Despite continued headwinds from the COVID-19 pandemic and a tight labor market, Addus HomeCare earned $0.91 a share on revenues of $216 million in the third quarter, an 11.7% increase compared to the same period last year. Still, the solid quarter disappointed Wall Street analysts who expected the Frisco, TX-based company to earn about $10 million more in the quarter ended Sept. 30.
“We are pleased with our results to date in 2021 and continue to benefit from a favorable environment for home-based care with strong demand trends and increased government recognition and support through state and federal funding,” Addus HomeCare Chairman and CEO Dirk Allison said in a press release. “The pandemic has demonstrated the critical need for safe, quality, patient-centered care in the home, and Addus is well positioned to meet this demand across our operating segments.”
The company’s home healthcare business outperformed its home care business in the quarter. Home healthcare volumes rose by nearly 25% versus the same time last year, while volumes for personal care services increased by 4%. However, personal care makes up the lion’s share of Addus’s overall business.
Despite continued challenges from the pandemic, Allison said Addus HealthCare’s overall operating trends are positive and the company has a strong pipeline for future acquisitions.
