Higher demand in the spring helped Addus HomeCare Corporation report a stellar second quarter.
The Frisco, TX-based firm made $271 million in the period ending June 30, an 18% increase over the $184.6 million it made during the second quarter in 2020, the company said Monday. Per share earnings increased 23% to $0.90 from $0.73 in 2020.
Addus President and CEO Dirk Allison said strong growth in the company’s personal care unit accounted for 80% of revenues. Revenues were up more than 24% in Addus’s home health business, but hospice was flat compared to the previous year.
“While admissions were up in our hospice business, which includes the Queen City acquisition, we continued to experience a shorter median length of stay than we have seen historically, which affected census growth,” Allison said. “Our median length of stay and average daily census increased sequentially, and we expect that volume trends in hospice will continue to improve.”
Earlier this week, Addus closed on its acquisition of Armada Home Health and Hospice in New Mexico. The company said its acquisition pipeline continues to be strong, as it looks to buy clinical properties to add to its personal care markets.
