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Adapt Health reports ‘outstanding’ growth

Adapt Health reports ‘outstanding’ growth

PLYMOUTH MEETING, Pa. – Adapt Health 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 million in the third quarter of 2020. 

"We are very pleased with our operating and financial performance for the quarter, which reflected the outstanding efforts of our team members,” said Steve Griggs, CEO. “We continue to drive organic growth in the face of challenging external circumstances (including the ongoing impact of the Philips recall), as well as further expanding our presence through strategic acquisitions in key markets.” 

The company is establishing initial financial guidance for fiscal year 2022 as follows: 

  • Net revenue of $2.70 billion to $2.90 billion; 
  • Adjusted EBITDA of $635 million to $695 million; and 
  • Total capital expenditures of 9% to 11% of net revenue.


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