Business
AdaptHealth Corp. Announces First Quarter 2020 Financial Results
PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)-- AdaptHealth Corp. (NASDAQ: AHCO) (“AdaptHealth” or the “Company”), a leading provider of home healthcare equipment,
About this update from Adapthealth Corp.
[{"type":"text","content":" PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--\nAdaptHealth Corp. (NASDAQ: AHCO) (“AdaptHealth” or the “Company”), a leading provider of home healthcare equipment, medical supplies to the home and related services in the United States announced today financial results for the three months ended March 31, 2020.\n\n\nHighlights\n\n\n\nAdaptHealth operated effectively during the COVID-19 crisis serving patients and referral partners, while protecting the health of our frontline responders and other employees.\n\n\nOn January 2, 2020, we closed the acquisition of Patient Care Solutions (PCS), which accelerated our growth into the home medical supplies business. As previously disclosed, PCS is a turn-around situation and as part of our investment we expect $15 million in restructuring and operational losses in 2020.\n\n\nOn February 28, 2020, we closed the acquisition of Texas-based Healthline Medical (Healthline), a diversified home medical equipment (HME) company that was immediately accretive to our earnings.\n\n\nOn March 2, 2020, we closed the acquisition of the HME assets of North Carolina-based Advanced Home Care (Advanced) that was immediately accretive to our earnings.\n\n\n\nFirst Quarter 2020\n\n\n\nNet revenue was $191.4 million, a 60% increase from the first quarter of 2019 and 28% higher than the fourth quarter of 2019; PCS generated net revenue of $33.9 million.\n\n\nNet loss attributable to AdaptHealth Corp. was $0.2 million, compared to a net loss of $5.8 million in the first quarter of 2019.\n\n\nAdjusted EBITDA less Patient Equipment Capex was $17.5 million compared to $17.0 million in the first quarter of 2019. Excluding PCS, which incurred a quarterly loss of $4.5 million, Adjusted EBITDA less Patient Equipment Capex was $22.0 million, a 29% increase compared to the first quarter of 2019.\n\n\nAdjusted EBITDA was $30.5 million compared to $28.2 million in the first quarter of 2019. Excluding PCS, which incurred a quarterly loss of $4.5 million, Adjusted EBITDA was $35.0 million, a 24% increase compared to the first quarter of 2019.\n\n\n\nCEO Commentary\n\n\nLuke McGee, Chief Executive Officer of AdaptHealth, commented, “Despite significant and sudden challenges brought on by the COVID-19 pandemic, our strong first quarter performance reflects the extraordinary hard work, resilience and dedication of our outstanding A...