Addus HomeCare Corporation reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total net service revenues reaching $1.155 billion, a 9.1% increase from $1.059 billion in 2023. The company's net income also rose to $73.6 million, up from $62.5 million in the previous year, reflecting a 17.7% increase. This growth was driven by strong performance across all three of its service segments: personal care, hospice, and home health, which contributed $856.6 million, $228.2 million, and $69.8 million, respectively, to total revenues.
The company experienced notable changes compared to the previous fiscal period, particularly in its personal care segment, which saw a 7.8% increase in net service revenues. This growth was attributed to a 5.2% rise in revenues per billable hour and a 2.1% increase in billable hours. The hospice segment's revenue growth was primarily due to an increase in average daily census and revenue per patient day, largely influenced by the acquisition of Tennessee Quality Care in August 2023. Additionally, the home health segment benefited from the full-year impact of this acquisition.
Strategically, Addus HomeCare expanded its market presence through several acquisitions, including the Gentiva Acquisition, completed on December 2, 2024, for approximately $353.6 million. This acquisition allowed the company to enhance its personal care services in multiple states, including Arizona, Arkansas, California, and North Carolina, while also entering the Missouri and Texas markets. The company also divested its New York operations, which resulted in a gain of $3.7 million. As of December 31, 2024, Addus operated in 23 states with a total of 258 locations, serving approximately 105,000 consumers.
Operationally, Addus HomeCare reported a total employee headcount of 49,703, including 5,548 full-time caregivers and 43,517 part-time staff. The company emphasized its commitment to workforce development through various training programs and employee engagement initiatives. The Illinois Department on Aging remained a significant payor, accounting for 21.0% of net service revenues in 2024. Looking ahead, Addus HomeCare anticipates continued growth driven by an aging population and increasing demand for home-based care services, while also navigating potential challenges related to regulatory changes and economic conditions.
About Addus HomeCare Corp
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