Business
AdaptHealth Reports First Quarter 2022 Results, Updates 2022 Guidance, and Announces $200 Million Share Repurchase Program
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 first quarter ended March 31, 2022, and announced the authorization of a share repurchase program for up to $200 million.\n\nFirst Quarter Results and Highlights\n\n\nAdaptHealth delivered solid net revenue and Adjusted EBITDA for the first quarter, as it began to overcome ongoing challenges resulting from shortages of CPAP equipment.\n\n\nNet revenue was $706.2 million compared to $482.1 million in the first quarter of 2021, an increase of 46.5%.\n\n\nNet income attributable to AdaptHealth Corp. was $41.8 million, or $0.08 per diluted share, compared to a net loss attributable to AdaptHealth Corp. of $4.0 million, or $0.08 per diluted share, in the first quarter of 2021.\n\n\nOrganic growth for the first quarter was 3.7% and non-acquired growth was 3.7%.\n\n\nAdjusted EBITDA was $137.6 million, compared to $104.2 million in the first quarter of 2021, an increase of 32.1%.\n\n\nDuring the quarter, the Company began integration of the previously-announced acquisition of Community Surgical Supply, and for the year to date, has completed six acquisitions of HME and Sleep providers.\n\n\nCash flow from operations was $66.5 million in the first quarter of 2022 compared to $18.4 million in the first quarter of 2021.\n\n\nGuidance Updated for Fiscal Year 2022\n\nBased on current business, market trends, governmental reimbursement updates, and acquisitions to date, the Company is updating its previously issued financial guidance for fiscal year 2022, as follows:\n\n\nNet revenue of $2.840 billion to $3.040 billion (previously $2.825 billion to $3.025 billion);\n\n\nAdjusted EBITDA of $615 million to $675 million (previously $610 million to $670 million); and\n\n\nTotal capital expenditures representing 9-11% of net revenue (unchanged).\n\n\nGuidance for fiscal year 2022 does not include any contribution from acquisitions that have not yet closed, or continuing Public Health Emergency benefits beyond the currently scheduled expiration date.\n\nShare Repurchase Authorization\n\nThe Company announced that its Board of Directors has authorize...