AdaptHealth reported second-quarter 2026 net revenue of $740.3 million and Adjusted EBITDA of $132.0 million, while net loss attributable to the company was $145.3 million largely due to a $144.2 million pre-tax goodwill impairment. Organic revenue grew 15.9% year-over-year and the company revised full-year 2026 guidance to $2.85–2.89 billion in net revenue and $490–520 million in Adjusted EBITDA on a continuing operations basis. Management cited margin pressure from a West Coast capitated transition and a manufacturer price increase, and announced the Diabetes Health business will be presented as discontinued operations following a definitive sale agreement.

Financial Highlights

  • Net revenue: $740.3 million for the quarter ended June 30, 2026 (vs. $657.1 million prior year).
  • Organic revenue growth: 15.9% year-over-year.
  • Adjusted EBITDA: $132.0 million for the quarter ended June 30, 2026 (Adjusted EBITDA Margin: 17.8% for the quarter).
  • Net loss attributable to AdaptHealth: $145.3 million for the quarter, driven primarily by a $144.2 million pre-tax goodwill impairment; net (loss) income from continuing operations was $(144.1) million.
  • Cash flow and liquidity: Year-to-date cash flow from operations $239.0 million; free cash flow negative $48.4 million year-to-date (free cash flow definition: net cash provided by operating activities less purchases of equipment and other fixed assets).

Business Highlights

  • Completed first full quarter under an exclusive capitated agreement with a large national integrated delivery network; West Coast capitated partnership reached full scale during the quarter.
  • Signed a new capitated agreement with Humana OneHome in South Florida and Texas and completed transition of ~478,000 members.
  • Entered into a definitive agreement to sell the Diabetes Health business for $235.0 million in cash (subject to adjustments); Diabetes Health will be reported as discontinued operations going forward.
  • Formed a post-quarter joint venture combining the company's eCommerce asset with a leading eCommerce sleep retailer and added a home sleep test capability to expand reach to undiagnosed OSA patients.
  • Advanced digital engagement: myAPP registered users grew to more than 512,000 (up 56% from year-end 2025) and launched an AI-powered mask-fitting tool; completed a workforce restructuring expected to generate $19 million in annualized savings.

Original SEC Filing:

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