Guardian Pharmacy Services (GRDN) Company Report

Guardian Pharmacy Services is a leading long-term care pharmacy provider primarily focused on the assisted living and memory care end markets, holding approximately 13% national market share and targeting expansion to 20-30%.
The company's organic growth is driven by increasing market share, contiguous greenfield startups, and relationships with national and regional accounts, complemented by strategic acquisitions.
The Inflation Reduction Act (IRA) is identified as a significant headwind for 2026, impacting 8 of their top 10 drugs, but Guardian is confident in offsetting the EBITDA decline through direct payer relationships, despite anticipated revenue reduction.
Guardian's operational model emphasizes a 92% generic dispense rate, a tech-enabled platform for medication administration, and data analytics, including a falls risk program, to provide value to assisted living operators and residents.
Acquired pharmacies typically take about four years to reach corporate average profitability, though some, like those in Oregon and Seattle, may integrate faster due to existing systems and immediate synergy implementation.

Nov 19, 2025, 5:00 PM

Transcript

Guardian Pharmacy Services Discusses Growth Strategy and IRA Impact at Stephens Conference

GRDN

New Projects/Investments

M&A

Revenue Acceleration/Inflection

Guardian Pharmacy Services is a leading long-term care pharmacy provider focused on assisted living and memory care, holding approximately 13% national market share and targeting expansion to 20-30%. The assisted living market represents a large total addressable market (TAM) of one million residents.
The company's organic growth strategy includes increasing market share in existing areas, expanding into contiguous greenfield markets, and raising resident adoption rates within facilities from 50-70% to a corporate average of 89-90%.
Inorganic growth is driven by strategic acquisitions, with integration typically taking four years to reach corporate average profitability, though some acquisitions may integrate faster due to operational synergies.
A significant upcoming challenge is the Inflation Reduction Act (IRA), expected to strongly impact long-term care in 2026 by affecting 8 of 10 key drugs for Guardian; however, the company is confident it can offset the EBITDA headwind through direct payer relationships and collaborative partnerships.
Guardian differentiates itself with a 92% generic dispense rate, a tech-enabled platform for safe medication administration by non-nursing caregivers, and sophisticated data analytics, including tools for assisted living operators like a falls risk program.

Nov 19, 2025, 5:00 PM

Transcript

Guardian Pharmacy Services Discusses Growth Strategy, IRA Impact, and Market Dynamics at Stevens 2025 Conference

GRDN

M&A

New Projects/Investments

Guidance Update

Guardian Pharmacy Services is a leading long-term care pharmacy provider focused on the assisted living and memory care end markets, holding approximately 13% national market share and targeting expansion to 20-30%.
The company anticipates a significant impact from the Inflation Reduction Act (IRA) in 2026, affecting eight of ten drugs crucial to its business, but is confident in offsetting the EBITDA headwind despite expected revenue decline.
Organic growth is driven by market share expansion and contiguous greenfield startups, while acquired pharmacies typically take about four years to reach corporate average profitability, though recent acquisitions may integrate faster.
Guardian maintains a 92% generic dispense rate and is exploring adjacent market opportunities in PACE and hospice, with hospice representing a large potential market roughly half the size of assisted living.
The company plans to participate in the bankruptcy process of competitor Omnicare to potentially acquire attractive assets.

Nov 19, 2025, 5:00 PM

Transcript

Guardian Pharmacy Services Reports Strong Q3 2025 Results and Raises Full-Year Guidance

GRDN

Earnings

Guidance Update

M&A

Guardian Pharmacy Services reported strong Q3 2025 financial results, with revenue growing 20% to $377.4 million and Adjusted EBITDA increasing 19% to $27.3 million, yielding an Adjusted EPS of $0.25.
The company raised its full-year 2025 guidance, now expecting revenue in the range of $1.43 billion-$1.45 billion and Adjusted EBITDA between $104 million-$106 million.
Growth was driven by a 13% increase in resident count to 203,766, mid-double-digit organic revenue growth, plan optimization efforts, strong vaccine activity, and contributions from recent acquisitions in Oregon and Washington.
Adjusted EBITDA margins held steady at 7.2%, reflecting the dilutive impact of recent acquisitions and greenfield startups, though underlying core margins from maturing pharmacies continue to expand.
Guardian also noted that it has filed an S-3 shelf registration for up to 6 million shares to provide financial flexibility, with approximately 93% of pre-IPO shares locked up until June 30, 2026.

Nov 10, 2025, 9:30 PM

Transcript

Guardian Pharmacy Services Reports Strong Q3 2025 Results and Raises Full-Year Guidance

GRDN

Earnings

Guidance Update

M&A

Guardian Pharmacy Services reported strong Q3 2025 financial results, with revenue growing 20% to $377.4 million and adjusted EBITDA increasing 19% to $27.3 million, resulting in adjusted EPS of $0.25.
The company raised its full-year 2025 guidance, now expecting revenue between $1.43 billion and $1.45 billion and adjusted EBITDA between $104 million and $106 million.
Strategic growth includes recent acquisitions in Oregon and Washington, expanding its presence in the Pacific Northwest, and contributing to a 13% year-over-year increase in total resident count to 203,766.
Guardian has filed an S-three shelf registration for up to 6 million shares for financial flexibility, while 93% of pre-IPO shares are locked up until June 30, 2026. The company also ended the quarter with $36 million in cash and no debt under its credit facility.

