1. Amazon for home medical equipment and supplies.

2. A 'CVS or Walgreens' for home-delivered durable medical equipment and oxygen therapy.

3. Rent-A-Center for medical devices.

• Sleep Therapy Services: Provides Continuous Positive Airway Pressure (CPAP) and Bi-level Positive Airway Pressure (BiPAP) devices, masks, and supplies for patients with sleep apnea and other sleep disorders.
• Diabetes Management Services: Offers Continuous Glucose Monitors (CGMs), insulin pumps, and related supplies to individuals managing diabetes.
• Respiratory Therapy Services: Supplies a range of oxygen therapy equipment, ventilators, nebulizers, and related respiratory care products for patients with chronic lung conditions.
• Mobility and Aids for Daily Living: Provides wheelchairs, walkers, scooters, and other durable medical equipment designed to assist with mobility and daily activities.
• Wound Care Management: Offers advanced wound care dressings, negative pressure wound therapy (NPWT) devices, and related supplies to facilitate healing for patients.
• Enteral Nutrition Services: Delivers specialized nutritional formulas, feeding pumps, and supplies for patients who require tube feeding.
• Urological and Ostomy Supplies: Provides catheters, ostomy bags, and other essential supplies for patients managing urological or ostomy care needs at home.

AdaptHealth (AHCO) primarily sells its products and services directly to individuals, specifically patients in need of home medical equipment and supplies. The company serves various categories of patients, including:

• Individuals with sleep disorders and chronic respiratory conditions: This category includes patients diagnosed with sleep apnea who require continuous positive airway pressure (CPAP) or bilevel positive airway pressure (BiPAP) devices, as well as individuals with chronic obstructive pulmonary disease (COPD) and other respiratory insufficiencies who need oxygen therapy or ventilators.

• Individuals with diabetes: AdaptHealth provides continuous glucose monitors (CGMs), insulin pumps, and related diabetic testing supplies to patients managing their diabetes.

• Individuals requiring mobility assistance and other durable medical equipment (DME) and supplies: This broad category encompasses patients who need wheelchairs, scooters, hospital beds, walkers, and other mobility aids. It also includes those requiring urological, ostomy, and other home medical supplies.

• ResMed (RMD)
• Philips (PHG)
• Fisher & Paykel Healthcare (FPH)
• Invacare
• Inogen (INGN)
• React Health
• Dexcom (DXCM)
• Abbott Laboratories (ABT)

Suzanne Foster, Chief Executive Officer
Suzanne Foster assumed the role of Chief Executive Officer of AdaptHealth in May 2024. She brings over 25 years of experience as a global leader in the healthcare industry. Before joining AdaptHealth, Ms. Foster served as President of Beckman Coulter Life Sciences for Danaher Corporation from April 2022 until May 2024. Her prior leadership roles include President of Cardinal Health At-Home Solutions, President of Stanley Healthcare (a Stanley Black & Decker business), and General Manager of Medtronic Advanced Energy.

Jason Clemens, Chief Financial Officer
Jason Clemens serves as the Chief Financial Officer of AdaptHealth. He joined AdaptHealth as CFO in February 2021. Prior to AdaptHealth, Mr. Clemens was the Chief Financial Officer of AeroCare Holdings, Inc., which was acquired by AdaptHealth in 2021. Before AeroCare, he held various financial leadership positions, including at Tenet Healthcare and PwC.

Scott Barnhart, Chief Operating Officer
Scott Barnhart is the Chief Operating Officer at AdaptHealth. He joined AdaptHealth in September 2024. Previously, Mr. Barnhart held leadership roles in operations at other healthcare companies, including as Senior Vice President of Business Systems at Regal Rexnord and Vice President of Operations, Supply Chain, and Danaher Business System at Beckman Coulter Life Sciences for Danaher Corporation.

Joel Mills, Chief People Officer
Joel Mills has been the Chief People Officer of AdaptHealth since March 1, 2020. Before this, Mr. Mills was the President and CEO of Advanced Home Care from 1988 to 2020, where he grew the company into one of the largest hospital-affiliated home healthcare companies in the country. He is also a founding member and former chair of the American Association for Homecare.

