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Addus HomeCare Announces First Quarter 2025 Financial Results

FRISCO, Texas--(BUSINESS WIRE)-- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights:

• Net Service Revenues Grow 20.3% to $337.7 Million
• Net Income of $21.2 Million, or $1.16 per Diluted Share
• Adjusted Net Income per Diluted Share Increases 17.4% year-over-year to $1.42
• Adjusted EBITDA Increases 25.1% year-over-year to $40.6 Million
• Cash Flow from Operations of $18.9 Million

Overview

Net service revenues were $337.7 million for the first quarter of 2025, a 20.3% increase compared with $280.7 million for the first quarter of 2024. Net income was $21.2 million for the first quarter of 2025 compared with $15.8 million for the first quarter of 2024, while net income per diluted share was $1.16 compared with $0.97 for the same period a year ago. Adjusted EBITDA increased 25.1% to $40.6 million for the first quarter of 2025 from $32.4 million for the first quarter of 2024. Adjusted net income was $26.0 million for the first quarter of 2025 compared with $19.8 million for the prior-year period, while adjusted net income per diluted share was $1.42 compared with $1.21 for the first quarter of 2024. Adjusted net income per diluted share for the first quarter of 2025 excludes acquisition expenses of $0.13 and stock-based compensation expense of $0.13 (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.)

Commenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, 鈥淎ddus had a strong start to 2025, delivering a solid financial and operating performance as we continue to see solid demand for our home-based care services across the continuum. Revenue for the first quarter of 2025 was up 20.3% and adjusted EBITDA increased 25.1% over the same period last year. These results reflect solid organic growth and include the first full quarter of the personal care operations of Gentiva, which we acquired on December 2, 2024.

鈥淥ur personal care segment, which accounted for 76.5% of our business, was the key driver of our growth with a 7.4% organic revenue increase over the first quarter last year. We benefited from higher volumes as well as additional rate support, including a 5.5% increase effective January 1, 2025, for Illinois, our largest personal care market. The addition of the Gentiva personal care operations, our largest acquisition to date, gave us two new states and added coverage in five states where we already had operations. Our team has worked hard to implement a smooth integration, and we are excited about the additional opportunities to expand our personal care presence.

鈥淲e were pleased to see continued steady improvement in our hospice care segment, which accounted for 18.2% of our business, with solid organic revenue growth of 9.9% over the first quarter last year. Our average daily census, patient days and revenue per patient day were all higher compared with the same period last year. With the recent changes in our operations and sales leadership, we are confident we have a capable team in place to drive further improvement in our hospice business. Our home health services accounted for 5.3% of total revenue for the first quarter. While this is our smallest business segment, we continue to see home health as providing important complementary capabilities to our personal care and hospice care segments, allowing us to provide patients with the full care continuum.

Cash and Liquidity

As of March 31, 2025, the Company had cash of $97.0 million and bank debt of $203.0 million, with capacity and availability under its revolving credit facility of $632.9 million and $421.9 million, respectively. Net cash provided by operating activities was $18.9 million for the first quarter of 2025, inclusive of a net $2.5 million in ARPA funds utilization.

Allison continued, 鈥淔or the first quarter of 2025, we continued to generate consistent cash flow from operations and maintain a strong balance sheet. Our conservative leverage position allows us the flexibility to continue to invest in our business and to evaluate and pursue additional acquisition opportunities. We remain focused on finding strategic markets that meet our objective to leverage our existing personal care presence and add clinical care services, so we can provide all three levels of care. We see important synergies in offering the full care continuum as we build scale and expand our market coverage, and we are optimistic that we will see additional acquisition opportunities in 2025.

鈥淲e believe the favorable trends in our business will continue to enhance our ability to achieve solid organic growth and provide quality services from our recently acquired operations. As we extend our reach to more patients and families across our markets, we are mindful of our important role as a leading provider of quality care in the preferred home setting. We recognize the hard work and dedication of the caregivers who are the face of Addus, and we are grateful for the outstanding care and support they provide every day across our markets. Working together, we look forward to the opportunities ahead for Addus in 2025, as we deliver value to the clients we serve and our shareholders,鈥� said Allison.

