Accendra Health is what remains of Owens & Minor after the December 31, 2025 sale of its Products & Healthcare Services business - now a standalone, single-segment home healthcare equipment and services company built on the Apria and Byram brands, trading on the NYSE under ACH. The second quarter of fiscal 2026 is the first full reporting period as an independent, focused DME operator, and it presents a company in active transition: net revenue fell 10.1% year over year to $613.2 million, the consolidated result still carried a $35.2 million operating loss, and total debt of $1.7 billion dwarfs a market capitalization of roughly $97 million. Two forces dominated the quarter. The larger is a single terminated commercial payor contract that removed $81 million of second-quarter revenue - including nearly all of the company's capitation business - and pushed key growth categories like sleep therapy and home respiratory therapy into double-digit declines. The second is the aftermath of a June balance-sheet restructuring that swapped unsecured notes for high-coupon secured liens, extended maturities, and booked a $17.3 million debt-modification charge.
The countervailing facts are real but narrower. Adjusted EBITDA on the management basis was still positive at $60.1 million for the quarter and $118.5 million for the half, the company finished the period in compliance with its debt covenants, and a $300 million revolving facility sat essentially undrawn with $271 million of availability. Yet the cash position collapsed from $282.0 million to $7.7 million over the half, operating cash use for six months reached $76.1 million, and the balance sheet shows a $550.9 million stockholders' deficit. The stock, near $1.26 at a market cap under $100 million, has lost roughly four-fifths of its value over the past year and trades below its $2.00 par value. This is a leveraged, loss-making home care franchise whose Q2 FY2026 report answers one question - can a freshly standalone operator grow through a payor-led recession - with: not yet, and the leverage leaves no cushion while the market finds the answer.