Agiliti announces financial results for Q4 and full-year 2023

Agiliti Inc. announced its financial results for the fourth quarter and year ended December 31, 2023.

Fourth quarter and year-to-date 2023 financial results
Total revenue for the three months ended December 31, 2023 was $292.0 million, representing a 3.7 percent increase from total revenue of $281.7 million for the same period of 2022. Total revenue for the year ended December 31, 2023 was $1.17 billion, representing a 4.8 percent increase from total revenue of $1.12 billion for the same period of 2022.

Net loss for the three months ended December 31, 2023 was $5.7 million, compared to net income of $3.4 million for the same period of 2022. Net loss for the year ended December 31, 2023 was $19.4 million compared to net income of $30.2 million for the same period of 2022.

Adjusted EBITDA1 for the three months ended December 31, 2023 was $67.3 million, a 5.7 percent decrease from Adjusted EBITDA1 of $71.4 million for the same period of 2022. Adjusted EBITDA1 for the year ended December 31, 2023 was $266.9 million, a 10.0 percent decrease from Adjusted EBITDA1 of $296.6 million for the same period of 2022.

Agiliti to be taken private by THL partners
On Monday, February 26, 2024, the company announced it has entered into a definitive merger agreement pursuant to which an affiliate of private equity firm Thomas H. Lee Partners, L.P. (“THL”), the company’s majority shareholder, will acquire all outstanding shares of Agiliti common stock not currently owned by THL and its affiliates and certain management shareholders for $10.00 per share in cash, implying an enterprise value of approximately $2.5 billion.

The transaction is expected to close in the first half of 2024, subject to customary closing conditions. The transaction has been approved by THL Agiliti LLC in its capacity as the majority shareholder of Agiliti and no other shareholder approval is required. Upon completion of the transaction, Agiliti will become a private company and will no longer be publicly listed or traded on the New York Stock Exchange.
MB Bureau