Significant Revenue Growth
Fourth quarter revenue was approximately $520 million, representing an 8.6% increase over the prior year period. Full year 2024 revenue was approximately $2.024 billion, representing a 6.8% increase over the prior year.
Strong EBITDA Performance
Fourth quarter adjusted EBITDA was $55.2 million, a 42.6% increase over the prior year period. Full year 2024 adjusted EBITDA was $183.5 million, representing a 31.8% increase over the prior year.
Successful Rate Increases
Secured double-digit rate improvements in Georgia and Massachusetts. In total, secured twelve private duty services state rate increases for the full year 2024.
Preferred Payer Strategy Success
The number of private duty services preferred pay agreements increased from fourteen to twenty-two. Preferred payer agreements account for approximately 50% of total PDS MCO volumes.
Improved Gross Margins
Home Health and Hospice segment achieved a gross margin of 53.2%, up 2.3% over the prior year period.