AdaptHealth Corp. Announces First Quarter 2025 Results

CONSHOHOCKEN, Pennsylvania—AdaptHealth Corp. (AdaptHealth or the company), which provides patient-centered, health care-at-home solutions including home medical equipment, medical supplies and related services, announced its financial results for the first quarter ended March 31, 2025.

First Quarter Results and Highlights

All comparisons are to the quarter which ended March 31, 2024.

• Net revenue was $777.9 million compared to $792.5 million, a decrease of 1.8%.
• Net loss attributable to AdaptHealth Corp. was $7.2 million compared to net loss of $2.1 million.
• Adjusted EBITDA was $127.9 million compared to $158.5 million, a decrease of 19.3%.
• Cash flow from operations was $95.5 million, an increase from $49.0 million, and free cash flow was negative $0.1 million, compared to negative $38.9 million.
• Subsequent to March 31, 2025, the company closed on its previously disclosed agreement to sell certain incontinence assets in its Wellness at Home segment to a third party, and also signed a definitive agreement to sell certain infusion assets in its Wellness at Home segment to a third party, which is expected to close in the second quarter of 2025.

Management Commentary

“Amid elevated uncertainty in the external environment, we at AdaptHealth have stayed the course, with a relentless focus on improving our business and providing exceptional service to the 4.2 million patients that depend on us,” said Suzanne Foster, CEO of AdaptHealth. “Reflecting that focus, we delivered another quarter of solid results, we continued to make progress on our financial position with additional debt reduction, and for a second consecutive quarter, our Diabetes Health segment continued to show signs of improvement. I am excited by the tremendous opportunity ahead, as we continue to leverage our geographic reach, operational scale and patient service excellence to capture market share and drive consistent and sustainable organic growth in each of our four segments.”

Financial Outlook

The company is updating previous financial guidance for fiscal year 2025 to account for the disposition of certain incontinence assets, as follows:

• Net revenue of $3.18 billion to $3.32 billion, from $3.22 billion to $3.36 billion
• Adjusted EBITDA of $665 million to $705 million, from $670 million to $710 million
• Free cash flow of $180 million to $220 million, unchanged

Management hosted a teleconference, Tuesday, May 6, 2025 to discuss the results and business activities with analysts and investors. Following the live call, a replay will be available for six months on the company’s website, adapthealth.com, under “Investor Relations.”