AdaptHealth Announces Q1 Acquisitions, Including Spiro Health

PLYMOUTH MEETING, Penn. (May 7, 2021)—AdaptHealth, a provider of patient-centered, health care at home solutions including home medical equipment, medical supplies and related services, announced several recent acquisitions during its Q1 earnings call. In the first quarter, the company closed several acquisitions including previously announced Allina Health Home Oxygen & Medical Equipment, a HME provider in Minnesota with 10 locations. A merger with AeroCare Holdings was completed in early February.

On April 30, 2021, AdaptHealth expanded its presence in New England with the acquisition of Spiro Health Services, a provider of HME and supplies operating with 22 locations across eight states.

AdaptHealth also reported organic growth of 11.5% and $482.1 million in revenue for Q1.

Steve Griggs, Co-CEO of AdaptHealth, said, “I’m very pleased with our Q1 2021 financial performance which reflects the continued dedication and focus of our 9,331 employees who have worked under extremely challenging circumstances over the past 12 months. Our financial results also reflect the hard work done by the AdaptHealth and AeroCare teams to complete the acquisition of AeroCare and combine the operations of both companies while not missing a beat with our patients, referring physicians and health systems. These efforts, combined with our strong organic growth for the quarter and the continued strength of our M&A pipeline, are the reasons we remain excited about the outlook of our business.”

“In April, we closed the acquisition of Spiro Health Services, a provider of home medical equipment and supplies, which substantially expands our presence throughout New England and the Mid-Atlantic states and provides opportunities for both revenue and cost synergies,” Griggs said. “The Spiro Health acquisition, like our acquisition of the Allina Health Home business in Minnesota, demonstrates our ability to expand our footprint in growing markets through strategic acquisitions of market leaders.”

In April 2021, AdaptHealth entered into an agreement with its lenders to expand its existing credit facility to fund anticipated M&A activity. The company increased its term loan from $700 million to $800 million and expanded the maximum borrowing capacity under its revolving credit facility from $250 million to $450 million. The company reports approximately $410 million available on its revolving credit facility and approximately $97 million of cash on hand. 

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