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Addus HomeCare Corporation (ADUS) is a leading provider of home-based care services in the United States, offering a range of solutions to support individuals in need of assistance with daily living, medical care, and end-of-life care. The company operates across three main segments: personal care, hospice, and home health, delivering services primarily to elderly, chronically ill, or disabled individuals. With a focus on cost-effective, in-home care, Addus serves consumers through agreements with government agencies, managed care organizations, and private payors.
- Personal Care - Provides non-medical assistance with activities of daily living, such as bathing, meal preparation, and housekeeping, primarily for individuals at risk of hospitalization or institutionalization. Also includes staffing services for assisted living facilities, nursing homes, and hospice facilities.
- Hospice - Offers physical, emotional, and spiritual care for terminally ill individuals, along with support for their families, focusing on improving quality of life during end-of-life care.
- Home Health - Delivers medical services, including skilled nursing, physical therapy, occupational therapy, and speech therapy, to individuals recovering from illness or hospitalization.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
R. Dirk Allison ExecutiveBoard | Chief Executive Officer and Chairman of the Board | R. Dirk Allison has been the CEO and Chairman of the Board at Addus HomeCare Corporation since March 2021. Previously, he served as President and Chief Executive Officer from January 2016 to March 2021 and has been a Director since 2010. | View Report → | |
Brian Poff Executive | Executive Vice President and Chief Financial Officer | Brian Poff is the Executive Vice President and Chief Financial Officer at ADUS, serving since May 2016. He brings extensive financial expertise from previous roles in healthcare, including CFO and Treasurer at Oceans Healthcare, L.L.C.. | ||
Cliff Blessing Executive | Executive Vice President and Chief Development Officer | Cliff Blessing is the Executive Vice President and Chief Development Officer at Addus HomeCare Corporation since April 2022 and has over 15 years of experience in corporate development, finance, and strategy. He previously served as Executive Vice President of Corporate Development at Encompass Health starting in 2012. | ||
Darby Anderson Executive | Executive Vice President and Chief Government Relations Officer | Darby Anderson is the Executive Vice President and Chief Government Relations Officer at ADUS since April 2022. He has held a series of executive roles at ADUS, including serving as Executive Vice President and Chief Strategy Officer from November 2019 to March 2022 and other key leadership positions dating back to 1996. | ||
David Tucker Executive | Executive Vice President and Chief Strategy Officer | David Tucker is the Executive Vice President and Chief Strategy Officer at ADUS since April 2022. He previously held other key leadership roles at ADUS, including Executive VP and Chief Development Officer from November 2019 to 2022, Senior VP of Business Development, and Vice President Managed Care. | ||
Michael Wattenbarger Executive | Executive Vice President and Chief Information Officer | Michael Wattenbarger has been serving as Executive Vice President and Chief Information Officer at ADUS since November 7, 2019. He previously served as Senior Vice President of Information Technology (August 2019 - November 2019) and Vice President of Information Technology (May 2018 - August 2019) at ADUS. | ||
Monica Raines Executive | Executive Vice President and Chief Compliance & Quality Officer | Monica Raines is the Executive Vice President and Chief Compliance & Quality Officer at ADUS since March 2022. Previously, she served as Senior Vice President and Chief Compliance Officer from July 2019 to March 2022 and as Vice President and Chief Compliance Officer from September 2016 to July 2019. | ||
Roberton Stevenson Executive | Executive Vice President and Chief Human Resource Officer | Roberton Stevenson is the Executive Vice President and Chief Human Resource Officer at Addus HomeCare Corporation since June 2021, with over 20 years of healthcare HR leadership experience. He previously served as Senior Vice President of Human Resources at Addus from March 2020 to June 2021 and as Vice President of Human Resources at Seasons Hospice and Palliative Care. | ||
Sean Gaffney Executive | Executive Vice President and Chief Legal Officer | Sean Gaffney is the Executive Vice President and Chief Legal Officer at ADUS since April 2019. He has extensive legal and corporate experience in healthcare, previously serving as General Counsel for Encompass Health and as EVP of Corporate Development at BroadJump, LLC. | ||
W. Bradley Bickham Executive | President and Chief Operating Officer | W. Bradley Bickham is the President and Chief Operating Officer of ADUS since March 2021. Previously, he served as Executive Vice President and Chief Operating Officer from January 2017 to March 2021. | ||
Darin J. Gordon Board | Director of Addus HomeCare Corporation | President and Chief Executive Officer of Gordon & Associates, LLC; Founding Partner of Speire Healthcare Strategies, LLC; Board Member at Advanced Care Partners; Board Member at Upperline Health, Inc.; Board Member at Siloam Health | Darin J. Gordon has served as a director at Addus HomeCare Corporation since October 2016. He is an Audit Committee member and has extensive healthcare experience, including roles as President and Chief Executive Officer of Gordon & Associates, LLC and Founding Partner of Speire Healthcare Strategies, LLC. | |
Esteban López Board | Director | Chief Medical Officer at Doxy.me, Inc.; Founder and CEO of Hopscotch Health | Dr. Esteban López has served as a director at ADUS since January 2021. He also leads external initiatives as Chief Medical Officer at Doxy.me, Inc. and as Founder and CEO of Hopscotch Health. | |
Heather Dixon Board | Independent Director | CFO of Acadia Healthcare | Heather Dixon has been serving as an independent director at ADUS since March 1, 2023, where she also serves on the Audit Committee. She brings extensive financial expertise from her current role as CFO of Acadia Healthcare and previous leadership roles in healthcare and finance. | |
Jean Rush Board | Director | Jean Rush has served as a director at ADUS since October 2018 and is an active member of the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. She brings extensive healthcare management experience particularly in Medicare and Medicaid markets. | ||
