Tag: AdaptHealth

PLYMOUTH MEETING, Pa. – Sleep therapy was the “big news” for AdaptHealth in the second quarter, with the company beating its expectations, says CEO Stephen Griggs.  “Our census is up 16% from February 2022 when it hit its lowest level since the Philips recall began,” said Griggs on an earnings call. “While we do not expect Philips to be back in the market any time before early 2023, the increased production we have started to see from other suppliers has...

WATERLOO, Iowa – VGM Group has named Jeremy Stolz president of VGM & Associates, after serving as interim president since June.  Stolz will also continue in his role as president of VGM Fulfillment and as a member of VGM’s senior leadership team.  “Jeremy is an influential leader in the home medical equipment industry,” said Mike Mallaro, CEO of VGM Group. “He understands both the challenges members of the industry face. as well as the opportunities that...

PLYMOUTH MEETING, Pa. – AdaptHealth replaced Meritor in the S&P SmallCap 600 prior to the opening of trading on Aug. 4. Meritor is being acquired by Cummins, which is listed on the S&P 500, in a deal expected to be completed soon, removing the company from the index. The S&P Dow Jones Indices are the largest global resource for essential index-based concepts, data and research, and home to financial market indicators like the S&P 500 and the Dow Jones Industrial Average. The S&P SmallCap 600...

FORTH WORTH, Texas – Vertess closed three transactions in the first quarter of 2022, including the sale of California-based Brannons Medical to AdaptHealth.  “Brannons was a staple in the San Jose community for 20-plus years,” said Robert Villalobos, managing director and deal lead for Vertess. “With the continued appetite for respiratory providers, it comes as no surprise the family run business was a desirable acquisition.”  Vertess also represented...

PLYMOUTH MEETING, Pa. – Acquisitions will continue to be a big part of AdaptHealth’s strategy, but how much will depend on how the market for CPAP devices unfolds throughout 2022, company execs said on a recent earnings call.  “Depending on supply and the availability of product in the back half of the year, we could dial up or dial down our ability to do integrations and acquisitions,” said Josh Parnes, president.   In 2021, AdaptHealth closed on 23 acquisitions,...

PLYMOUTH MEETING, Pa. – AdaptHealth delivered “solid” net revenue of $706.2 million for the first quarter of 2022, an increase of 46.5% over the same period the previous year.  Organic growth for the quarter was 3.7% and non-acquired growth was 3.7%  “We are very pleased with our strong start to the year,” said Steve Griggs, CEO. “During the quarter, we have seen continued strength in our diabetes product line, consistent with our expectations,...

OLD FORGE, Pa. – Golden Technologies on April 4 decreased lead times on in-stock power lift recliners to one week and custom build orders to six weeks.  Over the last 12 months, the company says it has been working hard to expand a diverse supply chain for parts and products to ensure a continuous supply of products and services and has opened a new distribution center that spans 170,000 square feet.  “As part of our continued operational and logistics improvement...

ENFIELD, N.H. – AdaptHealth has acquired Keene Medical Products, a respiratory-focused, full service DME business based here.  Founded in 1975, Keene has 132 employees with five locations in New Hampshire and four in Vermont.  “We are grateful that so many people have placed their trust in our teams of professionals and in our products and services,” said Kurt Filiault, owner. “We are proud of our reputation.”  Keene Medical Products was named...

PLYMOUTH MEETING, Pa. – A larger than expected hit from the Philips CPAP recall in the fourth quarter of 2021 is creating an overhang on 2022, but AdaptHealth says it expects to take a significant share of the patient backlog when the situation improves.  The company had previously estimated the recall’s financial impact in 2022 to be in the neighborhood of $20 million, but said during an earnings call last week that number is closer to $65 million.  “It was...

PLYMOUTH MEETING, Mass. – AdaptHealth more than doubled its revenue in 2021, with reporting $2.45 billion, up from $1.06 billion in 2020.  “2021 was a remarkable year for AdaptHealth,” said Steve Griggs, CEO. “Despite the worldwide pandemic, the shortage of CPAP equipment, and higher costs from supply chain challenges, AdaptHealth has continued to grow and prosper. Although adjusted EBITDA fell short of our full-year guidance due to product mix shift from rental to...