Financial Performance - Revenues increased from $275,410,000 in Q1 2024 to $329,308,000 in Q1 2025, representing a growth of 19.5%[17]. - Gross profit rose from $55,101,000 in Q1 2024 to $64,349,000 in Q1 2025, an increase of 16.5%[17]. - Operating income improved from $7,933,000 in Q1 2024 to $13,005,000 in Q1 2025, reflecting a growth of 64.5%[17]. - Net income attributable to Guardian Pharmacy Services, Inc. was $9,448,000 for Q1 2025, compared to $0 for Q1 2024[17]. - Net income for the three months ended March 31, 2025, was $9,273,000, up from $7,095,000 in the same period of 2024, representing a growth of approximately 30.8%[111]. - Adjusted EBITDA for the three months ended March 31, 2025, was $23,433,000, compared to $20,255,000 for the same period in 2024, reflecting an increase of about 10.8%[111]. Cash and Assets - Cash and cash equivalents increased significantly from $4,660,000 at the end of Q1 2024 to $13,999,000 at the end of Q1 2025, a rise of 200.5%[24]. - Total assets grew from $320,810,000 as of December 31, 2024, to $333,998,000 as of March 31, 2025, an increase of 4.1%[14]. - Total equity increased from $149,976,000 at the end of Q4 2024 to $163,217,000 at the end of Q1 2025, a growth of 8.4%[14]. - Cash flows provided by operating activities for the three months ended March 31, 2025, were $17,550,000, an increase of $8,896,000 compared to $8,654,000 in 2024[116][118]. - As of March 31, 2025, the company had $14,000,000 in cash and cash equivalents, primarily consisting of demand deposits[113][128]. Acquisitions and Growth Strategy - The Company acquired various pharmacy operations in 2024 for a total consideration of $17,410, which includes cash of $14,710 and contingent earnout payments of up to $2,700[44]. - The Company’s growth strategy involves acquiring institutional pharmacies servicing long-term care facilities and other care settings[43]. - The company completed various acquisitions in 2024, contributing to revenue growth and operational changes in the first quarter of 2025[89]. - The number of residents served increased from 164,000 in March 2024 to 189,000 in March 2025, and prescriptions dispensed rose from 5.8 million to 6.7 million[100]. Corporate Actions - The Corporate Reorganization resulted in the issuance of 54,094,232 shares of Class B common stock, which will convert to Class A common stock over the next few years[30]. - The Company completed its IPO on September 27, 2024, issuing 9,200,000 shares at $14.00 per share, resulting in net proceeds of $119,784 after underwriting discounts and offering costs[33]. - The company intends to use the balance of net proceeds from its IPO for general corporate purposes and working capital, having raised $119.8 million net after underwriter discounts[140]. - An agreement and plan of merger was established on September 27, 2024, involving Guardian Merger Corp., Guardian Pharmacy, LLC, and Guardian Pharmacy Services, Inc.[145]. Expenses and Taxation - Selling, general, and administrative expenses rose by $4.2 million or 8.9% to $51.3 million, while the percentage of revenue decreased from 17.1% to 15.6%[102]. - Interest expense decreased by $0.6 million or 77.8% to $0.2 million for the three months ended March 31, 2025, due to no outstanding balances under the Credit Facility[103]. - The effective tax rate for the three months ended March 31, 2025, was 29.2%, with an income tax expense of $3,833,000, compared to $0 for the same period in 2024[74]. - Provision for income taxes was $3.8 million for the three months ended March 31, 2025, compared to no income tax expense in the same period in 2024[104]. Segment Reporting and Compliance - The Company adopted ASU 2023-07 for segment reporting, effective January 1, 2024, which requires disclosure of significant segment expenses[40]. - The Company’s interim financial statements are prepared in accordance with U.S. GAAP, and results for the three months ended March 31, 2025 are not indicative of the full year[36]. - Certifications of the Principal Executive Officer and Principal Financial and Accounting Officer were completed in accordance with the Sarbanes-Oxley Act of 2002[145].
Guardian Pharmacy Services, Inc.(GRDN) - 2025 Q1 - Quarterly Report