Business
AdaptHealth Corp. Announces Second Quarter 2024 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, 2024.\n\n\nSecond Quarter Results and Highlights\n\n\nAll comparisons are to the quarter ended June 30, 2023 unless otherwise stated.\n\n\n\nNet revenue was $806.0 million compared to $793.3 million, an increase of 1.6%.\n\n\n\nNet income attributable to AdaptHealth Corp. was $19.4 million compared to net income of $14.0 million, an increase of 39.0%.\n\n\n\nAdjusted EBITDA was $165.3 million compared to $171.0 million, a decrease of 3.3%.\n\n\n\nCash flow from operations was $247.0 million year-to-date 2024, an increase from $226.6 million during the comparable period in 2023, and free cash flow was $77.9 million year-to-date 2024, an increase from $54.8 million during the comparable period in 2023.\n\n\n\nSubsequent to June 30, 2024, the Company signed a definitive agreement for the disposition of certain non-core assets, and the transaction is expected to close in the third quarter of 2024.\n\n\nManagement Commentary\n\n\nSuzanne Foster, Chief Executive Officer of AdaptHealth, stated, “I want to recognize the team for delivering another consistent quarter with results in line with our expectations for net revenue, Adjusted EBITDA, and free cash flow.”\n\n\nFoster continued, “I joined this team because I believe in our purpose and the vital role we play in improving healthcare. I am optimistic about the road ahead and look forward to working as One Adapt, a unified team, to support our patients in their homes.”\n\n\nFinancial Outlook\n\n\nThe Company is updating previous financial guidance for fiscal year 2024 by adjusting the midpoint for net revenue to account for the disposition of certain non-core assets, however, the Company is maintaining the midpoint for Adjusted EBITDA, and increasing the midpoint for free cash flow.\n\n\n\nNet revenue of $3.255 billion to $3.315 billion from $3.25 billion to $3.35 billion;\n\n\n\nAdjusted EBITDA of $660 million to $700 million from $650 million to $710 million;\n\n\n\nFree cash flow of $160 million to $180 million from $150 million to $180 million\n\n\n\nCo...