AdaptHealth sees mixed bag in Q1
By HME News Staff
Updated 9:29 AM CDT, Tue May 7, 2024
PLYMOUTH MEETING, Pa. – AdaptHealth reported revenue of $792.5 million for the first quarter 2024, a 6.4% increase over the prior year, surpassing expectation of $769.87 million.
Adjusted EBITDA increased to $158.5 million, an 18.3% increase. Free cash flow was negative $38.9 million compared to $51.1 million, primarily driven by delayed payments resulting from the Change Healthcare cyberattack.
“I am pleased to report that AdaptHealth had an excellent first quarter,” said Richard Barasch, chairman and interim CEO. “Our sleep and respiratory product lines remained strong and our diabetes product line is moving in the right direction. We delivered 6.2% non-acquired revenue growth and an 18.3% increase in adjusted EBITDA driven by adjusted EBITDA margin of 20%. Despite the temporary dislocation caused by the Change Healthcare data breach, our expectations for free cash flow for the first half and for the full year remain unchanged. We have continued to reduce our debt in excess of required payments and expect that we will be below 3x leverage in 2024.”
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