Business
AdaptHealth Corp. Announces First Quarter 2023 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, 2023.\n\n\nFirst Quarter Results and Highlights\n\n\n\nNet revenue was $744.6 million compared to $706.2 million in the first quarter of 2022, an increase of 5.4%, including 17.6% growth in our Sleep categories.\n\n\n\n\nNon-acquired growth was 4.7%.\n\n\n\n\nNet income attributable to AdaptHealth Corp. was $15.7 million.\n\n\n\n\nAdjusted EBITDA was $134.0 million, compared to $137.6 million in the first quarter of 2022, a decrease of 2.7%.\n\n\n\n\nCash flow from operations was $140.2 million in the first quarter of 2023, an increase from $66.5 million during the comparable period in 2022.\n\n\n\nManagement Commentary\n\n\nSteve Griggs, Chief Executive Officer, commented, “We are very pleased with the performance of our Sleep business, which generated 17.6% of net revenue growth year-on-year. We have also seen a rebound in our Respiratory business as we have exited the pandemic. However, the strength in these businesses was partially offset by a decline in our Diabetes business, largely driven by the pump and supplies categories.\n\n\nAs we are seeing stabilization in the organization post-pandemic and post-Philips recall, we are taking the appropriate steps. As such, we have ratified a cost management program aimed at revamping our supply chain infrastructure, rationalizing our real estate footprint, and restructuring our operating model to pre-pandemic levels.\n\n\nWhile the first quarter did not meet our expectations, we believe the initiatives are in place to meet our original full-year financial goals.”\n\n\nConference Call\n\n\nManagement will host a conference call at 8:30 am ET to discuss the results and business activities. Interested parties may participate in the call by dialing:\n\n\n\n(800) 245-3047 (Domestic) or\n\n\n\n\n(203) 518-9765 (International)\n\n\n\nWhen prompted, reference Conference ID: AHCO1Q23\n\n\nWebcast registration: Click Here\n\n\nFollowing the live call, a replay will be available for six months on the Company's website, www.adapthealth.com under \"Investor Relations...