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, and our HME product line continues to be resilient, as CPAP patient set ups in March and April were at or near 2021 levels.”
Net income was $41.8 million and adjusted EBITDA was $137.6 million, an increase of 32.1%.
The company also provided the following updated guidance for 2022:
- Net revenue of $2.840 billion to $3.040 billion (previously $2.825 billion to $3.025 billion);
- Adjusted EBITDA of $615 million to $675 million (previously $610 million to $670 million); and
- Total capital expenditures representing 9% to 11% of net revenue (unchanged).