ACH · CIK 0000075252
What Accendra Health Inc. (fka Owens & Minor) told the SEC could break it.
Now a home-healthcare business after its restructuring, Accendra's disclosures center on payor concentration. Its two largest commercial payors made up about 23% and 14% of 2025 net revenue, with Medicare and Medicaid arrangements another 19% — and that risk has already been realized: a large payor terminated contracts worth $322 million, 12% of net revenue, including $231 million that was nearly all of the company's capitation book. The same concentration runs through its supply side, where its three largest (unnamed) suppliers provided 16%, 14% and 11% of purchases. Against that backdrop it also flags NYSE's $1.00 minimum-price listing standard, tying its financial challenges to a delisting risk.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Other disclosures
- realized payor contract termination — $322M / 12% of net revenue, nearly all capitationmedium
A large commercial payor terminated (or is terminating) multiple contracts worth $322M, 12% of FY2025 net revenue — including $231M of capitation revenue, which was nearly all of the company's capitation book — a realized concentration loss now winding down.
“The terminated agreements reflected $322 million or 12% of our net revenue, including $231 million of capitation revenue, which represents nearly all of our capitation revenue, for the year ended December 31, 2025.”
SEC filing →As of 2026 - NYSE listing compliance — $1.00 minimum price amid payor lossesmedium
The filing flags NYSE's $1.00 minimum closing-price standard against its recent stock price and financial challenges, including the payor contract losses — a distress signal for the renamed, restructured company.
“If the closing bid price of our common stock falls below $1.00 per share for 30 consecutive trading days, NYSE could issue a deficiency notice and ultimately delist our common stock if we fail to regain compliance.”
SEC filing →As of 2026
Customer concentration
- two largest commercial Payors — 23% and 14% of net revenue; Medicare/Medicaid 19%high
Post-divestiture home-healthcare revenue is concentrated in payors: the two largest commercial payors were ~23% and ~14% of FY2025 net revenue, with Medicare/Medicaid arrangements another ~19%.
“During the year ended December 31, 2025, our two largest commercial Payors represented approximately 23% and 14% of our net revenue, derived from multiple separately managed contracts.”
SEC filing →As of 2026
Supplier concentration
- three largest suppliers — 16%, 14%, 11% of purchases (unnamed)medium
A small set of unnamed suppliers provides the majority of patient-service equipment and supplies for the home-healthcare business — the three largest were 16%, 14%, and 11% of FY2025 purchases (~41% combined).
“We currently rely on a relatively small number of suppliers to provide us with the majority of our patient service equipment and supplies for our home healthcare business. During the year ended December 31, 2025, our three largest suppliers contributed 16%, 14% and 11% of our purchases”
SEC filing →As of 2026
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