On October 30, 2023, Addus HomeCare Corp (ADUS, Financial), a leading provider of home care services, announced its financial results for the third quarter and nine months ended September 30, 2023. The company reported a significant increase in net service revenues and net income compared to the same period last year.
Financial Highlights
For the third quarter of 2023, Addus HomeCare Corp (ADUS, Financial) reported net service revenues of $270.7 million, marking a 12.6% increase compared to $240.5 million for the third quarter of 2022. Net income for the third quarter of 2023 was $15.4 million, up from $11.5 million for the same period in 2022. Adjusted EBITDA increased 20.0% to $30.9 million for the third quarter of 2023 from $25.7 million for the third quarter of 2022.
For the first nine months of 2023, net service revenues increased 11.1% to $782.3 million from $704.1 million for the same period in 2022. Net income for the first nine months of 2023 was $42.9 million, compared to $31.3 million for the same period in 2022.
Company Performance and Outlook
Dirk Allison, Chairman and Chief Executive Officer of Addus HomeCare Corp (ADUS, Financial), commented on the results, stating,
Our third quarter results reflect the continued strong momentum in our business, highlighted by revenue and adjusted EBITDA growth of 12.6% and 20.0%, respectively, when compared with the third quarter of 2022."
Allison also noted that the company's personal care segment has been the key growth driver for Addus this year, delivering impressive 13.9% organic growth in revenue on a same-store basis over the third quarter of 2022. He also mentioned the successful integration of Tennessee Quality Care, a provider of home health, hospice, and private duty nursing services, which was acquired on August 1, 2023.
Looking ahead, Allison stated that the company will continue to pursue strategic acquisitions that are accretive to the business and meet their goal of adding valuable clinical assets to their non-clinical operations.
Financial Tables
The company's condensed consolidated statements of income and balance sheets provide a detailed overview of its financial performance. For the third quarter of 2023, the company reported net service revenues of $270.7 million, cost of service revenues of $183.9 million, and net income of $15.4 million. For the first nine months of 2023, net service revenues were $782.3 million, cost of service revenues were $534.8 million, and net income was $42.9 million.
The company's condensed consolidated balance sheets as of September 30, 2023, and 2022, showed total assets of $1,035.7 million and $945.9 million, respectively, and total liabilities of $351.4 million and $331.1 million, respectively.
For more detailed financial information, please refer to the company's full earnings report.
Explore the complete 8-K earnings release (here) from Addus HomeCare Corp for further details.
