CAH To Acquire AHCO’s Diabetes Segment and Strive Medical

研报英文原文证据摘录

CAH To Acquire AHCO’s Diabetes Segment and Strive Medical

Global Research

21 July 2026ab

U.S. Healthcare IT Equities

AmericasCAH To Acquire AHCO's Diabetes Segment and

Strive Medical Healthcare

Kevin Caliendo

Analyst

kevin.caliendo@ubs.com

CAH Increases Diabetes and Urology Might In Two Transactions Valued At +1-212-713 3630

$360M Combined

Andrea Alfonso

Yesterday, after the close, Cardinal Health announced plans to acquire the Diabetes Analyst

segment of AdaptHealth and Strive Medical (urology and wound care supplier) for a andrea.alfonso@ubs.com

combined $360M in cash. +1-212-713 1342

Brett Gasaway

AHCO: Diabetes Divestiture Helps Right-Size Investment And Sales Footprint Analyst

CAH will purchase AdaptHealth's Diabetes Health business for $235M or 0.4x TTM sales brett.gasaway@ubs.com

and 9x TTM EBITDA. Of note, Adapt's Diabetes business has been challenged over the +1-212-713 4820

years with FY25 revenue declining 4% y/y and adjusted EBITDA declining 57% y/y,

owing to negative shift in payor mix (government-to-commercial) and changes to

medical benefit (growing switch to pharmacy benefit). As Adapt's capitated payor

business has grown significantly post the Kaiser contract win in 2026, Diabetes has

arguably been a smaller share of the opportunity (we estimated capitated Diabetes

revenue at 2% of total capitated revenue vs. capitated Sleep Health at 33% for

example). As Adapt shifts its focus towards broadening its capitated footprint, we are

not surprised that investing in Diabetes has become less of a priority area for the

company but consistent with AHCO's long-term strategy of portfolio management. As

of 1Q26, net debt/TTM EBITDA stood at 2.91x; pro forma (excluding any potential dis-