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APR Apria

Apria is a leading provider of integrated home healthcare equipment and related services in the United States, providing home respiratory therapy, obstructive sleep apnea treatment and negative pressure wound therapy. Its approximately 275 locations throughout the continental United States and Hawaii serve nearly 2 million patients each year. All of Apria’s locations are accredited by The Joint Commission.

Company profile

Ticker
APR
Exchange
Website
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Apria Healthcare Group LLC • Apria Healthcare LLC • Apria Holdco LLC • CPAP Sleep Store LLC • DMEhub LLC • Healthy Living Home Medical LLC ...
IRS number
824937641

APR stock data

(
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Calendar

5 Aug 21
20 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Apria earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Cash on hand (at last report) 205.94M 205.94M 205.94M
Cash burn (monthly) (positive/no burn) (positive/no burn) 3.72M
Cash used (since last report) n/a n/a 13.7M
Cash remaining n/a n/a 192.25M
Runway (months of cash) n/a n/a 51.6

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
13 Oct 21 Celina M. Scally Common Stock Sell Dispose S No Yes 32.35 1,278 41.34K 0
11 Oct 21 Celina M. Scally Common Stock Payment of exercise Dispose F No Yes 31.78 1,013 32.19K 1,278
11 Oct 21 Celina M. Scally Common Stock Option exercise Acquire M No Yes 4.67 2,291 10.7K 2,291
11 Oct 21 Celina M. Scally Stock Appreciation Right Common Stock Option exercise Dispose M No No 4.67 2,291 10.7K 366
11 Oct 21 Mark E. Litkovitz Common Stock Sell Dispose S No Yes 32.98 641 21.14K 6,823
11 Oct 21 Mark E. Litkovitz Common Stock Sell Dispose S No Yes 32.19 1,817 58.49K 7,464
1 Oct 21 Figueroa John G. Common Stock Sell Dispose S No Yes 37.04 62 2.3K 543,203
1 Oct 21 Figueroa John G. Common Stock Sell Dispose S No Yes 35.88 2,800 100.46K 543,265
1 Oct 21 Figueroa John G. Common Stock Sell Dispose S No Yes 35.32 18,738 661.83K 546,065
1 Oct 21 Robert P. Walker Common Stock Sell Dispose S No Yes 37.04 16 592.64 19,231

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

94.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 74 48 +54.2%
Opened positions 34 48 -29.2%
Closed positions 8 0 NEW
Increased positions 22 0 NEW
Reduced positions 16 0 NEW
13F shares
Current Prev Q Change
Total value 935.41M 895.41M +4.5%
Total shares 33.41M 32.06M +4.2%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
BX Blackstone 19.04M $533.04M -15.1%
Fred Alger Management 2.71M $75.78M +1606.6%
BK Bank Of New York Mellon 1.63M $45.59M +24.5%
Deerfield Management 1.57M $44.04M +31.1%
Wellington Management 1.28M $35.74M -35.8%
American Century Companies 1.21M $33.77M NEW
Eaton Vance Management 723.37K $20.25M -14.3%
Pura Vida Investments 699.72K $19.59M -8.7%
Vanguard 561.83K $15.73M +193.7%
BLK Blackrock 534.94K $14.98M +37.1%
Largest transactions
Shares Bought/sold Change
BX Blackstone 19.04M -3.4M -15.1%
Fred Alger Management 2.71M +2.55M +1606.6%
American Century Companies 1.21M +1.21M NEW
Burgundy Asset Management 0 -1M EXIT
Wellington Management 1.28M -710.34K -35.8%
Deerfield Management 1.57M +372.89K +31.1%
Vanguard 561.83K +370.52K +193.7%
Maven Securities 520.68K +320.68K +160.3%
BK Bank Of New York Mellon 1.63M +320.43K +24.5%
Millennium Management 262.7K -180.7K -40.8%

