Addus HomeCare Corp. executives said they are pleased with the “consistent profitable growth” reflected in the company’s third-quarter financial and operating performance.
During Tuesday’s earnings call, the company reported a significant financial uptick for the third quarter and nine months ended Sept. 30. Addus reported a year-over-year net service revenue increase of 14.8% to $194 million for the quarter, and year-over-year net income increased by 85.6% to $9.1 million.
“This in spite of the effects of the ongoing pandemic, as well as the short-term negative impact of the July 1, 2020, minimum wage increase in our Chicago market, which is scheduled to be funded by a reimbursement rate increase on January 1, 2021,” President and CEO Dirk Allison said.
Acquisitions, he added, will continue to be an important part of the company’s growth strategy. Allison cited as an example the recent purchase of County HomeMakers, a personal care operator in Pennsylvania, with 800 employees in 22 locations serving more than 1,000 clients.
