PLYMOUTH MEETING, PA — AdaptHealth Corp. (NASDAQ: AHCO) has announced its financial results for the second quarter ending June 30, 2024, showcasing robust growth and performance.
Second Quarter Results and Highlights
AdaptHealth reported a net revenue of $806.0 million for Q2 2024, marking a 1.6% increase from $793.3 million in the same quarter last year. The company also posted a significant increase in net income, reaching $19.4 million compared to $14.0 million in Q2 2023, a rise of 39.0%.
Adjusted EBITDA for the quarter was $165.3 million, slightly down by 3.3% from $171.0 million in the previous year. However, cash flow from operations saw a notable increase, with $247.0 million year-to-date in 2024, up from $226.6 million for the same period in 2023. Free cash flow also improved to $77.9 million year-to-date in 2024 from $54.8 million in 2023.
The company has signed a definitive agreement to dispose of certain non-core assets, with the transaction expected to close in Q3 2024.
Management Commentary
Suzanne Foster, Chief Executive Officer of AdaptHealth, expressed satisfaction with the company’s performance. “I want to recognize the team for delivering another consistent quarter with results in line with our expectations for net revenue, Adjusted EBITDA, and free cash flow.”
Foster added, “I joined this team because I believe in our purpose and the vital role we play in improving healthcare. I am optimistic about the road ahead and look forward to working as One Adapt, a unified team, to support our patients in their homes.”
Financial Outlook
AdaptHealth has updated its financial guidance for fiscal year 2024. The company adjusted the midpoint for net revenue to reflect the disposition of non-core assets but maintained the midpoint for Adjusted EBITDA and increased the midpoint for free cash flow.
The updated guidance is as follows:
- Net revenue is projected to be between $3.255 billion and $3.315 billion, slightly adjusted from the previous range of $3.25 billion to $3.35 billion.
- Adjusted EBITDA is expected to remain between $660 million and $700 million.
- Free cash flow is forecasted to be between $160 million and $180 million, up from the previous range of $150 million to $180 million.
AdaptHealth’s impressive Q2 2024 financial results underscore the company’s strong market position and operational efficiency. With ongoing strategic adjustments and a focus on core operations, AdaptHealth is well-positioned for continued growth and success in the healthcare sector.
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