AdaptHealth Provides Full-Year 2023 Guidance and Preliminary Commentary on Fourth Quarter 2022 Results

AdaptHealth

PLYMOUTH MEETING, PA — AdaptHealth Corp. (NASDAQ: AHCO)recently supplied its initial guidance for full-year 2023 and preliminary commentary on fourth quarter 2022 results.

Based on current business, market trends, and acquisitions completed to date, the Company is establishing initial guidance for fiscal year 2023 as follows:

  • Net revenue of $3.210 billion to $3.290 billion;
  • Adjusted EBITDA of $690 million to $750 million; and
  • Total capital expenditures are expected to be 9-11% of net revenue.

Guidance for fiscal year 2023 reflects anticipated net impacts from scheduled changes in the reimbursement and regulatory environment, including increased revenue related to the consumer price index updates to the DMEPOS fee schedule, the extension of current rural and non-rural/non-CBA blended Medicare rates and the extension of sequester relief in 2023. Consistent with prior guidance estimates, the Company’s guidance for fiscal year 2023 does not include contribution from any acquisitions that have not yet closed.

For the full year 2022, the Company anticipates net revenue to be near the midpoint of the previously-provided guidance range of $2.950 billion to $3.010 billion and Adjusted EBITDA to be near the low end of the previously-provided guidance range of $620 million to $650 million. The Company expects to release fourth quarter and full year 2022 results on February 28, 2023.

Steve Griggs, Chief Executive Officer, commented, “We are pleased with our guidance for the full year ending December 31, 2023 which reflects continued improvement and stabilization of the supply of PAP devices for our sleep business and overall non-acquired net revenue growth for the Company in the range of 8% to 10%.”

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“Demand remains very strong across our businesses and we are pleased with our ability to execute on that demand, addressing the needs of our patients and adding value for our partners. We continue to work on innovative technology solutions that allow us to seamlessly communicate with patients, providers and payers to take advantage of value-based care and chronic care management opportunities. At the same time, we are not immune to the cost of goods inflation and labor pressures that all operators in the healthcare industry are experiencing and we will continue to look for ways to drive efficiency and generate operating leverage.”

The preliminary information regarding 2022 results presented in this press release is unaudited, is based on the Company’s current estimates of its financial results for the quarter and fiscal year ended December 31, 2022, and remains subject to change based on management’s final review of the Company’s fourth quarter financial results and the completion of the Company’s annual audit.

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