AdaptHealth Corp (NASDAQ:AHCO) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 08:30 am ET


AdaptHealth Corp (NASDAQ:AHCO) Q2 2020 Earnings Conference Call - Final Transcript


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Greetings, and welcome to AdaptHealth Corp. Second-Quarter 2020 Financial Results Conference Call. [Operator instructions]

I would now like to turn the conference over to your host, Mr. Chris Joyce, General Counsel. Thank you. You may begin.

Chris Joyce

Thank you, Laura. I'd like to welcome everyone to AdaptHealth Corp.'s earnings conference call for the quarter ended June 30, 2020. Everyone should have received a copy of our earnings release earlier this morning, if not, I'd like to highlight that the earnings release as well as a supplemental slide presentation regarding Q2 2020 results is posted on our investor relations page. In a moment, we'll have some prepared comments from Luke McGee, Chief Executive Officer; Josh Parnes, President; and Gregg Holst, our Retiring Chief Financial Officer. We'll then open the call for questions.

Before we start, I'd like to remind everyone that statements included in this conference call and in our earnings release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements include, but are not limited to, comments regarding our financial results for 2020 and beyond. Actual results could differ materially from those projected in forward-looking statements because of a number of risk factors and uncertainties which are discussed in our annual and quarterly SEC filings.

AdaptHealth Corp. shall have no obligation to update the information provided on this call to reflect such subsequent events. Additionally, on this morning's call, we'll reference certain financial measures such as EBITDA and adjusted EBITDA which are non-GAAP financial measures. A table providing supplemental information on EBITDA and adjusted EBITDA is included in today's first quarter earnings release. This morning's call is being recorded and a replay of the call will be available later today.

I'm now pleased to introduce our six executive officer, Luke McGee.

Luke McGee

Thanks Chris, and thanks everyone for joining the call this morning. Before I get to my remarks on Q2, I would like to acknowledge the tremendous efforts of AdaptHealth's frontline brand staff, clinical teams and delivery drivers, who've played such an important role in AdaptHealth's continued service of our patients' health needs during these extraordinary times. Throughout the last five months, our priorities have been and will continue to be the health and well-being of our workforce and our patients. I am incredibly proud of the entire AdaptHealth team and how each and every team member has stepped up to help those in need throughout the COVID-19 crisis.

We had an extraordinarily busy and productive second quarter. Our core business performed well and we were active in identifying attractive acquisition candidates to help further our strategic long-term goals. As previously announced, we closed two strategically important acquisitions on July 1st, 2020, Solara Medical Supplies and ActivStyle Inc.

Solara is a leading independent distributor of continuous glucose monitors in the U.S. This is a transformative transaction that will establish AdaptHealth as a leader in the fast-growing diabetes management business. CGM technology continues to be rapidly adopted by the diabetic community as it offers more real-time