Tag: AeroCare

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...

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....

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...

ORLANDO, Fla. - Steve Griggs has been in the HME industry since 1988, first serving as president of Rotech, then launching AeroCare in 2000. Two decades on, he has grown that business to 300 locations and has sold it to AdaptHealth for about $2 billion.  Griggs credits the company’s employees and its willingness to embrace technology for his success.  “Any company that has...

PLYMOUTH MEETING, Pa. - AdaptHealth has entered into a definitive agreement to buy Orlando, Fla.-based AeroCare Holdings for $2 billion. The total purchase price is comprised of $1.1 billion in cash and 31 million shares of AdaptHealth. “Our combined company will further enhance our geographic reach with a footprint in 47 of the 48 continental U.S. states, strengthening relationships with our referral partners, patients, manufacturers and managed health care plans,” said Luke...

YARMOUTH, Maine?- The best way to improve margins in an industry that suffers from constant pricing pressure is by reducing administrative burdens, said panelists during a recent discussion on “Post-pandemic: The rise of post-acute care.” “Everybody has way too many people involved in paper processing and billing and collections, rather than helping patients,” said Dan Starck, CEO of Apria Healthcare, during the virtual HME News Business Summit, Sept. 15-17. “And I'm...

YARMOUTH, Maine - HME providers are the “pressure release valve” for acute care facilities that are expected to strain from the number of patients who have COVID-19 and need care.The respiratory virus, which can be deadly for older people and those with underlying conditions, has created a spike in demand for ventilators, oxygen concentrators and BiPAP devices, equipment that HME providers are well positioned to provide in the home.“The home is the pressure release valve for the...

Orlando, Fla.-based AeroCare, a private equity backed provider of home respiratory therapy products and services, is gearing up for a sale process, according to Buyouts Insider. Triple Tree has been engaged to advise the provider, Buyouts reports, citing three sources. AeroCare, led by former Rotech president Steve Griggs, has been a major consolidator in the HME industry since forming in 2003�San Diego-based ResMed has been named one of America's top 100 corporate citizens for the third straight...

ATLANTA - When it comes to acquiring an HME company, buyers need to kick the tires so to speak, said M&A analyst Brad Smith at Medtrade on Monday. “It's like a used car,” said Smith, managing director at Vertess during the session, “Deal or No Deal: Buying and Selling a DME Supplier.” “Are you going to want to spend time shining it up? Any buyer wants a return on investment.”With margins thinner than ever, and a number of providers looking to exit the increasingly...