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Addus HomeCare Announces Second Quarter 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 second quarter and six months ended June 30, 2024.\n\n\nSecond Quarter 2024 Highlights:\n\n\n\nNet Service Revenues Increased 10.4% to $286.9 Million\n\n\n\nNet Income of $18.1 Million, or $1.10 per Diluted Share\n\n\n\nAdjusted Net Income per Diluted Share Increased to $1.35\n\n\n\nAdjusted EBITDA Increased 24.7% to $35.3 Million\n\n\n\nCash Flow from Operations of $18.8 Million\n\n\n\nAnnounced a Definitive Agreement to Acquire the Personal Care Operations of Gentiva\n\n\n\nAnnounced a Definitive Agreement to Sell the Company’s New York Operations\n\n\n\nCompleted a Public Offering of 1,725,000 Shares of Common Stock for net proceeds of approximately $176.1 million\n\n\n\nOverview\n\n\nNet service revenues were $286.9 million for the second quarter of 2024, a 10.4% increase compared with $260.0 million for the second quarter of 2023. Net income was $18.1 million for the second quarter of 2024, compared with $14.9 million for the second quarter of 2023, while net income per diluted share was $1.10 compared with $0.91 for the same period a year ago. Adjusted EBITDA increased 24.7% to $35.3 million for the second quarter of 2024 from $28.3 million for the second quarter of 2023. Adjusted net income per diluted share was $1.35 for the second quarter of 2024 compared with $1.07 for the second quarter of 2023. Adjusted net income per diluted share for the second quarter of 2024 excludes acquisition expenses of $0.13 and stock-based compensation expense of $0.12 (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 2024, net service revenues increased 11.0% to $567.7 million from $511.6 million for the prior-year period. Net income was $33.9 million for the first six months of 2024 compared with $27.5 million for the same period in 2023, and net income per diluted share was $2.06 compared with $1.69 per diluted share. Adjusted EBITDA increased 24.2% to $67.7 million for the first six months of 2024 from $54.6 million for the first six months of 2023. Adjusted net income was $42.1 million for the first six months of 2024 compared with $33.4 million for the first six months of 2023, while adjusted net inco...