PLYMOUTH MEETING - AdaptHealth Corp. (NASDAQ: AHCO) ('AdaptHealth' or the 'Company'), a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and related services, announced today financial results for the second quarter ended June 30, 2023.
Second Quarter Results and Highlights
All comparisons are to the quarter ended June 30, 2022 unless otherwise stated.
Net revenue was $793.3 million compared to $727.6 million, an increase of 9.0%.
Non-acquired net revenue growth was 8.7%.
Net income attributable to AdaptHealth Corp. was $14.0 million, compared to $14.0 million.
Adjusted EBITDA was $171.0 million, compared to $150.0 million, an increase of 14.0%.
Cash flow from operations was $226.6 million year-to-date 2023, an increase from $169.9 million during the comparable period in 2022.
Free cash flow was $54.8 million year-to-date 2023, an increase from $15.6 million during the comparable period in 2022.
Management Commentary
'We are pleased to report solid results in the second quarter driven by continued strength in our core Sleep and Respiratory product lines.' said Richard Barasch, Chairman and Interim CEO of AdaptHealth. 'We have spent considerable effort creating and beginning to implement a comprehensive plan to resume market growth in our Diabetes line of business and saw meaningful sequential improvement. We were especially pleased with our cash generation for the first half of the year and with the execution to date of our cost-management program.'
Mr. Barasch continued, 'We believe we are well-positioned for the back half of the year, and we look forward to welcoming our new Chief Executive Officer, Crispin Teufel, who will be joining us in September.'
Financial Outlook
The Company is updating previous financial guidance for fiscal year 2023 as follows
Net revenue of $3.16 to $3.20 billion, from $3.16 to $3.24 billion
Adjusted EBITDA of $650 to $680 million, from $650 to $710 million
Total capital expenditures representing 10-12% of net revenue, unchanged
Free cash flow representing 3-4% of net revenue, unchanged
Contact:
Tel: 757-496-2030
Fax: 757-496-0604
DFB HEALTHCARE ACQUISITIONS CORP.