PLYMOUTH MEETING, Pa.

AdaptHealth Corp. (NASDAQ:AHCO) reported third-quarter earnings that missed analyst expectations and lowered its full-year outlook, resulting in a 14% drop in shares during early trading on Tuesday.

The provider of home medical equipment and supplies posted adjusted earnings per share of $0.15 for the quarter ended September 30, which was below the $0.19 consensus estimate. Revenue reached $805.9 million, slightly below Wall Street's projection of $809.32 million but up 0.2% year-over-year.

AdaptHealth revised its full-year 2024 revenue guidance to a range of $3.22 billion to $3.26 billion, down from the previous forecast of $3.255 billion to $3.315 billion, which fell short of analysts' expectations of $3.28 billion.

CEO Suzanne Foster expressed optimism about the future, highlighting identified growth opportunities, assembling a high-performing team, and investing in areas that enhance service to patients at home.

The company reported a net income of $22.9 million for the quarter, a significant improvement compared to a net loss of $454.1 million during the same period last year. Adjusted EBITDA increased by 1.9% year-over-year to $164.3 million.

AdaptHealth also indicated it completed the sale of certain custom rehab assets during the quarter.

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