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Addus HomeCare Announces Second Quarter 2025 Financial Results

Expands Pennsylvania Operations With Acquisition Of Helping Hands Home Care

FRISCO, Texas--(BUSINESS WIRE)-- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the second quarter and six months ended June 30, 2025.

Second Quarter 2025 Highlights:

• Net Service Revenues Grow 21.8% to $349.4 Million
• Net Income of $22.1 Million, or $1.20 per Diluted Share
• Adjusted Net Income per Diluted Share Increases 10.4% year-over-year to $1.49
• Adjusted EBITDA Increases 24.5% year-over-year to $43.9 Million
• Cash Flow from Operations of $22.5 Million
• Completed acquisition of Helping Hands Home Care

Overview

Net service revenues were $349.4 million for the second quarter of 2025, a 21.8% increase compared with $286.9 million for the second quarter of 2024. Net income was $22.1 million for the second quarter of 2025 compared with $18.1 million for the second quarter of 2024, while net income per diluted share was $1.20 compared with $1.10 for the same period a year ago. Adjusted EBITDA increased 24.5% to $43.9 million for the second quarter of 2025 from $35.3 million for the second quarter of 2024. Adjusted net income was $27.3 million for the second quarter of 2025 compared with $22.3 million for the prior-year period, while adjusted net income per diluted share was $1.49 compared with $1.35 for the second quarter of 2024. Adjusted net income per diluted share for the second quarter of 2025 excludes acquisition expenses of $0.11 and stock-based compensation expense of $0.18 (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.)

For the first six months of 2025, net service revenues increased 21.0% to $687.2 million from $567.7 million for the prior-year period. Net income was $43.3 million for the first six months of 2025 compared with $33.9 million for the same period in 2024, and net income per diluted share was $2.36 compared with $2.06 per diluted share. Adjusted EBITDA increased 24.7% to $84.5 million for the first six months of 2025 from $67.7 million for the first six months of 2024. Adjusted net income was $53.3 million for the first six months of 2025 compared with $42.1 million for the first six months of 2024, while adjusted net income per diluted share was $2.91 compared with $2.56 for the prior-year period.

Commenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, 鈥淎ddus delivered another strong financial and operating performance for the second quarter of 2025, as we continued to execute our strategy with consistent and favorable results. Notably, our net service revenue for the second quarter of 2025 was up 21.8% year-over-year, and adjusted EBITDA increased 24.5% over the same period last year. These results reflect solid organic growth and include the additional revenue from the personal care operations of Gentiva, which we acquired on December 2, 2024. We continue to see robust demand for our services, reflecting the growing recognition of the value and cost-effectiveness of home-based care. With our proven operating model across the continuum of care and expanding scale in key markets, Addus is well positioned to meet this demand and continue to capitalize on additional growth opportunities.

鈥淥ur personal care segment, which accounted for 77.0% of our business, was a key contributor to our growth with a 7.4% organic revenue increase on a same-store basis over the second quarter last year. These results were driven by volume growth, as well as the support of state rate increases, including Illinois, our largest state for personal care services. We also benefitted from continued strong hiring trends, allowing us to meet demand for our services. Our dedicated caregivers are the face of Addus in the home and community, and we have continued to invest in systems and tools that support both hiring and retention, including a more efficient care scheduling platform to coordinate demand with caregiver availability, which also translates to more consistent care for the patients and families we serve.

鈥淥ur hospice care segment accounted for 17.8% of our business and delivered 10.0% organic revenue growth over the second quarter of 2024. We are pleased with the improving trends in this business segment with each of average daily census, patient days and revenue per patient day moving higher compared with the same period last year. These results reflect our operational changes in the hospice care segment, and we look forward to additional opportunities to expand this important area of care. Our home health services accounted for 5.2% of total revenue for the second quarter. While this represents our smallest business segment, we believe our home health operations provide an important clinical partner to our personal care and hospice care segments, allowing us to provide access to the appropriate care type and setting when it is needed.鈥�

Acquisitions Support Continued Growth

The Company also announced it acquired Helping Hands Home Care Service, Inc. (鈥淗elping Hands鈥�) for a purchase price of $21.3 million on August 1, 2025. With three locations in western Pennsylvania, Helping Hands offers a continuum of home-based care, primarily in personal care services and including home health and hospice services. Helping Hands has annualized revenues of approximately $16.7 million and over 500 employees serving approximately 600 patients a day.

Allison added, 鈥淎cquisitions remain an integral part of our growth strategy, and we are pleased to welcome Helping Hands to the Addus family. This transaction is aligned with our strategy of offering all three levels of care in the states where we operate. Helping Hands has a strong market presence and excellent reputation in the western Pennsylvania communities, providing quality, compassionate care that allows more patients to stay in the preferred home setting. We anticipate a smooth integration of our combined Pennsylvania operations and look forward to working together with the Helping Hands team to expand our coverage and capabilities.鈥�

Cash and Liquidity

As of June 30, 2025, the Company had cash of $91.2 million and bank debt of $173.0 million, with capacity and availability under its revolving credit facility of $635.6 million and $454.6 million, respectively. Net cash provided by operating activities was $22.5 million for the second quarter of 2025.

鈥淲e are well positioned with a conservative balance sheet and have continued to use our strong cash flow from operations in 2025 to pay down debt, allowing us greater flexibility in our capital allocation as we evaluate and pursue additional strategic acquisitions. As always, we maintain a disciplined approach to evaluating potential acquisitions, and this strategy has served us well in finding the right opportunities for Addus with a solid record of deriving value from our acquired operations. While our priority is to deploy our capital for acquisitions, we also continue to invest in our business, adding technologies that support our operations and enhance the work of our caregivers.

Looking Ahead

鈥淲e are pleased with the trends in our business through the first half of 2025, as we continue to extend our market reach and meet the growing demand for our home-based care services. We are proud of the important work we are doing, with a proven and scalable operating model that supports a vital need for quality, compassionate care for more patients and families in the preferred home setting. We have a dedicated team of caregivers who support our mission and continue to provide outstanding care and support through the services we provide across our markets. We remain focused on delivering value to both the communities we serve and our shareholders, and we look forward to the opportunities ahead for Addus in 2025,鈥� concluded 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, and gain or loss on the sale of assets. 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, August 5, 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 August 12, 2025, by dialing (877) 344-7529 (international dial-in number is (412) 317-0088) and entering pass code 7482952.

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 patients and consumers through 260 locations across 23 states. For more information, please visit .

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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