October 21, 2014 3:56 AM ET

Healthcare Providers and Services

Company Overview of Apria Healthcare Group Inc.

Company Overview

Apria Healthcare Group Inc. provides home healthcare products and services in the United States. The company offers home respiratory therapy, home medical equipment, and home infusion therapy services. Its home respiratory therapy products and services include oxygen systems, ventilators, respiratory assist devices, continuous positive airway pressure and bi-level devices, infant apnea monitors, nebulizers, home-delivered respiratory medications, and related services, which are used to treat chronic obstructive pulmonary diseases, respiratory conditions associated with nervous system disorders or injuries, congestive heart failures, and lung cancer. The company’s home medical equipment compr...

26220 Enterprise Court

Lake Forest, CA 92630

United States

Founded in 1924

13,200 Employees

Phone:

949-639-2000

Key Executives for Apria Healthcare Group Inc.

Chief Executive Officer and Director
Age: 47
Chief Financial Officer and Executive Vice President
Chief Commercial Officer of Home Infusion Therapy Segment
Age: 47
Chief Information Officer and Executive Vice President
Executive Vice President
Compensation as of Fiscal Year 2014.

Apria Healthcare Group Inc. Key Developments

Apria Healthcare Group Inc. Announces Termination of Material Definitive Agreement

On January 16, 2014, in connection with the completion of the transaction, Apria Healthcare Group Inc. repaid in full, cancelled and terminated that certain senior secured credit agreement, among the company, as borrower, Sky Acquisition LLC, as parent, the other guarantors party thereto from time to time, Bank of America, N.A., as administrative agent, U.S. Bank National Association as collateral agent, certain other agents party thereto and a syndicate of financial institutions and institutional lenders. In connection with such termination, all liens previously granted by the company to the administrative agent for the benefit of the secured parties under the credit agreement were fully released. On January 16, 2014, the company provided a notice of redemption for $157.5 million aggregate principal amount of its outstanding 12.375% senior secured notes due 2014 (series A-2) (the series A-2 notes), representing all of the company's outstanding series A-2 notes. The company used a portion of the proceeds from the funding of the bridge loan to deposit the redemption price for the series A-2 notes with the trustee under the indenture governing the series A-2 notes (the indenture) and to pay fees and expenses associated with the redemption of the series A-2 notes. The series A-2 notes will be redeemed on February 15, 2014 at a redemption price of 100% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but not including the redemption date. In addition, the company has effected a satisfaction and discharge of the company's obligations with respect to the series A-2 notes under the indenture and the trustee has released all liens and other interests in any collateral securing the series A-2 Notes. As a result of the redemption of the series A-2 Notes and the satisfaction and discharge of the company's obligations under the indenture, the company is no longer obligated to and will not voluntarily file reports with the Securities and Exchange Commission. In addition, on January 16, 2014, in connection with the completion of the transaction, the company incurred term loans of approximately $1.145 billion pursuant to that certain bridge loan credit agreement with Goldman Sachs Bank USA, as administrative agent and collateral agent, and the lenders party thereto, the proceeds of which were applied to repay certain outstanding debt of the company. Substantially simultaneously with the consummation of the transaction, the company repaid in full, cancelled and terminated the bridge loan with a portion of the sale proceeds received by the company from CVS.

Apria Healthcare Group Appoints Daniel J. Starck to Board of Directors

Apria Healthcare Group Inc. announced the appointment of Daniel J. Starck, Chief Executive Officer of the company's Apria Healthcare LLC respiratory therapy/home medical equipment operating unit, to the company's Board of Directors. Mr. Starck will fill a Board seat vacated by Michael Dal Bello, who recently resigned from the company's Board following his departure from The Blackstone Group to pursue another career opportunity. The appointment is effective immediately. Mr. Starck assumed his current role on April 2, 2012, after serving CorVel Corporation as CEO for five years.

Apria Healthcare Group Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013

Apria Healthcare Group Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company's total net revenues were $607,197,000 compared to $608,473,000 a year ago, a decrease of $1.3 million or 0.2%. Net revenues for the three months ended September 30, 2013 decreased primarily due to a reduction in Medicare revenue as a result of reduced reimbursement rates as part of the Medicare competitive bidding program starting July 1, 2013 and the budget sequestration, and decreased volume in the respiratory therapy and home medical equipment segment. Operating income was $8,012,000 compared to operating loss of $249,751,000 a year ago. Loss before taxes was $14,957,000 compared to $283,234,000 a year ago. Net loss was $15,785,000 compared to $175,711,000 a year ago. EBITDA was $39.7 million compared to LBITDA of $221.6 million a year ago. Adjusted EBITDA before projected cost savings and synergies was $60.4 million compared to $74.4 million a year ago. Net cash provided by operating activities was $40.7 million. Free cash flow for the three months ended September 30, 2013 was $13.0 million compared to $54.4 million in the three months ended September 30, 2012, a decrease of $41.4 million. CapEx purchases were $36 million. CapEx spend was also about $36 million in the third quarter of 2012. For the nine months, the company's total net revenues were $1,842,575,000 compared to $1,811,858,000 a year ago. Operating income was $80,645,000 compared to operating loss of $214,280,000 a year ago. Loss before taxes was $51,781,000 compared to $314,387,000 a year ago. Net loss was $53,776,000 compared to $208,054,000 a year ago. Net cash provided by operating activities was $77,979,000 compared to $77,375,000 a year ago. Purchases of patient service equipment and property, equipment and improvements, exclusive of effects of acquisitions were $106,608,000 compared to $121,008,000 a year ago. EBITDA was $168.8 compared to LBITDA of $127.9 million a year ago. Adjusted EBITDA before projected cost savings and synergies was $221.4 million compared to $195.6 million a year ago. Year-to-date September 30, 2013, CapEx spend is down $14 million compared to last year.

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