Financial report summary

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Competition
AdaptHealth
Risks
  • The recent coronavirus (COVID-19) pandemic and the global attempt to contain it may harm our business, results of operations and ability to execute on our business plan.
  • Our capitation arrangements may prove unprofitable if actual utilization rates exceed our assumptions.
  • Our Payor contracts, including those with organizations that represent a significant portion of our business, are subject to renegotiation or termination which could result in a decrease in our revenue and profits.
  • Possible changes in the mix of patients and products and services provided, as well as Payor mix and payment methodologies, could have a material adverse effect on our business, financial condition, results of operations, cash flow, capital resources and liquidity.
  • We depend on reimbursements by Payors, which could lead to delays and uncertainties in the reimbursement process.
  • If we are unable to provide consistently high quality of care, our business will be adversely impacted.
  • Our failure to establish and maintain relationships with hospital and physician referral sources may cause our revenue to decline.
  • Our failure to successfully design, modify and implement technology and other process changes to maximize productivity and ensure compliance could ultimately have a significant negative impact on our results of operations and financial condition.
  • Our failure to maintain controls and processes over billing and collections, including impacts from the outsourcing or offshoring of parts of our billing and collections activities, estimating the collectability of our accounts receivable or the deterioration of the financial condition of our Payors, could have a significant negative impact on our results of operations and financial condition.
  • Our reliance on relatively few vendors for the majority of our patient equipment and supplies and which are to be imposed on certain manufacturers of such items could adversely affect our ability to operate.
  • We rely on third parties for certain technology, software, information systems and products.
  • Changes or disruption in supplies provided by third parties could adversely affect our business.
  • Our operations involve the storage, transportation and provision of compressed and liquid oxygen, which carries an inherent risk of rupture or other accidents with the potential to cause substantial loss.
  • Our business operations are labor intensive. Difficulty in hiring enough additional management and other employees, increasing costs of compensation or employee benefits, and the potential impact of unionization and organizing activities could have an adverse effect on our costs and results of operations.
  • We are highly dependent upon senior management; our failure to attract and retain key members of senior management could have a material adverse effect on us.
  • We may be required to take significant write downs in connection with impairment of our intangible or other long-lived assets.
  • Limitations on the availability of capital or other financing sources on reasonable terms, as well as losses due to existing bad or uncollectible debts, could have an adverse impact on our operations, financial condition, or prospects.
  • We are subject to risks associated with our incurrence of debt.
  • The home healthcare industry is highly competitive and fragmented, with limited barriers to entry which may make it susceptible to vertical integration by manufacturers, Payors, providers (such as hospital systems) or disruptive new entrants.
  • We may be adversely affected by consolidation among health insurers and other industry participants.
  • There is an inherent risk of liability in the provision of healthcare services; damage to our reputation or our failure to adequately insure against losses, including from substantial claims and litigation, could have an adverse impact on our operations, financial condition, or prospects.
  • Any economic downturn, deepening of an economic downturn, continued deficit spending by the federal government or state budget pressures may result in a reduction in payments and covered services.
  • Changes in home healthcare technology and/or product and therapy innovations may make the equipment and services we currently provide obsolete or less competitive.
  • Expansion of group purchasing organizations (“GPO”) or provider networks and the multi-tiered costing structure may place us at a competitive disadvantage.
  • Our failure to comply with regulatory requirements or receive regulatory clearances or approvals for the Company’s products or operations in the United States could adversely affect our business.
  • Reductions in Medicare, Medicaid and commercial Payor reimbursement rates and/or exclusion from markets or product lines, including due to the DMEPOS CBP, could have a material adverse effect on our results of operations and financial condition.
  • If we fail to comply with applicable laws and regulations, we could suffer penalties or be required to make significant changes to our operations.
  • We have been, are and could become the subject of federal and state investigations and compliance reviews.
  • Ongoing federal and state health reform initiatives could adversely affect our operations and business condition.
  • We may be adversely affected by Congress’ elimination of the PPACA’s individual mandate penalty.
