AdaptHealth Corp.

Except as set forth below, there have been no material changes to the Company's risk factors disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 24, 2026 and in our Quarterly Reports on Form 10-Q for the three months ended March 31, 2026 and June 30, 2026 filed with the SEC on May 5, 2026 and August 4, 2026, respectively. Any of those factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations.

Reliance on relatively few suppliers for the majority of AdaptHealth's patient service equipment and supplies could adversely affect its ability to operate.

AdaptHealth currently relies on a relatively small number of suppliers to provide it with the majority of its patient service equipment and supplies. Significant price increases, product recalls or other disruptions in the ability to obtain such equipment and supplies from existing suppliers, may force AdaptHealth to use alternative suppliers. Additionally, trade policy developments, including ongoing investigations, could result in new tariffs on imported medical equipment or components, which could increase the costs of manufacturing or procuring patient service equipment and supplies. Such tariffs or any new excise taxes imposed on manufacturers of certain medical equipment could be passed on to customers, such as AdaptHealth. Such manufacturers may be forced to make other changes to their products or manufacturing processes that are unacceptable to AdaptHealth, resulting in a need to change suppliers. Any change in suppliers AdaptHealth uses could cause delays in the delivery of such products and possible losses in revenue, which could adversely affect AdaptHealth’s results of operations. In addition, alternative suppliers may not be available, or may not provide their products and services at similar or favorable prices. If AdaptHealth cannot obtain the patient service equipment and supplies it currently uses, or alternatives at similar or favorable prices, AdaptHealth’s ability to provide such products may be severely impacted, which could have an adverse effect on its business, financial condition, results of operations, cash flow, capital resources and liquidity.

For example, in October 2026, AdaptHealth received notice from Medline Industries, LP (“Medline”) that Medline has initiated a voluntary field action involving the removal, repair, discontinuation, and market exit of all Medline Brand beds, including homecare beds, bariatric beds, and long-term-care beds, and their associated pendants, accessories, replacement parts, and bed-containing order packages. Medline has stated that the field action relates to potential electrical system safety risks that may result in fire and entrapment risk from the use of bed accessories. As a result, AdaptHealth is no longer able to purchase these products from Medline. AdaptHealth may be unable to obtain sufficient quantities of replacement beds and related products from alternative supplies on a timely basis or on similar or favorable terms, which could limit AdaptHealth’s ability to meet patient demand for these products and for other products that are ordered together with them. This field action may also cause AdaptHealth to incur significant costs, some or all of which may not be recoverable from the product manufacturer. Any of these effects could materially and adversely affect AdaptHealth's business, financial condition and results of operations.