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PLYMOUTH MEETING, Pa. – February 27, 2024 – 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 fourth quarter and fiscal year ended December 31, 2023.

Full Year 2023 Results and Highlights

All comparisons are to the year ended December 31, 2022 unless otherwise stated.

  • Net revenue was $3,200.2 million compared to $2,970.6 million, an increase of 7.7% driven by non-acquired growth of 7.3%.
  • Net loss attributable to AdaptHealth Corp. was $678.9 million compared to net income of $69.3 million, largely resulting from a $830.8 million pre-tax write down of goodwill.
  • Adjusted EBITDA increased to $670.8 million from $593.8 million, an increase of 13.0%.
  • Cash flow from operations increased to $480.7 million from $373.9 million, an increase of 28.6%.
  • Free cash flow increased to $143.2 million from $(17.6) million.

Fourth Quarter 2023 Results and Highlights

  • All comparisons are to the quarter ended December 31, 2022 unless otherwise stated.
  • Net revenue was $858.2 million compared to $780.3 million, an increase of 10.0% driven by non-acquired growth of 9.7%.
  • Net loss attributable to AdaptHealth Corp. was $254.5 million compared to net loss attributable to AdaptHealth Corp. of $2.6 million, largely resulting from a $318.9 million pre-tax write down of goodwill.
  • Adjusted EBITDA increased to $204.6 million from $146.0 million, an increase of 40.2%.
  • Cash flow from operations increased to $155.3 million from $96.9 million, an increase of 60.2%.
  • Free cash flow was $66.6 million, compared to $(46.0) million.

Guidance for Fiscal Year 2024

  • The Company is providing its initial financial guidance for fiscal year 2024, as follows:
  • Net revenue of $3.25 billion to $3.35 billion;
  • Adjusted EBITDA of $650 million to $710 million;
  • Free cash flow of $150 million to $180 million

Guidance for fiscal year 2024 does not include any contributions from acquisitions that have not yet closed and assumes that the 75/25 blended Medicare reimbursement rate adjustment in non-rural, non-competitive bid areas is not extended.

Management Commentary

Richard Barasch, Chairman and Interim CEO of AdaptHealth, commented, “We closed out 2023 with strong performance across the board in the fourth quarter. Driven by continued strength in sleep and respiratory, we generated record revenue of $3.2 billion, up 7.7% year-over-year, nearly all from non-acquired sources. We are also quite pleased that Adjusted EBITDA for the year increased at an even faster rate, giving us confidence that the strategic initiatives we undertook to improve efficiency have started to produce results. ”

“Another highlight of the year was the material increase in cash flow from operations and free cash flow. We are particularly pleased that our leverage ratio declined from 3.69x to 3.16x as of the end of the year.”

Mr. Barasch continued, “AdaptHealth provides needed medical equipment and supplies to approximately 4.1 million patients annually. Our nearly 11,000 employees, including approximately 1,000 healthcare professionals, are committed to constant improvement in our service and value to these patients so they can live better and healthier lives.”

Conference Call

Management will host a teleconference today, Tuesday, February 27, 2024, 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:

800-245-3047 (Domestic) or
203-518-9765 (International)

When prompted, reference Conference ID: AHCO4Q23

Webcast Registration

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