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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 Corporation (NASDAQ: ADUS) has announced a new value-based agreement with Blue Cross and Blue Shield of New Mexico (BCBSNM) for Medicaid members served by its Ambercare subsidiary. The "Stay Healthy at Home" program aims to facilitate timely care for members identified with care gaps, reducing the need for emergency visits. Addus will provide training for caregivers to better recognize urgent needs and coordinate care with BCBSNM. This agreement is anticipated to enhance member outcomes and satisfaction while promoting effective home-based care delivery.
Addus HomeCare Corporation (NASDAQ: ADUS) reported strong financial results for Q3 and the first nine months of 2021. Revenues grew by 11.7% to $216.7 million in Q3, with net income up 27.0% to $11.6 million, or $0.72 per diluted share. Adjusted earnings per diluted share increased 19.7% to $0.91. For the first nine months, revenues rose 12.5% to $639.9 million, and net income surged 29.9% to $32.1 million. The company also completed the acquisition of Summit Home Health, enhancing service offerings.
Addus HomeCare Corporation (NASDAQ: ADUS) will release its third-quarter earnings for the period ending September 30, 2021, on November 1, 2021, after market close. A conference call will take place on November 2, 2021, at 9:00 a.m. Eastern Time, featuring key executives including CEO Dirk Allison and CFO Brian Poff. The call will be accessible via toll-free and international numbers, with a replay available until November 9, 2021. Addus HomeCare provides essential home care services to approximately 44,500 consumers across 22 states.
Addus HomeCare Corporation (NASDAQ: ADUS) announced the acquisition of Summit Home Health, LLC effective October 1, 2021. This strategic acquisition, funded through cash on hand, adds clinical services to Addus's largest market in Illinois. Summit serves about 240 patients daily and has annual revenues of approximately $7.0 million. The CEO highlighted the acquisition's potential for revenue synergies and expanding their operational base in the lucrative Chicago area, supporting their ongoing acquisition strategy.
Addus HomeCare Corporation (NASDAQ: ADUS) reported strong financial results for Q2 2021, with net service revenues of $217.9 million, up 18.1% year-over-year. Net income rose 67.9% to $11.6 million, with net income per diluted share increasing to $0.72. Adjusted EBITDA also surged 30.1% to $24.3 million. The company secured a new senior secured credit facility, expanding their revolving credit to $600 million. Additionally, the acquisition of Armada Home Health and Hospice was completed, enhancing service capabilities in New Mexico.
Addus HomeCare Corporation (Nasdaq: ADUS) announced its second-quarter earnings release date for the period ending June 30, 2021. The announcement will take place on August 2, 2021, after market close, followed by a conference call on August 3, 2021, at 9:00 a.m. ET. The call will feature key executives, and investors can join via a toll-free number. Addus serves approximately 44,000 consumers across 208 locations in 22 states, providing essential home care services aimed at preventing hospitalization for vulnerable populations.
Addus HomeCare Corporation (NASDAQ: ADUS) announced a definitive agreement to acquire Armada Skilled Home Health and related entities for approximately $29 million. Armada, based in Albuquerque, serves about 1,100 patients daily for home health and 100 patients for hospice care. The acquisition, expected to close on August 1, 2021, aims to enhance Addus's market coverage in New Mexico and is projected to be immediately accretive, with Armada generating $23 million in annual revenues. This aligns with Addus's growth strategy focused on expanding its clinical services.
Addus HomeCare Corporation (Nasdaq: ADUS) announced the retirement of Laurie Manning as Executive VP and Chief Human Resource Officer, effective June 11, 2021. Robby Stevenson, previously Senior VP of Human Resources, has been promoted to fill the role. CEO Dirk Allison commended Manning's contributions since 2017, especially during the pandemic. Stevenson brings over 20 years of HR leadership experience in healthcare, having previously served at Seasons Hospice and Palliative Care. The transition is expected to bolster Addus's clinical service capabilities, enhancing its market reach.
Addus HomeCare Corporation (Nasdaq: ADUS) announced participation in two virtual healthcare investor conferences. Dirk Allison, Brian Poff, and Brad Bickham will present at the Jefferies Virtual Healthcare Conference on June 1, 2021, at 3:30 p.m. ET and at the William Blair 41st Annual Growth Stock Conference on June 2, 2021, at 11:40 a.m. ET. Live broadcasts and replays will be available on their website, www.addus.com. Addus HomeCare provides essential home care services to approximately 44,000 consumers across 22 states, focusing on the elderly and chronically ill.
Addus HomeCare Corporation (Nasdaq: ADUS) announced participation in the RBC Capital Markets Global Healthcare Conference. Dirk Allison (CEO), Brian Poff (CFO), and Brad Bickham (COO) will present at this virtual event. The live broadcast starts on May 18, 2021, at 2:30 p.m. ET, with a replay available on the company's website for one month. Addus provides essential home care services, including personal care and hospice support, serving approximately 44,000 consumers across 208 locations in 22 states. For details, visit www.addus.com.
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