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Addus HomeCare Announces Fourth Quarter and Year End 2024 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 fourth quarter and year ended December 31, 2024.\n\n\nFourth Quarter 2024 Highlights:\n\n\n\nNet Service Revenues Grow 7.5% to $297.1 Million\n\n\n\nNet Income of $19.5 Million, or $1.07 per Diluted Share\n\n\n\nAdjusted Net Income per Diluted Share Increases 4.6% year-over-year to $1.38\n\n\n\nAdjusted EBITDA Increases 10.3% year-over-year to $37.8 Million\n\n\n\nCash Flow from Operations of $10.4 Million\n\n\n\nCompleted acquisition of Gentiva personal care operations\n\n\n\nOverview\n\n\nNet service revenues were $297.1 million for the fourth quarter of 2024, a 7.5% increase compared with $276.4 million for the fourth quarter of 2023. Net income was $19.5 million for the fourth quarter of 2024, compared with $19.6 million for the fourth quarter of 2023, while net income per diluted share was $1.07 compared with $1.20 for the same period a year ago. Adjusted EBITDA increased 10.3% to $37.8 million for the fourth quarter of 2024 from $34.3 million for the fourth quarter of 2023. Adjusted net income was $25.2 million for the fourth quarter of 2024 compared with $21.6 million for the prior-year period, while adjusted net income per diluted share was $1.38 compared with $1.32 for the fourth quarter of 2023. Adjusted net income per diluted share for the fourth quarter of 2024 excludes gain on sale of assets of ($0.15), impact of lease impairment of $0.20, impact of retroactive New York rate increase of ($0.14), acquisition expenses of $0.29 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\n\nFor the full year 2024, net service revenues increased 9.1% to $1.15 billion from $1.06 billion for the prior-year period. Net income was $73.6 million for 2024 compared with $62.5 million for 2023, and net income per diluted share was $4.23 compared with $3.83 per diluted share. Adjusted EBITDA increased 15.9% to $140.3 million for 2024 from $121.0 million for 2023. Adjusted net income was $91.4 million for 2024 compared with $74.8 million for 2023, while adjusted net income per diluted share was $5.26 compared with $4.58 for the prior-year period.\n\n\nCommenting on the results, Dirk Allison, ...