Apria reports small increase in revenues, big increase in income

INDIANAPOLIS – Apria Healthcare reported net revenue of $293.8 million for the fourth quarter of 2020, an increase of 5% compared the same quarter in 2019. 

Net revenue for the full year was $1.11 billion, up 2% compared to 2019. 

“We made great strides during 2020, creating significant efficiencies throughout the organization, and we closed out the year with solid financial results ahead of our expectations,” said Dan Starck, CEO. “Despite the challenges presented by the ongoing pandemic, the team worked diligently to ensure we were able to handle the increased demand for oxygen therapy and to help reduce the pressure on overburdened hospitals.” 

Apria reported net income of $25.9 million for the fourth quarter, up 347%. Adjusted EBITDA was $64.1 million, up 17%, and adjusted EBITDA less patient equipment capex was $35 million. 

For the full year, the company reported net income of $46.1 million, up 195%. Adjusted EBITDA was $226.9 million, up 30%, and adjusted EBITDA less patient equipment capex of $134.2 million. 

Apria in January announced an initial public offering and a month later 7.5 million shares began trading on the NASDAQ at $20 per share.