AdaptHealth Corp. (NASDAQ: AHCO)

AdaptHealth Corp. is a national leader in providing patient centered healthcare at home solutions including home medical equipment medical supplies and related services.

The company serves patients across the United States by delivering equipment and supplies to their homes after hospital discharge or upon physician referral.

The company generates revenue from resupply and one time product sales fixed monthly payments for certain home medical equipment and per member per month fees under at risk capitation arrangements.

Resupply and one time sales made up approximately 63% of net revenue for the year ended December 31 2025.

Fixed monthly payments for items such as oxygen and home mechanical ventilation equipment accounted for about 33% of net revenue.

Per member per month fees under at risk capitation arrangements contributed roughly 4.0% of net revenue.

The company operates through the following segments: Sleep Health Respiratory Health Diabetes Health and Wellness at Home.

• Sleep Health: This segment provides sleep therapy equipment supplies and related services including continuous positive airway pressure and BiLevel services to individuals for the treatment of obstructive sleep apnea.

• Respiratory Health: This segment provides oxygen and home mechanical ventilation equipment supplies and related chronic therapy services to individuals for the treatment of respiratory diseases such as chronic obstructive pulmonary disease and chronic respiratory failure.

• Diabetes Health: This segment provides medical devices including continuous glucose monitors and insulin pumps and related services to patients for the treatment of diabetes.

• Wellness at Home: This segment provides home medical equipment and services to patients in their homes including those discharged from acute care and other facilities tailoring service models to patients adjusting to new lifestyles or navigating complex disease states by supplying essential medical supplies and durable medical equipment.

AdaptHealth competes in a fragmented home medical equipment market against large national providers such as Accendra Health Lincare Holdings Inc. Rotech Healthcare Inc. Cardinal Health Inc. and Quipt Home Medical Corp regional providers including DASCO Home Medical Equipment Binson s Medical Equipment Inc. Norco Inc. Protech Home Medical Corp. and Viemed Healthcare Inc. product specific suppliers like Breg Inc. Inogen Inc. Acelity L. P. and CCS Medical and non HME competitors such as CVS and Amazon.

The company believes its competitive advantages stem from its integrated technology platform broad product portfolio strong referral relationships and extensive network of payor contracts.

The company serves patients covered by Medicare Medicaid and commercial insurance receiving referrals from acute care hospitals sleep laboratories pulmonology and endocrinology offices skilled nursing facilities hospice operators and primary care providers.