Adapt Health reports increases
By HME News Staff
Updated 12:31 PM CDT, Thu August 5, 2021
PLYMOUTH MEETING, Mass. – Adapt Health reported net revenue of $617 million for the second quarter of 2021, an increase of 166% over the second quarter in 2020.
Adjusted EBITDA was $147.4 million, a 246% increase; and adjusted EBITDA less patient equipment capex was $98.9 million, a 223% increase.
Organic growth for the quarter was 10.1%.
“Our business continues to grow organically as well as through strategic acquisitions in key markets, which complement our national platform,” said Steve Griggs, CEO. “In the second quarter, we acquired several excellent businesses, including Spiro Health Services, a provider of home medical equipment and supplies, and Healthy Living Medical Supplies, a provider of continuous glucose monitors and insulin pumps, which strategically expands our diabetes footprint in the Midwest.”
AdaptHealth increased its guidance for fiscal year 2021 to net revenue of $2.38 billion to $2.48 billion, up from prior guidance of $2.22 billion to $2.39 billion; adjusted EBITDA of $555 million to $580 million, up from prior guidance of $525 million to $565 million; and adjusted EBITDA less patient equipment capex of $360 million to $375 million, up from prior guidance of $330 million to $360 million.
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