AdaptHealth booming, despite CPAP shortage, pandemic
By HME News Staff
Updated 8:04 AM CST, Thu February 24, 2022
PLYMOUTH MEETING, Mass. – AdaptHealth more than doubled its revenue in 2021, with reporting $2.45 billion, up from $1.06 billion in 2020.
“2021 was a remarkable year for AdaptHealth,” said Steve Griggs, CEO. “Despite the worldwide pandemic, the shortage of CPAP equipment, and higher costs from supply chain challenges, AdaptHealth has continued to grow and prosper. Although adjusted EBITDA fell short of our full-year guidance due to product mix shift from rental to sales, we were very pleased with our free cash flow generation as we exited the year.
For the fourth quarter of 2021, net revenue was a record $702.1 million compared to $348.4 million in the fourth quarter of 2020, an increase of 102%. Adjusted EBITDA was $158.1 million, compared to $79.4 million in the fourth quarter of 2020, an increase of 99%; and adjusted EBITDA less patient equipment capex was $100 million, compared to $58.5 million in the fourth quarter of 2020, an increase of 71%.
Organic growth for the fourth quarter was 2.7% and non-acquired growth was 2.4% despite continued pressure on supply of CPAP devices largely due to the Philips Respironics recall.
The company updated its financial guidance for 2022:
Net revenue of $2.825 billion to $3.025 billion, vs. prior guidance of $2.700 billion to $2.900 billion;
and adjusted EBITDA of $610 million to $670 million, vs. prior guidance of $635 million to $695 million.
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