AdaptHealth saw a significant increase of 27% in its shares, reaching $9.68 following the release of their fourth-quarter revenue report that exceeded analysts' predictions.
Impressive Revenue Growth
In the last quarter, the healthcare technology company recorded a revenue of $858.2 million, showcasing a substantial increase from $780.3 million in the corresponding period last year. Analysts surveyed by FactSet had projected revenue to be around $825.5 million. The surge in revenue was primarily attributed to the continuous success of its sleep and respiratory divisions.
Losses and Writedown
Despite the revenue growth, AdaptHealth reported a loss of $254.5 million, or $1.91 per share, in contrast to the previous year's loss of $2.6 million, or 2 cents per share. Earnings were anticipated to be $24.7 million, or 18 cents per share, according to analysts. The notable loss was largely driven by a pre-tax writedown of goodwill amounting to $318.9 million.
Future Outlook
Looking ahead, AdaptHealth projects a revenue range of $3.25 billion to $3.35 billion for fiscal 2024, whereas analysts foresee slightly higher revenue figures, estimating it to be $3.345 billion.
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