AdaptHealth’s adjusted EBITDA falls short 'We are confident that management will execute on new cost containment programs to ensure we deliver on our updated guidance'
By HME News Staff
Updated 12:27 PM CST, Tue February 28, 2023
PLYMOUTH MEETING, Pa. - AdaptHealth reported net revenue of $780.3 million for the fourth quarter of 2022, an 11.1% increase compared to the same period in 2021.
It reported a net loss of $2.6 million vs. a net income of $22.9 million, and adjusted EBITDA of $146 million vs. $158.1 million.
“We are disappointed that adjusted EBITDA fell short of our full-year guidance due primarily to larger impacts from revenue mix and cost pressures than we previously expected,” said Steve Griggs, CEO. “However, we are excited about the immediate future and our long-term opportunities and are confident that management will execute on new cost containment programs to ensure we deliver on our updated guidance.”
AdaptHealth reported net revenue increased 21% for full year 2022 compared to the previous year. It reported a net income of $69.3 million vs. $156.2 million, and an adjusted EBITDA increase of 4%.
The company also provided updated guidance for 2023:
- Net revenue of $3.160 billion to $3.240 billion (previously $3.210 billion to $3.290 billion);
- Adjusted EBITDA of $650 million to $710 million (previously $690 million to $750 million);
- Total capital expenditures representing 10-12% of net revenue (previously 9-11% of net revenue).
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