Mark L. First Board | Lead Director | Managing Director of Eos Management, L.P. since 1994; Director at PetIQ since 2013 | Mark L. First has served as a Director of Addus HomeCare Corporation since 2006 and currently holds the role of Lead Director since September 2022. He previously served as President from 2006 to 2009 and serves as the Chairperson of the Compensation Committee. | |
Michael Earley Board | Director | Managing Member at Pelican Advisors, LLC | Michael Earley has served as a director of ADUS since 2014 and is the chairperson of the Audit Committee, overseeing financial integrity and compliance. He has extensive leadership experience, including his current role as Managing Member at Pelican Advisors, LLC since 2013 and previous executive roles at Metropolitan Health Networks, Inc. and Collins Associates. | |
Susan T. Weaver Board | Director | Director at AdaptHealth Corp. (since November 2019); Director at Acentra Health (since January 2023); Director at Eating Recovery Center (since March 2023) | Susan T. Weaver, M.D., FACP, has been serving as a Director at Addus HomeCare Corporation since October 2016. She brings extensive healthcare leadership experience from her previous roles as CEO of C3 HealthcareRx, LLC and as President & CEO of KEPRO. | |
Veronica Hill-Milbourne Board | Director of Addus HomeCare Corporation | President and Chief Executive Officer of Spectrum Health Services, Inc. ; Board of Directors of the Health Federation of Philadelphia ; Chair of the Board of Visitors, Temple University College of Public Health | Veronica Hill-Milbourne has served as a director of Addus HomeCare Corporation since January 2021 and was nominated for re-election as a Class II director with her term set to expire in 2026. She brings extensive healthcare leadership experience from her roles as President and CEO of Spectrum Health Services, Inc. since 2019 and CEO/State Director for Pathways from 2017 to 2019. |
- Given the challenges you've faced with caregiver turnover and the recent measures to improve fill rates and service percentage, can you quantify the anticipated improvements in turnover rates and how that will drive overall productivity in the coming quarters?
- With the Gentiva acquisition representing the largest in your history, can you detail the integration timeline—particularly for converting their billing and scheduling system—and explain how any delays might impact near-term EBITDA margins?
- Considering the approximately 200 basis point sequential margin decline in Q1 due to payroll tax resets, merits, and mix shifts from Gentiva, what specific initiatives are you implementing to mitigate these headwinds and stabilize margins later in 2025?
- In light of the potential changes to Medicaid funding and FMAP discussed, how are you modeling the possible impacts on state reimbursements—especially in key markets like Illinois and Texas—and what contingency plans do you have in place?
- With your strategy to allocate free cash flow toward debt repayment while pursuing further M&A deals, can you outline your debt reduction targets for 2025 and discuss what adjustments might be necessary if cash flow generation underperforms?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Illinois Department on Aging | Provides personal care services under the Community Care Program for seniors | Personal Care | 21.0% of net service revenues in 2024, 20.9% in 2023, 20.7% in 2022. Represents 21.7% of net A/R in 2024 and 25.8% in 2023. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Personal Care Operations of Gentiva | 2024 | Acquired for approximately $350 million in cash and funded using Addus’ revolving credit facility plus proceeds from a public offering, the deal added an estimated $280 million annualized revenue and expanded market coverage to seven states (new in Texas and Missouri) while serving over 16,000 patients per day. |
Upstate Home Care Solutions | 2024 | Completed on March 9, 2024 for $0.4 million using available cash, this acquisition expanded Addus’ personal care services into South Carolina and resulted in the recognition of $0.4 million in goodwill. |
American Home Care, LLC (Tennessee Quality Care) | 2023 | Completed on August 1, 2023 at a purchase price initially reported at $106 million (later adjusted to $111.2 million) and funded through a mix of a $110 million revolving credit draw and available cash, this deal strategically expanded Addus’ hospice and home health services in Tennessee, adding approximately $40 million in annualized revenues and establishing operations across 17 locations. |
Apple Home Healthcare, LTD | 2022 | Completed on October 1, 2022 with an initial price of $12.2 million (plus potential $2 million contingent consideration), this acquisition reinforced Addus’ clinical capabilities in the Chicago market by integrating an experienced operations team serving around 450 home health patients in an 11-county area. |
JourneyCare Inc. | 2022 | Completed on February 1, 2022 for approximately $85–$86.6 million, funded by a $35 million revolving credit draw and available cash, this acquisition expanded Addus’ hospice services in Illinois while recognizing significant goodwill (approximately $70.2–$70.8 million) and adding key identifiable intangible assets. |
Recent press releases and 8-K filings for ADUS.
- Financial Performance: Q4 2024 revenue reached $297.1 million, marking a 7.5% year-over-year increase, with adjusted EPS rising to $1.38 and adjusted EBITDA up 10.3% compared to the prior year.
- Acquisition and Growth Strategy: The company completed its largest acquisition to date (Gentiva Personal Care), which added approximately $280 million of annualized revenue, and is progressing well with integration efforts, positioning it for further strategic market expansion, including in Texas.
- Medicaid Policy Outlook & Debt Management: Executives discussed potential federal Medicaid policy changes and emphasized their low-cost, home-based care model, while also outlining plans to use strong free cash flow (projected near $115–$120 million annual free cash flow) to target debt reduction alongside ongoing M&A opportunities.
- Q4 2024 revenue reached $297.1 million, reflecting a 7.5% increase from the prior year, with net income of $19.5 million and diluted EPS of $1.07.
- The company reported improved non-GAAP performance with adjusted net income per share of $1.38 and adjusted EBITDA growing 10.3% to $37.8 million.
- Addus completed the strategic acquisition of Gentiva personal care operations, expanding its market coverage and contributing to record full-year revenue of $1.15 billion.