AdaptHealth

Recurring resupply and fixed‑rental revenue add predictability, and long‑term sleep/respiratory prevalence trends are supportive. Yet 2026 guidance was reset to net revenue of $2.85–$2.89B and Adjusted EBITDA of $490–$520M on continuing operations after divestiture effects, capitation ramp inefficiencies, and a supplier price increase.

Operational disruption shows that while the revenue base is recurring, margins can be volatile during transitions. Future DMEPOS fee schedule updates are inflation‑linked but competitive bidding may reintroduce category pricing pressure later in the decade.