AdaptHealth Corp. (AHCO) shares plummeted 6.83% in pre-market trading on Tuesday following the release of its first-quarter 2026 financial results, which showed significant misses on key profitability metrics.

The home medical equipment provider reported a net loss attributable to shareholders of $16.04 million, widening from a $7.21 million loss in the year-ago period. While revenue of $819.8 million beat analyst expectations of $796.62 million, operating income of $5.49 million fell sharply short of the $26.09 million estimate. Pretax profit was a loss of $20.11 million versus an expected profit of $4.34 million.

Management attributed the weak bottom-line results to elevated labor expenses from a rapid expansion to serve a new strategic partner, with most of these costs expected to normalize by the end of the second quarter. The company raised its full-year 2026 net revenue guidance but maintained its adjusted EBITDA and free cash flow outlook.