Business
Addus HomeCare Announces Third-Quarter 2021 Financial Results
Revenues Grow 11.7% to $216.7 Million Net Income Increases 27.0% to $11.6 Million, or $0.72 per Diluted Share Adjusted Earnings per Diluted Share Increases
About this update from Addus Homecare Corporation
[{"type":"text","content":"\nRevenues Grow 11.7% to $216.7 Million\n\nNet Income Increases 27.0% to $11.6 Million, or $0.72 per Diluted Share\n\nAdjusted Earnings per Diluted Share Increases 19.7% to $0.91\n\nAdjusted EBITDA Increases 27.4% to $24.9 Million\n\n FRISCO, Texas--(BUSINESS WIRE)--\nAddus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the third quarter and nine months ended September 30, 2021.\n\nNet service revenues increased 11.7% for the third quarter to $216.7 million from $194.0 million for the third quarter of 2020. Net income increased 27.0% to $11.6 million for the third quarter of 2021 from $9.1 million for the third quarter last year, while net income per diluted share was $0.72 compared with $0.57 for the same period a year ago. Adjusted net income per diluted share was $0.91 for the third quarter of 2021 compared with $0.76 for the third quarter of 2020.\n\nAdjusted net income for the third quarter of 2021 excludes acquisition and de novo expenses of $0.08 and stock-based compensation expense of $0.11. Adjusted EBITDA increased 27.4% to $24.9 million for the third quarter of 2021 from $19.5 million for the third quarter of 2020. (See page 8 for a reconciliation of all non-GAAP and GAAP financial measures in this news release.)\n\nFor the first nine months of 2021, net service revenues increased 12.5% to $639.9 million from $568.8 million for the first nine months of 2020. Net income increased 29.9% to $32.1 million for the first nine months of 2021 from $24.7 million for the first nine months of last year, while net income per diluted share increased to $2.00 from $1.55. Adjusted net income per diluted share grew 15.9% to $2.62 for the first nine months of 2021 from $2.26 for the same period in 2020. Adjusted EBITDA increased 25.0% to $69.9 million for the first nine months of 2021 from $56.0 million for the first nine months of 2020.\n\nCommenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “We had record results in the third quarter with overall revenue growth of 11.7% over the prior-year period and improved profitability. Our personal care service line, which accounted for 78.3% of total revenue, was up 4.0% on a same store basis, which is within our target range of 3-5% organic revenue growth, and we anticipate potential improvement ...