AdaptHealth

Track record mixes a transformational roll‑up (AeroCare 2021) with subsequent tuck‑ins and divestitures.

Recent decisions are directionally cleaner: sale of Diabetes Health to Cardinal Health; contribution of The CPAP Shop into a JV with cpap.com and telehealth to build a direct‑to‑consumer funnel; utilization of a delayed‑draw term loan to retire higher‑coupon notes; and workforce restructuring to remove ~$19M of annualized costs.

Offsetting risks: capitation ramp mis‑estimation created near‑term margin and cash drag; SBC remains present; and ongoing FCA/cyber exposures require cash for compliance.