Business
AdaptHealth Announces Third Quarter 2021 Financial Results, Raises Full-Year 2021 Guidance, and Provides Full-Year 2022 Guidance
PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)-- AdaptHealth Corp. (NASDAQ: AHCO) (“AdaptHealth” or “the Company”), a national leader in providing patient-centered,
About this update from Adapthealth Corp.
[{"type":"text","content":" PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--\nAdaptHealth 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, 2021.\n\nHighlights\n\n\nAdaptHealth delivered record net revenue and Adjusted EBITDA for the third quarter and further increased fiscal 2021 guidance, despite the challenging operating environment.\n\n\nDuring the quarter, the Company completed six previously-discussed acquisitions, expanding HME operations in Kentucky, Ohio, West Virginia, New Jersey, New York, South Carolina, and Florida.\n\n\nSince quarter end, the Company has completed four additional acquisitions: three HME providers in Florida, Washington, and Wisconsin, and a diabetes supplier in Texas.\n\n\nIn addition to the AeroCare merger, AdaptHealth has acquired more than $400 million in annualized revenue to date in 2021.\n\n\nIn August the Company completed an offering of $600 million aggregate principal amount of 5.125% unsecured senior notes due 2030.\n\n\nThird Quarter Results\n\n\nNet revenue was $653.3 million, compared to $284.4 million in the third quarter of 2020, a 130% increase.\n\n\nOrganic growth for the third quarter was 6.5%.\n\n\nNet income attributable to AdaptHealth Corp. was $58.1 million, or $0.20 per diluted share, compared to a net loss of $51.0 million, or $0.89 per diluted share, in the third quarter of 2020.\n\n\nAdjusted EBITDA was $156.3 million, compared to $53.2 million in the third quarter of 2020, a 194% increase.\n\n\nAdjusted EBITDA less Patient Equipment Capex was $106.1 million, compared to $35.9 million in the third quarter of 2020, a 196% increase.\n\n\nGuidance Increased for 2021\n\nBased on current business, market trends, and acquisitions completed to date, the Company is increasing its previously issued financial guidance for fiscal year 2021 as follows:\n\n\nNet revenue of $2.41 billion to $2.46 billion, up from prior guidance of $2.38 billion to $2.48 billion;\n\n\nAdjusted EBITDA of $570 million to $580 million, up from prior guidance of $555 million to $580 million; and\n\n\nAdjusted EBITDA less Patient Equipment Capex of $365 million to $375 million, up from prior guidance of $360 millio...