Rodney Carson, President & Chief Operating Officer – Diabetes
Rodney Carson joined AdaptHealth in 2020 as President and Chief Operating Officer – Diabetes, leading the growth of this business segment. His career spans over 20 years in healthcare operations leadership. Mr. Carson previously served as President and CEO of CCS Medical and as President of Operations for MDLIVE, a prominent telehealth company. He began his career as a CPA and subsequently worked in finance and investment banking before transitioning to the healthcare industry.

The key risks to AdaptHealth (AHCO) are:

1. Regulatory Changes and Reimbursement Pressures: The healthcare industry in which AdaptHealth operates is subject to extensive regulation, and modifications to laws, regulations, or reimbursement policies from government entities (such as Medicare and Medicaid) and private payors could significantly impact the company's revenue and financial stability. This also encompasses potential revisions in resupply guidelines that might decrease the frequency with which supplies can be purchased.
2. Intense Industry Competition: AdaptHealth operates within a highly competitive durable medical equipment (DME) market, facing competition from numerous national, regional, and local providers. This competitive landscape can lead to pricing pressures, a reduction in market share, and necessitate substantial investments in marketing and customer service to retain or regain business.
3. Dependence on Sleep Therapy Segment and Key Suppliers: A substantial portion of AdaptHealth's revenue is derived from providing sleep therapy equipment and supplies, making the company's success highly reliant on this particular segment. Furthermore, the company depends on a limited number of suppliers for the majority of its patient service equipment and supplies, introducing a potential supply chain risk.

• Increased direct-to-consumer (DTC) and direct-to-payer/provider (DTP) sales channels by medical device manufacturers. Leading manufacturers, such as ResMed in the sleep apnea market, are actively expanding their direct sales and distribution capabilities, leveraging digital platforms and direct relationships with health systems and even consumers for both devices and consumables. This emerging trend threatens to bypass traditional home medical equipment (HME) providers like AdaptHealth, potentially reducing their market share and compressing margins by cutting out the intermediary.
• Further vertical integration and consolidation within the healthcare payer and provider landscape. Large health insurance companies and integrated delivery networks (IDNs) are increasingly acquiring or developing their own post-acute care services, including home medical equipment provision. This strategy aims to create "closed loop" systems that steer patients towards affiliated providers to control costs and patient pathways, thereby limiting referrals and market access for independent HME providers like AdaptHealth.

AdaptHealth (NASDAQ: AHCO) operates in several key segments, with addressable markets primarily within the U.S. and globally for their specialized healthcare-at-home solutions. The estimated market sizes for their main products and services are as follows:

Sleep Health

• The U.S. sleep apnea devices market was valued at approximately USD 2.5 billion in 2024 and is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 7.4% between 2025 and 2034. Another estimate projects the U.S. market size for sleep apnea devices at USD 2.44 billion in 2025, expected to reach around USD 4.56 billion by 2034, growing at a CAGR of 7.18%.
• Globally, the sleep apnea devices market was valued at USD 7.3 billion in 2024 and is expected to reach USD 15 billion in 2034, with a CAGR of 7.8% from 2025 to 2034.

Respiratory Health

• The U.S. respiratory devices market is estimated at USD 9.75 billion in 2025 and is projected to reach USD 12.63 billion by 2030, demonstrating a CAGR of 5.32% during this period.
• The U.S. respiratory care devices market is projected to be valued at USD 8.0 billion in 2025 and is expected to grow to USD 16.5 billion by 2034, at a CAGR of 8.5%.
• The global respiratory care devices market is projected to reach USD 27.8 billion in 2025 and expand to USD 60.5 billion by 2034, with a CAGR of 9.0%.

Diabetes Health

• The U.S. digital diabetes management market was valued at approximately USD 3.92 billion in 2024 and is expected to reach USD 17.23 billion by 2033, exhibiting a CAGR of 17.89% from 2025 to 2033. Another source indicates the U.S. market was valued at approximately USD 6.8 billion in 2024 and is projected to reach USD 16.5 billion by 2030, growing at a CAGR of 14.8%.
• The global digital diabetes management market was valued at approximately USD 17.3 billion in 2024 and is projected to reach USD 34.1 billion by 2030, growing at a CAGR of 11.8%. Another estimate places the global market at approximately US $19.42 billion in 2025, projected to reach around US $53.97 billion by 2033, with a CAGR of 13.63%.

