AdaptHealth stock falls following weak Q2 earnings and lowered guidance

AdaptHealth Corp. shares experienced a significant decline following the release of disappointing second-quarter results. The company reported a loss of $1.07 per share, missing the average analyst estimate of a $0.15 profit. While sales rose 12.7% year-over-year to $740.3 million, this figure was approximately $106.5 million below market expectations.

The company also issued lowered forward guidance. Annual sales projections were revised down to a range of $2.85 billion to $2.89 billion, compared to previous guidance of $3.45 billion to $3.52 billion. This revision is largely attributed to the discontinuation of the company’s Diabetes Health business. Additionally, adjusted EBITDA guidance was reduced to between $490 million and $520 million, down from a previous range of $680 million to $730 million.

Despite the stock's volatility, director Kenneth Samet purchased 23,500 shares on August 6 at an average price of $6.38 per share, a transaction valued at approximately $149,930. Recent institutional activity shows varied movements, including increased stakes by Rockefeller Capital Management L.P. and PNC Financial Services Group Inc.