Business
AdaptHealth Corp. Announces Fourth Quarter and Full-Year 2022 Results and Updates 2023 Outlook
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 fourth quarter and fiscal year ended December 31, 2022.\n\nHighlights of 2022\n\n\nAdaptHealth provides needed medical equipment and supplies to approximately 3.9 million patients annually.\n\n\nNet revenue increased 21% over full-year 2021, driven by acquired growth of 17.9% and non-acquired growth of 3.5%.\n\n\nNet income attributable to AdaptHealth Corp. was $69.3 million, or $0.33 per diluted share, compared to $156.2 million, or $0.67 per diluted share, in 2021.\n\n\nAdjusted EBITDA was $593.8 million, an increase of 4.9% from full-year 2021.\n\n\nCash flow from operations was $373.9 million in 2022, up from $275.7 million in 2021.\n\n\nFourth Quarter Results and Highlights\n\n\nAdaptHealth reported Net revenue of $780.3 million for the fourth quarter of 2022 compared to $702.1 million in the fourth quarter of 2021, an increase of 11.1% including non-acquired growth of 5.3%.\n\n\nStrong sequential growth in Sleep revenue and further improvement in supply of PAP equipment.\n\n\nNet loss attributable to AdaptHealth Corp. was $2.6 million, or $(0.02) per diluted share, compared to net income attributable to AdaptHealth Corp. of $22.9 million, or $0.15 per diluted share, in the fourth quarter of 2021.\n\n\nAdjusted EBITDA was $146.0 million, compared to $158.1 million in the fourth quarter of 2021, a decrease of 7.7%.\n\n\nCash flow from operations was $96.9 million, compared to $100.9 million in the fourth quarter of 2021.\n\n\nGuidance Updated for Fiscal Year 2023\n\nThe Company is updating its initial financial guidance for fiscal year 2023, as follows:\n\n\nNet revenue of $3.160 billion to $3.240 billion (previously $3.210 billion to $3.290 billion);\n\n\nAdjusted EBITDA of $650 million to $710 million (previously $690 million to $750 million);\n\n\nTotal capital expenditures representing 10-12% of net revenue (previously 9-11% of net revenue).\n\n\nGuidance for fiscal year 2023 does not include any contributions from acquisitions that have not yet closed.\n\nManagement Commentary\n\nSteve Griggs, Chief Executive Officer, com...