Business
AdaptHealth Corp. Announces First Quarter 2021 Financial Results
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 first quarter ended March 31, 2021.\n\nHighlights\n\n\nAs previously announced, the Company completed the acquisition of AeroCare Holdings Inc. on February 1, 2021. Integration efforts are on track and the Company expects to generate previously announced pre-tax annual run rate cost synergies of approximately $50 million, including $30 million in 2021. Our first quarter results include two months of operations of AeroCare.\n\n\nOrganic growth reported for the first quarter was 11.5%.\n\n\nIn the first quarter, the Company closed four additional acquisitions including previously announced Allina Health Home Oxygen & Medical Equipment, a home medical equipment provider in Minnesota with 10 locations.\n\n\nOn April 30, 2021, AdaptHealth expanded its presence in New England with the acquisition of Spiro Health Services, a provider of home medical equipment and supplies operating with 22 locations across eight states.\n\n\nIn April 2021, AdaptHealth entered into an agreement with its lenders to expand its existing credit facility to fund anticipated M&A activity. The Company increased its term loan from $700 million to $800 million and expanded the maximum borrowing capacity under its revolving credit facility from $250 million to $450 million.\n\n\nAs of April 30, 2021, the Company had approximately $410 million available on its revolving credit facility and approximately $97 million of cash on hand.\n\n\nFirst Quarter Results\n\n\nNet revenue was $482.1 million, compared to $191.4 million in the first quarter of 2020, a 152% increase.\n\n\nNet loss attributable to AdaptHealth Corp. was $4.0 million, or $0.08 per diluted share, compared to a net loss of $34.6 million, or $0.82 per diluted share, in the first quarter of 2020.\n\n\nAdjusted EBITDA was $104.2 million, compared to $30.5 million in the first quarter of 2020, a 242% increase.\n\n\nAdjusted EBITDA less Patient Equipment Capex was $61.9 million, compared to $17.5 million in the first quarter of 2020, a 254% increase.\n\n\nIncreased Guidance\n\nWhile it remains difficult to pr...