PLYMOUTH MEETING, Pa. – November 5, 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 third quarter ended September 30, 2024.
Third Quarter Results and Highlights
All comparisons are to the quarter ended September 30, 2023 unless otherwise stated.
- Net revenue was $805.9 million compared to $804.0 million, an increase of 0.2%.
- Net income attributable to AdaptHealth Corp. was $22.9 million compared to a net loss attributable to AdaptHealth Corp. of $454.1 million.
- Adjusted EBITDA was $164.3 million compared to $161.2 million, an increase of 1.9%
- Cash flow from operations was $391.4 million year-to-date 2024, an increase from $325.4 million during the comparable period in 2023, and free cash flow was $162.7 million year-to-date 2024, an increase from $76.6 million during the comparable period in 2023.
- The Company completed the sale of certain custom rehab assets during the quarter.
Management Commentary
Suzanne Foster, Chief Executive Officer of AdaptHealth, stated, “I continue to be optimistic about the road ahead. We have identified growth opportunities, we are assembling a high performing team and investing in areas that allow us to serve even more patients in their homes.”
Financial Outlook
The Company is updating previous financial guidance for fiscal year 2024 as follows:
- Net revenue of $3.220 billion to $3.260 billion, from $3.255 billion to $3.315 billion
- Adjusted EBITDA of $655 million to $675 million, from $660 million to $700 million
- Free cash flow of $175 million to $195 million, from $160 million to $180 million
Conference Call
Management will host a teleconference today, Tuesday, November 5, 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: AHCO3Q24
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.”
Download the Press Release Supplemental-Investor-Presentation