Q2 2024 Addus Homecare Corp Earnings Call Transcript
Key Points
- Addus HomeCare Corp (ADUS) reported a 10.4% increase in total revenue for Q2 2024, reaching $286.9 million compared to $260 million in Q2 2023.
- Adjusted earnings per share rose by 26.2%, from $1.07 in Q2 2023 to $1.35 in Q2 2024.
- The company successfully completed a secondary stock offering, raising approximately $176 million in net cash proceeds.
- Addus HomeCare Corp (ADUS) experienced record hiring in its Personal Care segment, with 86 hires per business day.
- The acquisition of Gentiva's personal care operations is expected to make Addus the number one provider of personal care services in Texas and expand its presence in several other states.
- There was a slight slowdown in the speed of new consumer authorizations for care in some personal care markets due to the Medicaid redetermination process.
- The company anticipates some margin compression in Q3 2024 due to the return of implicit price concessions to historical levels.
- The Medicare home health reimbursement environment remains challenging, with a proposed reduction of approximately 1.7% for 2025.
- The acquisition opportunities have been somewhat limited due to unfavorable general market conditions over the past couple of years.
- The divestiture of New York operations is expected to have a negative impact of approximately 60 basis points on G&A expenses in each full quarter until the transaction qualifies for sale treatment or closing occurs.
Good day and welcome to the Addus HomeCare's second quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
And I would now like to turn the conference over to Dru Anderson. Please go ahead.
Thank you. Good morning and welcome to the Addus HomeCare Corporation second quarter 2024 earnings conference call. Today's call is being recorded. To the extent any non-GAAP financial measure is discussed in today's call. You will also find a reconciliation of that measure to the most directly comparable financial measure calculated.
According to GAAP, by going to the company's website and reviewing yesterday's news release, this conference call may also contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements among others, regarding Addus expected quarterly and annual financial performance for 2024 or beyond.
For this purpose, any statements made during this call that are not
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