PLYMOUTH MEETING, PA — AdaptHealth Corp. (NASDAQ: AHCO) recently announced financial results for the fourth quarter and fiscal year ending December 31, 2022.
Highlights of 2022
- AdaptHealth provides needed medical equipment and supplies to approximately 3.9 million patients annually.
- Net revenue increased 21% over full-year 2021, driven by acquired growth of 17.9% and non-acquired growth of 3.5%.
- Net income attributable to AdaptHealth Corp. was $69.3 million, or $0.33 per diluted share, compared to $156.2 million, or $0.67 per diluted share, in 2021.
- Adjusted EBITDA was $593.8 million, an increase of 4.9% from full-year 2021.
- Cash flow from operations was $373.9 million in 2022, up from $275.7 million in 2021.
Fourth Quarter Results and Highlights
- AdaptHealth reported Net revenue of $780.3 million for the fourth quarter of 2022 compared to $702.1 million in the fourth quarter of 2021, an increase of 11.1% including non-acquired growth of 5.3%.
- Strong sequential growth in Sleep revenue and further improvement in supply of PAP equipment.
- Net loss attributable to AdaptHealth Corp. was $2.6 million, or $(0.02) per diluted share, compared to net income attributable to AdaptHealth Corp. of $22.9 million, or $0.15 per diluted share, in the fourth quarter of 2021.
- Adjusted EBITDA was $146.0 million, compared to $158.1 million in the fourth quarter of 2021, a decrease of 7.7%.
- Cash flow from operations was $96.9 million, compared to $100.9 million in the fourth quarter of 2021.
Guidance Updated for Fiscal Year 2023
The Company is updating its initial financial guidance for fiscal year 2023, as follows:
- Net revenue of $3.160 billion to $3.240 billion (previously $3.210 billion to $3.290 billion);
- Adjusted EBITDA of $650 million to $710 million (previously $690 million to $750 million);
- Total capital expenditures representing 10-12% of net revenue (previously 9-11% of net revenue).
Guidance for fiscal year 2023 does not include any contributions from acquisitions that have not yet closed.
Management Commentary
Steve Griggs, Chief Executive Officer, commented, “2022 was another year of substantial progress for AdaptHealth. We advanced a number of strategic initiatives, including completing the integration of our merger with AeroCare, stabilizing and optimizing our internal processes, and continuing to invest in the technology, tools, and talent to deliver on the goals that we presented at our Capital Markets Day. As a result of these investments and the efforts of our 10,931 employees, AdaptHealth has continued to grow and prosper, and the company is entering 2023 from a position of strength.
We are disappointed that Adjusted EBITDA fell short of our full-year guidance due primarily to larger impacts from revenue mix and cost pressures than we previously expected. However, we are excited about the immediate future and our long-term opportunities, and are confident that management will execute on new cost containment programs to ensure we deliver on our updated guidance.”
Josh Parnes, President, said, “Over the past year, AdaptHealth took the first steps toward building our vision for the future of our company and our expectations to help lead the transition of value-based care into the home. We are already playing a critical role in the healthcare continuum, especially for post-acute and chronic disease patients, and are now in the process of enhancing the connectivity for the benefit of our patients, payors, and provider partners.”
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