Tag: Steve Griggs

PLYMOUTH MEETING, Pa. – AdaptHealth is using its size to its advantage to navigate headwinds from supply chain constraints and a Philips recall of certain CPAP devices, company leaders say.  Supply chain constraints, including port backlogs affecting products shipped from Asia, are impacting certain DME and related product categories that represent about 15% of total revenues, says President Josh Parnes.  “Despite these delays, we benefited from our national scale and...

PLYMOUTH MEETING, Pa. – Adapt Health reported net revenue of $653.3 million for the third quarter of 2021, a 130% increase compared to the same quarter in 2020.  Net income attributable to AdaptHealth was $58.1 million for the quarter, compared to a net loss of $51.0 million during the same quarter in 2020. Adjusted EBITDA was $156.3 million, compared to $53.2 million in the third quarter of 2020; and adjusted EBITDA less patient equipment capex was $106.1 million, compared to $35.9...

PLYMOUTH MEETING, Mass. – Adapt Health’s diabetes platform is its fastest growing segment at a growth rate of 10% to 12%, said company execs during a call to discuss the company’s second quarter earnings.  The diabetes business had total net revenue of $126.5 million for the second quarter of 2020.  “We’ve been in diabetes a year, and it’s been great out of the gate,” said Josh Parnes, president. “The goal over time is to take market...

PLYMOUTH MEETING, Pa. – Luke McGee has resigned from his positions as co-CEO and director of the board of AdaptHealth, and Stephen Griggs has been named CEO effective immediately.  Griggs, who is also a member of the board, joined AdaptHealth in February as co-CEO following the company’s acquisition of AeroCare Holdings, which he founded and led as president and CEO.  “Steve’s extensive management experience, along with health sector expertise and a proven...

PLYMOUTH MEETING, Pa. – AdaptHealth has made another large acquisition: Spiro Health, giving it 22 locations in eight states where it doesn’t have much of a presence.  The Massachusetts-based Spiro Health was formed in 2020 with the merger of America's HealthCare at Home, Cape Medical Supply and Health Complex Medical, and is headed up by CEO Gary Sheehan.  “We welcome Gary and the entire Spiro team,”...

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...

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...

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...

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...

ORLANDO, Fla. - AeroCare has acquired Plant City, Fla.-based Matrix Medical, a provider of home medical equipment, supplies and respiratory equipment with nine locations throughout Florida.Terms of the deal were not disclosed."We're looking forward to working with them to pursue opportunities and to care for our patients," AeroCare founder and CEO Steve Griggs said in a local news article.In late December, a planned merger between AeroCare and MergeWorthRx fell through.Rotech strikes againORLANDO,...