AdaptHealth Corp. Announces Second Quarter 2024 Results

PLYMOUTH MEETING, Pa. – August 6, 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 second quarter ended June 30, 2024.

Second Quarter Results and Highlights

• All comparisons are to the quarter ended June 30, 2023 unless otherwise stated.
• Net revenue was $806.0 million compared to $793.3 million, an increase of 1.6%.
• Net income attributable to AdaptHealth Corp. was $19.4 million compared to net income of $14.0 million, an increase of 39.0%.
• Adjusted EBITDA was $165.3 million compared to $171.0 million, a decrease of 3.3%.
• Cash flow from operations was $247.0 million year-to-date 2024, an increase from $226.6 million during the comparable period in 2023, and free cash flow was $77.9 million year-to-date 2024, an increase from $54.8 million during the comparable period in 2023.

Subsequent to June 30, 2024, the Company signed a definitive agreement for the disposition of certain non-core assets, and the transaction is expected to close in the third quarter of 2024.

Management Commentary

Suzanne Foster, Chief Executive Officer of AdaptHealth, stated, “I want to recognize the team for delivering another consistent quarter with results in line with our expectations for net revenue, Adjusted EBITDA, and free cash flow.”

Foster continued, “I joined this team because I believe in our purpose and the vital role we play in improving healthcare. I am optimistic about the road ahead and look forward to working as One Adapt, a unified team, to support our patients in their homes.”

Financial Outlook

The Company is updating previous financial guidance for fiscal year 2024 by adjusting the midpoint for net revenue to account for the disposition of certain non-core assets, however, the Company is maintaining the midpoint for Adjusted EBITDA, and increasing the midpoint for free cash flow.

• Net revenue of $3.255 billion to $3.315 billion from $3.25 billion to $3.35 billion;
• Adjusted EBITDA of $660 million to $700 million from $650 million to $710 million;
• Free cash flow of $160 million to $180 million from $150 million to $180 million

Conference Call

Management will host a teleconference today, Tuesday, August 6, 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:

800-343-4136 (Domestic) or
203-518-9843 (International)

When prompted, reference Conference ID: AHCO2Q24

Webcast registration: Click Here

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