Tag: AdaptHealth
AdaptHealth sees small but positive trends
May 8, 2024Theresa Flaherty, Managing Editor
PLYMOUTH MEETING, Pa. – AdaptHealth’s diabetes business “outperformed expectations” during the first quarter of 2024 and company execs are cautiously optimistic that their efforts to boost the segment are starting to make headway.
Diabetes revenue was $149.3 million for the quarter, a 2% increase and the first year-over-year increase for the segment since the second quarter of 2023, driven by the company’s moves to double its sales force, name Briah Carey as...
AdaptHealth sees mixed bag in Q1
May 7, 2024HME News Staff
PLYMOUTH MEETING, Pa. – AdaptHealth reported revenue of $792.5 million for the first quarter 2024, a 6.4% increase over the prior year, surpassing expectation of $769.87 million.
Adjusted EBITDA increased to $158.5 million, an 18.3% increase. Free cash flow was negative $38.9 million compared to $51.1 million, primarily driven by delayed payments resulting from the Change Healthcare cyberattack.
“I am pleased to report that AdaptHealth had an excellent first quarter,”...
In brief: AdaptHealth CEO, Graham-Field acquisition, OPGA education
April 19, 2024HME News Staff
PLYMOUTH MEETING, Pa. – AdaptHealth has named Suzanne Foster as its CEO, taking over from interim CEO and chairman of the board Richard Barasch.
Ms. Foster will assume leadership of the company from interim CEO and chairman of the board, Richard Barasch, on May 20.
Foster brings more than 25 years of healthcare experience as a purpose-driven leader with a strong-track record of leading growth businesses in the healthcare market, specifically in-home care, life sciences, medical devices,...
AdaptHealth names new CEO
April 18, 2024HME News Staff
PLYMOUTH MEETING, Pa. – AdaptHealth has named Suzanne Foster as its CEO, taking over from interim CEO and chairman of the board Richard Barasch.
Foster, who will assume leadership on May 20, brings more than 25 years of health care experience as a purpose-driven leader with a strong-track record of leading growth businesses in the health care market, specifically in-home care, life sciences, medical devices, supply chain and distribution, and health care technology. She most recently...
AdaptHealth works on diabetes, as sleep & oxygen make gains
March 1, 2024Theresa Flaherty, Managing Editor
PLYMOUTH MEETING, Pa. - Diabetes revenue for the fourth quarter of 2023 was down 3.8% against the prior year, driven in part by compression on insulin pumps, but AdaptHealth execs say they plan a big push to boost that part of the business in 2024.
Pump revenue in 2022 was about $160 million, and the company expected revenue of about $120 million in 2023.
“We came right in line with that expectation,” said Jason Clemens, CFO, during a recent call to discuss the company’s...
AdaptHealth: ‘Strategic initiatives have started to produce results’
February 27, 2024HME News Staff
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...
I have questions
November 21, 2023Liz Beaulieu, Editor
YARMOUTH, Maine – One of the most interesting takeaways from the HME News Business Summit in Charlotte, N.C., Oct. 22-24, was just how much commercial insurers care about patient satisfaction.
Brad Heath, an executive vice president with AdaptHealth, was part of a panel at the Summit on disruptive partnerships with payers. AdaptHealth, along with Rotech Healthcare, as we all know, has a contract with Humana to provide certain home medical equipment services to its Medicare Advantage...
AdaptHealth ready to ‘take responsibility’
November 10, 2023Theresa Flaherty, Managing Editor
PLYMOUTH MEETING, Pa. – AdaptHealth underestimated the size and complexity of ramping up its Humana contract, resulting in a $10 million miss against expectations, company execs said on a call to discuss third quarter earnings.
“Onboarding members is taking longer than we had anticipated, resulting in a reduction to our expected revenues from Humana,” said Richard Barasch, chairman and interim CEO. “Nevertheless, we remain confident that this agreement will achieve...
In brief: AdaptHealth’s Q3, Medela’s spin-off, Braff Group’s milestone
November 8, 2023HME News Staff
PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $804 million for the third quarter of 2023, an increase of 6.3% over the same quarter one year ago.
Net loss was $454.1 million compared to net income of $16.1 million, largely resulting from a $511.9 million pre-tax write down of goodwill.
Adjusted EBITDA was $161.2 million, compared to $160.2 million, an increase of 0.6%.
“We are pleased with the results of the third quarter,” said Richard Barasch,...
AdaptHealth: Q3 ‘powered by sleep’
November 7, 2023HME News Staff
PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $804 million for the third quarter of 2023, an increase of 6.3% over the same quarter one year ago.
Net loss was $454.1 million compared to net income of $16.1 million, largely resulting from a $511.9 million pre-tax write down of goodwill.
Adjusted EBITDA was $161.2 million, compared to $160.2 million, an increase of 0.6%.
“We are pleased with the results of the third quarter,” said Richard Barasch,...