Guardian Pharmacy Services, Inc. · NYSE:GRDN
Guardian Pharmacy Services — Raymond James & Associates' 46th Annual Institutional Investors Conference 2025
21 slides from Guardian Pharmacy Services's conference presentation, Mar 3, 2025
Slide 1: Guardian Pharmacy Services, Inc. Company Presentation
Guardian Pharmacy Services, Inc. Company Presentation March 3, 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Guardian Pharmacy Services, Inc. (“Guardian,” the “Company,” “we” or “us”). This presentation, and its contents and the accompanying discussion with management may not be further copied, distributed or passed on, directly or indirectly, to any other
Slide 3: Guardian Pharmacy – A leading, highly differentiated pharmacy services company
Guardian Pharmacy – A leading, highly differentiated pharmacy services company 1 We provide an extensive suite of tech-enabled services designed to help ensure Long-Term Care Facility (“LTCF”) residents adhere to their appropriate drug regimen, which helps reduce the cost of care and improve clinica
Slide 4: Guardian is market leader in our target markets, which are large and growing
Guardian is market leader in our target markets, which are large and growing Overall LTC Attractive market characteristics Pharmacy Market (including SNF) 800,000+ ALF residents in US; Guardian serves 115,000 ~$25B ~5% estimated U.S. assisted living facility (“ALF”) market compound annual growth rat
Slide 5: We have achieved national scale with significant opportunities for growth
We have achieved national scale with significant opportunities for growth New Locations (9) Prior Locations (42) 2 51 pharmacies 25mm Rx’s (1) 186k+ residents in 38 states (1) 5 Note: New Locations are pharmacies that opened in last 12 months or are expected to open in 1H 2025 (Naples, Florida) (1)
Slide 6: Our consistent track record of growth
$1,300 375 $1,228 $1,100 Our consistent track record of growth 325 (1) $1,046 Revenue ($ mm) Residents served (000’s) Adj. EBITDA ($ mm) $909 275 $900 15.8% $792 Revenue CAGR $736 225 $698 $700 13.7% 186 Residents CAGR $600 163 175 $506 151 $500 136 128 123 $425 First full year of 115 125 operations
Slide 7: ALF residents require ever increasing levels of care and support
ALF residents require ever increasing levels of care and support % of residents requiring assistance with Activities of Key statistics Daily Living (“ADLs”) 52% 58 million Americans over 65 in 2022, projected 85+ to grow to 82 million in 2050 49% 3-6 ADLs The $92B ALF market is projected to grow by
Slide 8: Guardian is purpose-built for the differentiated needs and challenges of our target markets
Guardian is purpose-built for the differentiated needs and challenges of our target markets Assisted living facility (ALF) Skilled nursing facility (SNF) Resident ability to Each ALF resident has the right by law to choose his or her own Most SNFs encourage their residents to select the SNFs contrac
Slide 9: We service best-in-class assisted living facilities
We service best-in-class assisted living facilities 9
Slide 10: Guardian's margins are highly stable
Guardian’s margins are highly stable LTC Medicare Part D represents ~70% of Guardian’s revenue CMS designates LTC as a “distinct pharmacy setting” and requires payors to compensate designated LTC pharmacies for the specific services they are required to provide to LTC residents CMS requires payors t
Slide 11: Guardian has demonstrated a durable margin profile
Guardian has demonstrated a durable margin profile Margin trend Gross margin Adj. SG&A Margin(1)(3) Adj. EBITDA Margin(2)(3) 20.5% 20.0% 20.4% 20.4% 19.9% 19.9% 15.2% 15.0% 14.7% 14.7% 14.3% 13.9% 7.6% 7.3% 7.1% 7.2% 7.3% 7.4% 2019 2020 2021 2022 2023 2024 COVID-19 pandemic (1) Adj. SG&A Margin excl
Slide 12: We have a strong track record of executing on our multi-pronged growth strategy
We have a strong track record of executing on our multi-pronged organic, greenfield, and acquisition growth strategy 1 2 3 Addition of new residents Servicing new Expansion through Increase adoption long-term care Small bolt-on greenfield start-ups facilities within or in current facilities acquisit
Slide 13: 4Q 24 Summary (unaudited)
4Q 24 Summary (unaudited) New benefit associated with seasonal trend of conducting vaccine clinics 4Q’24 Adj. EBITDA includes ~ $1M of public company costs vs. zero in 4Q’23 Closed acquisition of a pharmacy in Morristown, NJ establishing a new MSA in early November 2024 (1) Residents Served Re
Slide 14: COVID/FLU – Q4 Clinics
COVID/FLU – Q4 Clinics Operating vaccine clinics creates a new seasonality element to our business Extremely complex, operational challenge that was a significant profitability headwind in 4Q‘23 GRDN created a task force to streamline and optimize operations Supply Chain Logistics Reimbursemen
Slide 15: 2024 Summary (unaudited)
2024 Summary (unaudited) (1) Residents Served Revenue Adjusted EBITDA (1) See the financial information appendix summary to this presentation for a reconciliation of each Non-GAAP financial measure to its most directly comparable GAAP financial measure 15
Slide 16: 2025 Guidance
2025 Guidance Revenue Adj. EBITDA (1) $1.330B - $1.350B $97M - $101M* 9% YoY growth at the mid-point 9% YoY growth at the mid-point (1) 2025 guidance includes full year of public company costs * Guardian has not provided a quantitative reconciliation of forecasted Adjusted EBITDA, a non-GAAP financi
Slide 17: Our secret sauce
Our secret sauce Our target markets are strong, growing and greatly benefit from our resident-centric, high touch approach Our extensive suite of tech-enabled services deliver cost savings and help drive better clinical outcomes to constituents through formulary optimization and drug regimen adheren
Slide 18: Pharmacy Services
rmacy Services
Slide 19: Financial Information Appendix
Financial Information Appendix 19
Slide 20: Reconciliation of Adjusted EBITDA and Adjusted SG&A
Reconciliation of Adjusted EBITDA and Adjusted SG&A Annual Year Ended December 31, ($ in millions) 2019 2020 2021 2022 2023 Net Income $ 31.4 $ 29.7 $ 28.3 $ 49.7 $ 37.7 Add: Interest Expense $ 2.3 $ 2.2 $ 1.6 $ 1.9 $ 2.9 Depreciation & Amortization $ 15.9 $ 17.3 $ 16.5 $ 16.5 $ 18.2 EBITDA $ 49.6 $
Slide 21: Reconciliation of Adjusted EBITDA and Adjusted SG&A (cont'd)
Reconciliation of Adjusted EBITDA and Adjusted SG&A (cont’d) Three Months Ended Three Months Ended Year Ended December 31, December 31, December 31, 2024 2024 ($ in millions) 2023 Low High Low High Net income (loss) $ 14.6 $ 10.1 $ 11.1 $ (72.8) $ (71.8) Add: Interest expense 0.7 0.4 0.4 3.3 3.3 Dep