Addus HomeCare 2026 Conference Summary Company Overview - **Company**: Addus HomeCare (NasdaqGS:ADUS) - **Industry**: Home care services, focusing on personal care, home health, and hospice [2][4] Key Performance Drivers and Challenges - **2025 Focus**: Significant investments in the hospice division, including leadership changes and enhanced sales and marketing efforts [4][6] - **Census Growth**: Emphasis on maximizing hours per client rather than just increasing census numbers; challenges in adding new clients with adequate hours [5][6] - **Regulatory Challenges**: Adjustments due to the new Trump administration's Medicaid program changes, which required understanding their implications for operations [6][7] Census Growth Insights - **Key Markets**: Illinois, Texas, and New Mexico account for approximately 70% of personal care business; faced challenges with the Biden redetermination process affecting starts of care and discharges [10][11] - **Trends**: New Mexico showed early recovery in census growth, followed by Texas; Illinois lagged but is expected to improve in 2026 [12][14] Rate Environment and Value Communication - **Rate Increases**: Texas and Illinois have provided consistent rate increases; New Mexico is expected to implement a 4% increase effective July [21][23] - **Value Proposition**: Emphasis on the cost-effectiveness of home care versus institutional care, highlighting savings for states [16][19] Compliance and Regulatory Landscape - **Compliance Program**: Strong focus on compliance with a multimillion-dollar investment in internal audits and proactive outreach to states regarding billing issues [27][28] - **Fraud and Abuse**: Support for initiatives to reduce fraud, with no significant changes in audit frequency noted [29][30] Labor Market Trends - **Hiring Trends**: Positive hiring environment, with a focus on quick onboarding processes using technology; average hiring rate of 105 needed to support growth [44][49] - **Caregiver App**: Implementation of a caregiver app has improved fill rates from low 80% to upper 80% in Illinois, with similar expectations for New Mexico and Texas [51][56] Clinical Business Performance - **Hospice and Home Health**: Hospice division is a focus area with growth potential; home health serves as a feeder for hospice admissions [61][62] - **Market Valuation**: Challenges in acquiring hospice businesses due to high valuations; focus remains on non-clinical personal care [63][64] M&A Strategy - **Acquisition Focus**: Targeting smaller personal care businesses with revenues of $10-$15 million; potential interest in larger multi-state businesses later in the year [67][68] - **Clinical Acquisitions**: Interest in smaller hospice acquisitions at reasonable multiples, particularly where there are synergies with existing services [69][70] Conclusion - Addus HomeCare is strategically positioned to leverage its strengths in home care services while navigating regulatory challenges and labor market dynamics. The company remains focused on growth through both organic means and potential acquisitions, particularly in the hospice and personal care sectors.

BRIGHTSPRING INVESTOR DAY 29 79 145 38 154 188 141 198 63 213 133 18 200 200 200 143 143 143 70 184 218 Agenda March 17, 2026 1 Pharmacy Business Unit Overviews Specialty Pharmacy Infusion Pharmacy Home and Community Pharmacy The BrightSpring Platform Jon Rousseau, President and Chief Executive Officer Benito Fernandez, Chief Commercial Officer Robert Thomson, Chief Growth Officer Christopher Urban, RPh, Chief Operating Officer Rich Denness, President Scott Greenwell, PharmD, President Pharmacy Q&A Provider ...

Financial Performance - Addus HomeCare reported a 25.6% increase in net service revenues, reaching $373.1 million for the fourth quarter of 2025 [2][6] - The company's net income for the fourth quarter was $29.8 million, or $1.61 per diluted share, with adjusted net income per diluted share increasing by 28.3% year-over-year to $1.77 [3][6] - Adjusted EBITDA grew by 33.3% year-over-year, amounting to $50.3 million, indicating strong financial health and cash flow generation [4][6] Stock Performance - Despite strong financial results, Addus HomeCare's stock price has decreased by 10.57%, currently trading at $105.20 [4][6] - The stock has fluctuated between $101 and $113 today, with a 52-week high of $124.44 and a low of $88.96 [5] - The company's market capitalization is approximately $1.94 billion, with a trading volume of 679,173 shares, reflecting strong investor interest [5]

Core Insights - The company experienced a revenue growth of 25.6% in Q4, driven by the successful integration of the Gentiva acquisition and organic expansion in Personal Care [1] Revenue Performance - Personal Care same-store revenue increased by 6.3%, surpassing the typical growth range of 3% to 5%, supported by favorable rates in Texas and stable hiring trends [1] - The Hospice segment saw a significant improvement with 16% organic revenue growth, attributed to operational refinements and a diversified referral base [1] Hiring and Operational Efficiency - The company achieved a hiring rate of 101 caregivers per business day in Q4, maintaining stability despite seasonal holiday slowdowns [1] - Management noted that margin expansion is due to incremental leverage from a higher revenue base and lower acquisition-related expenses compared to the previous year [1] Strategic Focus - The strategic focus remains on creating geographic density, which management believes provides a competitive advantage in serving the full continuum of home-based care [1] - Clinical collaboration is increasing, with over 25% of hospice admissions in overlapping markets now originating from internal Personal Care operations [1]

