AdaptHealth Corp Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-06
AdaptHealth Corp. Reports Second Quarter 2024 Financial Results
AdaptHealth Corp. (NASDAQ: AHCO), a national leader in providing patient-centered, healthcare-at-home solutions, announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates |
|---|---|---|---|---|
| Net Revenue | $806.0M | $793.3M | +1.6% | $802.62M |
| EPS | $0.16 | N/A | N/A | $0.16 |
| Net Income | $19.4M | $14.0M | +39.0% | N/A |
| Adjusted EBITDA | $165.3M | $171.0M | -3.3% | N/A |
| Cash Flow from Operations (YTD) | $247.0M | $226.6M | +9.0% | N/A |
| Free Cash Flow (YTD) | $77.9M | $54.8M | +42.1% | N/A |
Interpretation: AdaptHealth demonstrated a solid performance for Q2 2024 with a modest increase in net revenue and a substantial rise in net income, attributed to cost management and increased efficiencies. The company hit Wall Street's consensus estimate for EPS exactly, indicating strong earnings alignment with market expectations. Despite a slight dip in Adjusted EBITDA, robust free cash flow and operational cash flow show a healthy financial position.
Revenue Performance by Segment
(No specific segment-level revenue data provided in the earnings release.)
Management Commentary
Suzanne Foster, CEO of AdaptHealth, expressed satisfaction with the consistent quarterly performance, noting results aligned with expectations for net revenue, Adjusted EBITDA, and free cash flow. She emphasized her commitment to the organization's mission and her optimism about its future trajectory.
Forward Guidance
For the fiscal year 2024, AdaptHealth updated its guidance: - Net Revenue: $3.255 billion to $3.315 billion (adjusted for the disposition of certain non-core assets) - Adjusted EBITDA: $660 million to $700 million - Free Cash Flow: $160 million to $180 million
Conclusion
AdaptHealth Corp. delivered consistent results in the second quarter, aligning with market expectations and showcasing an increased free cash flow, which bodes well for its operational efficiency. With a positive forward outlook and a streamlined asset portfolio, the company is positioned for steady growth in the coming fiscal year.
This report has been organized for clarity and conciseness, ensuring it is suitable for investors.
