Providers

PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $348.4 million for the fourth quarter of 2020, an increase of 133% compared to the same quarter in 2019. For the full year, net revenue was $1.06 billion, a 99% increase compared to 2019.  Adjusted EBITDA less patient equipment capex was $58.5 million vs. $21.8 million for the quarter and $142.5 million vs. $75.6 million for the year.  “We are very pleased with...

WALTHAM, Mass. – Focus Respiratory, a subsidiary of Great Elm Healthcare, has acquired Advanced Medical DME and PM Sleep Lab, adding a combined $5 million in unaudited revenues and 2,500 patients to its roster.  The acquisition of these companies expands Great Elm Healthcare’s footprint in the Midwest, adding six locations in Kansas and three in Missouri, its first in the state.  “The acquisitions of Advanced Medical DME, LLC and PM...

CINCINNATI – Protech Home Medical reported revenue of $22.8 million for the first quarter of fiscal year 2021, a 32% increase compared to the same period in 2020.  Adjusted EBITDA was $5.1 million vs. $3.3 million, a 53% increase.  “The momentum across the business continues to be robust as evidenced by our first quarter financial and operating results, and I am pleased to saw that we are seeing similar strong trends into our second quarter,” said CEO and Chairman...

HOUSTON – Already taxed by the COVID-19 pandemic and equipment shortages, HME providers went to great lengths to continue servicing patients during a devastating ice storm in Texas.  The storm, which brought snow, ice and single-digit temperatures to a state ill equipped for such conditions, knocked power plants offline for lengthy stretches. In some cases, providers were forced to tell vulnerable patients to...

MERION STATION, Pa. – The owner of OxygenWorks, Philomena Baylor, has divested her business to AdaptHealth.  OxygenWorks, based here, is a privately owned, multi-generational company providing a broad spectrum of respiratory equipment and supplies to patients in Pennsylvania, Delaware and New Jersey, according to a press release from the company’s adviser, Central HealthCare Group.  Central HealthCare Group is a Philadelphia-based...

DENVER – Accessible Systems has merged with Ascent Mobility to expand regional home accessibility options. The Lakewood, Colo.-based Ascent Mobility offers stairlifts, wheelchair ramps and lifts, private elevators, overhead ceiling lifts and safety railings. Ascent owner Greg Shepherd will join the leadership team of Accessible Systems, and its team members will continue in their current roles. “Greg and his team really care about their customers and have built a remarkable...

WALTHAM, Mass. – Great Elm Group reported $14.5 million in total revenue for DME for the three months ended Dec. 31, a 1% increase compared to the same period last year.  It reported a net loss of $2.9 million vs. $700,000.  “DME was able to grow revenue during the quarter despite the continued negative impact of COVID-19 on its business,” said Peter Reed, CEO. “Profitability was depressed during the quarter primarily as a result of legacy revenue reserve issues...

PHOENIX – Provider Mark Nicotera says after receiving multiple offers for AZ-MediQuip over the past few years, the time was right to seek outside investment to fuel his retail business. The retail-focused company recently announced it had received funding from Gemini Investors, a private equity firm. It’s a change of pace from other recent deals in the HME industry – including AdaptHealth’s acquisition of AeroCare –...

ASHEVILLE, N.C. – Aeroflow Healthcare has entered into a definitive agreement to buy Wheeling, West Va.-based Family Medical Supply.  Family Medical Supply, founded in 1991, services West Virginia and the greater Ohio Valley with a product portfolio that includes HME and incontinence supplies.  “The acquisition of Family Medical Supply is an exciting step in Aeroflow’s ongoing strategy to grow through acquisition,” said Casey Hite, CEO of Aeroflow....

ELLENSBURG, Wash. – Kittitas Medical Supply has moved into a larger space, reflecting the provider’s growing success since opening in 2016.  The new store, located on the well-traveled main street of this college town, features a 1,500 square-foot showroom, in addition to office space and fitting rooms, says Erik Mickelson, CEO of sister company Howard’s Medical, which has locations in Yakima and Sunnyside, and Howard’s Drug & Medical...