | 0.2% | -1.6% | -13.5% | -39.8% |
| Free cash flow | 70.7 m | 123.7 m | 288.8 m | 83.2 m | 166.9 m | 568.3 m | -8.8 m | unavailable |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 282.0 m USD
- Financial debt
- 250.0 m USD
- Net debt
- -32.0 m USD
- Equity
- -461.0 m USD
- Total assets
- 2.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.58x
- ROE
- unavailable
- ROA
- -31.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 8.5 bn | 9.8 bn | 10.0 bn | 2.6 bn | 2.7 bn | 2.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 7.2 bn | 8.3 bn | 8.1 bn | 1.3 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 1.3 bn | 1.5 bn | 1.8 bn | 2.1 bn | 2.2 bn | 1.3 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Research & development | — | 12.1 m | 12.0 m | 13.0 m | 13.0 m | — | SEC (XBRL)· 28 Feb 2025verified |
| SG&A | 1.0 bn | 1.1 bn | 1.6 bn | 1.0 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 204.1 m | 368.5 m | 142.9 m | 133.2 m | -217.7 m | 27.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 93.3 m | 90.6 m | 228.7 m | 210.4 m | 181.3 m | 214.5 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 297.5 m ≈ | 459.1 m ≈ | 371.6 m ≈ | 343.6 m ≈ | -36.4 m ≈ | 242.0 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 83.4 m | 48.1 m | 128.9 m | 116.8 m | 107.6 m | 107.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 109.9 m | 276.8 m | 10.9 m | 15.3 m | -329.9 m | -102.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 21.8 m | 55.2 m | -11.5 m | 6.4 m | 20.9 m | 729.0 k | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 29.9 m | 221.6 m | 22.4 m | -41.3 m | -362.7 m | -1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 0.47 | 2.94 | 0.29 | -0.53 | -4.73 | -14.31 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 63.5 m | 75.5 m | 76.2 m | 77.4 m | 76.7 m | 76.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 0.01 | 0.01 | — | — | — | — | SEC (XBRL)· 23 Feb 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 83.1 m | 55.7 m | 69.5 m | 243.0 m | 27.6 m | 282.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | 1.2 bn | 1.5 bn | 1.3 bn | 1.1 bn | 67.6 m | 74.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 2.1 bn | 2.3 bn | 2.3 bn | 2.1 bn | 2.0 bn | 547.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | — | — | — | — | 249.3 m | 256.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 394.1 m | 390.2 m | 1.6 bn | 1.6 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 243.4 m | 209.7 m | 445.0 m | 361.8 m | 210.1 m | 136.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 3.3 bn | 3.5 bn | 5.4 bn | 5.1 bn | 4.7 bn | 2.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 1.0 bn | 1.0 bn | 1.1 bn | 1.2 bn | 359.9 m | 363.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 39.9 m | — | 17.9 m | 206.9 m | 42.9 m | 250.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 986.0 m | — | — | — | — | — | SEC (XBRL)· 24 Feb 2021verified |
| Current liabilities | 1.3 bn | 1.3 bn | 1.6 bn | 1.9 bn | 1.9 bn | 947.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 2.6 bn | 2.6 bn | 4.4 bn | 4.2 bn | 4.1 bn | 2.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 712.1 m | 938.5 m | 966.7 m † | 945.3 m † | 586.4 m † | -461.0 m † | SEC (XBRL)· 20 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 339.2 m | 124.2 m | 325.0 m | 740.7 m | 161.5 m | — | SEC (XBRL)· 28 Feb 2025verified |
| Capex | 50.4 m | 41.0 m | 158.1 m | 172.4 m | 170.3 m | 191.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 288.8 m ≈ | 83.2 m ≈ | 166.9 m ≈ | 568.3 m ≈ | -8.8 m ≈ | — | SEC (XBRL)· 28 Feb 2025derived |
| Investing cash flow | 80.1 m | -53.6 m | -1.8 bn | -137.3 m | -116.5 m | 144.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -379.4 m | -129.5 m | 1.5 bn | -417.3 m | -267.6 m | 188.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 648.0 k | 731.0 k | 0 | 0 | — | — | SEC (XBRL)· 20 Feb 2024verified |
| Share repurchases | — | — | — | — | — | 10.2 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 42 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 22.9 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation56
- Balance sheet40
- Quality9
- Growth0
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.13 – 31.25 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA27.33 – 31.25 (Mid 28.76)4 companies used · median multiple 7.7x · quartiles 7.3x – 8.4xHSIC, INGM, SCSC, SNX
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.13 – 0.18 (Mid 0.15)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 42/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -11.4% | 9 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -34.8% | 0 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.0x | 80 (vs peers) | 17% |
| Interest coverage · Balance sheet | 0.2x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 0.1x | 100 (vs peers) | 17% |
| FCF yield · Valuation | -1,202.8% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 37.8% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial9/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation56/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Accendra Health, Inc. (ACH). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.8 bn USD in 2025; YoY growth 3.1%; net margin -11.4%; net debt/EBITDA -0.0x.
