AdaptHealth Corp AHCO reported third-quarter net revenue of $804.0 million, up 6.3% Y/Y, beating the consensus of $796.65 million.
Net loss attributable to AdaptHealth was $454.1 million compared to net income of $16.1 million, largely resulting from a $511.9 million pre-tax write-down of goodwill.
Adjusted EBITDA was $161.2 million, compared to $160.2 million, an increase of 0.6%.
Cash flow from operations was $325.4 million year-to-date in 2023, an increase from $276.9 million during the comparable period in 2022.
Free cash flow was $76.6 million year-to-date 2023, an increase from $28.4 million during the comparable period in 2022.
"Powered by our sleep products, we generated 6.3% growth over last year, leading to record revenues for the quarter... Adjusted EBITDA fell short of our expectations largely as a result of unplanned delays in the implementation of the Humana contract. Nevertheless, we believe that this contract will prove to be profitable for AdaptHealth," said Richard Barasch, chairman and Interim CEO.
Guidance: AdaptHealth forecasts FY23 revenue of $3.160 billion-$3.185 billion, compared to prior guidance of $3.20 billion and the consensus of $3.17 billion.
The company sees adjusted EBITDA of $630 million-$650 million versus prior guidance of $650 million-$680 million.
ACHO Price Action: Adapthealth shares are down 15.21% at $7.17 on the last check Tuesday.
Read Next: Perrigo Cuts Annual Guidance, This OTC Drug Firm Also Reports Mixed Q3 Earnings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.