Q3 2024 Addus Homecare Corp Earnings Call Transcript
Key Points
- Addus HomeCare Corp (ADUS) reported a 7% increase in total revenue for Q3 2024, reaching $289.8 million compared to the same quarter in 2023.
- The company achieved a 13% increase in adjusted earnings per share, rising from $1.15 in Q3 2023 to $1.30 in Q3 2024.
- Adjusted EBITDA grew by 11.1% to $34.3 million, indicating strong operational performance.
- Addus HomeCare Corp (ADUS) has a solid cash position with $223 million on hand, supporting its acquisition strategy, including the Gentiva Personal Care operation.
- The company continues to experience strong hiring trends, particularly in its Personal Care segment, with 79 hires per business day and low turnover rates.
- The Home Health segment experienced a 1.7% decrease in same-store revenue compared to Q3 2023, primarily due to operational changes in Illinois and Tennessee.
- Medicaid redetermination processes have slowed the approval of new personal care clients, impacting same-store revenue growth.
- The company expressed disappointment with CMS's continued pursuit of reimbursement reductions for home health providers, which could limit patient access.
- The divestiture of New York operations, effective October 1, 2024, resulted in a loss of $21.2 million in revenues for Q3 2024.
- Despite improvements, the hospice segment saw a decrease in same-store admissions, prompting leadership changes to address the issue.
Good day, and welcome to the Addus HomeCare's third quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.
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 third 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 statements
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