Addus Homecare Corp
F:A41
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Addus Homecare Corp
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Addus Homecare Corp
Addus HomeCare is a home-based care company that helps older adults, people with disabilities, and patients with serious illness get care where they live. It provides personal care, hospice care, and home health services such as help with bathing, meals, medication support, and end-of-life care. Its customers are mainly individuals and families who need care at home, along with government health programs and managed care plans that arrange or pay for that care. The company makes money by billing for caregiving visits and related services through Medicaid, Medicare, private insurance, managed care contracts, and private pay. A big part of its business is personal care, where caregivers help clients with daily activities so they can stay out of nursing homes or hospitals when possible. What makes Addus different is that it sits close to the patient and works through a local, labor-heavy service model rather than a medical device or drug model. It is a care-delivery business built around recruiting caregivers, coordinating schedules, and serving people in their homes, which makes it an important link in the long-term care system.
Addus HomeCare is a home-based care company that helps older adults, people with disabilities, and patients with serious illness get care where they live. It provides personal care, hospice care, and home health services such as help with bathing, meals, medication support, and end-of-life care. Its customers are mainly individuals and families who need care at home, along with government health programs and managed care plans that arrange or pay for that care.
The company makes money by billing for caregiving visits and related services through Medicaid, Medicare, private insurance, managed care contracts, and private pay. A big part of its business is personal care, where caregivers help clients with daily activities so they can stay out of nursing homes or hospitals when possible.
What makes Addus different is that it sits close to the patient and works through a local, labor-heavy service model rather than a medical device or drug model. It is a care-delivery business built around recruiting caregivers, coordinating schedules, and serving people in their homes, which makes it an important link in the long-term care system.
Strong quarter: Addus reported second-quarter revenue of $377.4 million, up 8% year over year, with adjusted EPS of $1.73 and adjusted EBITDA of $49.2 million, both up solidly from last year.
Personal care momentum: Personal Care growth stayed healthy, helped by better hiring, higher fill rates, and improving census in Illinois and New Mexico, while Texas is starting to improve with the caregiver app rollout.
Hospice stayed strong: Hospice same-store revenue rose 11.1%, and average daily census climbed to 3,964, though results were weighed by a more than $3 million Medicare Cap accrual, mostly in Ohio.
Home health improved: Home health trends were still negative on a same-store revenue basis, but the decline improved from Q1 and management said admissions and revenue improved sequentially after leadership changes.
Acquisition runway: Addus said its balance sheet and cash flow leave it well positioned for larger deals, and the Indiana acquisitions are fitting well strategically and operationally.
Rate outlook: Management was encouraged by the proposed 2027 home health rule and the final 2027 hospice rate, but remains focused on pushing for removal of the Medicaid 80/20 provision and monitoring state-by-state rate support.