Non-GAAP Financial Measures

The information provided in this release includes adjusted net income, adjusted EBITDA, adjusted net income per diluted share and adjusted net service revenue, which are non-GAAP financial measures. The Company defines adjusted net income as net income before acquisition expense, stock-based compensation expense, and the gain or loss on the sale of assets. The Company defines adjusted EBITDA as earnings before net interest expense, taxes, depreciation, amortization, acquisition expense, stock-based compensation expense, and the gain or loss on the sale of assets. The Company defines adjusted net income per diluted share as net income per share, adjusted for acquisition expense, stock-based compensation expense, restructure and other non-recurring costs, gain or loss on the sale of assets, impairment of operating lease assets, retroactive rate increases from New York and the retroactive impact from collective bargaining negotiations. The Company defines adjusted net service revenues as revenue adjusted for the closure of certain sites. The Company has provided, in the financial statement tables included in this press release, a reconciliation of adjusted net income to net income, a reconciliation of adjusted EBITDA to net income, a reconciliation of adjusted diluted net income per share to net income per share, and a reconciliation of adjusted net service revenues to net service revenues, in each case, the most directly comparable GAAP measure. Management believes that adjusted net income, adjusted EBITDA, adjusted diluted net income per share, and adjusted net service revenues are useful to investors, management and others in evaluating the Company鈥檚 operating performance, to provide investors with insight and consistency in the Company鈥檚 financial reporting and to present a basis for comparison of the Company鈥檚 business operations among periods, and to facilitate comparison with the results of the Company鈥檚 peers.

Conference Call

Addus will host a conference call on Tuesday, May 6, 2025, at 9:00 a.m. Eastern time. To access the live call, dial (833) 629-0620 (international dial-in number is (412) 317-1805) and ask to join the Addus HomeCare earnings call. A telephonic replay of the conference call will be available through midnight on May 13, 2025, by dialing (877) 344-7529 (international dial-in number is (412) 317-0088) and entering pass code 3473942.

A live broadcast of Addus HomeCare鈥檚 conference call will be available under the Investor Relations section of the Company鈥檚 website: . An online replay will also be available on the Company鈥檚 website for one month, beginning approximately two hours following the conclusion of the live broadcast.

Forward-Looking Statements

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as 鈥減reliminary,鈥� 鈥渃ontinue,鈥� 鈥渆xpect,鈥� and similar expressions. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including discretionary determinations by government officials, the consummation and integration of acquisitions, transition to managed care providers, our ability to successfully execute our growth strategy, unexpected increases in SG&A and other expenses, expected benefits and unexpected costs of acquisitions and dispositions, management plans related to dispositions, the possibility that expected benefits may not materialize as expected, the failure of the business to perform as expected, changes in reimbursement, changes in government regulations, changes in Addus HomeCare鈥檚 relationships with referral sources, increased competition for Addus HomeCare鈥檚 services, changes in the interpretation of government regulations, the uncertainty regarding the outcome of discussions with managed care organizations, changes in tax rates, the impact of adverse weather, higher than anticipated costs, lower than anticipated cost savings, estimation inaccuracies in future revenues, margins, earnings and growth, whether any anticipated receipt of payments will materialize, any security breaches, cyber-attacks, loss of data or cybersecurity threats or incidents, and other risks set forth in the Risk Factors section in Addus HomeCare鈥檚 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2025, which is available at . The financial information described herein and the periods to which they relate are preliminary estimates that are subject to change and finalization. There is no assurance that the final amounts and adjustments will not differ materially from the amounts described above, or that additional adjustments will not be identified, the impact of which may be material. Addus HomeCare undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, these forward-looking statements necessarily depend upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties, and other factors. Accordingly, any forward-looking statements included in this press release do not purport to be predictions of future events or circumstances and may not be realized. (Unaudited tables and notes follow).

About Addus HomeCare

Addus HomeCare is a provider of home care services that primarily include personal care services that assist with activities of daily living, as well as hospice and home health services. Addus HomeCare鈥檚 consumers are primarily persons who, without these services, are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled. Addus HomeCare鈥檚 payor clients include federal, state, and local governmental agencies, managed care organizations, commercial insurers, and private individuals. Addus HomeCare currently provides home care services to approximately 62,000 consumers through 260 locations across 23 states. For more information, please visit .

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View source version on businesswire.com:

Brian W. Poff

Executive Vice President, Chief Financial Officer

Addus HomeCare Corporation

(469) 535-8200

[email protected]



Dru Anderson

FINN Partners

(615) 324-7346

[email protected]

Source: Addus HomeCare Corporation