INDIANAPOLIS – Apria Healthcare reported net revenue of $286.3 million for the second quarter of 2021, up 6.4% compared to the same quarter in 2020.
It reported net income of $20.6 million, up 153.1%. Adjusted EBITDA was $64.4 million, up 15.5%; and adjusted EBITDA less patient equipment capex was $44.1 million, up 2.2%.
“We delivered another strong quarter as our second quarter 2021 financial results were ahead of our expectations on all three of our key metrics, achieving organic net revenue growth of over 6% as compared to the prior year quarter,” said Dan Starck, CEO.
Apria also announced it has acquired Airway Breathing Co., a provider of respiratory care services, sleep equipment and supplies, and durable medical equipment.
“This acquisition enhances our presence in some attractive markets in Virginia and strengthens our relationships with the local health care systems,” said Starck. “We continue to have a robust active pipeline and we expect to see more strategic M&A opportunities throughout the remainder of the year.”
Apria increased its full year guidance to net revenue of $1.12 billion to $1.15 billion, up from $1.12 billion to $1.14 billion; and adjusted EBITDA of $221 million to $231 million, up from $207 million to $216 million.
The M&A market for healthcare companies continues to strengthen in 2021 and ahead of the projected increases in US capital gains taxes. There is unprecedented capital in market, the lowest interest rates in US history and strong acquirer motivations for high quality healthcare companies. Across the continuum of care, buyers and investors are looking for well established, profitable businesses and offering strong valuations and options for management.
Do you know the current market value of your business? We do! We are here to help you plan, prepare, explore and succeed in executing your strategic options.
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