AdaptHealth Reports 2024 Financial Results, 2025 Outlook

HME Business News

PLYMOUTH MEETING, Pennsylvania—AdaptHealth Corp, a provider of patient-centered, health-care-at-home solutions including home medical equipment (HME), medical supplies and related services, announced financial results for the fourth quarter and fiscal year ended Dec. 31, 2024.

Full Year 2024 Results & Highlights

All comparisons are to the year ended Dec. 31, 2023.

  • Net revenue was $3,261.0 million compared to $3,200.2 million, an increase of 1.9%.
  • Net income attributable to AdaptHealth Corp. was $90.4 million compared to a net loss attributable to AdaptHealth Corp. of $678.9 million.
  • Adjusted EBITDA was $688.7 million compared to $670.8 million, an increase of 2.7%.
  • Cash flow from operations was $541.8 million, an increase from $480.7 million, and free cash flow was $235.8 million, an increase from $143.2 million.
  • In the fourth quarter, the Company reached a definitive agreement to sell certain incontinence assets in its Wellness at Home segment to a third party.

Fourth Quarter 2024 Results & Highlights

All comparisons are to the quarter ended Dec. 31, 2023.

  • Net revenue was $856.6 million compared to $858.2 million, a decrease of 0.2%.
  • Net income attributable to AdaptHealth Corp. was $50.3 million compared to a net loss attributable to AdaptHealth Corp. of $254.5 million.
  • Adjusted EBITDA was $200.6 million compared to $204.6 million, a decrease of 2.0%.
  • Cash flow from operations was $150.4 million, a decrease from $155.3 million, and free cash flow was $73.1 million, an increase from $66.6 million.

Guidance for Fiscal Year 2025

The Company is providing its financial guidance for fiscal year 2025, as follows:

  • Net revenue of $3.22 billion to $3.36 billion;
  • Adjusted EBITDA of $670 million to $710 million;
  • Free cash flow of $180 million to $220 million

Management Commentary

“Over the course of the second half of 2024, we continued to make progress on our five areas of focus, which include our One Adapt initiative, accelerating the application of AI [artificial intelligence] and automation, increasing our clinical relevance, delivering organic growth and strengthening our balance sheet,” said Suzanne Foster, chief executive officer of AdaptHealth. “The progress we have made helped drive our solid fourth quarter results and, more importantly, is strengthening our foundation for long-term success and growth.”

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