Increased Guidance at $AHCO Highlights
- In the second quarter, AdaptHealth delivered its highest quarterly net revenue and adjusted EBITDA as a public company.
- AdaptHealth completed four acquisitions during the quarter, including the previously announced acquisition of New England-based Spiro Health Services, a provider of home medical equipment and supplies, and Healthy Living Medical Supplies, a Michigan-based diabetes management business.
- AdaptHealth completed six additional acquisitions following the quarter, expanding HME operations in Kentucky, Ohio, West Virginia, New Jersey, New York, South Carolina, and Florida.
- To date, the Company has acquired over $300 million of annualized revenue in 2021, incremental to AeroCare.
Second Quarter Results
- Net revenue was $617.0 million, compared to $232.1 million in the second quarter of 2020, a 166% increase.
- Organic growth for the second quarter was 10.1%.
- Net income attributable to AdaptHealth Corp. was $79.1 million, or $0.12 per diluted share, compared to $4.5 million, or $0.08 per diluted share, in the second quarter of 2020.
- Adjusted EBITDA was $147.4 million, compared to $42.6 million in the second quarter of 2020, a 246% increase.
- Adjusted EBITDA less Patient Equipment Capex was $98.9 million, compared to $30.6 million in the second quarter of 2020, a 223% increase.
Increased Guidance
Based on current business and market trends, the Company is increasing its previously issued financial guidance for fiscal year 2021 as follows:
- Net revenue of $2.38 billion to $2.48 billion, up from prior guidance of $2.22 billion to $2.39 billion;
- Adjusted EBITDA of $555 million to $580 million, up from prior guidance of $525 million to $565 million; and
- Adjusted EBITDA less Patient Equipment Capex of $360 million to $375 million, up from prior guidance of $330 million to $360 million.
Management Commentary
Steve Griggs, Chief Executive Officer, commented, “We are very pleased with our financial results this quarter which were driven by the outstanding efforts of our combined team. Our results were largely driven by a full quarter of AeroCare and realization of integration synergies. Our business continues to grow organically as well as through strategic acquisitions in key markets which complement our national platform. In the second quarter we acquired several excellent businesses including Spiro Health Services, a provider of home medical equipment and supplies, and Healthy Living Medical Supplies, a provider of continuous glucose monitors and insulin pumps which strategically expands our diabetes footprint in the Midwest.”
Mr. Griggs continued, “It has been six months since the acquisition of AeroCare, and we have already achieved many of the ambitious goals we set out to accomplish including improving patient access, patient experience, and clinical outcomes. With these goals in mind, we continue to execute on our strategy of organic growth, improving operations, and closing accretive acquisitions.”
Josh Parnes, President, commented, “We have made great progress towards our strategic roadmap within operational technologies and chronic disease management to enhance our overall business. As an example, we are very pleased with the results of our e-prescribe technology in diabetes which has improved patient and provider satisfaction through reduced cycle time. While we are very excited in the results we’ve already seen, we’re even more optimistic about our continued transformation journey towards improving patient outcomes and reducing the overall cost of care.”