Apria, Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2021 10-K, filed Mar 1, 2022. Its latest SEC filing is a SC 13G/A from Feb 8, 2023.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Provides home respiratory therapy, sleep-apnea equipment and wound-care products and services to patients receiving care at home.

How Did They Make Money?

Apria earns money from equipment rentals and sales, supplies and services for patients, paid through fee-for-service and capitation arrangements with payors. Rental charges are billed monthly; sales of equipment and supplies count when delivered.

FY2021 revenue

Who Were Their Customers?

Patients receive equipment and services at home, generally after referral by healthcare professionals. Apria bills private insurers, managed care organizations and government payors on patients’ behalf.

Customers above 10% of revenue, FY2021

of revenue from two customers (24%, 11%)

Did Revenues Turn Into Profits?

Yes. It kept 6 cents of every revenue dollar as net income in FY2021 and turned 8 cents into free cash flow.

Operating income, FY2021

9% of revenue

▲ +37% vs FY2020 ($71.1M, 6%)

Net income, FY2021

6% of revenue

▲ +41% vs FY2020 ($46.1M, 4%)

Free cash flow, FY2021

8% of revenue

▲ +6% vs FY2020 ($87.6M, 8%)

How Were They Changing?

Since the FY2021 annual report

Mar 29, 2022 Owens & Minor completed its acquisition of Apria Apria stockholders became entitled to $37.50 in cash per share, and Apria requested Nasdaq delisting.

Grew. Revenue grew 5% in 2 years, from $1.1B in FY2019 to $1.1B in FY2021, about 3% a year.

Who Did They Compete With?

Competes with Lincare Holdings, AdaptHealth, Rotech, and Aerocare

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