Shares of AdaptHealth (NASDAQ: AHCO) tanked by more than 18% in pre-market trading on Tuesday after the provider of patient-centered, healthcare-at-home solutions swung to a loss of $0.02 per diluted share in the fourth quarter versus earnings of $0.15 per diluted share in the same period last year. Analysts were expecting a profit of $0.31 per share in Q4.
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Revenues increased by 11.1% year-over-year to $780.3 million in Q4 but missed Street estimates of $788.1 million.
Looking forward, management also slashed its outlook for FY23 revenues in the range of $3.16 billion to $3.24 billion from its prior guidance of $3.21 billion to $3.29 billion. This updated guidance is below consensus estimates of $3.26 billion.
Adjusted EBITDA is projected to range between $650 million and $710 million in FY23, down from its earlier projection of $690 million to $750 million.
Overall, AHCO stock has gained by more than 13% year-to-date.