Shareholders should contact the firm immediately as there may be limited time to enforce your rights.NEW YORK, Dec. 5, 2025 /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating whether certain officers and directors of AdaptHealth Corp. (NASDAQ: AHCO) breached their fiduciary duties to shareholders.If you currently own AdaptHealth stock and are a long-term shareholder, you may be able to seek corporate governance reforms, the return of funds back to the company, a court-approved ...

AdaptHealth Corp. to Participate in Upcoming Investor Conference Share CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--AdaptHealth Corp. (NASDAQ: AHCO) ("AdaptHealth†or the "Company†), a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and related services, announced today that they will participate in the BofA Securities Leveraged Finance Conference, being held in Boca Raton, FL, on Tuesday, December 2, 2025, including a fireside chat at ...

Core Insights - AdaptHealth Corp. has received an upgrade in its issue-level rating on senior unsecured debt from S&P Global Ratings, moving from 'B+' to 'BB-' [1] - The recovery rating for the company's debt has been revised from '5' to '4' [1] Company Overview - AdaptHealth is recognized as a national leader in providing patient-centered healthcare-at-home solutions, which include home medical equipment, medical supplies, and related services [1]

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AdaptHealth Conference Call Summary Company Overview - **Company**: AdaptHealth (NasdaqCM: AHCO) - **Event**: UBS Healthcare Conference - **Date**: November 11, 2025 Key Points Industry and Company Performance - AdaptHealth has successfully partnered with Humana, leading to a five-year contract renewal and expansion into 33 states [6][7] - The revenue from capitated contracts is expected to be stable, with modest year-over-year changes based on membership fluctuations [7][12] - The company anticipates a free cash flow margin of 6%-7% and an EBITDA margin of around 20% as the contracts ramp up [12][17] Contractual Insights - The Humana contract does not currently include diabetes management but may explore opportunities in continuous glucose monitoring (CGM) in the future [8][11] - The company is experimenting with a smaller cap agreement for CGMs, indicating a cautious approach to risk [11][30] Operational Improvements - AdaptHealth has focused on standardizing operations across different regions, improving service delivery and customer satisfaction [21][22] - The average time to therapy for sleep patients has been reduced from 23 days to 10 days, showcasing significant operational efficiency [23][24] Technology and Automation - The company is investing in technology to streamline operations, including a new pharmacy SaaS technology that reduces prescription processing time from 36 minutes to 5 minutes [66][70] - AdaptHealth is leveraging automation and AI to enhance efficiency in revenue cycle management, potentially reducing costs associated with manual processes [85][90] Market Dynamics and Competitive Landscape - The DMEPOS fee schedule has seen minimal increases since 2017, leading to industry consolidation; the number of DME providers is expected to decrease from 5,500 to around 3,000 [95][96] - Competitive bidding may provide a strategic advantage for AdaptHealth, allowing the company to capture a larger market share as smaller competitors exit the market [98][100] Future Outlook - The company projects a revenue growth of 6%-8% for 2026, with expectations of margin expansion in the latter half of the year [49][51] - AdaptHealth is optimistic about its operational improvements and industry trends, positioning itself for growth in the coming years [122] Additional Considerations - The company is not currently pursuing M&A aggressively, believing that organic growth opportunities will arise from market consolidation [102] - AdaptHealth is monitoring the potential re-entry of Philips into the sleep market, which could impact competitive dynamics [112][113] This summary encapsulates the critical insights from the AdaptHealth conference call, highlighting the company's strategic direction, operational efficiencies, and market positioning.

