AdaptHealth Corp. Set
to Trade on NASDAQ Under Ticker Symbol “AHCO”
DFB Healthcare Acquisitions Corp. (“DFB”) (NASDAQ: DFBH,
DFBHU, DFBHW), a special purpose acquisition company sponsored
by Deerfield Management (“Deerfield”) and Richard Barasch, today
announced that it has closed its business combination with
AdaptHealth Holdings LLC, the third largest provider of home
medical equipment (“HME”) in the United States. As previously
announced, the transaction was approved at a special meeting of
DFB’s shareholders held on November 7, 2019.
The combined company, which has been renamed AdaptHealth Corp.
(“AdaptHealth”), expects that its Class A Common Stock and public
warrants will continue to list on the Nasdaq Capital Market under
the new trading symbols “AHCO” and “AHCOW”, respectively, starting
on or about Monday, November 11, 2019.
AdaptHealth will continue to be led by its seasoned team of
industry and financial professionals, including Chief Executive
Officer, Luke McGee; President, Josh Parnes; and Chief Financial
Officer, Gregg Holst.
“On behalf of the team at DFB and Deerfield, I am thrilled to
announce the closing of this transaction,” said Richard Barasch,
who will serve as Chairman of the Board of AdaptHealth. “Luke and
his team have built one of the industry’s leading HME providers
through a combination of accretive capital deployment, high-touch
customer engagement, and a scalable, purpose-built,
technology-enabled operating model. We believe AdaptHealth will
continue to occupy an increasingly distinct position in the
home-based healthcare value chain as the most efficient provider in
the space.”
“We look forward to this next, exciting phase of our growth as a
public company,” said Mr. McGee. “We expect to remain an active
participant in the consolidation of our industry while providing
the highest level of patient care and service, with an over-arching
commitment to creating value for all stakeholders.”
Headquartered in Plymouth Meeting, Pennsylvania, AdaptHealth has
grown to become the third largest provider of HME in the U.S.,
completing more than 7,000 deliveries per day to more than 1
million patients across 49 states.
AdaptHealth offers a full suite of medical products for both
rental and sale, with a focus on CPAP sleep equipment and supplies,
oxygen equipment, wheelchairs, walkers, and hospital beds. These
lines of business comprise a total addressable market for
AdaptHealth of $12-$15 billion that is growing due to multiple
industry tailwinds, including an aging population, increasing
prevalence of chronic conditions, and the continuing migration of
healthcare from the institutional setting to the home.
AdaptHealth’s industry-leading technology platform provides a
distinct competitive advantage and is in stark contrast to the
outmoded and inefficient processes currently used by many companies
in the HME industry. Purpose-built for the evolving HME landscape,
the system is easy-to-use for physicians, provides automated and
integrated proprietary workflow technology for patients’ care
plans, enhances compliance, promotes efficiencies, and elevates
customer service.
AdaptHealth has completed 59 acquisitions since 2012 and intends
to continue to focus on increasing net revenue and profitability,
both organically and via accretive acquisitions. AdaptHealth has
identified a significant volume of potential acquisition
opportunities and based on the current pipeline of acquisitions,
believes it can add approximately $100 million of acquired revenue
each year.
About AdaptHealth Corp.
AdaptHealth is a leading provider of home healthcare equipment
and related services in the United States. AdaptHealth Holdings
focuses primarily on providing sleep therapy equipment, supplies
and related services (including CPAP and bi-PAP services) to
individuals suffering from OSA; home medical equipment to patients
discharged from acute care and other facilities; and oxygen and
related chronic therapy services in the home. AdaptHealth also
provides hospice-focused HME services, wound therapy and
nutritional HME services. AdaptHealth services beneficiaries of
Medicare, Medicaid and commercial payors. As of September 30, 2019,
AdaptHealth serviced over one million patients annually in 49
states through its network of 189 locations in 35 states. Learn
more at www.adapthealth.com.
Forward-Looking
Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding projections,
estimates and forecasts of revenue and other financial and
performance metrics and projections of market opportunity and
expectations, and the closing of the proposed transaction. These
statements are based on various assumptions and on the current
expectations of DFB and AdaptHealth management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of DFB and
AdaptHealth. These forward-looking statements are subject to a
number of risks and uncertainties, including the outcome of
judicial and administrative proceedings to which AdaptHealth may
become a party or governmental investigations to which AdaptHealth
may become subject that could interrupt or limit AdaptHealth’s
operations, result in adverse judgments, settlements or fines and
create negative publicity; changes in AdaptHealth’s clients’
preferences, prospects and the competitive conditions prevailing in
the healthcare sector; those factors discussed in the definitive
proxy statement filed by DFB under the heading “Risk Factors,” and
other documents of DFB filed, or to be filed, with the SEC. If the
risks materialize or assumptions prove incorrect, actual results
could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
neither DFB nor AdaptHealth presently know or that DFB and
AdaptHealth currently believe are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect DFB’s and AdaptHealth’s expectations, plans or forecasts of
future events and views as of the date of this press release. DFB
and AdaptHealth anticipate that subsequent events and developments
will cause DFB’s and AdaptHealth’s assessments to change. However,
while DFB and AdaptHealth may elect to update these forward-looking
statements at some point in the future, DFB and AdaptHealth
specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing DFB’s and AdaptHealth’s assessments as of any date
subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191108005600/en/
DFB Healthcare Chris Wolfe (212) 769-4546
chris.wolfe@dfbhealthcare.com Investor Relations The Equity
Group Inc. Devin Sullivan Senior Vice President
dsullivan@equityny.com (212) 836-9608 Kalle Ahl, CFA Vice President
kahl@equityny.com (212) 836-9614 AdaptHealth Holdings
Brittany Lett (909) 915-4983 blett@adapthealth.com
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