Guardian Pharmacy Services (NYSE:GRDN) FY Conference Summary Company Overview - Guardian Pharmacy Services is a leading long-term care pharmacy provider with over 50 pharmacy operations nationally, primarily focused on assisted living and memory care markets [3][4] - The company holds approximately 13% market share in the assisted living end market and aims to expand to 20-30% over time [3][4] Core Business Model - The business model is centered around providing specialized pharmacy services tailored to the needs of frail and elderly residents in assisted living facilities [6][10] - Guardian's operations leverage scale through purchasing, reimbursement, analytics tools, and strong sales relationships with national accounts [6][10] Market Focus - The assisted living market was chosen due to its significant growth over the past 20 years, with a total addressable market (TAM) of approximately one million residents [10] - The average resident is now older (85+) and takes an average of 14 prescriptions, indicating a shift in the acuity level of residents [10][32] Competitive Landscape - Guardian competes with independent operators who lack the scale and resources to provide the same level of service and analytics [12][58] - The company believes there is ample room for multiple competitors in the assisted living market, despite the presence of larger peers [56][58] Growth Strategy - Organic growth is driven by increasing market share in existing markets and expanding into contiguous markets [15][16] - The company tracks market share using NICMAP data and aims for 50% or more in mature markets [15] - Recent acquisitions in the Pacific Northwest were driven by demand from larger national and regional accounts [22][24] Resident Adoption and Service Efficiency - The current resident adoption rate of Guardian's services is around 89%, with efforts to increase this in new facilities [28] - The company utilizes a tech-enabled platform to ensure safe medication administration, significantly reducing errors [67][70] Financial Outlook - The Inflation Reduction Act (IRA) is expected to impact revenue but not EBITDA, with the company confident in offsetting headwinds through operational efficiencies [38][49] - The company has increased guidance based on favorable organic growth trends and successful flu vaccine clinics [50][52] Adjacent Market Opportunities - Guardian is exploring opportunities in adjacent markets such as PACE and hospice, with ongoing efforts to improve service delivery in these areas [54][55] Conclusion - Guardian Pharmacy Services is well-positioned in the long-term care pharmacy market, with a clear strategy for growth through market share expansion, operational efficiencies, and a focus on specialized services for assisted living facilities [4][10][54]