Good morning, everyone.
Thank you for joining us today to discuss AdaptHealth's third quarter performance.
within like call everyone release Act. and may forward-looking I'd in statements issued begin, the constitute conference of this in statements we to Litigation that remind included today Private Before Securities meaning Reform the the press
statements limited comments results are regarding not beyond. XXXX and but include financial These to for
and Actual because which of annual number and uncertainties SEC of are the differ at quarterly risk from in projected those materially could a results in statements length discussed forward-looking filings. factors company's
AdaptHealth Corp.
have no update to events. obligation this call the on should information to subsequent provided reflect such
Additionally, company and measures, free this are reference EBITDA such all flow, certain measures. of which on financial call, the cash non-GAAP adjusted as EBITDA, financial will
replay later be of the call morning's This call today. a available is being and will recorded,
the by quarter. $XX.X We growth X.X% of revenues flow flow operations we last third of results $XX.X business, million. from sleep are we for the pleased important, record our cash to generated and quarter. free with cash the year, leading over generated Equally million Powered of
for result this cash fell expectations this will a our expectations than AdaptHealth of into Jason that I contract flow detail time. we for sales have these in but profitable get nor for met short our this delays Other results does be EBITDA, of why enthusiasm quarter. this a adjusted enterprise it diminish margins unplanned Humana happened, largely the on more of our would revenue, contract, our and and will the as not do contract. reduce more EBITDA the in Adjusted implementation of optimism
outperform, over to continues resulting in line year. increase product a last sleep XX% Our
past volumes. our our and expectations now the over with consistent XX% million record business were has X.X totals is that resupply starts PAP metric important generated our over PAP grown patients. and year An resupply census new Our order
relationship grow and is with and provider that devices are the become patient continue we focused critical is a The more friction than a of reduces that to experience. enhances electronic just these aspect ordering, patients strategy Among which the we we've supplies. reasons to our on of established
trends This patient of the respiratory year-on-year. the driven first Building year, growth by on X% net the patients we coupled vents. our was length by revenue with over stabilization remain increased the strong oxygen grew time census, of on in and half in
continues to quarter. discussed as work a progress, in Diabetes be last
in to are encouraged While third are we quarter softer a we progress vital by the the were improve bit making than had planned, the line. this results product we
are diabetes growing focusing in efforts large the government of The pumps and areas the growing, is for government shift versus CGMs especially census, are To continuing points sales specifically and resume our CGM payers toward retention quarter. and last we are and business, where growth, is we of prevalent. Government-sponsored our focus acquisition patients. our basis these now strategy to XX% XXX up to market on
rapidly team. entire in leveraging diabetes and are prevalence, areas diabetes the high of We of capability dedicated scale the AdaptHealth recruiting the sales representatives
months. to diabetes is over of objective the next several Our reps double sales number the
to to to move strategies commercial profitably allow pharmacy channel. will of growing This regain the in pharmacy participate us channel. more payers that exploring also share the We're as relinquished the we some sales
while beginning that providers for create to to the strategy important better is their our CGMs information constituents. promising, and This Finally, a payers. our enhance proposition will to quite is are generating all data use from and we experience generated execute to of that value a patient
transaction. We've implementation established diminished Humana their to has the the we've will seamless for members HME ultimately Humana benefit better and to who of working days not been that parties transition Humana, from to as optimism make all with the early the service about our for process contract will in as value needs. relationship a this strong experience Our very provide possible the
however, Unfortunately Nevertheless, for we from in is than will achieve anticipated, transition patient AdaptHealth. positive taking size that confident a Onboarding resulted results members the we the remain agreement and longer revenues of expected had Humana. CAP process. this complexity reduction we underestimated to our
increased AdaptHealth strengthened Since public and balance EBITDA cash revenue our recently sheet. and went have adjusted year flow in XXXX, we've improved and each our
CEO we for reduction CEO the the top job take for confidence, possible. candidate our as soon best responsibility fill However, self-inflicted, as a Board The investor setbacks that caused is must search. priority around issues, have some of to in including the with
the and filled talking We initiatives post we're our currently like capable of goals are down, year-end. and not describe highly In meantime, slowing management on. to key that to with Board by I'd candidates having aligned the are and the goal the
flow cash all operations to of is results. which cash inventory in have continues The priority. better a free spending, collections, more high increases flow better to Further and from on focus and efficient management our flow improved company cash capital contributed
free to our stock, back but addressing cash we sheet. our also were We balance recently of buy used some
revolver paid During XXXX, X.XXx. we and our our leverage X.XX from reduced to down
are goal We intend leverage maturities, debt reducing in to fortunate of we rates terms and of our delever under Xx year. to comfortable of have the to further structure end by but a next with the
expedite our diabetes growth, sales and our rate the business implement Humana As market health business transaction to our to reduce are and of ecosystem. of enterprise through care better the even the itself, strategy our to become more resume to short-term in priorities Continue the the processes automation and of cost expand operations line effort. relevant and solidify a
important, seeing line. product to I'd affected impact sleep lines. current are and on our sleep on Finally, our comment like GLP-Xs the no Most in product diabetes we
well ongoing pack overstated recent grow have continued at resupply affected census, is and pace may market the analysis for a that of growth. new a combination and have patients starts Our Further, in bodes path continues some analysis total resulting that we GLP-Xs revenue indicates utilization which to on been that earlier sleep seen reaction.
their and X% were that PAP of only indicated obstructive therapy. GLP-X study using recent users to one sleep apnea stop with example, For able
of a awareness more the piece therapy result GLP around ourselves and lack actually the of sleep increased time. highlighted adherence diagnosis think of a to included, the Others, that result of over grow OSA publicity GLP-Xs. recent as TAM may Another as
working sleep the GLP-X retention. leakage TAM, will years impact have subject of some past pressure. speculation, We've Our If can in we GLP-X will sleep our though and the which time, respond but few on automation decrease areas. the on in current is to by and it patient proactively improved accelerate significant drugs increase this may are market a and obesity over measures cause continuing likely there through overcome to on a reduction conversation TAM. focus net the assumption better is that these soon basic over How potential each how large much processes costs to share, we efforts and of these will
believe is will usage There usage. engaged be CGS. GLP and in more We -- levels AXC that more growth monitor consensus GLP-X may the diabetes on accelerate accelerate health actively GLP-Xs CGM usage inclined are patients to through that growth and their in
that also insurance the We of strong government increased a believe coverage sector, tailwind. CGM, in is especially
adherence position, with respiratory and of regular over with a coaching an with their these chronic XXX,XXX folks like with basis conditions. and is We health efforts a apnea usage. and million connecting with have improve unique We providers, sleep on diabetes, interact ongoing apnea, conditions therapies currently obesity, the to the roughly to We AdaptHealth COPD. equipment them patients needed payers. sleep relationship with of X.X chronic help XXX,XXX diabetics by people and as resupplying occupy them people to people at to and supplying epicenter better
just are of improve use adherence do those our outcomes where patients, health beginning how the comorbidities. Better understand can and more to are will especially alone downstream we with we improve we generating now to costs, to data the reduce compliantly even
the -- rate we One who XX,XXX and up early month. people on way, these, of last who that was recently XX%. set Of by the those X% example PAPs over is surveyed response responded
monitor and results. in service with CGMs So diabetics we comorbidities. using coexist to a If group the find GLP-Xs, coexist extrapolate of will identify indicates GLP-X are think usage will Of has X% opportunities we therapy. reasonably population, better we Further, only many this diabetes, XX% can taking patients and entire CPAP this findings that with good but these which to are these, sample. of many is XX% to our their
