On the 1st of September, Alan Quasha’s tenure as Independent Director ended after 1.8 years in the role. As of June 2021, Alan still personally held 12.89k shares (US$353k worth at the time). Alan is the only executive to leave the company over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. AdaptHealth Corp., together with its subsidiaries, provides home healthcare equipment, medical supplies, and home and related services in the United States.
So already on sleep, we’re managing and coaching patients on adherence. Our goal is to do that over a longer period of time with those patients. This included $15.9 million of cash outflow associated with CARES Act recoupment during the second quarter, representing about one-third of the 2020 advanced payment that will be returned to CMS.
AdaptHealth is a full-service home medical equipment company that uses tailored products and services to empower patients to live their fullest lives – out of the hospital and in their homes. Beginning in Q1 2021, our pro forma net revenue disclosure in our Form 10-Q includes all acquisitions completed in the period as opposed to just material acquisitions, which were previously disclosed. We intend to maintain this increased level of disclosure going forward. In addition, we generated $9 million of revenue in the second quarter from B2B sales, supporting our hospital and health system partners and providing much-needed oxygen and ventilation equipment. Although we do not expect this revenue to be recurring, it continues to demonstrate the commitment of our workforce in serving the needs of our partners and patients. In summary, we are very proud that the past six months has validated the future that we envision for our patients, referral sources, employees, and shareholders.
In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Adapt’s audited financial statements, which will be presented in DFB’s preliminary proxy statement to be filed with the SEC, and not rely on any single financial measure to evaluate Adapt’s business. Assuming $50 million of the transaction proceeds are used to provide liquidity to Adapt minority equity holders, DFB will issue approximately 49 million shares to current Adapt equity holders, valued at $10.00 per share, as part of the transaction.
The company says its earnings — not counting interest, taxes, and other financial expenses and “patient capital expenditures” for the equipment Adapt rents — totaled $130 million last year, and should grow to $152 million on increased sales of $583 million next year. Barasch said AdaptHealth Holding will have equity and debt totaling $1 billion, and should be worth about $800 million on the stock market. Barasch says the total home-medical equipment market tops $12 billion in yearly sales and should grow faster than the economy for at least the next several years. Adapt Health reported total net revenues of $229.7 million for it sleep business during the second quarter, with no impact from the Philips recall.
Poor culture, revolving door, horrible benefits and unsupportive management sums it up. Enjoy it tremendously and very excited about future prospects for my career and for the organization. Plenty of opportunities for growth and advancement and have seen many colleagues get ahead here. Typical days are fast paced with a lot going on, great systems and technology is amazing.