The estimated value range is 13.73–15.71 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 14.46 USD, the price of 0.30 USD leaves a potential of 4,749.4% (value / price − 1) and a margin of safety of 97.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 42/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, quality, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.0x
- EV/EBITDA: 0.1x
- Shareholder yield (distributions): 37.8%
- The price is below the estimated value range
What contradicts it
- Net margin: -11.4%
- Revenue CAGR 3Y: -34.8%
- Interest coverage: 0.2x
- Current ratio: 0.4x
- FCF yield: -1,202.8%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, P/E (TTM), Payout ratio (FCF).
Versus the vertical median
Wholesale — durable goods (SIC 504x) · same industry group (3-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SNXTd Synnex Corporation | 18.4 bn | 14.0 | 14.9% | 1.8% | +6.9% | +51% / +134% |
| HSICHenry Schein, Inc. | 9.4 bn | 23.4 | 12.9% | 3.1% | +4.0% | +14% / +28% |
| INGMIngram Micro Holding Corp | 5.6 bn | 12.3 | 10.9% | 0.8% | +9.5% | +14% / unavailable |
| SITESiteOne Landscape Supply, Inc. | 4.9 bn | 30.8 | 9.6% | 3.4% | +3.6% | −15% / −19% |
| PLUSePlus inc. | 2.2 bn | 17.3 | 12.0% | 5.1% | +22.1% | −8% / +30% |
| CNXNPc Connection, Inc. | 2.0 bn | 19.7 | 10.9% | 3.3% | +2.5% | +37% / +34% |
| SCSCScanSource, Inc. | 907.8 m | 12.4 | 8.7% | 2.4% | +6.1% | +10% / +35% |
| CLMBClimb Global Solutions, Inc. | 743.5 m | 31.3 | 19.5% | 3.1% | +40.1% | +58% / +234% |
| CGTLCreative Global Technology Holdings Limited | 53.6 m | — | -84.9% | -63.2% | −40.6% | −80% / unavailable |
| ACHAccendra Health, Inc. | 22.9 m | — | — | -11.4% | +3.1% | −91% / −98% |
| CLWTEuro Tech Holdings Company Limited | 8.9 m | 59.5 | 1.1% | 1.3% | −13.8% | +7% / −18% |
| PNSkycorp Solar Group Limited | — | — | -14.9% | -4.3% | +27.0% | −85% / unavailable |
1- and 3-year price returns: for ACH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Accendra Health (formerly Owens & Minor) is a nationwide provider of products, technology and services for care beyond the hospital, focused on diabetes, sleep therapy and home respiratory care. In 2026 the company is in transition: it lost a large commercial payor contract, sold its P&HS business and reset its debt, while its 2026 guidance points to a return toward profitability.
SWOT
Strengths
- Brand recognition through Apria and Byram, built over decades in home care.
- National coverage and delivery network supporting relationships with government and commercial payors.
- Significant debt reduction and a more favorable maturity profile after the June 2026 exchange.
Weaknesses
- High dependence on a few payors, making revenue sensitive to contract changes.
- Net losses from continuing operations in 2025 and 2026, with pressure on profitability.
- High debt costs after refinancing, with secured notes ranking ahead of unsecured creditors.
Opportunities
- Rollout of sleep centers of excellence and new commercial partnerships could drive growth from late 2026.
