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Dec 31, 2023
AdaptHealth Q4 2023 Earnings Report
AdaptHealth's Q4 2023 performance was driven by strong growth in sleep and respiratory segments, resulting in increased revenue and adjusted EBITDA.
Key Takeaways
AdaptHealth Corp. reported a 10.0% increase in net revenue to $858.2 million and a significant rise in adjusted EBITDA to $204.6 million for Q4 2023. The company experienced a net loss of $254.5 million, largely due to a goodwill write-down. Free cash flow improved to $66.6 million.
Net revenue increased by 10.0% to $858.2 million, driven by non-acquired growth of 9.7%.
Adjusted EBITDA increased by 40.2% to $204.6 million.
Net loss attributable to AdaptHealth Corp. was $254.5 million, impacted by a $318.9 million pre-tax goodwill write-down.
Free cash flow was $66.6 million, compared to $(46.0) million.
Forward Guidance
The Company is providing its initial financial guidance for fiscal year 2024, as follows: Net revenue of $3.25 billion to $3.35 billion; Adjusted EBITDA of $650 million to $710 million; Free cash flow of $150 million to $180 million
Positive Outlook
- Net revenue of $3.25 billion to $3.35 billion
- Adjusted EBITDA of $650 million to $710 million
- Free cash flow of $150 million to $180 million
Challenges Ahead
- Guidance for fiscal year 2024 does not include any contributions from acquisitions that have not yet closed
- Guidance assumes that the 75/25 blended Medicare reimbursement rate adjustment in non-rural, non-competitive bid areas is not extended.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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