Tag: AdaptHealth

PLYMOUTH MEETING, Pa. – Luke McGee has been placed on unpaid leave from his roles as co-CEO and director of AdaptHealth after authorities in Denmark formally charged him with alleged tax fraud.  The alleged fraud stems from personal activity that occurred between March 2014 and August 2015, and has no connection to AdaptHealth’s business, according to a statement from the company’s board of directors.  “The board of directors of AdaptHealth takes...

PLYMOUTH MEETING, Pa. – Luke McGee has been placed on unpaid leave from his roles as co-CEO and director of AdaptHealth after authorities in Denmark formally charged him with alleged tax fraud.  The alleged fraud stems from personal activity that occurred between March 2014 and August 2015, and has no connection to AdaptHealth’s business, according to a statement from the company’s board of directors.  “The board of directors...

PLYMOUTH MEETING, Pa. – AdaptHealth posted a record-breaking year in 2020 and its acquisition of AeroCare in February sets up the company for accelerated growth in 2021, execs said on a recent earnings call. AdaptHealth reported net revenue of $348.4 million for the fourth quarter of 2020, a 133% increase compared to the same period in 2019, and $1.06 billion for the full year, a 99% increase compared to 2019. “Our patient’s home health needs have only grown throughout...

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...

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 investment banking firm representing...

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...

MELVILLE, N.Y. – Henry Schein Inc., a provider of health care solutions to medical and dental offices, has acquired a majority ownership position in Prism Medical Products, a national provider of home medical supplies with a focus in advanced wound care.   Founded in 2006, the Elkin, N.C.-based Prism Medical has more than 200 employees and 10 fulfillment centers. For the 12 months ended Sept. 30, 2020, it reported revenues of approximately $52 million.  “Expanding...

PLYMOUTH MEETING, Pa. – AdaptHealth has commenced an underwritten public offering of 7 million shares of its Class A Common Stock, and certain selling stockholders intend to offer and sell an additional 1 million shares of the Company’s Class A Common Stock, subject to market and other conditions. In conjunction with the offering, AdaptHealth intends to grant to the underwriters a 30-day option to purchase up to 1.2 million additional shares of Class A Common Stock....

CHICAGO - With the diabetes management industry growing by leaps and bounds, Frank Brumfield, CEO and owner of FSB Companies, a private investment firm, knew it was time to sell Pinnacle Medical Solutions, a company he’s been involved with since 2006.  “We’re excited to plug in the patient-focus model that The FSB Companies and the Pinnacle management team had built over the years into a much broader platform,” he said. “We wanted to be able to continue...

PLYMOUTH MEETING, Pa. – AdaptHealth has launched a $500 million offering of aggregate principal amount of senior notes due 2029.  The gross proceeds from the offering will be deposited into a segregated escrow account pending completion of the company’s previously announced acquisition of AeroCare Holdings. At the closing of the acquisition, the net proceeds from the offering will be released from escrow and, together with term loan borrowings and cash...