AdaptHealth Corp. (NASDAQ:AHCO) Q3 2024 Earnings Conference Call November 5, 2024 8:30 AM ET

Company Participants

Suzanne Foster - Chief Executive Officer
Jason Clemens - Chief Financial Officer

Conference Call Participants

Kevin Caliendo - UBS
Mathew Blackman - Stifel
Eric Coldwell - Baird
Brian Tanquilut - Jefferies
Whit Mayo - Leerink Partners
Richard Close - Canaccord
Pito Chickering - Deutsche Bank
Ben Hendrix - RBC Capital Markets

Operator

Good day, everyone, and welcome to today's AdaptHealth Third Quarter 2024 Earnings Release. [Operator Instructions]

Today's speakers will be Suzanne Foster, Chief Executive Officer of AdaptHealth; and Jason Clemens, Chief Financial Officer of AdaptHealth.

Before we begin, I'd like to remind everyone that statements included in this conference call and in the press release issued today may constitute forward-looking statements within the meaning of 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 has 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, adjusted EBITDA margin and free cash flow, all of which are non-GAAP financial measures. You can find more information about these non-GAAP measures in the presentation materials accompanying today's call, which are posted on the Company's website. This morning's call is being recorded and a replay of the call will be available later today.

I am now pleased to introduce the Chief Executive Officer of AdaptHealth, Suzanne Foster.

Suzanne Foster

Thank you, and good morning, everyone. Thank you for attending our third quarter earnings call.

Before we start, I want to acknowledge the extraordinary efforts our team displayed during the recent weather events in the Southeast. Prior to the storms, we contacted more than 40,000 patients from the impacted areas to confirm they had the medical equipment they needed before the severe weather moved in. In advance of the storm, we made sure to deliver oxygen where needed. As a result, there were no material service interruptions. I want to thank the team again for their exceptional performance.

Now turning to Q3 results. We are pleased to report another consistent quarter. With results in line with our expectations for revenue, adjusted EBITDA, and free cash flow. Compared to the previous year, revenue was flat with our two larger products, sleep and respiratory, delivering growth that offset a decline in diabetes. Sleep increased 3.5% respiratory was strong, increasing 8.6% while diabetes decreased 11.8%.