AdaptHealth expects further improvement in Q4
By HME News Staff
Updated 10:06 AM CST, Tue November 8, 2022
PLYMOUTH MEETING, Pa. – AdaptHealth reported record revenues of $756.5 million for the third quarter of 2022, an increase of 15.8% compared to the same quarter in 2021.
Net income was $16.1 million and adjusted EBITDA was $160.2 million.
The company’s sleep rental revenue continued to show strong sequential growth, with further improvement in the supply of PAP machines relative to recent quarters.
“We delivered another solid quarter as we continued to capitalize on strong demand in our HME and sleep product lines with CPAP patient setups at or near record levels each month of the quarter, and our diabetes product line once again posting double-digit growth,” said Steve Griggs, CEO. “Additionally, our operational excellence initiatives continued to partially offset general inflationary pressures and higher labor costs. As a result, we were pleased to see sequential margin expansion in the third quarter and expect further improvement in the fourth quarter.”
AdaptHealth adjusted its previously issued financial guidance for fiscal year 2022, as follows:
- Net revenue of $2.950 billion to $3.010 billion (previously $2.840 billion to $3.040 billion);
- Adjusted EBITDA of $620 million to $650 million (previously $615 million to $675 million); and
- Total capital expenditures representing 10-12% of net revenue (previously 9-11%).
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