Business
AdaptHealth Corp. Announces Third Quarter 2020 Financial Results
PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)-- AdaptHealth Corp. (NASDAQ: AHCO) (“AdaptHealth” or the “Company”), a leading provider of home healthcare equipment,
About this update from Adapthealth Corp.
[{"type":"text","content":" PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--\nAdaptHealth Corp. (NASDAQ: AHCO) (“AdaptHealth” or the “Company”), a leading provider of home healthcare equipment, medical supplies to the home and related services in the United States, announced today financial results for the three- and nine-month periods ended September 30, 2020.\n\nHighlights\n\n\nThe Company closed the acquisitions of Solara Medical Supplies and ActivStyle on July 1, 2020. Integration efforts are advancing and both acquisitions were accretive to earnings in the third quarter of 2020.\n\n\nIn the third quarter, the Company acquired several additional diabetes management and home medical equipment businesses in high-growth areas.\n\n\nIn addition, on October 1, 2020, the Company acquired Pinnacle Medical Solutions, a leading distributor of medical devices and supplies to patients for the treatment of diabetes (including continuous glucose monitors and insulin pumps).\n\n\nTo partially fund these acquisitions, the Company completed $1.2 billion of financing transactions, consisting of $134 million in net proceeds from a primary common equity issuance, $225 million from PIPE issuances of common equity, $343 million in net proceeds from an unsecured senior note issuance and a $450 million senior bank facility refinancing.\n\n\nThird Quarter Results\n\n\nNet revenue was $284.4 million, a 108% increase from the third quarter of 2019 and 23% higher than the second quarter of 2020.\n\n\nNet loss attributable to AdaptHealth Corp. was $2.5 million, or $0.04 per diluted share, compared to a net loss of $3.7 million, or $0.17 per diluted share, in the third quarter of 2019.\n\n\nAdjusted EBITDA less Patient Equipment Capex was $35.9 million compared to $18.7 million in the third quarter of 2019.\n\n\nAdjusted EBITDA was $53.2 million compared to $31.7 million in the third quarter of 2019.\n\n\nNine Month Results\n\n\nNet revenue was $708.0 million, an 86% increase from the first nine months of 2019.\n\n\nNet income attributable to AdaptHealth Corp. was $1.4 million, or $0.02 per diluted share, compared to a net loss of $11.6 million, or $0.60 per diluted share, in the first nine months of 2019.\n\n\nAdjusted EBITDA less Patient Equipment Capex was $84.0 million compared to $53.8 million in the first nine months of 2019.\n\n\nAdjusted EBITDA was $126.3 million compared to $89....