AdaptHealth Doubles Revenue in 2021

PLYMOUTH MEETING, Penn. (February 25, 2022)—AdaptHealth Corp., a provider of patient-centered, health care-at-home solutions including home medical equipment, medical supplies and related services, announced financial results for the fourth quarter and fiscal year ended Dec. 31, 2021.

According to the report, AdaptHealth more than doubled its revenue in 2021, with revenues increasing to $2.45 billion from $1.06 billion in 2020, despite challenges resulting from shortages of CPAP equipment in the second half of the year. The company now provides needed medical equipment and supplies to roughly 3.8 million patients annually with operations in 47 states.

“2021 was a remarkable year for AdaptHealth. Despite the worldwide pandemic, the shortage of CPAP equipment, and higher costs from supply chain challenges, AdaptHealth has continued to grow and prosper,” said Steve Griggs, CEO. “2021 was a remarkable year for AdaptHealth. Despite the worldwide pandemic, the shortage of CPAP equipment, and higher costs from supply chain challenges, AdaptHealth has continued to grow and prosper.”
 
The company has substantially completed its integration of AeroCare and additionally acquired more than $500 million in annualized revenue during 2021. Cash flow from operations was $275.7 million in 2021, up from $195.6 million in 2020.

In the fourth quarter of 2021, net revenue was a record $702.1 million compared to $348.4 million in the fourth quarter of 2020, an increase of 102%.

Organic growth for the fourth quarter was 2.7% and non-acquired growth was 2.4% despite continued pressure on supply of CPAP devices largely due to the Philips Respironics recall. Adjusted EBITDA was $158.1 million, compared to $79.4 million in the fourth quarter of 2020, an increase of 99%.

“Although Adjusted EBITDA fell short of our full-year guidance due to product mix shift from rental to sales, we were very pleased with our free cash flow generation as we exited the year,” said Griggs. “Our operating and financial performance continues to reflect the increasingly strong positioning of AdaptHealth in a challenging environment. We are especially proud of the efforts of our over 11,000 employees to fulfill our mission to provide important medical equipment and supplies to the approximately 3.8 million patients who rely on us to live healthier lives.”

Also during the quarter, the company completed four previously disclosed acquisitions in Florida, Texas, Washington, and Wisconsin, as well as acquisitions of three additional HME providers located in Iowa, New Jersey, and Wisconsin.

Visit adapthealth.com for more information.