Earnings round-up: AdaptHealth, Viemed report increases in 1Q 2020

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Tuesday, May 5, 2020

PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $191.4 million for the first quarter of 2020, a 60% increase over the same quarter one year ago.

Patient Care Solutions, which the company closed on in January, generated net revenue of $33.9 million.

The company reported that net loss for the quarter was $0.2 million compare to $5.8 million in the first quarter of 2019. Adjusted EBITDA was $17.5 million.

"Despite significant and sudden challenges brought on by the COVID-19 pandemic, our strong first quarter performance reflects the extraordinary hard work, resilience and dedication of our outstanding AdaptHealth team,” said CEO Luke McGee. “Due in large measure to their efforts, we are continuing to successfully deploy a scalable growth model focused on organic sales, acquisitions, accretive capital deployment, margin expansion, and cash generation.” 

In addition to PCS, AdaptHealth in the first quarter of 2020 also closed on its acquisitions of Texas-based Healthline Medical and North Carolina-based Advanced Home Care.

Due to the COVID-19 pandemic, the company has seen reduced demand for certain products, including new CPAP set-ups, orthotics and certain other elective home medical equipment; and seen an increased patient demand for ventilators and oxygen concentrators.

Viemed sees vent count grow

LAFAYETTE, La. – Viemed Healthcare reported net revenue of $23.8 million for the first quarter of 2020 and net income of $4.2 million, an increase of 31% and 117%, respectively, compared to the first quarter of 2019.

The company saw its active vent count grow by 25%, compared to the same quarter one year ago.

“We believe the first four months of the year have demonstrated how important the Viemed mission is to the future of our country’s healthcare system,” said Casey Hoyt, CEO. “Our clinicians have come through to share their expertise with others to assist with COVID-19 solutions. In addition, we have established long-term relationships with hospitals and physicians that we expect will only be strengthened in the future as we continue to do our part in supplying ventilators and keeping hospital beds free for the patients who have become ill with the coronavirus.”

The company expects to generate net revenue of $42 million to $44 million during the second quarter of 2020, including approximately $20 million of sales related to the COVID-19 pandemic.