AdaptHealth(US:AHCO)2020-03-11 10:33Company Overview - AdaptHealth is the 3rd largest provider of HME (Home Medical Equipment) in the US, pro forma with PCS & Advanced Home Care acquisitions[8] - The company services more than 1.4 million patients annually[11] - Over 60% of patients served have a chronic disease, including Sleep Apnea, COPD, Diabetes, and CHF[11] - More than 50% of patients received at least 2 or more deliveries in 2019[11] - The company has 187 locations servicing 50 states[11] Financial Performance and Guidance - The company provides 2020 financial guidance with revenue between $765 million and $782 million[26] - Adjusted EBITDA for 2020 is guided between $155 million and $158 million[26] - Adjusted EBITDA less complex is guided between $95 million and $97 million[26] - In 2019, the Adjusted EBITDA reached $123 million[27] Market and Acquisition Strategy - The company anticipates 12-15% growth through HME M&A, based on $100 million in revenue per year[16] - The company has completed 67 acquisitions since 2012[16] - The company has seen savings post-acquisition, for example, Transaction 3 saw savings of 23%[17]