FRISCO, Texas (May 3, 2021)—Addus HomeCare Corporation, a provider of homecare services, announced financial results for the first quarter ended March 31, 2021.
Net service revenues were $205.3 million for the first quarter of 2021, a 7.9% increase compared with $190.2 million for the first quarter of 2020. Net income was $8.9 million for the first quarter of 2021, compared with $8.7 million for the first quarter last year, while net income per diluted share was $0.55 compared with $0.54 for the first quarter of 2020. Adjusted net income per diluted share was $0.74 for the first quarter of 2021 compared with $0.77 for the first quarter of 2020.
Adjusted net income per diluted share for the first quarter of 2021 excludes acquisition and de novo expenses of $0.08, restructuring and other costs of $0.02, and stock-based compensation expense of $0.12, offset by the exclusion of a positive impact of net COVID-19 expenses of $0.03. Adjusted EBITDA increased to $19.3 million for the first quarter of 2021 from $17.7 million in the first quarter of 2020, an 8.9% increase.
As of March 31, 2021, the company had cash of $125.5 million and bank debt of $196.3 million, while availability under its revolving credit facility was $112.8 million. Net cash used in operating activities was $18.4 million for the first quarter of 2021, inclusive of the return of $10.8 million in Cares Act funding received as part of the Queen City acquisition.
Dirk Allison, chairman and CEO of Addus HomeCare, commented, “We are particularly pleased to report first quarter financial and operating results that compare favorably to the first quarter of 2020, our best-ever first quarter and the last quarter not to be significantly affected by the COVID-19 pandemic. First quarter 2021 results reflect an improving public health environment, and we anticipate that the COVID-19 pandemic will continue to steadily decrease in severity over the next several quarters. While we were impacted by both the pandemic and the historic winter storm that interrupted business throughout many of our significant markets, we nevertheless saw overall revenue growth across each of our operating segments, including our acquired businesses, generating solid comparisons to our record 2020 first quarter and providing a strong start to 2021.”
“We continue to see improving organic growth trends ahead of pre-pandemic levels in both personal care and home health. With the accelerating growth in vaccinations across the country and increasing facility access, we expect that we will begin to see a return to higher volume trends in our hospice business. Ultimately, we believe Addus is well positioned to meet expected demand in all our operating segments as overall conditions improve and more restrictions are lifted.”
“We also expect to benefit from the statewide Illinois rate increase that became effective April 1, 2021 and will help offset the most recent increase in the Chicago minimum wage. Illinois is an important market for Addus, and we were pleased to see the implementation of this rate increase following a previous delay.”
Allison added, “Despite COVID-19 challenges, we were able to complete three acquisitions in the second half of last year, including our acquisition of Queen City Hospice on Dec. 1, 2020. Integration of these transactions is largely complete, and our average daily census at Queen City has seen positive growth since acquisition. We continue to have a solid pipeline of potential acquisitions that we will aggressively pursue, primarily focused on transactions that allow us to operate each of our hospice, home health and personal care segments in strategic markets. We have the financial strength necessary to complete acquisitions that meet our objectives and we are confident that we can continue our record of delivering value from acquired operations.”
Read the full press release and financial disclosures here.
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