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Addus HomeCare Corp. (NASDAQ: ADUS) is a leading provider of in-home personal care services in the United States. The company operates across three main segments: personal care, hospice, and home health. The personal care segment is the cornerstone of Addus HomeCare, delivering non-medical assistance with daily living activities like bathing, grooming, feeding, and transportation. This care is primarily aimed at the elderly, disabled, and chronically ill who are at risk of hospitalization or institutionalization.
The hospice segment offers palliative care, encompassing physical, emotional, and spiritual support for terminally ill patients and their families. This segment also includes bereavement counseling and social work services. The home health segment focuses on skilled nursing and therapies such as physical, occupational, and speech therapy for patients recovering from illness or surgery.
Financially robust, Addus HomeCare recently reported significant growth, achieving net service revenues of $280.7 million in Q1 2024, a 11.6% increase year-over-year. The company's strategic acquisitions, including the purchase of Tennessee Quality Care and the personal care segment of Gentiva, have expanded its market presence, particularly in key states like Texas.
With over 49,000 consumers served through 214 locations in 22 states, Addus HomeCare's payor clients include federal, state, and local governments, managed care organizations, commercial insurers, and private individuals. The company continues to focus on growth opportunities through acquisitions and organic expansion while maintaining a strong balance sheet and financial flexibility.
Addus HomeCare also actively engages in important regulatory discussions, such as the recent HHS rule on Medicaid services, ensuring that the company adapts to industry changes and continues to provide high-quality care.
Addus HomeCare (Nasdaq: ADUS) has announced a definitive agreement to sell its New York operations to HCS-Girling, a Brooklyn-based home care provider.
The transaction, valued at up to $23 million, includes all personal care operations and fiscal intermediary services under the New York Consumer Directed Personal Assistance Program (CDPAP). The closing is subject to regulatory approvals.
Proceeds will reduce Addus' revolving credit facility balance. CEO Dirk Allison noted that exiting New York aligns with the company's growth strategy, eliminating a challenging market with financial contributions.
HCS-Girling's Co-CEO Agnes Shemia expressed optimism about expanding their service coverage in New York and integrating Addus' employees and caregivers.
Addus HomeCare (Nasdaq: ADUS) will participate in the BofA Securities Health Care Conference 2024 in Las Vegas, Nevada. The company's top executives will be present at the conference to showcase their services and engage with potential investors. A live broadcast and replay of the presentation will be available on the company's website for one month.
Addus HomeCare (NASDAQ: ADUS) announced its first quarter 2024 financial results, showing an 11.6% revenue growth to $280.7 million. Net income was $15.8 million, with adjusted net income per diluted share increasing to $1.21. Adjusted EBITDA rose by 24.6% to $32.4 million. The company is focused on strategic growth, investing in acquisitions, and maintaining a strong financial position.
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