PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--AdaptHealth Corp. (NASDAQ: AHCO), the third largest provider of home medical equipment in the United States, today announced that it has acquired Healthline Medical Equipment, Inc. a Texas-based provider of home medical equipment, and closed its previously announced acquisition of Advanced Home Care’s home medical equipment business.
Healthline, which was founded in 1998, is a leading provider of home medical equipment to patients through its 13 branch locations across the greater Fort Worth and Austin areas. For the trailing twelve months ended December 31, 2019, Healthline generated net revenues of approximately $30 million. Healthline will continue to operate under its current name and leadership team, led by Dewayne Andrus, Barbara Leech, Ed Sims and Michael Dick.
AdaptHealth is also pleased to announce the completion of the previously announced acquisition of Advanced Home Care, Inc. Advanced, which operates 23 branch locations in Georgia, North Carolina, South Carolina, Tennessee and Virginia, reported net revenues for the twelve months ended September 30, 2019 of $83 million. As previously announced, the HME management team of Advanced, including CEO, Joel Mills, have joined AdaptHealth in connection with the acquisition.
“The southeastern and southwestern United States remain attractive markets for AdaptHealth and we are thrilled to have the experienced and well-respected teams at Advanced and Healthline join us to better serve these local communities,” said AdaptHealth CEO Luke McGee.
Mr. McGee continued, “We expect both transactions to be immediately accretive to earnings. Including the addition of Healthline, we are updating our financial guidance for calendar 2020. We now expect net revenue for 2020 between $790 – $808 million, EBITDA of $160 – $164 million and Adjusted EBITDA Less Patient Equipment of $98 – $101 million. This outlook excludes anticipated first year operating losses and severance and restructuring costs associated with the McKesson Patient Care Solutions (PCS) acquisition totaling approximately $15 million. This outlook also excludes the impact of additional acquisitions that AdaptHealth may consummate during the year.
About AdaptHealth Corp.
AdaptHealth Corp. is the third largest provider of home medical equipment in the United States. AdaptHealth provides a full suite of medical products and solutions designed to help patients manage chronic conditions in the home, adapt to life and thrive. Product and services offerings include sleep therapy equipment (CPAP and BiPAP machines and supplies), respiratory equipment (including oxygen, invasive and non-invasive ventilation), mobility equipment, wheelchairs, walkers, and hospital beds. AdaptHealth also provides custom bracing services, hospice focused HME services, wound therapy and nutritional HME services. The Company is proud to partner with an extensive and highly diversified network of referral sources, including acute care hospitals, sleep labs, pulmonologists, skilled nursing facilities, and clinics. AdaptHealth services beneficiaries of Medicare, Medicaid and commercial insurance payors. Following the acquisition of PCS in January 2020, AdaptHealth services over 1.4 million patients annually in all 50 states through its network of 187 locations. Learn more at www.adapthealth.com.
