AdaptHealth: ‘Strategic initiatives have started to produce results’
By HME News Staff
Updated 8:15 AM CST, Tue February 27, 2024
PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $3.2 billion for fiscal year 2023, an increase of 7.7%.
Despite the revenue increase, the company reported a net loss of $678.9 million, largely due to a substantial pre-tax goodwill impairment of $830.8 million.
AdaptHealth's adjusted EBITDA for 2023 was 13%, reaching $670.8 million. Free cash flow increased to $143.2 million from a negative $17.6 million in 2022.
"We closed out 2023 with strong performance across the board in the fourth quarter,” said Richard Barasch, chairman and interim CEO. “Driven by continued strength in sleep and respiratory, we generated record revenue of $3.2 billion, up 7.7% year-over-year, nearly all from non-acquired sources. We are also quite pleased that Adjusted EBITDA for the year increased at an even faster rate, giving us confidence that the strategic initiatives we undertook to improve efficiency have started to produce results.”
For the fourth quarter, specifically, net revenue increased by 10% to $858.2 million, and adjusted EBITDA rose by 40.2% to $204.6 million.
Looking ahead, AdaptHealth provided initial financial guidance for fiscal year 2024, including:
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Net revenue of $3.25 billion to $3.35 billion
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Adjusted EBITDA of $650 million to $710 million
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Free cash flow of $150 million to $180 million
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