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Addus HomeCare Announces Second Quarter 2023 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 ended June 30, 2023.\n\n\nSecond Quarter 2023 Highlights:\n\n\n\nNet Service Revenues Grow 9.7% to $260.0 Million\n\n\n\nNet Income of $14.9 Million, or $0.91 per Diluted Share\n\n\n\nAdjusted Net Income per Diluted Share Increases 17.6% year-over-year to $1.07\n\n\n\nAdjusted EBITDA Increases year-over-year 12.7% to $28.3 Million\n\n\n\nCash Flow from Operations of $41.6 Million\n\n\n\nAnnounced a definitive agreement to acquire the home health, hospice and private duty nursing operations of Tennessee Quality Care, which services patients in over 50 counties in Tennessee.\n\n\n\nOverview\n\n\nNet service revenues were $260.0 million for the second quarter of 2023, a 9.7% increase compared with $236.9 million for the second quarter of 2022. Net income was $14.9 million for the second quarter of 2023, compared with $11.3 million for the second quarter of 2022, while net income per diluted share was $0.91 compared with $0.70 for the same period a year ago. Adjusted EBITDA increased 12.7% to $28.3 million for the second quarter of 2023 from $25.1 million for the second quarter of 2022. Adjusted net income was $17.4 million for the second quarter of 2023 compared with $14.7 million for the prior-year period, while adjusted net income per diluted share was $1.07 compared with $0.91 for the second quarter of 2022. Adjusted net income per diluted share for the second quarter of 2023 excludes the impact of retroactive New York rate increase of $(0.05), acquisition 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\n\nFor the first six months of 2023, net service revenues increased 10.4% to $511.6 million from $463.6 million for the prior-year period. Net income was $27.5 million for the first six months of 2023 compared with $19.7 million for the same period in 2022, and net income per diluted share was $1.69 compared with $1.22 per diluted share. Adjusted EBITDA increased 14.8% to $54.6 million for the first six months of 2023 from $47.5 million for the first six months of 2022. Adjusted net income was $33.4 million for the first six months of 2023 compare...