AdaptHealth reports record-breaking quarter

PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $348.4 million for the fourth quarter of 2020, an increase of 133% compared to the same quarter in 2019. For the full year, net revenue was $1.06 billion, a 99% increase compared to 2019. 

Adjusted EBITDA less patient equipment capex was $58.5 million vs. $21.8 million for the quarter and $142.5 million vs. $75.6 million for the year. 

“We are very pleased with our 2020 performance, which we believe is a testament to our relentless focus on our patients and referral sources and our ability to drive growth through process improvements and technology solutions,” said Luke McGee, co-CEO. “In the fourth quarter, our diabetes business drove substantial growth as the result of high ordering patterns in December and our continued investment in accretive acquisitions. We are increasing guidance for 2021 as a result of these acquisitions, as well as from our prospects for organic growth in 2021.” 

AdaptHealth has increased its previous guidance for fiscal year 2021 to net revenue of $2.18 billion to $2.35 billion, up from $2.05 billion to $2.20 billion, and adjusted EBITDA of $510 million to $550 million, up from $480 million to $515 million. 

The company in the fourth quarter of 2020 and first quarter of 2021 acquired several HME companies, including Allina Health Home Oxygen & Medical in February. 

AdaptHealth has also acquired several diabetes management businesses, including Pinnacle Medical Solutions New England Home Medical and Diabetes Management and Supply. 

The company in February closed on its acquisition of AeroCare and integration efforts are progressing, say company execs.