Tag: Steve Griggs
In brief: Invacare’s ‘fresh start,’ AdaptHealth leadership change, POC warning
May 10, 2023HME News Staff
ELYRIA, Ohio – Invacare announced May 8 that the company, as well as its two U.S. subsidiaries, Freedom Designs and Adaptive Switch Laboratories, successfully emerged from Chapter 11 bankruptcy on May 5.
The news comes about three months after Invacare filed for Chapter 11.
“This marks the start of a new era for Invacare,” said Geoffrey P. Purtill, president and CEO, who will continue to lead the company. “With Chapter 11 behind us, we look to renew...
AdaptHealth’s Griggs to step down
May 9, 2023HME News Staff
PLYMOUTH MEETING, Pa. – AdaptHealth CEO Stephen Griggs will step down effective June 30.
Griggs joined AdaptHealth in 2021 following its acquisition of AeroCare Holdings, which he founded in 2000 and led as president and CEO until the acquisition. Under his leadership, AdaptHealth added key vendors, launched cross-selling initiatives, integrated its cloud-based workstreams and pioneered e-prescribe, e-ordering and e-delivery services.
“On behalf of the board, I thank...
AdaptHealth’s sleep business shows signs of recovery
September 2, 2022Theresa Flaherty, Managing Editor
PLYMOUTH MEETING, Pa. – Sleep therapy was the “big news” for AdaptHealth in the second quarter, with the company beating its expectations, says CEO Stephen Griggs.
“Our census is up 16% from February 2022 when it hit its lowest level since the Philips recall began,” said Griggs on an earnings call. “While we do not expect Philips to be back in the market any time before early 2023, the increased production we have started to see from other suppliers has...
AdaptHealth takes long view of CPAP market
May 13, 2022Theresa Flaherty, Managing Editor
PLYMOUTH MEETING, Pa. – Acquisitions will continue to be a big part of AdaptHealth’s strategy, but how much will depend on how the market for CPAP devices unfolds throughout 2022, company execs said on a recent earnings call.
“Depending on supply and the availability of product in the back half of the year, we could dial up or dial down our ability to do integrations and acquisitions,” said Josh Parnes, president.
In 2021, AdaptHealth closed on 23 acquisitions,...
AdaptHealth: 'We're feeling good about fourth quarter’
November 5, 2021Theresa Flaherty, Managing Editor
PLYMOUTH MEETING, Pa. – AdaptHealth is using its size to its advantage to navigate headwinds from supply chain constraints and a Philips recall of certain CPAP devices, company leaders say.
Supply chain constraints, including port backlogs affecting products shipped from Asia, are impacting certain DME and related product categories that represent about 15% of total revenues, says President Josh Parnes.
“Despite these delays, we benefited from our national scale and...
AdaptHealth reports ‘outstanding’ growth
November 4, 2021HME News Staff
PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $653.3 million for the third quarter of 2021, a 130% increase compared to the same quarter in 2020.
Net income attributable to AdaptHealth was $58.1 million for the quarter, compared to a net loss of $51.0 million during the same quarter in 2020. Adjusted EBITDA was $156.3 million, compared to $53.2 million in the third quarter of 2020; and adjusted EBITDA less patient equipment capex was $106.1 million, compared to $35.9...
AdaptHealth on diabetes market: ‘The goal is to take market share’
August 6, 2021Theresa Flaherty, Managing Editor
PLYMOUTH MEETING, Mass. – AdaptHealth’s diabetes platform is its fastest growing segment at a growth rate of 10% to 12%, said company execs during a call to discuss the company’s second quarter earnings.
The diabetes business had total net revenue of $126.5 million for the second quarter of 2020.
“We’ve been in diabetes a year, and it’s been great out of the gate,” said Josh Parnes, president. “The goal over time is to take market...
AdaptHealth names Griggs CEO
June 15, 2021HME News Staff
PLYMOUTH MEETING, Pa. – Luke McGee has resigned from his positions as co-CEO and director of the board of AdaptHealth, and Stephen Griggs has been named CEO effective immediately.
Griggs, who is also a member of the board, joined AdaptHealth in February as co-CEO following the company’s acquisition of AeroCare Holdings, which he founded and led as president and CEO.
“Steve’s extensive management experience, along with health sector expertise and a proven...
AdaptHealth continues brisk pace of acquisitions
May 7, 2021Theresa Flaherty, Managing Editor
PLYMOUTH MEETING, Pa. – AdaptHealth has made another large acquisition: Spiro Health, giving it 22 locations in eight states where it doesn’t have much of a presence.
The Massachusetts-based Spiro Health was formed in 2020 with the merger of America's HealthCare at Home, Cape Medical Supply and Health Complex Medical, and is headed up by CEO Gary Sheehan.
“We welcome Gary and the entire Spiro team,”...
AdaptHealth reports triple-digit growth
May 6, 2021HME News Staff
PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $482.1 million for the first quarter of 2021, an increase of 152% over the same quarter last year.
Adjusted EBITDA was $104.2 million, a 242% increase, and adjusted EBITDA less patient equipment capex was $61.9 million, a 254% increase.
The company reported a net loss of $4 million for the first quarter of this year versus a net loss of $34.6 million for the same period last year.
“I’m...