AdaptHealth Corp. reported its financial results for the three and nine months ended September 30, 2024, showing significant improvements in revenue and profitability compared to the same periods in 2023.
For the third quarter of 2024, net revenue reached $805.9 million, a slight increase of 0.2% from $804.0 million in Q3 2023. For the nine months ended September 30, 2024, net revenue totaled $2.4 billion, up 2.7% from $2.3 billion in the prior year. The growth was driven by increased demand in the sleep and respiratory product categories, which saw revenue increases of 3.5% and 8.6%, respectively. However, the diabetes product line experienced a decline of 11.8% in Q3 2024.
Total costs and expenses for Q3 2024 were $742.4 million, a substantial decrease of 41.3% from $1.3 billion in Q3 2023. This reduction contributed to an operating income of $63.5 million, a turnaround from an operating loss of $461.0 million in the same quarter last year. For the nine-month period, operating income was $166.1 million, compared to an operating loss of $380.6 million in 2023.
Net income for Q3 2024 was $24.0 million, compared to a net loss of $452.9 million in Q3 2023. For the nine months, net income was $43.4 million, a significant recovery from a net loss of $421.2 million in the prior year. Basic net income per share for Q3 2024 was $0.16, compared to a loss of $3.37 per share in Q3 2023.
AdaptHealth's cash position improved, with cash at the end of Q3 2024 at $100.2 million, up from $56.1 million a year earlier. The company reported net cash provided by operating activities of $391.4 million for the nine months, an increase from $325.4 million in 2023.
The company did not make any acquisitions during the nine months ended September 30, 2024, following a series of acquisitions in the previous year. AdaptHealth's strategic focus remains on enhancing its service offerings in home medical equipment and related services, servicing approximately 4.2 million patients annually across 670 locations.
Despite these positive developments, AdaptHealth continues to face challenges, including inflationary pressures affecting manufacturing and distribution costs. The company is actively working to address material weaknesses in its internal controls over financial reporting, which were identified as ineffective as of September 30, 2024. Management is implementing remediation steps to enhance its financial reporting processes.
About AdaptHealth Corp.
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