Nov 10, 2025, 9:30 PM

Transcript

Guardian Pharmacy Services, Inc. Reports Q3 2025 Financial Results and Raises Full-Year Guidance

GRDN

Earnings

Guidance Update

Guardian Pharmacy Services, Inc. reported revenue of $377.4 million for the third quarter ended September 30, 2025, marking a 20% increase year-over-year, and Adjusted EBITDA of $27.3 million.
For Q3 2025, the company's Net Income was $9.6 million and Diluted EPS was $0.15.
The company raised its full-year 2025 guidance, now projecting revenue between $1.43 billion and $1.45 billion and Adjusted EBITDA between $104.0 million and $106.0 million.
As of September 30, 2025, Guardian Pharmacy Services, Inc. served approximately 204,000 residents and held $36.5 million in cash and cash equivalents.

Nov 10, 2025, 9:10 PM

8-K

Guardian Pharmacy Services Discusses Market Leadership, Growth Strategy, and IRA Mitigation

GRDN

Guidance Update

M&A

New Projects/Investments

Guardian Pharmacy Services is the market leader in institutional pharmacy services for assisted living, holding a 13% market share and specializing in serving a highly acute resident population.
The company guides for low double-digit revenue growth in the medium to long term, composed of secular tailwinds from assisted living growth, highest single-digit organic growth from market share gains, and strategic M&A. Historically, revenue has grown at 15% since inception.
The Inflation Reduction Act (IRA) is identified as a potential headwind, projected to impact revenue by over $100 million and EBITDA by approximately $5 million (5%) in 2026, which Guardian is confident in mitigating through commercial negotiations and legislative efforts.
Guardian's M&A strategy focuses on acquiring pharmacies with strong operators who can leverage the company's platform, purchasing power, and reimbursement contracts to improve profitability and expand into new markets.
The company generates a strong financial profile with a roughly 60% cash conversion ratio after taxes and CapEx, which more than funds its M&A program, and currently has an unused credit facility.

Sep 30, 2025, 8:35 PM

Transcript

Guardian Pharmacy Services Presents Business Overview to Investors

GRDN

Earnings

M&A

New Projects/Investments

Guardian Pharmacy Services, Inc. (GRDN) furnished a presentation to investors and analysts, highlighting its position as a leader in the Assisted Living Facility (ALF) & Memory Care Pharmacy Market.
For Q2 2025, the company reported $344.3 million in revenue and $30.0 million in Adjusted EBITDA.
As of June 30, 2025, GRDN operates 52 pharmacies serving 195,000+ residents, holding a 13% nationwide market share in the ALF & Memory Care market.
The company pursues a multi-pronged growth strategy through organic expansion, including greenfield startups and new facility additions, and disciplined M&A targeting pharmacies with $10-$30 million in revenue.

Sep 18, 2025, 10:30 AM

8-K

Guardian Pharmacy Services Reports Strong Q2 2025 Results and Raises Full-Year Guidance

GRDN

Earnings

Guidance Update

M&A

Guardian Pharmacy Services reported strong Q2 2025 financial results, with revenue of $344.3 million, up 15% year-over-year, and Adjusted EBITDA of $25.0 million. Diluted EPS was $0.14 and Adjusted EPS was $0.23 for the quarter ended June 30, 2025.
The company raised its full-year 2025 guidance, with updated revenue expected to be between $1.39 billion and $1.41 billion, and Adjusted EBITDA projected at $100.0 million to $102.0 million.
Operationally, Guardian expanded its national presence by adding two new pharmacies and a greenfield pharmacy during Q2 2025, and completed the acquisition of Managed Healthcare Pharmacy subsequent to quarter-end.
In May 2025, Guardian completed a non-dilutive secondary offering of 8.625 million shares to increase its public float and enhance trading liquidity.

Aug 11, 2025, 12:00 AM

8-K

Guardian Pharmacy Services Investor Day 2025 – Q1 2025 Update

GRDN

M&A

New Projects/Investments

Revenue Acceleration/Inflection

U.S. ALF market leader with 13% share and over 189,000 residents served across 53 pharmacies as of Q1 2025 .
Delivered $90.8 M adjusted EBITDA in FY2024, up from $65.7 M in FY2022, despite a full-year net loss of $71.0 M in FY2024 .
Showcasing robust top-line growth, a durable margin profile, and a strong balance sheet & cash-flow conversion .
Pursuing disciplined M&A with targets typically generating $10–30 M revenue and serving ~2,000–3,500 residents, offering upfront purchase price plus equity retention with a four-year integration plan .
Investing in data analytics, robotics, and clinical programs like the Insurance Optimizer, driving ~$41 M in savings (~$514 per resident) across ~79K residents .