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AdaptHealth Corp. Announces Second Quarter 2023 Results

By August 8, 2023Earnings

PLYMOUTH MEETING, Pa. – August 8, 2023 – AdaptHealth Corp. (NASDAQ: AHCO) (“AdaptHealth” or the “Company”), a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and related services, announced today financial results for the second quarter ended June 30, 2023.

Second Quarter Results and Highlights

All comparisons are to the quarter ended June 30, 2022 unless otherwise stated.

  • Net revenue was $793.3 million compared to $727.6 million, an increase of 9.0%.
    – Non-acquired net revenue growth was 8.7%.
  • Net income attributable to AdaptHealth Corp. was $14.0 million, compared to $14.0 million.
  • Adjusted EBITDA was $171.0 million, compared to $150.0 million, an increase of 14.0%.
  • Cash flow from operations was $226.6 million year-to-date 2023, an increase from $169.9 million during the comparable period in 2022.
  • Free cash flow was $54.8 million year-to-date 2023, an increase from $15.6 million during the comparable period in 2022.

Management Commentary

“We are pleased to report solid results in the second quarter driven by continued strength in our core Sleep and Respiratory product lines.” said Richard Barasch, Chairman and Interim CEO of AdaptHealth. “We have spent considerable effort creating and beginning to implement a comprehensive plan to resume market growth in our Diabetes line of business and saw meaningful sequential improvement. We were especially pleased with our cash generation for the first half of the year and with the execution to date of our cost-management program.”

Mr. Barasch continued, “We believe we are well-positioned for the back half of the year, and we look forward to welcoming our new Chief Executive Officer, Crispin Teufel, who will be joining us in September.”

Financial Outlook

The Company is updating previous financial guidance for fiscal year 2023 as follows:

  • Net revenue of $3.16 to $3.20 billion, from $3.16 to $3.24 billion
  • Adjusted EBITDA of $650 to $680 million, from $650 to $710 million
  • Total capital expenditures representing 10-12% of net revenue, unchanged
  •  Free cash flow representing 3-4% of net revenue, unchanged

Conference Call Details

Management will host a teleconference today, Tuesday, August 8, 2023, at 8:30 am ET to discuss the results and business activities with analysts and investors.

Interested parties may participate in the call by dialing:

When prompted, reference Conference ID: AHCO2Q23

Webcast Registration

Following the live call, a replay will be available for six months on this website.

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