CONSHOHOCKEN, PA — AdaptHealth Corp. (NASDAQ: AHCO) has announced its financial results for the first quarter of 2025, reporting a mixed performance as the company navigates an external environment marked by uncertainty.
The company recorded $777.9 million in net revenue for the quarter, a 1.8% decline from $792.5 million in the same period last year. Adjusted EBITDA also saw a significant drop, down 19.3% to $127.9 million. Additionally, the company reported a net loss of $7.2 million, widening from the prior year’s $2.1 million loss.
Cash flow from operations, however, offered a bright spot, soaring to $95.5 million from $49.0 million a year earlier. Free cash flow improved significantly but remained slightly negative at $0.1 million, compared to negative $38.9 million in the prior-year quarter.
“Amid elevated uncertainty in the external environment, we at AdaptHealth have stayed the course, with a relentless focus on improving our business and providing exceptional service to the 4.2 million patients that depend on us,” said CEO Suzanne Foster. “Reflecting that focus, we delivered another quarter of solid results, we continued to make progress on our financial position with additional debt reduction, and for a second consecutive quarter, our Diabetes Health segment continued to show signs of improvement.”
The company also outlined key updates to its portfolio. Following its agreement to sell certain incontinence assets within its Wellness at Home segment to a third party, AdaptHealth closed the transaction after the quarter ended. It also signed a definitive agreement to sell additional infusion assets in the same segment, with this deal expected to conclude in the second quarter.
Given these asset sales, AdaptHealth revised its financial guidance for the full fiscal year 2025. The company now anticipates net revenue between $3.18 billion and $3.32 billion, down from its initial outlook of $3.22 billion to $3.36 billion. Adjusted EBITDA is projected between $665 million and $705 million, slightly reduced from prior guidance of $670 million to $710 million. Free cash flow expectations remain unchanged at $180 million to $220 million.
“I am excited by the tremendous opportunity ahead, as we continue to leverage our geographic reach, operational scale, and patient service excellence to capture market share and drive consistent and sustainable organic growth in each of our four segments,” Foster added.
Despite current challenges, AdaptHealth remains focused on fortifying its financial position while delivering high-quality services to its expansive patient base.
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