AdaptHealth posts first earnings report
By HME News Staff
Updated Thu November 14, 2019
PLYMOUTH MEETING, Pa. - AdaptHealth reported net revenue of $136.5 million and net sales of $83.1 million for the third quarter ended Sept. 30, an increase of 33.6% and 44.5%, respectively, from the same period last year.
The provider reported a net loss of $3.1 million vs. net income of $12.7 million.
Adjusted EBITDA for the third quarter was $31.7 million, a 25.3% increase.
“We are very pleased with AdaptHealth Holdings' year-to-date 2019 financial results, which included significant increases in revenue and adjusted EBITDA that demonstrate the successful execution of our strategy to grow organically and through accretive acquisitions,” said CEO Luke McGee.
AdaptHealth reported net revenue of $380.1 million for the nine months ended Sept. 30 compared to $236.6 million for the same period last year. It reported a net loss of $10.2 vs. net income of $20.4 million.
The provider also reported that it has acquired six companies since July, including three since Oct. 1. It expects these acquisitions to generate approximate annual revenues of $58 million.
This is the company's first earnings report since it closed on its merger with DFB Acquisitions on Nov. 7.
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