AdaptHealth remains 'opportunistic,’ despite pandemic

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Wednesday, November 4, 2020

PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $284.4 million for the third quarter, a 108% increase over the same quarter one year ago. 

Adjusted EBITDA was $53.2 million vs. $31.7 million. 

“Our strong year-to-date financial performance and improved outlook for the remainder of 2020 reflects the tremendous efforts of our employees and their dedication to our patients and health care partners,” said CEO Luke McGee. “We have remained opportunistic throughout the quarter, acquiring several diabetes management and home medical equipment businesses in high-growth areas.” 

Despite the ongoing challenges of the COVID-19 pandemic, the company has remained “opportunistic,” most recently in October acquiring Pinnacle Medical Solutions, a provider of diabetes supplies including continuous glucose monitors and insulin pumps. The company also made a few smaller tuck-in acquisitions. 

The company increased its financial guidance for fiscal year 2020 from a range of $935 million to $983 million to $1 billion to $1.04 billion. 

AdaptHealth also bought Solara Medical Supplies, ActivStyle and Healthline earlier this year.