AdaptHealth reports Q2 increases ‘We have spent considerable effort to implement a comprehensive plan to resume market growth in our diabetes line'
By HME News Staff
Updated 9:42 AM CDT, Tue August 8, 2023
PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $793.3 million for the second quarter 2023, compared to $727.6 million during the same period in 2022, an increase of 9%.
Net income was $14 million and adjusted EBITDA was $171 million.
“We are pleased to report solid results in the second quarter driven by continued strength in our core sleep and respiratory product lines,” said Richard Barasch, chairman and interim CEO. “We have spent considerable effort creating and beginning to implement a comprehensive plan to resume market growth in our diabetes line of business and saw meaningful sequential improvement. We were especially pleased with our cash generation for the first half of the year and with the execution to date of our cost-management program.”
The company is updating previous financial guidance for fiscal year 2023 as follows:
- Net revenue of $3.16 to $3.20 billion, from $3.16 to $3.24 billion
- Adjusted EBITDA of $650 to $680 million, from $650 to $710 million
- Total capital expenditures representing 10-12% of net revenue, unchanged
- Free cash flow representing 3%-4% of net revenue, unchanged
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