AdaptHealth: ‘We continue to meet expectations’ 

PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenues of $727.6 million for the second quarter of 2022, a 17.9% increase compared to the same period of 2021. 

The company says sleep categories showed sequential growth, as the supply of CPAP machines continues to improve relative to recent quarters. 

“During the quarter we have seen continued resilience in our HME and sleep product lines as CPAP patient set-ups remain at or near record levels resulting in rental census up 16% from February levels, and our diabetes product line continues to post double-digit growth,” said Steve Griggs, CEO. “AdaptHealth continues to meet expectations for growth and profitability and drive operating leverage, even in the face of considerable inflation, fuel, freight and labor market pressures.” 

Other financial results: 

• Net income attributable to AdaptHealth Corp. was $14 million, or $0.09 per diluted share, compared to $79.1 million, or $0.12 per diluted share, in the second quarter of 2021. 
• Adjusted EBITDA was $150 million, compared to $147.4 million in the second quarter of 2021, an increase of 1.8%. On a sequential basis, adjusted EBITDA margin increased 110 basis points to 20.6%, as the company continues to manage well through the inflationary environment and supply chain challenges. 
• Cash flow from operations was $103.5 million, compared to $129.2 million in the second quarter of 2021. 

AdaptHealth is maintaining its previously issued financial guidance for fiscal year 2022, as follows: 

• Net revenues of $2.840 billion to $3.040 billion; 
• Adjusted EBITDA of $615 million to $675 million; and 
• Total capital expenditures representing 9-11% of net revenue.