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Bob Herman Mar 3, 2017
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Behind the implosion of Adeptus Health

A First Choice Emergency Room in Texas, owned by Adeptus Health. (Tony Gutierrez / AP)

Adeptus Health, a publicly traded operator of freestanding emergency rooms, is in seriously bad shape. The company won't file its annual report with the Securities and Exchange Commission on time, and there is "substantial doubt" Adeptus will exist without securing more long-term funding.

The numbers: Adeptus expects to post a net loss for 2016 and could report upwards of $560 million in negative charges and write-offs. Investors have battered the company's stock, which is hovering around $3 a share and down 59% this week. Adeptus' market cap hit a high of more than $2.5 billion in August 2015, and that now stands at a meager $28 million.