Addus HomeCare Corporation Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Addus HomeCare Corporation Reports Second Quarter 2024 Financial Results
Addus HomeCare Corporation (NASDAQ:ADUS), a prominent provider of home care services, today announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | % Change YoY | Consensus Estimate (Q2 2024) | % Difference to Estimate |
|---|---|---|---|---|---|
| Net Service Revenues | $286.9 million | $260.0 million | +10.4% | $285.01 million | +0.7% |
| Net Income | $18.1 million | $14.9 million | +21.5% | - | - |
| EPS (Diluted) | $1.10 | $0.91 | +20.9% | $1.21 | -9.1% |
| Adjusted Net Income per Diluted Share | $1.35 | $1.07 | +26.2% | - | - |
| Adjusted EBITDA | $35.3 million | $28.3 million | +24.7% | - | - |
| Cash Flow from Operations | $18.8 million | - | - | - | - |
Interpretation: Addus HomeCare showed strong financial performance for Q2 2024 with robust growth in net service revenues and adjusted EBITDA, significantly beating year-over-year metrics. However, EPS fell short of the Wall Street consensus estimate by 9.1%.
Revenue Performance by Segment:
| Segment | Q2 2024 Revenue | Revenue % Total | Q2 2023 Revenue | Revenue % Change YoY |
|---|---|---|---|---|
| Personal Care | $212.83 million | 74.2% | $195.53 million | +8.8% |
| Hospice Care | $55.97 million | 19.5% | $52.68 million | +6.3% |
| Home Health | $18.1 million | 6.3% | $11.79 million | +53.6% |
Interpretation: The personal care segment continues to lead revenue contributions with notable same-store growth of 8.8% YoY. The hospice care segment showed stable improvement, while the home health segment rebounded with a remarkable 53.6% YoY growth.
Operational Highlights:
- Entered into a definitive agreement to acquire Gentiva's personal care operations.
- Announced a definitive agreement to sell New York operations.
- Completed a public offering of 1,725,000 shares of common stock, raising approximately $176.1 million in net proceeds.
Comments from Company's Officers:
Dirk Allison, CEO, highlighted the company's strong growth in the personal care segment and expressed optimism around the Gentiva acquisition, which aims to expand market reach and coverage.
Dividends and Share Repo Program:
No specific information on dividends or share repurchase programs was provided in the release.
Forward Guidance:
The company did not provide explicit forward guidance for the upcoming quarters.
Stock Price Movement:
Following the earnings release, Addus HomeCare Corporation's stock saw a decline of 2.17%.
Conclusion:
Addus HomeCare Corporation demonstrated substantial growth in both revenue and adjusted EBITDA for the second quarter of 2024, reflecting the company's solid operational execution and strategic acquisitions. Despite falling short of earnings per share estimates, the company remains optimistic about its future growth prospects and market expansion. With a strategic focus on high-performing segments and successful acquisition executions, Addus continues to position itself effectively within the home care industry.
