Business
AdaptHealth Corp. Announces Third Quarter 2022 Results and Updates 2022 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 third quarter ended September 30, 2022.\n\nThird Quarter Results and Highlights\n\n\nAdaptHealth delivered record net revenue of $756.5 million for the third quarter of 2022 compared to $653.3 million in the third quarter of 2021, an increase of 15.8%.\n\n\nNet income attributable to AdaptHealth Corp. was $16.1 million, or $0.11 per diluted share, compared to $58.1 million, or $0.20 per diluted share, in the third quarter of 2021.\n\n\nNon-acquired net revenue for the third quarter increased 6.1% over the third quarter of 2021.\n\n\nSleep rental revenue continued to show strong sequential growth with further improvement in the supply of PAP machines relative to recent quarters.\n\n\nAdjusted EBITDA was $160.2 million, compared to $156.3 million in the third quarter of 2021, an increase of 2.5%.\n\n\nCash flow from operations was $107.0 million, compared to $27.1 million in the third quarter of 2021.\n\n\nThe Company repurchased $10.6 million of its common stock in the open market during the quarter using available cash, pursuant to the previously-announced share repurchase authorization.\n\n\nGuidance Updated for Fiscal Year 2022\n\nThe Company is updating its previously issued financial guidance for fiscal year 2022, as follows:\n\n\nNet revenue of $2.950 billion to $3.010 billion (previously $2.840 billion to $3.040 billion);\n\n\nAdjusted EBITDA of $620 million to $650 million (previously $615 million to $675 million); and\n\n\nTotal capital expenditures representing 10-12% of net revenue (previously 9-11%).\n\n\nGuidance for fiscal year 2022 does not include any contribution from acquisitions that have not yet closed.\n\nManagement Commentary\n\nSteve Griggs, Chief Executive Officer, commented, “We delivered another solid quarter as we continued to capitalize on strong demand in our HME and Sleep product lines with CPAP patient set-ups at or near record levels each month of the quarter, and our diabetes product line once again posting double-digit growth. Additionally, our operational excellence initiatives continued to partia...