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Addus HomeCare Announces Third 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 third quarter and nine months ended September 30, 2022.\n\nThird Quarter 2022 Highlights:\n\n\nRevenues Grow 11.0% to $240.5 Million\n\n\nNet Income of $11.5 Million, or $0.71 per Diluted Share\n\n\nAdjusted Earnings per Diluted Share Increases to $0.94\n\n\nAdjusted EBITDA Increases 3.4% to $25.7 Million\n\n\nCash flow from operations of $18.3 Million\n\n\nOverview\n\nNet service revenues were $240.5 million for the third quarter of 2022, an 11.0% increase compared with $216.7 million for the third quarter of 2021. Net income was $11.5 million for the third quarter of 2022, compared with $11.6 million for the third quarter of 2021, while net income per diluted share was $0.71 compared with $0.72 for the same period a year ago. Adjusted EBITDA increased 3.4% to $25.7 million for the third quarter of 2022 from $24.9 million for the third quarter of 2021. Adjusted net income per diluted share was $0.94 for the third quarter of 2022 compared with $0.91 for the third quarter of 2021. Adjusted net income per diluted share for the third quarter of 2022 excludes acquisition and de novo expenses of $0.08, restructure and other non-recurring costs of $0.01 and stock-based compensation expense of $0.14. (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.)\n\nFor the first nine months of 2022, net service revenues increased 10.0% to $704.1 million from $639.9 million for the prior-year period. Net income was $31.3 million for the first nine months of 2022 compared with $32.1 million for the same period in 2021, and net income per diluted share was $1.94 compared with $2.00 per diluted share. Adjusted net income was $42.3 million compared with $42.0 million for the first nine months of 2021, while adjusted net income per diluted share was $2.63 compared with $2.62 for the prior-year period. Adjusted EBITDA increased 4.7% to $73.2 million for the first nine months of 2022 from $69.9 million for the first nine months of 2021.\n\nCommenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “Addus continues to produce strong financial and operating results, and we were pleased with our ability to execute on our strategy in...