  • If we fail to maintain required licenses, certifications, or accreditation, or if we do not fully comply with requirements to provide notice to or obtain approval from regulatory authorities due to changes in our ownership structure or operation, it could adversely impact our operations.
  • A recall of any of our products, either voluntarily or at the direction of the FDA or another governmental authority, or the discovery of serious safety issues with our products that leads to corrective actions being taken, could have a significant adverse impact on our business.
  • We may be subject to fines, penalties, or injunctions if we are determined to be promoting the use of our products for unapproved or “off-label” uses, resulting in damage to our reputation and our business.
  • Corporate officers may be subject to a misdemeanor penalty (and possible subsequent felony) under the FFDCA for alleged violations of the FFDCA.
  • Our medical gas facilities and operations are subject to extensive regulation by federal and state authorities and there can be no assurance that our medical gas facilities will achieve and maintain compliance with such regulations.
  • A cyber-attack, a security breach or the improper disclosure of PHI could cause a loss of confidential data, give rise to remediation and other expenses, expose us to liability under HIPAA and HITECH, consumer protection, common law or other legal theories, subject us to litigation and federal and state governmental inquiries, damage our reputation, and otherwise be disruptive to our business.
  • Our Sponsor and its affiliates control us and their interests may conflict with ours or yours in the future.
  • We are a holding company with no operations of our own and we are accordingly dependent upon distributions from our subsidiaries to pay taxes and pay dividends.
  • We are a “controlled company” within the meaning of the rules of the Nasdaq Global Select Market (“Nasdaq”) and, as a result, qualify for, and intend to rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements.
  • Our internal controls over financial reporting currently do not meet all of the standards contemplated by Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), and failure to achieve and maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and the market price of the common stock.
  • Because we have no current plans to pay dividends on our common stock, you may not receive any return on your investment unless you sell your common stock for a price greater than that which you paid for it.
  • You may be diluted by the future issuance of additional common stock in connection with our incentive plans, acquisitions or otherwise.
  • If we or our pre-IPO owners sell additional shares of our common stock or are perceived by the public markets as intending to sell them, the market price of our common stock could decline.
  • Anti-takeover provisions in our organizational documents and Delaware law might discourage or delay acquisition attempts for us that you might consider favorable.
  • Our amended and restated certificate of incorporation designates the Court of Chancery of the State of Delaware and the federal district courts of the United States of America as the sole and exclusive forums for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with the Company or the Company’s directors, officers or other employees.
  • Natural disasters or other catastrophic events could materially disrupt and have a negative effect on our business, financial condition, results of operations, cash flow, capital resources and liquidity.
  • Future acquisitions or growth initiatives may be unsuccessful and could expose us to unforeseen liabilities.
  • We will incur increased costs and become subject to additional regulations and requirements as a result of becoming a public company, which could lower our profits, make it more difficult to run our business or divert management’s attention from our business.
  • If securities or industry analysts do not publish research or reports about our business, or if they downgrade their recommendations regarding our common stock, our stock price and trading volume could decline.
  • The market price of shares of our common stock may be volatile or may decline regardless of our operating performance, which could cause the value of your investment to decline.
Management Discussion
  • Comparison of Three Months Ended June 30, 2021 and Three Months Ended June 30, 2020.
  • Net Revenues. Net revenues for the three months ended June 30, 2021 were $286.3 million compared to $268.9 million for the three months ended June 30, 2020, an increase of $17.3 million or 6.4%. The increase in net revenues for the three months ended June 30, 2021 was primarily due to growth in OSA treatment and home respiratory therapy. The increase was partially offset by lower ventilation therapy revenues due to a reduction in the commencement of new services during the COVID-19 pandemic. The increase in net revenues was also due to higher reimbursement levels and increased Medicare reimbursement rates from oxygen budget neutrality, the CARES Act and the temporary suspension of Medicare sequestration, partially offset by reductions in commercial Payor reimbursement rates. Our core services comprise total net revenues as follows:
  • Revenues reimbursed under arrangements with Medicare and Medicaid were approximately 21% and 1%, respectively, of total net revenues for the three months ended June 30, 2021 and June 30, 2020.
Content analysis
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