Financial Performance - Net revenue for Q3 2025 was $820.314 million, a slight increase from $805.858 million in Q3 2024, while net revenue for the nine months ended September 30, 2025, was $2.398568 billion, down from $2.40433 billion in the same period last year[19]. - Operating income for Q3 2025 was $61.730 million, compared to $63.487 million in Q3 2024, with a total operating income of $164.152 million for the nine months ended September 30, 2025, down from $166.065 million in the previous year[19]. - Net income attributable to AdaptHealth Corp. for Q3 2025 was $24.509 million, an increase from $22.859 million in Q3 2024, while net income for the nine months ended September 30, 2025, was $31.976 million, down from $40.160 million in the same period last year[19]. - The company reported a comprehensive income of $25.146 million for Q3 2025, compared to $20.732 million in Q3 2024[21]. - Net income for the nine months ended September 30, 2025, was $35,499, a decrease of 18.5% compared to $43,377 in 2024[27]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $453,538, compared to $488,057 for the same period in 2024, reflecting a decrease of approximately 7.1%[108]. - For the three months ended September 30, 2025, net income attributable to AdaptHealth Corp. was $24.5 million, compared to $22.9 million for the same period in 2024, representing an increase of 7.2%[165]. - Basic net income per share for the three months ended September 30, 2025, was $0.17, up from $0.16 in the same period of 2024, reflecting a growth of 6.3%[165]. Revenue Breakdown - Insurance revenue for the three months ended September 30, 2025, was $503.6 million, up from $490.1 million in 2024, reflecting a growth of 2.5%[77]. - Government revenue for the three months ended September 30, 2025, increased to $217.7 million from $208.3 million in 2024, marking a growth of 2.0%[77]. - Patient pay revenue for the three months ended September 30, 2025, decreased to $99.0 million from $107.5 million in 2024, a decline of 7.0%[77]. - Total net revenue from fixed monthly equipment reimbursements increased to $282.5 million for the three months ended September 30, 2025, compared to $262.3 million in 2024, a growth of 7.7%[103]. - Sleep Health segment generated $354.8 million in net revenue for the three months ended September 30, 2025, up from $335.8 million in 2024, reflecting a growth of 5.9%[103]. - Respiratory Health segment reported net revenue of $177.0 million for the three months ended September 30, 2025, compared to $164.2 million in 2024, marking an increase of 7.8%[103]. - Diabetes Health segment's net revenue was $150.1 million for the three months ended September 30, 2025, up from $141.1 million in 2024, indicating a growth of 6.9%[103]. - Wellness at Home segment saw a decline in net revenue to $138.4 million for the three months ended September 30, 2025, down from $164.8 million in 2024, a decrease of 16.0%[103]. Assets and Liabilities - Total assets as of September 30, 2025, were $4.383523 billion, a decrease from $4.486947 billion as of December 31, 2024[17]. - Total liabilities as of September 30, 2025, were $2.758672 billion, down from $2.908829 billion as of December 31, 2024[17]. - Cash and cash equivalents decreased to $80.357 million as of September 30, 2025, from $109.747 million as of December 31, 2024[17]. - As of September 30, 2025, total stockholders' equity amounted to $1,624,851,000, with an accumulated deficit of $530,202,000[23]. - The company experienced a decrease in the accumulated deficit, which improved to $(530.202) million as of September 30, 2025, from $(562.178) million as of December 31, 2024[17]. - Long-term debt as of September 30, 2025, was $1,760,180,000, down from $1,981,171,000 on December 31, 2024[133]. Cash Flow and Investments - Net cash provided by operating activities increased to $418,587, up 6.1% from $391,424 in the prior year[27]. - The company incurred a net cash used in investing activities of $178,722, a decrease of 20% compared to $223,403 in 2024[27]. - Cash at the end of the period was $80,357, down from $100,180 in the previous year, representing a decrease of 19.8%[27]. - The company made payments for business acquisitions totaling $18,561 in 2025, with no such payments reported in 2024[27]. - The company reported a gain on the sale of businesses amounting to $32,225 in 2025[27]. Expenses and Costs - General and administrative expenses for Q3 2025 were $90.111 million, slightly up from $87.313 million in Q3 2024[19]. - Total depreciation and amortization, including patient equipment depreciation, was $284,421, an increase of 3.4% from $274,797 in 2024[27]. - Labor costs for the nine months ended September 30, 2025, were $552,851, with the highest contribution from Sleep Health at $248,507[106]. - The company reported a total patient equipment depreciation of $253,711 for the nine months ended September 30, 2025, compared to $240,774 for the same period in 2024, indicating an increase of approximately 5.4%[113]. - The company recognized an income tax expense of $10.6 million for the three months ended September 30, 2025, compared to $8.1 million in 2024, marking a 30.9% increase[175]. Equity and Stock - The weighted average common shares outstanding for Q3 2025 were 135.345 million, compared to 134.303 million in Q3 2024[19]. - The balance of common stock increased to 135,425 shares by September 30, 2025, up from 134,602 shares at the end of December 2024[23]. - The Company recognized equity-based compensation expense of $16.7 million during the nine months ended September 30, 2025, compared to $10.6 million for the same period in 2024[158]. - The Company granted 1,579,775 shares of restricted stock units to employees during the nine months ended September 30, 2025, with a grant-date fair value of $16.9 million[152]. - At September 30, 2025, there was $35.8 million of unrecognized compensation expense related to equity-based compensation awards, expected to be recognized over a weighted-average period of 2.0 years[160]. Legal and Compliance - The Company is under investigation by the U.S. Attorney's Office for the Southern District of New York regarding potential false claims related to ventilator billing from January 1, 2015, to the present, but the office does not currently intend to pursue claims against the Company[181]. - A class action complaint was filed against the Company by the Allegheny County Employees' Retirement System, alleging violations of federal securities laws related to billing practices for diabetes products and compliance programs[183]. - The Company is cooperating with multiple investigations regarding potential false claims related to billing for humidifiers and respiratory devices, with investigations ongoing as of March 2025[191][192]. - The Company intends to vigorously defend against allegations in the Wu Derivative Complaint, which relates to the same issues as the Allegheny County Complaint[186]. - The settlement related to the Allegheny County Consolidated Complaint is expected to consist of a cash payment primarily funded by the Company's insurance carriers, pending court approval[184].

