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PLYMOUTH MEETING, Pa. – November 7, 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 third quarter ended September 30, 2023.

Third Quarter Results and Highlights

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

  • Net revenue was $804.0 million compared to $756.5 million, an increase of 6.3%.
  • Net loss attributable to AdaptHealth Corp. was $454.1 million compared to net income of $16.1 million, largely resulting from a $511.9 million pre-tax write down of goodwill.
  • Adjusted EBITDA was $161.2 million, compared to $160.2 million, an increase of 0.6%.
  • Cash flow from operations was $325.4 million year-to-date 2023, an increase from $276.9 million during the comparable period in 2022.
  • Free cash flow was $76.6 million year-to-date 2023, increase from $28.4 million during the comparable period in 2022.
  • Subsequent to September 30, 2023 and through the end of market close on November 6, 2023, the Company repurchased $19.4 million of its common stock in the open market, pursuant to the Company’s previously-announced share repurchase authorization.

Management Commentary

“We are pleased with the results of the third quarter,” said Richard Barasch, Chairman and Interim CEO of AdaptHealth. “Powered by our sleep products, we generated 6.3% growth over last year, leading to record revenues for the quarter. Equally important, we generated cash flow from operations of $98.8 million and free cash flow of $21.7 million. Adjusted EBITDA fell short of our expectations largely as a result of unplanned delays in the implementation of the Humana contract. Nevertheless we believe that this contract will prove to be profitable for AdaptHealth.” Mr. Barasch continued, “We believe we are well-positioned to continue our historical trend of year over year growth in revenue and profitability.”

Financial Outlook

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

  • Net revenue of $3.160 to $3.185 billion, from $3.16 to $3.20 billion
  • Adjusted EBITDA of $630 to $650 million, from $650 to $680 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, November 7, 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: AHCO3Q23

Webcast Registration

Following the live call, a replay will be available for six months on the Company’s website,, under “Investor Relations.”

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