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AdaptHealth Corp. Announces Second 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 second quarter ended June 30, 2023.\n\n\nSecond Quarter Results and Highlights\n\n\nAll comparisons are to the quarter ended June 30, 2022 unless otherwise stated.\n\n\n\nNet revenue was $793.3 million compared to $727.6 million, an increase of 9.0%.\n\n\nNon-acquired net revenue growth was 8.7%.\n\n\n\n\n\n\nNet income attributable to AdaptHealth Corp. was $14.0 million, compared to $14.0 million.\n\n\n\nAdjusted EBITDA was $171.0 million, compared to $150.0 million, an increase of 14.0%.\n\n\n\nCash flow from operations was $226.6 million year-to-date 2023, an increase from $169.9 million during the comparable period in 2022.\n\n\n\nFree cash flow was $54.8 million year-to-date 2023, an increase from $15.6 million during the comparable period in 2022.\n\n\n\nManagement Commentary\n\n\n“We are pleased to report solid results in the second quarter driven by continued strength in our core Sleep and Respiratory product lines.” said Richard Barasch, Chairman and Interim CEO of AdaptHealth. “We have spent considerable effort creating and beginning to implement a comprehensive plan to resume market growth in our Diabetes line of business and saw meaningful sequential improvement. We were especially pleased with our cash generation for the first half of the year and with the execution to date of our cost-management program.”\n\n\nMr. Barasch continued, “We believe we are well-positioned for the back half of the year, and we look forward to welcoming our new Chief Executive Officer, Crispin Teufel, who will be joining us in September.”\n\n\nFinancial Outlook\n\n\nThe Company is updating previous financial guidance for fiscal year 2023 as follows:\n\n\n\nNet revenue of $3.16 to $3.20 billion, from $3.16 to $3.24 billion\n\n\n\nAdjusted EBITDA of $650 to $680 million, from $650 to $710 million\n\n\n\nTotal capital expenditures representing 10-12% of net revenue, unchanged\n\n\n\nFree cash flow representing 3-4% of net revenue, unchanged\n\n\n\nConference Call Details\n\n\nManagement will host a teleconference today, Tuesday, August 8, 2023...