Saturday, April 4, 2020
Breaking Medical Device Industry News

AdaptHealth Corp. Expands Presence in the Southeast and Southwest United States

Acquires Texas-Based Healthline and Closes Previously Announced Acquisition of Advanced Home Care’s HME Business

Saturday, April 4, 2020

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.

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