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分组1 - AdaptHealth Corp. reported quarterly earnings of $0.22 per share, missing the Zacks Consensus Estimate of $0.24 per share, representing an earnings surprise of -8.33% [1] - The company posted revenues of $820.31 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.34%, compared to year-ago revenues of $805.86 million [2] - Over the last four quarters, AdaptHealth has surpassed consensus revenue estimates three times, but has only exceeded EPS estimates once [2] 分组2 - The stock has underperformed the market, losing about 4.5% since the beginning of the year, while the S&P 500 gained 16.5% [3] - The current consensus EPS estimate for the coming quarter is $0.45 on revenues of $851.47 million, and for the current fiscal year, it is $0.85 on revenues of $3.23 billion [7] - The Zacks Industry Rank for Medical - Products is currently in the bottom 41% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue was $820.3 million, an increase of 1.8% from the prior year quarter, with organic revenue growth at 5.1% [5][16] - Adjusted EBITDA for Q3 2025 was $170.1 million, up 3.5% from the prior year quarter, with an adjusted EBITDA margin of 20.7%, reflecting a 30 basis points increase from Q3 2024 [6][19] - The company reduced its debt by $50 million in Q3 2025, totaling a year-to-date debt reduction of $225 million, with a net leverage ratio of 2.68 times [6][20] Business Line Data and Key Metrics Changes - The sleep health segment net revenue increased by 5.7% year-over-year to $354.8 million, with sleep health starts up 6.8% [17] - The respiratory health segment net revenue rose by 7.8% to $177.0 million, despite lower-than-expected oxygen new starts [18] - The diabetes health segment net revenue increased by 6.4% to $150.1 million, marking the first quarter of revenue growth since Q1 2024 [18] - The wellness at home segment saw a decline of 16.0% in net revenue to $138.4 million, impacted by the divestiture of certain non-core assets [18] Market Data and Key Metrics Changes - The company operates 640 locations across 47 states and enters nearly 40,000 homes daily, indicating a significant operational footprint [7] - The company is focusing on enhancing patient service and operational efficiency through a standardized operating model and technology solutions [9][10] Company Strategy and Development Direction - The company is strategically positioned to leverage its technology infrastructure and operational capacity to enhance patient care and reduce costs through capitated agreements [12][13] - The focus on operational discipline and service excellence is seen as a key differentiator in a competitive market, especially with upcoming changes in CMS's competitive bidding program [14][15] - The company aims to replicate the success of its existing capitated arrangements by expanding partnerships with integrated delivery networks [12][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage the ramp-up of new capitated contracts, emphasizing the importance of having the necessary infrastructure in place before patient onboarding [26][41] - The company anticipates revenue growth of 6-8% for full-year 2026, driven by core product growth and new capitated contracts [22][59] - Management highlighted the importance of service excellence in maintaining loyalty among hospitals and physicians, which is critical for future growth [13][36] Other Important Information - The company is maintaining its full-year 2025 revenue and adjusted EBITDA guidance, expecting to come in modestly above the midpoint of the revenue range [21][22] - Free cash flow guidance remains at $170-$190 million, despite potential delays in cash collections due to the government shutdown [22] Q&A Session Summary Question: Insights on the large capitated deal and growth expectations - Management clarified that they are being conservative with growth expectations for the ramp-up of the new capitated contract, ensuring all infrastructure is ready before patient onboarding [25][26] Question: Impact of competitor announcements on business - Management noted that the competitor's exclusive agreement does not change their trend lines or expectations, emphasizing their commitment to service excellence [27][31] Question: Market dynamics regarding capitated agreements - Management discussed the growing interest from payers and providers in capitated agreements, highlighting the benefits of strong partnerships for patient care [34][36] Question: Details on investments related to new contracts - Management outlined the significant investments in infrastructure, including recruiting and training staff, procuring vehicles, and securing new locations [38][41] Question: Updates on diabetes segment performance - Management reported improved retention rates and a focus on executing better in the diabetes segment, with expectations for stable growth moving forward [46][50] Question: Revenue growth expectations by segment for 2026 - Management provided insights into expected growth rates across different segments, indicating a balanced approach to organic growth and new capitated arrangements [56][59]

Financial Performance - Q3 2025 - Total net revenue for Q3 2025 was $820314 thousand, compared to $805858 thousand in Q3 2024[6] - Sales revenue reached $506282 thousand in Q3 2025, slightly higher than $504715 thousand in Q2 2025[6] - Rental revenue increased to $282489 thousand in Q3 2025, up from $262315 thousand in Q3 2024[6] - Capitated revenue was $31543 thousand in Q3 2025, a slight decrease from $32850 thousand in Q3 2024[6] - Adjusted EBITDA for Q3 2025 was $170056 thousand, representing 207% of total net revenue[6,18] - Net income attributable to AdaptHealth Corp was $24509 thousand in Q3 2025, compared to $22859 thousand in Q3 2024[6] Revenue by Segment - Q3 2025 - Sleep Health generated $354836 thousand in net revenue, which is 433% of total sales revenue[12,9] - Respiratory Health contributed $176996 thousand to net revenue[12] - Diabetes Health accounted for $150075 thousand in net revenue, which is 183% of total sales revenue[12,9] - Wellness at Home segment had $138407 thousand in net revenue, which is 168% of total sales revenue[12,9] Revenue Growth - Organic revenue contributed 51% to the change in net revenue[14]