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Sep 30, 2023
AdaptHealth Q3 2023 Earnings Report
Announced third quarter 2023 results.
Key Takeaways
AdaptHealth Corp. reported a 6.3% increase in net revenue to $804.0 million compared to $756.5 million in the same quarter last year, driven by sleep products. However, the company experienced a net loss of $454.1 million, primarily due to a $511.9 million pre-tax write down of goodwill. Adjusted EBITDA saw a slight increase of 0.6% to $161.2 million, while cash flow from operations and free cash flow also increased year-to-date.
Net revenue increased by 6.3% to $804.0 million.
Net loss attributable to AdaptHealth Corp. was $454.1 million, largely resulting from a $511.9 million pre-tax write down of goodwill.
Adjusted EBITDA increased by 0.6% to $161.2 million.
Cash flow from operations was $98.8 million and free cash flow was $21.7 million.
Forward Guidance
The Company is updating previous financial guidance for fiscal year 2023 as follows:
Positive Outlook
- Net revenue of $3.160 to $3.185 billion
- Adjusted EBITDA of $630 to $650 million
- Total capital expenditures representing 10-12% of net revenue, unchanged
- Free cash flow representing 3-4% of net revenue, unchanged
Historical Earnings Impact
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Avg. Return Before/After Earnings
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