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PLYMOUTH MEETING, Pa. – May 7, 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 first quarter ended March 31, 2024.

First Quarter Results and Highlights

  • All comparisons are to the quarter ended March 31, 2023.
  • Net revenue was $792.5 million compared to $744.6 million, an increase of 6.4%.
  • Net loss attributable to AdaptHealth Corp. was $2.1 million compared to net income of $15.7 million.
  • Adjusted EBITDA was $158.5 million compared to $134.0 million, an increase of 18.3%.
  • Cash flow from operations was $49.0 million, a decrease from $140.2 million, and Free Cash Flow was $(38.9) million, a decrease from $51.1 million, both decreases primarily driven by delayed payments resulting from the Change Healthcare data breach. Since the end of the first quarter, the delayed payments have been largely caught up.

Management Commentary

Richard Barasch, Chairman and Interim CEO of AdaptHealth, commented, “I am pleased to report that AdaptHealth had an excellent first quarter. Our Sleep and Respiratory product lines remained strong and our Diabetes product line is moving in the right direction. We delivered 6.2% non-acquired revenue growth and an 18.3% increase in Adjusted EBITDA driven by Adjusted EBITDA Margin of 20.0%.”

Mr. Barasch continued, “Despite the temporary dislocation caused by the Change Healthcare data breach, our expectations for Free Cash Flow for the first half and for the full year remain unchanged. We have continued to reduce our debt in excess of required payments and expect that we will be below 3x leverage in 2024. As I step away, I am proud of all that our team has accomplished during my tenure as CEO and I am quite confident that our progress will continue under Suzanne Foster’s leadership.”

Conference Call

Management will host a teleconference today, Tuesday, May 7, 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:

When prompted, reference Conference ID: AHCO1Q24


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