AdaptHealth: Q3 ‘powered by sleep’
By HME News Staff
Updated 8:32 AM CST, Tue November 7, 2023
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, chairman and interim CEO. “Powered by our sleep products, we generated 6.3% growth over last year, leading to record revenues for the quarter. Equally important, we generated cash flow from operations of $98.8 million and free cash flow of $21.7 million. Adjusted EBITDA fell short of our expectations largely as a result of unplanned delays in the implementation of the Humana contract. Nevertheless, we believe that this contract will prove to be profitable for AdaptHealth.”
The company is updating previous financial guidance for fiscal year 2023 as follows:
- Net revenue of $3.16 billion to $3.185 billion, from $3.16 billion to $3.20 billion
- Adjusted EBITDA of $630 million to $650 million, from $650 million to $680 million
- Total capital expenditures representing 10%-12% of net revenue, unchanged
- Free cash flow representing 3%-4% of net revenue, unchanged
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