Addus HomeCare Reports Strong Q3 2024 Performance

Addus HomeCare Corporation ( (ADUS) ) has released its Q3 earnings. Here is a breakdown of the information Addus HomeCare Corporation presented to its investors.

Addus HomeCare Corporation is a Frisco, Texas-based company specializing in providing home care services, including personal care, hospice, and home health services to individuals at risk of hospitalization or institutionalization. The company’s services are primarily aimed at the elderly, chronically ill, and disabled across 22 states.

Addus HomeCare Corporation announced its financial results for the third quarter of 2024, showcasing a commendable performance with notable growth in revenues and profitability. The company reported a 7.0% increase in net service revenues to $289.8 million and a significant rise in net income to $20.2 million, or $1.10 per diluted share, compared to the same period last year.

Key financial highlights include an 11.1% increase in adjusted EBITDA to $34.3 million and a 13.0% rise in adjusted net income per diluted share to $1.30. The company’s personal care segment remained a significant revenue driver, contributing 74.3% of overall revenues, supported by robust patient volumes and favorable hiring trends. Additionally, the recent acquisition of Tennessee Quality Care added to the growth in their hospice and home health segments.

In terms of liquidity, Addus HomeCare ended the quarter with $222.9 million in cash and substantial capacity under its revolving credit facility. The company continues to focus on strategic acquisitions, with plans to complete the acquisition of Gentiva’s personal care operations, which will further expand its market presence, particularly in Texas.

Looking ahead, Addus HomeCare is confident in its growth trajectory, supported by the increasing demand for home-based care. The company is dedicated to expanding its services while maintaining a strong financial position to support its long-term growth strategy.