Adapthealth Corporation (NASDAQ:AHCO) Q1 2024 Earnings Conference Call May 7, 2024 8:30 AM ET
Company Participants
Richard Barasch - Chairman & Interim CEO
Jason Clemens - CFO
Conference Call Participants
Jack Slevin - Jefferies
Pito Chickering - Deutsche Bank
Eric Coldwell - Robert W. Baird & Co.
Richard Close - Canaccord Genuity
Kevin Caliendo - UBS
Joanna Gajuk - Bank of America Merrill Lynch
Operator
Good day, everyone, and welcome to today's AdaptHealth First Quarter 2024 Earnings Release. [Operator Instructions].
Today's speakers will be Richard Barasch, Chairman and Interim CEO of AdaptHealth; and Jason Clemens, Chief Financial Officer of AdaptHealth. Josh Parnes, President of AdaptHealth, will join Richard and Jason for the question-and-answer portion of today's call.
Before we begin, I'd like to remind everyone that statements included in this conference call in the press release issued today may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements include, but are not limited to comments regarding financial results for 2024 and beyond. Actual results could differ materially from those projected in forward-looking statements because of a number of risk factors and uncertainties, which are discussed at length in the company's annual and quarterly SEC filings. AdaptHealth Corp. should have no obligation to update the information provided on this call to reflect such subsequent events.
Additionally, on this morning's call, the company will reference certain financial measures such as EBITDA, adjusted EBITDA, and free cash flow, all of which are non-GAAP financial measures. This morning's call is being recorded and a replay of the call will be available later today.
I am now pleased to turn the floor to Chairman and Interim CEO of AdaptHealth, Mr. Richard Barasch. Please go ahead, sir.
Richard Barasch
Thank you. Good morning, and thank you all for joining AdaptHealth's first-quarter 2024 earnings call.
Simply stated, we had a terrific first quarter, highlighted by 6.2% non-acquired revenue growth and an 18% increase in adjusted EBITDA over the last year's first quarter. Our sleep and respiratory product lines continue to deliver strong results. We are pleased to see our diabetes business start to improve as well.
We continue to de-lever and are on target to hit our cash flow targets for the year. Jason will go through the numbers in details, so I'd like to discuss some of the underlying improvements that give us confidence that our performance is sustainable.
During the past year, AdaptHealth faced several internal and external challenges, and the company has addressed each one in a constructive way. This isn't a victory lap and our new CEO have a planning to do and the opportunity to put her own mark on the strategic future of the company. However, I'd like to highlight some of the more impactful improvements that have occurred, which should serve the company well going forward.