- Cost savings from removing expenses tied to the lost payor could improve margins.
- Rising demand for chronic home care could support the diabetes and ostomy categories.
Threats
- Changes in Medicare and Medicaid rules or reimbursement could reduce rates for respiratory products.
- Cyberattacks and data incidents could disrupt operations and damage reputation.
- Competition from pharmacy benefit managers and large distributors could keep pressure on prices.
Risks
- Payor concentrationhigh
If a major payor reduces or ends its contracts, revenue and liquidity could be materially affected.
- Debt and financing costhigh
High-coupon secured notes could limit financial flexibility if operating results do not improve.
- Regulation and reimbursementmedium
Changes in government programs or reimbursement criteria could reduce revenue from certain products.
- Cybersecuritymedium
A security incident could expose protected health information and lead to litigation or sanctions.
- Leadership successionmedium
The announced retirement of the chief executive could create uncertainty until a successor is appointed.
Investment thesis
What would need to be true (bull case)
- If cost reductions and new programs materialize, margins could return toward previously adjusted profitability levels.
- Debt reduction and a reset maturity profile could give the company more room to invest.
- The 2026 outlook suggests revenue and cash flow stabilizing, which could support investor confidence.
What would break the thesis
- If the lost commercial payor is not replaced quickly, revenue could keep declining through 2026.
- High debt costs could limit free cash flow and capacity to invest in growth.
- Leadership transition and restructuring could delay strategy execution, especially if new regulatory pressure emerges.
What to watch
- Delivery against 2026 revenue and adjusted EBITDA guidance2026
- Sleep therapy revenue trend after the centers of excellence rolloutQ4 2026
- Appointment of the new chief executive and continuity of strategy2026
- Completion of the payor contract transition and related cost reduction2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Accendra Health, Inc., headquartered in Richmond, Virginia, delivers home medical equipment, supplies and services to patients under the Apria and Byram Healthcare brands. The company aims to connect patients, providers and insurers, and its model combines fee-for-service revenue with capitation contracts with government and commercial payors 1.
In October 2025 the company agreed to sell its Products & Healthcare Services business for 375 million dollars in cash, completed on December 31, 2025, while retaining a 5% equity interest 1. The remaining business forms a single operating and reporting segment 1.
Segments
Diabetes
Diabetes remains the largest revenue category, growing slightly in 2026 after expansion in 2025 12.
Market context
Pricing and regulatory pressure remains high, and concentration in a few payors means that any contract change can have a material effect on revenue 1.
Trends
- Payor concentrationheadwind
Losing contracts with a large commercial payor could reduce revenue and capitation income, and the transition could continue into the first half of the year 12.
- Cost reductiontailwind
Removing operating expenses tied to that payor and tightening SG&A could support margins if sustained 3.
- Debt refinancingmixed
The June 2026 exchange reduced debt but added higher-coupon secured notes, which could weigh on cash flow if rates stay elevated 23.
- New contracts and programstailwind
New commercial agreements and the Sleep Center of Excellence are expected to contribute from late 2026, if they materialize as planned 3.
Competitive position
The company competes with national and regional home medical equipment and service providers, including AdaptHealth, Lincare, Inogen, Viemed, Quipt, Cardinal Health and Rotech 1.
Pharmacy benefit managers such as CVS Health also compete in the home healthcare market, adding pressure on pricing and margins 1.
- AdaptHealthAHCO
Provider of home respiratory and sleep equipment, a direct competitor in the same product categories.
- Lincare
Provider of home respiratory therapy, competing in oxygen and ventilation.
- Viemed HealthcareVMD
Provider of home respiratory and sleep services, active in overlapping geographies.
- Cardinal HealthCAH
Medical distributor with home care divisions, competing on supplies and equipment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report03 Nov 2026Departure or appointment of officers · Financial statements and exhibits
- Current report02 Nov 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Oct 2026Delisting notice · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement29 Oct 2026
- Current report09 Oct 2026Delisting notice · Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)28 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report17 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report17 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report10 Aug 2026Material agreement · Item 3.03 · Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report10 Aug 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Accendra Health, Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Accendra Health, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Accendra Health, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.