Wellness at Home (Home Medical Equipment and Mobility Solutions)

• The U.S. home medical equipment market was valued at USD 25.0 billion in 2023 and is projected to reach USD 48.5 billion by 2035, registering a CAGR of 5.6% from 2024 to 2035. Another report estimates the U.S. home medical equipment market size at USD 7.79 billion in 2024, growing to USD 8.29 billion in 2025, and projected to reach around USD 14.25 billion by 2034.
• The global home medical equipment market was valued at USD 26.37 billion in 2024, grew to USD 28 billion in 2025, and is predicted to surpass around USD 48.12 billion by 2034, with a CAGR of 6.20% between 2024 and 2034.
• The U.S. personal mobility devices market was estimated at USD 3.27 billion in 2024 and is predicted to be worth around USD 6.46 billion by 2034, with a CAGR of 7.05% from 2025 to 2034.

AdaptHealth (AHCO) is expected to experience future revenue growth over the next 2-3 years, driven by several key initiatives and market trends:

1. New Capitated Contracts and Payer Agreements: AdaptHealth anticipates significant revenue contributions from new capitated agreements. A new capitated contract is projected to add $200 million in annual revenue starting in 2026. Additionally, the company announced a new capitated agreement with a major payer, expanding its reach by 170,000 lives. Analysts also highlight a recently signed five-year, $1+ billion national health system contract that is expected to generate predictable, recurring revenue growth from 2026 onwards.

2. Organic Growth in Sleep and Respiratory Health: The company has demonstrated strong organic growth, particularly within its Sleep and Respiratory Health segments. In the third quarter of 2025, AdaptHealth reported 5.1% organic revenue growth across all segments, with new sleep starts increasing by nearly 7% year-over-year, reaching a two-year high. Respiratory Health net revenue also saw a 7.8% increase, driven by robust demand. The company achieved a record in sleep and respiratory health patient census, indicating continued strength in these areas.

3. Expansion in the Home Healthcare Market: The broader trend of an aging population and a shift towards home-based care provides a significant tailwind for AdaptHealth. The growing demand for healthcare-at-home solutions positions the company to expand its market share by offering a comprehensive range of home medical equipment and services.

4. Technological Advancements and Digital Patient Engagement: AdaptHealth is investing in technology to enhance operational efficiency and patient engagement. The company is implementing AI and automation in its operations and developing a self-service mobile platform aimed at improving productivity. Furthermore, its digital patient engagement platform has seen a substantial increase in registered users, which can contribute to better patient retention and growth. Digital automation initiatives are also expected to drive margin expansion by lowering costs.

Share Repurchases

• AdaptHealth authorized a share repurchase program for up to $200 million through December 31, 2023.
• As of December 31, 2022, $186 million remained available under the authorized repurchase program.

Share Issuance

• On January 5, 2021, AdaptHealth priced an underwritten public offering of 8,000,000 shares of its Class A Common Stock at $33.00 per share.
• The company sold 7,250,000 shares, generating approximately $239.25 million in gross proceeds, partially to finance the AeroCare acquisition.

Outbound Investments

• On December 1, 2020, AdaptHealth announced the acquisition of AeroCare Holdings Inc. for approximately $2 billion.
• The AeroCare acquisition was comprised of $1.1 billion in cash and 31 million shares of AdaptHealth common stock.
• AdaptHealth completed divestitures of Custom Rehab, ActiveStyle, and Home Infusion in Q2 2025 to streamline operations.

Capital Expenditures

• Capital expenditures for Q2 2025 were $88.7 million, representing 11.1% of revenue, supporting growth in patient starts, particularly in Sleep Health and Respiratory Health segments.
• The company anticipates a material investment in patient equipment capital expenditures, potentially before the end of 2025.
• AdaptHealth's capital expenditures are primarily focused on patient equipment and are made in advance of patients beginning service.