Business
AdaptHealth Corp. Announces Second 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 second quarter ended June 30, 2021.\n\nHighlights\n\n\nIn the second quarter, AdaptHealth delivered its highest quarterly net revenue and adjusted EBITDA as a public company.\n\n\nAdaptHealth completed four acquisitions during the quarter, including the previously announced acquisition of New England-based Spiro Health Services, a provider of home medical equipment and supplies, and Healthy Living Medical Supplies, a Michigan-based diabetes management business.\n\n\nAdaptHealth completed six additional acquisitions following the quarter, expanding HME operations in Kentucky, Ohio, West Virginia, New Jersey, New York, South Carolina, and Florida.\n\n\nTo date, the Company has acquired over $300 million of annualized revenue in 2021, incremental to AeroCare.\n\n\nSecond Quarter Results\n\n\nNet revenue was $617.0 million, compared to $232.1 million in the second quarter of 2020, a 166% increase.\n\n\nOrganic growth for the second quarter was 10.1%.\n\n\nNet income attributable to AdaptHealth Corp. was $79.1 million, or $0.12 per diluted share, compared to $4.5 million, or $0.08 per diluted share, in the second quarter of 2020.\n\n\nAdjusted EBITDA was $147.4 million, compared to $42.6 million in the second quarter of 2020, a 246% increase.\n\n\nAdjusted EBITDA less Patient Equipment Capex was $98.9 million, compared to $30.6 million in the second quarter of 2020, a 223% increase.\n\n\nIncreased Guidance\n\nBased on current business and market trends, the Company is increasing its previously issued financial guidance for fiscal year 2021 as follows:\n\n\nNet revenue of $2.38 billion to $2.48 billion, up from prior guidance of $2.22 billion to $2.39 billion;\n\n\nAdjusted EBITDA of $555 million to $580 million, up from prior guidance of $525 million to $565 million; and\n\n\nAdjusted EBITDA less Patient Equipment Capex of $360 million to $375 million, up from prior guidance of $330 million to $360 million.\n\n\nManagement Commentary\n\nSteve Griggs, Chief Executive Officer, commented, “We are very pleased with our financial results th...