AHCO - Why AdaptHealth Stock Is Crashing Today
Shares of AdaptHealth (NASDAQ: AHCO) were crashing 26.2% lower as of 11:37 a.m. ET on Tuesday. The steep decline came after the home medical equipment, supplies, and services provider announced its 2022 fourth-quarter and full-year results after the market closed on Monday.
AdaptHealth reported fourth-quarter revenue of $780.3 million, up 11.1% year over year. The company posted a net loss in the fourth quarter of $2.6 million, or $0.02 per diluted share. This reflected significant deterioration from the positive earnings of $22.9 million, or $0.15 per diluted share, in the prior-year period. It also was much worse than the consensus estimate of Q4 earnings of $0.28 per share.
In addition, AdaptHealth provided full-year 2023 guidance. The company expects net revenue of between $3.16 billion and $3.24 billion. This range is lower than the previous outlook of revenue between $3.21 billion and $3.29 billion. AdaptHealth looks for adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) between $650 million and $710 million, down from its previous guidance range of $690 million to $750 million.
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Why AdaptHealth Stock Is Crashing Today