Shares of AdaptHealth Corp. (NASDAQ: AHCO) plummeted 16.45% in pre-market trading on Monday, after the healthcare services company reported mixed third-quarter results and lowered its full-year revenue guidance.
For the third quarter, AdaptHealth posted earnings of $0.40 per share, surpassing analysts' estimates of $0.17 per share. However, the company's revenue of $805.9 million fell short of expectations, missing the consensus estimate of $809.3 million.
More concerning for investors, AdaptHealth slashed its fiscal 2024 revenue guidance to a range of $3.22 billion to $3.26 billion, down from its previous forecast of $3.26 billion to $3.32 billion. The lowered guidance overshadowed the company's better-than-expected earnings, leading to a sharp sell-off in the stock.
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