Business
Addus HomeCare Announces First Quarter 2022 Financial Results
FRISCO, Texas--(BUSINESS WIRE)-- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the
About this update from Addus Homecare Corporation
[{"type":"text","content":" FRISCO, Texas--(BUSINESS WIRE)--\nAddus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the first quarter ended March 31, 2022.\n\nFirst Quarter 2022 Highlights:\n\n\nRevenues Grow 10.4% to $226.6 Million\n\n\nNet Income of $8.5 Million, or $0.53 per Diluted Share\n\n\nAdjusted Earnings per Diluted Share Increases to $0.77\n\n\nAdjusted EBITDA Increases 16.1% to $22.4 Million\n\n\nHospice Same Store Revenue Increases 4.4%\n\n\nOverview\n\nNet service revenues were $226.6 million for the first quarter of 2022, a 10.4% increase compared with $205.3 million for the first quarter of 2021. Net income was $8.5 million for the first quarter of 2022, compared with $8.9 million for the first quarter of 2021, while net income per diluted share was $0.53 compared with $0.55 for the same period a year ago. Adjusted EBITDA increased 16.1% to $22.4 million for the first quarter of 2022 from $19.3 million for the first quarter of 2021. Adjusted net income per diluted share was $0.77 for the first quarter of 2022 compared with $0.74 for the first quarter of 2021. Adjusted net income per diluted share for the first quarter of 2022 excludes acquisition and de novo expenses of $0.13 and stock-based compensation expense of $0.11. (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.)\n\nCommenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “Addus delivered a strong financial and operating performance for the first quarter of 2022, despite some early challenges related to the surge of the Omicron variant of COVID-19. We had a significant number of caregivers in quarantine in January, which primarily affected our personal care volumes and revenues, which are reimbursed on an hourly rate basis. We were pleased, however, to see a marked decline in caregiver quarantine rates starting in February and continuing through March, resulting in personal care volumes returning to pre-Omicron levels. We are fortunate to have a team of dedicated caregivers who continue to provide outstanding care and support to our patients and their families in a safe and preferred home environment. Like most health care providers, we are facing a tight labor market, and we continue to focus on implementing effective hiring and retention stra...