PLYMOUTH MEETING, Pa. – AdaptHealth Corp. (NASDAQ:) reported third-quarter earnings that missed analyst expectations and lowered its full-year outlook, sending shares plunging 14% in early trading Tuesday.
The provider of home medical equipment and supplies posted adjusted earnings per share of $0.15 for the quarter ended September 30, falling short of the $0.19 consensus estimate. Revenue came in at $805.9 million, slightly below Wall Street’s projection of $809.32 million but up 0.2% YoY.
AdaptHealth lowered its full-year 2024 revenue guidance to a range of $3.22 billion to $3.26 billion, down from its previous forecast of $3.255 billion to $3.315 billion. The new outlook falls short of analysts’ expectations of $3.28 billion.
“I continue to be optimistic about the road ahead. We have identified growth opportunities, we are assembling a high performing team and investing in areas that allow us to serve even more patients in their homes,” said CEO Suzanne Foster.
The company reported net income of $22.9 million for the quarter, compared to a net loss of $454.1 million in the same period last year. Adjusted EBITDA rose 1.9% YoY to $164.3 million.
AdaptHealth also noted that it completed the sale of certain custom rehab assets during the quarter.
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