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Mar 31, 2020
AdaptHealth Q1 2020 Earnings Report
Announced first quarter 2020 financial results, demonstrating resilience amidst COVID-19 challenges and successful deployment of a scalable growth model focused on organic sales, acquisitions, margin expansion, and cash generation.
Key Takeaways
AdaptHealth Corp. reported a strong first quarter despite COVID-19 challenges, driven by the team's hard work and the company's scalable growth model. The HME business performed well, and two accretive HME business acquisitions were closed and fully integrated. PCS generated $33.9 million in net revenue, with progress made in addressing issues and growth expected in continuous glucose monitoring.
Strong first quarter performance reflects the extraordinary hard work, resilience and dedication of the AdaptHealth team.
Successfully deploying a scalable growth model focused on organic sales, acquisitions, accretive capital deployment, margin expansion, and cash generation.
Closed and fully integrated two significant and accretive HME business acquisitions during the quarter that are also expected to add an aggregate $91 million in net revenue in 2020.
Patient Care Solutions (PCS) generated net revenue of $33.9 million for the quarter and exceeded internal revenue and operational projections.
Forward Guidance
Based on current trends, the company is affirming its financial guidance for 2020 of net revenue between $790 million to $808 million, Adjusted EBITDA of $160 million to $164 million, and Adjusted EBITDA less Patient Equipment Capex of $98 million to $101 million. This outlook excludes anticipated first year PCS operating losses as well as severance and restructuring costs associated with the PCS acquisition totaling approximately $15 million.
Historical Earnings Impact
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