ADAPTHEALTH REPORTS Fourth Quarter and Full-Year 2021 Results And UPDATES 2022 guidance

REPORTS Fourth Quarter and Full-Year 2021 Results

UPDATES 2022 guidance

MEETING, Pa. - February 24, 2022 - AdaptHealth Corp. (NASDAQ: AHCO) ("AdaptHealth" or the "Company"),

a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and

related services, announced today financial results for the fourth quarter and fiscal year ended December 31,

Fourth Quarter Results

Guidance Updated for Fiscal Year 2022

Based on current business, market trends, governmental reimbursement

updates, acquisitions to date, and an expected continuation of shortages of PAP devices, the Company is updating its previously issued

financial guidance for fiscal year 2022 as follows:

Guidance for fiscal year 2022 does not include any contribution from

acquisitions that have not yet closed, or continuing Public Health Emergency benefits beyond the currently scheduled expiration date.

Management Commentary

Steve Griggs, Chief Executive Officer, commented, "2021 was a

remarkable year for AdaptHealth. Despite the worldwide pandemic, the shortage of CPAP equipment, and higher costs from supply chain challenges,

AdaptHealth has continued to grow and prosper. Although Adjusted EBITDA fell short of our full-year guidance due to product mix shift

from rental to sales, we were very pleased with our free cash flow generation as we exited the year.

Our operating and financial performance continues to reflect the increasingly

strong positioning of AdaptHealth in a challenging environment. We are especially proud of the efforts of our over 11,000 employees to

fulfill our mission to provide important medical equipment and supplies to the approximately 3.8 million patients who rely on us to live

Josh Parnes, President, commented, "In today's environment,

it is even more important to focus on efficiency. We continue to invest in technology to drive operational improvements and better patient

outcomes along with reductions in the cost of care, advancing our value proposition."

Management will host a conference call at 8:30

am ET today to discuss the results and business activities. Interested parties may participate in the call by dialing:

407-1877 (Domestic) or

689-8451 (International)

registration: Click Here

the live call, a replay will be available for six months on the Company's website, www.adapthealth.com under "Investor

About AdaptHealth Corp.

AdaptHealth is a national leader in providing

patient-centered, healthcare-at-home solutions including home medical equipment (HME), medical supplies, and related services. The Company

provides a full suite of medical products and solutions designed to help patients manage chronic conditions in the home, adapt to challenges

in their activities of daily living, and thrive. Product and service offerings include (i) sleep therapy equipment, supplies, and related

services (including CPAP and bi PAP services) to individuals suffering from obstructive sleep apnea, (ii) medical devices and supplies

to patients for the treatment of diabetes (including continuous glucose monitors and insulin pumps), (iii) HME to patients discharged

from acute care and other facilities, (iv) oxygen and related chronic therapy services in the home, and (v) other HME devices and supplies

on behalf of chronically ill patients with wound care, urological, incontinence, ostomy and nutritional supply needs. The Company is proud

to partner with an extensive and highly diversified network of referral sources, including acute care hospitals, sleep labs, pulmonologists,

skilled nursing facilities, and clinics. AdaptHealth services beneficiaries of Medicare, Medicaid, and commercial insurance payors, reaching

approximately 3.8 million patients annually in all 50 states through its network of over 750 locations in 47 states.

Forward-Looking Statements

This press release includes certain statements that are not historical

facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation

Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will,"

"estimate," "continue," "anticipate," "intend," "expect," "should,"

"would," "plan," "predict," "potential," "seem," "seek," "future,"

"outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical

matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts

of revenue and other financial and performance metrics and projections of market opportunity and expectations and the Company's

acquisition pipeline. These statements are based on various assumptions and on the current expectations of AdaptHealth management and

are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended

to serve as, and must not be relied on, by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact

or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual

events and circumstances are beyond the control of the Company.

These forward-looking statements are subject to a number of risks and

uncertainties, including the outcome of judicial and administrative proceedings to which the Company may become a party or governmental

investigations to which the Company may become subject that could interrupt or limit the Company's operations, result in adverse

judgments, settlements or fines and create negative publicity; changes in the Company's customers' preferences, prospects

and the competitive conditions prevailing in the healthcare sector; and the impact of the coronavirus (COVID-19) pandemic and the Company's

response to it. A further description of such risks and uncertainties can be found in the Company's filings with the Securities

and Exchange Commission. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results

implied by these forward-looking statements. There may be additional risks that the Company presently knows or that the Company currently

believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition,

forward-looking statements reflect the Company's expectations, plans or forecasts of future events and views as of the date of this

press release. The Company anticipates that subsequent events and developments will cause the Company's assessments to change. However,

while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims

any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's assessments as

of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Use of Non-GAAP Financial Information and Financial Guidance

This release contains non-GAAP financial guidance, which is adjusted

to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis. These non-GAAP

items are adjusted after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics,

such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative

of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods.

The Company uses EBITDA, Adjusted EBITDA and Adjusted EBITDA less

Patient Equipment Capex, which are financial measures that are not prepared in accordance with generally accepted accounting principles

in the United States, or U.S. GAAP, to analyze its financial results and believes that they are useful to investors, as a supplement

to U.S. GAAP measures. In addition, the Company's ability to incur additional indebtedness and make investments under its existing

credit agreement is governed, in part, by its ability to satisfy tests based on a variation of Adjusted EBITDA less Patient Equipment

The Company believes Adjusted EBITDA less Patient Equipment Capex

is useful to investors in evaluating the Company's financial performance. The Company's business requires significant investment

in equipment purchases to maintain its patient equipment inventory. Some equipment title transfers to patients' ownership after

a prescribed number of fixed monthly payments. Equipment that does not transfer wears out or often times is not recovered after a patient's

use of the equipment terminates. The Company uses this metric as the profitability measure in its incentive compensation plans that have

a profitability component and to evaluate acquisition opportunities, where it is most often used for purposes of contingent consideration

arrangements. In addition, the Company's debt agreements contain covenants that use a variation of Adjusted EBITDA less Patient

Equipment Capex for purposes of determining debt covenant compliance. For purposes of this metric, patient equipment capital expenditure

is measured as the value of the patient equipment received during the accounting period without regard to whether the equipment is purchased

or financed through lease transactions.

EBITDA, Adjusted EBITDA and Adjusted EBITDA less Patient Equipment

Capex should not be considered as measures of financial performance under U.S. GAAP, and the items excluded from EBITDA, Adjusted EBITDA

and Adjusted EBITDA less Patient Equipment Capex are significant components in understanding and assessing financial performance. Accordingly,

these key business metrics have limitations as an analytical tool. They should not be considered as an alternative to net income or any

other performance measures derived in accordance with U.S. GAAP or as an alternative to cash flows from operating activities as a measure

of the Company's liquidity.

There is no reliable or reasonably estimable comparable GAAP measure

for the Company's non-GAAP financial guidance because the Company is not able to reliably predict the impact of certain items,

including equity-based compensation expense, transaction costs, changes in fair value of the warrant liability, and other non-recurring