Apria increases full year guidance

INDIANAPOLIS – Apria reported net revenue of $275.3 million for the first quarter of 2021, a 2% increase compared to the same period last year. 

It reported a net income of $4.5 million, a 29% decrease. 

“We delivered strong first quarter 2021 results ahead of our expectations on all three of our key metrics and we built on momentum from 2020 establishing a solid foundation for future growth,” said Dan Starck, CEO. “The country experienced a significant surge in COVID cases coming out of the holiday season, and the team at Apria, as well as the industry, played a critical role serving as the pressure relief valve for hospitals by getting people home to free up hospital capacity for the most severe cases. As the spike has started to dissipate, we are optimistic about the steadily increasing volumes of people seeking non-COVID-related health care services.” 

Apria reported adjusted EBITDA of $48.3 million for the first quarter of 2020, a 15% increase from the same period last year. Adjusted EBITDA less patient equipment capex was $24.7 million, a 41% increase. 

For the second quarter, Apria is projecting net revenue of $277 million to $283 million; and for the full year 2021 it is projecting net revenue of $1.12 billion to $1.14 billion, up from $1.11 billion to $1.14 billion. 

“We leveraged our national infrastructure to move assets around the country and we continue to manage our cost structure accordingly,” Stark said. “While we are not past the COVID challenges, I am confident that our team will continue to make the necessary adjustments and investments to ensure we are well positioned to drive future growth.”