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AdaptHealth reports triple-digit growth 

AdaptHealth reports triple-digit growth  Acquisitions continue at steady pace, most recently with Spiro Health 

PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $482.1 million for the first quarter of 2021, an increase of 152% over the same quarter last year. 

Adjusted EBITDA was $104.2 million, a 242% increase, and adjusted EBITDA less patient equipment capex was $61.9 million, a 254% increase. 

The company reported a net loss of $4 million for the first quarter of this year versus a net loss of $34.6 million for the same period last year. 

“I’m very pleased with our Q1 2021 financial performance which reflects the continued dedication and focus of our 9,331 employees who have worked under extremely challenging circumstances over the past 12 months,” said Steve Griggs, co-CEO. “Our financial results also reflect the hard work done by the AdaptHealth and AeroCare teams to complete the acquisition of AeroCare and combine the operations of both companies while not missing a beat with our patients, referring physicians and health systems.” 

AdaptHealth completed four acquisitions in the first quarter, including Allina Health Home Oxygen & Medical Equipment, a provider in Minnesota with 10 locations. 

Acquisitions have continued into the second quarter, with AdaptHealth in late April acquiring Spiro Health Services, a provider based in Massachusetts with 22 locations in eight states. 

The company has also increased its previously issued financial guidance for 2021 to net revenue of $2.22 billion to $2.39 billion, up from $2.18 billion to $2.35 billion. 


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