Financial Performance - Revenues for the three months ended September 30, 2025, increased to $377,427,000, up from $314,393,000 in the same period of 2024, representing a growth of 20.1%[16] - Gross profit for the nine months ended September 30, 2025, was $207,216,000, compared to $177,267,000 for the same period in 2024, reflecting an increase of 16.9%[16] - Operating income for the three months ended September 30, 2025, was $16,354,000, a significant recovery from an operating loss of $104,613,000 in the same period of 2024[16] - Net income attributable to Guardian Pharmacy Services, Inc. for the three months ended September 30, 2025, was $9,818,000, compared to a net loss of $121,990,000 in the same period of 2024[16] - Basic net income per share of $0.16 for the three months ended September 30, 2025, compared to a loss of $2.00 per share in the same period of 2024[16] - Basic net income attributable to Guardian Pharmacy Services, Inc. for the nine months ended September 30, 2025, was $28,296, compared to a net loss of $121,990 for the same period in 2024[67] - Basic net income per share for Class A and Class B common stock was $0.46 for the nine months ended September 30, 2025[67] - The company’s segment net income (loss) for the nine months ended September 30, 2024, was $(82.9) million, which improved to $27.7 million for the same period in 2025[78] Assets and Liabilities - Total assets decreased to $320,810,000 as of December 31, 2024, from $390,037,000 as of September 30, 2025, indicating a decline of 17.7%[14] - Total liabilities decreased to $170,834,000 as of December 31, 2024, from $194,540,000 as of September 30, 2025, a reduction of 12.2%[14] - Total equity of the company as of September 30, 2025, was $195,497,000, down from $149,976,000 as of December 31, 2024, reflecting a decrease of 20.5%[14] Cash Flow and Investments - Cash and cash equivalents decreased significantly to $4,660,000 as of December 31, 2024, from $36,487,000 as of September 30, 2025, a decline of 87.3%[14] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $35,623,000, while for 2025 it was $65,655,000[22] - The company used $27,515 in investing activities for the nine months ended September 30, 2025, an increase of $3.7 million from $23,783 in 2024[143] - Cash flows used in financing activities were $6.3 million for the nine months ended September 30, 2025, primarily due to payments for finance lease obligations and equity offering costs[146] Acquisitions and Growth Strategy - The company’s growth strategy involves acquiring institutional pharmacies servicing long-term care facilities and other care settings[41] - The total consideration for the 2025 Acquisitions was $16.271 million, including $13.230 million in cash and contingent earnout payments of up to $2.600 million[43] - The company completed various acquisitions during 2024 and 2025, which contributed to the growth in revenue and operational results[96] - Revenue included in the consolidated statements for the 2025 Acquisitions was $16,167 for the three months and $20,772 for the nine months ended September 30, 2025[49] Shareholder Activities - 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 million after underwriting discounts and offering costs[29] - The company issued and sold 8,000,000 shares of Class A common stock at a public offering price of $14.00 per share during its IPO, receiving net proceeds of $119.8 million[164] - The company used $55.2 million of the IPO proceeds for merger consideration and $20.0 million to repay borrowings on its line of credit[164] - On September 27, 2025, 13,523,285 shares of Class B common stock automatically converted into an equal number of shares of Class A common stock[161] Operational Metrics - The company served approximately 204,000 residents in about 8,200 long-term care facilities (LTCFs) across 38 states as of September 30, 2025[84] - Prescriptions dispensed rose from 6.4 million in the three months ended September 30, 2024, to 7.3 million in the same period in 2025, reflecting increased operational capacity[112] - The number of residents served increased from 180,000 in September 2024 to 204,000 in September 2025, contributing to revenue growth[112] Tax and Legal Matters - The effective tax rate for the three months ended September 30, 2025, was 42.3%, compared to -0.1% for the same period in 2024[80] - The company is not currently aware of any legal proceedings that would materially affect its business or financial condition[159] - There have been no material changes to the risk factors affecting the company as described in its Annual Report on Form 10-K[160] Accounting and Financial Reporting - The company adopted new accounting standards effective January 1, 2024, including ASU 2023-07 for segment reporting disclosures[38] - Adjusted EBITDA for the nine months ended September 30, 2025, was $75,659, representing an increase from $64,944 in the same period of 2024[132] - The company emphasizes that Adjusted EBITDA and related measures should not be viewed in isolation from GAAP financial measures, as they have limitations[129] - A reconciliation of Adjusted EBITDA to net income and other financial measures is provided to clarify the relationship between these metrics and GAAP results[131] Internal Controls and Procedures - The company conducted an evaluation of its disclosure controls and procedures, concluding they were effective as of September 30, 2025[155] - There were no changes in internal control over financial reporting that materially affected the company during the three and nine months ended September 30, 2025[157]
Guardian Pharmacy Services, Inc.(GRDN) - 2025 Q3 - Quarterly Report