Page 1

++ adapthealth FOR IMMEDIATE RELEASE ADAPTHEALTH CORP . ANNOUNCES FIRST QUARTER 2021 FINANCIAL RESULTS - Plymouth Meeting , PA – May 6 , 2021 – AdaptHealth Corp. ( NASDAQ : AHCO ) ( “ AdaptHealth ” or the “ Company ” ) , a national leader in providing patient - centered , healthcare - at - home solutions including home medical equipment , medical supplies , and related services , announced today financial results for the first quarter ended March 31 , 2021 . Highlights • As previously announced , the Company completed the acquisition of AeroCare Holdings Inc. on February 1 , 2021. Integration efforts are on track and the Company expects to generate previously announced pre - tax annual run rate cost synergies of approximately $ 50 million , including $ 30 million in 2021. Our first quarter results include two months of operations of AeroCare . • • Organic growth reported for the first quarter was 11.5 % . In the first quarter , the Company closed four additional acquisitions including previously announced Allina Health Home Oxygen & Medical Equipment , a home medical equipment provider in Minnesota with 10 locations . On April 30 , 2021 , AdaptHealth expanded its presence in New England with the acquisition of Spiro Health Services , a provider of home medical equipment and supplies operating with 22 locations across eight states . In April 2021 , AdaptHealth entered into an agreement with its lenders to expand its existing credit facility to fund anticipated M & A activity . The Company increased its term loan from $ 700 million to $ 800 million and expanded the maximum borrowing capacity under its revolving credit facility from $ 250 million to $ 450 million . As of April 30 , 2021 , the Company had approximately $ 410 million available on its revolving credit facility and approximately $ 97 million of cash on hand . First Quarter Results • • • Net revenue was $ 482.1 million , compared to $ 191.4 million in the first quarter of 2020 , a 152 % increase . Net loss attributable to AdaptHealth Corp. was $ 4.0 million , or $ 0.08 per diluted share , compared to a net loss of $ 34.6 million , or $ 0.82 per diluted share , in the first quarter of 2020 . Adjusted EBITDA was $ 104.2 million , compared to $ 30.5 million in the first quarter of 2020 , a 242 % increase . • Adjusted EBITDA less Patient Equipment Capex was $ 61.9 million , compared to $ 17.5 million in the first quarter of 2020 , a 254 % increase . Increased Guidance While it remains difficult to predict the duration and impact of the COVID - 19 crisis , based on current business and market trends , the Company is increasing its previously issued financial guidance for fiscal year 2021 as follows : • Net revenue of $ 2.22 billion to $ 2.39 billion , up from prior guidance of $ 2.18 billion to $ 2.35 billion