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Addus HomeCare Announces Second 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 second quarter and six months ended June 30, 2022.\n\nSecond Quarter 2022 Highlights:\n\n\nRevenues Grow 8.7% to $236.9 Million\n\n\nNet Income of $11.3 Million, or $0.70 per Diluted Share\n\n\nAdjusted Earnings per Diluted Share Increases to $0.91\n\n\nAdjusted EBITDA Increases 3.1% to $25.1 Million\n\n\nCash flow from operations of $56.5 Million\n\n\nOverview\n\nNet service revenues were $236.9 million for the second quarter of 2022, an 8.7% increase compared with $217.9 million for the second quarter of 2021. Net income was $11.3 million for the second quarter of 2022, compared with $11.6 million for the second quarter of 2021, while net income per diluted share was $0.70 compared with $0.72 for the same period a year ago. Adjusted EBITDA increased 3.1% to $25.1 million for the second quarter of 2022 from $24.3 million for the second quarter of 2021. Adjusted net income per diluted share was $0.91 for the second quarter of 2022 compared with $0.90 for the second quarter of 2021. Adjusted net income per diluted share for the second quarter of 2022 excludes acquisition and de novo expenses of $0.08 and stock-based compensation expense of $0.13. (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.)\n\nFor the first six months of 2022, net service revenues increased 9.5% to $463.6 million from $423.2 million for the prior-year period. Net income was $19.7 million for the first six months of 2022 compared with $20.5 million for the same period in 2021, and net income per diluted share was $1.22 compared with $1.28 per diluted share. Adjusted net income was $27.1 million compared with $27.4 million for the first six months of 2021, while adjusted net income per diluted share was $1.68 compared with $1.71 for the prior-year period. Adjusted EBITDA increased 5.4% to $47.5 million for the first six months of 2022 from $45.1 million for the first six months of 2021.\n\nCommenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “Second quarter performance reflected strong demand for our home-based care services, and we saw the expected improvement in our volumes coming off the Omicron wave in the first quarter. We...