Core Viewpoint - Addus HomeCare Corporation (NASDAQ:ADUS) is recognized as an overlooked small-cap stock with positive sentiment from Wall Street ahead of its fiscal Q4 2025 earnings report, expected to show approximately $372.87 million in revenue and a GAAP EPS of $1.56 [1] Group 1: Analyst Ratings and Price Targets - Clarke Murphy from Truist Financial initiated coverage on Addus HomeCare with a Buy rating and a price target of $135 [2] - Joanna Gajuk from Bank of America Securities reiterated a Buy rating with a price target of $147 [2] Group 2: Growth Drivers and Strategic Focus - Analysts at Bank of America noted that the positive rating is supported by multiple growth drivers, including expected rate increases in Texas, which align with management's mid-to-high single-digit organic growth target for Personal Care [4] - The company is experiencing hiring momentum, which is anticipated to increase turnover rates, further supporting growth [4] - Addus's strategic focus on Personal Care acquisitions positions it well for future expansion [4] Group 3: Business Segments - Addus HomeCare provides in-home care services across three main segments: Personal Care, Hospice, and Home Health [5]

Core Viewpoint - Elara Caring has entered into a strategic investment agreement with Ares' Private Equity Group and DaVita to enhance access to personalized, clinically advanced home care for patients with complex and acute needs [1][2]. Company Overview - Elara Caring is a leading national provider of skilled home health, hospice, behavioral health, and personal care services, operating in 18 states and serving over 60,000 patients daily across 200 locations [6]. - The company is committed to quality and a patient-first culture, focusing on delivering care when and where patients need it most [6]. Investment Details - The investment aims to support Elara's growth by expanding its capacity for specialized in-home care and launching innovative care models [2]. - Ares brings experience in growing high-performing healthcare businesses, while DaVita contributes clinical and operational expertise in value-based care, positioning Elara to improve outcomes and address gaps in post-acute care [2][3]. Collaborative Efforts - Elara and DaVita plan to co-develop a kidney-specific home-based care model, leveraging Elara's clinical capabilities and DaVita's insights to reduce preventable hospitalizations and lower total care costs [3][4]. - This collaboration aims to provide patients with tailored support at home and ensure continuity of care [3]. Expected Outcomes - The partnership is expected to enhance patient outcomes by providing timely and personalized care, ultimately improving quality of life and reducing unnecessary hospitalizations [4]. - The transaction is subject to customary closing conditions and regulatory approvals, with an expected closing date later in 2026 [4].

Core Insights - The company has seen success in its strategies implemented over the past few years, particularly in hospice care, which continues to outperform expectations [1] - The payer strategy in home health is beginning to yield positive results, especially in negotiations with various payers [1] - The company has focused on reducing leverage, which has contributed to improved free cash flow [1] - Overall performance for 2025 is viewed positively, with a strong start to the fourth quarter [1]

E N S I G N G R O U P INVESTOR PRESENTATION N o v e m b e r 2 0 2 5 w w w . e n s i g n g r o u p . n e t R: 105 G: 127 B: 87 #697F57 R: 172 G:200 B: 182 #ACC8B6 R: 0 G: 79 B: 103 #004F67 R: 153 G: 153 B: 204 #9999CC R: 252 G: 97 B: 92 #FC615C Primary Colors R: 0 G: 195 B: 255 #00C3FF R: 49 G: 131 B: 146 #008598 R: 68 G: 108 B: 120 # 446c78 R: 173 G: 106 B: 156 # b06a9b R: 148 G: 145 B: 147 #949193 R: 69 G: 110 B: 83 # 456E53 R: 41 G: 97 B: 99 # 296163 R: 47 G: 94 B: 84 # 2F5E54 Prevent Page Cut-off: File > ...

Core Insights - Pennant Group reported strong Q2 2025 earnings with total revenue of $219.5 million, exceeding analyst expectations by $8.88 million and reflecting a 30.1% year-over-year increase [1][2] - Adjusted EPS for the quarter was $0.27, matching analyst estimates, while net income rose 24.6% to $7.1 million compared to Q2 2024 [2][8] - The company raised its full-year 2025 revenue guidance to a range of $852.8 million to $887.6 million, indicating management's confidence in continued growth [10] Financial Performance - Q2 2025 revenue of $219.5 million surpassed the estimate of $210.62 million, marking a 30.1% increase from $168.7 million in Q2 2024 [2] - Non-GAAP EPS increased by 12.5% year-over-year from $0.24 to $0.27 [2] - Home Health and Hospice revenue grew by 32.5% to $166.0 million, driven by a 26.1% increase in total home health admissions [5][6] Business Strategy - Pennant Group operates in home health, hospice, and senior living sectors, utilizing a decentralized model that empowers local leaders [3] - The company is focused on expansion through acquisitions and developing its leadership pipeline, aiming for organic growth alongside new operations [4] - Key success factors include quick integration of acquisitions, recruitment and retention of skilled leaders, and effective management of regulatory changes [4] Segment Analysis - Home Health and Hospice Services segment revenue increased by 32.5%, with a notable rise in average Medicare revenue per episode by 5.9% [5] - Senior Living Services revenue rose 23.1% to $53.5 million, although average occupancy remained flat at 78.8% [7] - Same-store senior living revenue grew by 9.0%, indicating potential for further expansion through improved occupancy [7] Profitability Metrics - Adjusted EBITDAR for Home Health and Hospice increased by 30.5%, reflecting improved segment profitability [6] - Overall net income rose by 24.5%, while adjusted EBITDA also showed growth [8] - General and administrative costs increased by 48.1% compared to Q2 2024, indicating rising operational expenses [8] Future Outlook - The company expects adjusted EPS for full-year 2025 to be in the range of $1.09 to $1.15, up from previous guidance [10] - Investors should monitor the balance between rate-driven and occupancy-driven growth in Senior Living, as well as the integration of acquisitions [11] - The upcoming UnitedHealth Group and Amedisys transaction is anticipated to contribute to future growth, although initial costs may temper short-term expectations [11]

Core Insights - Addus HomeCare reported revenue of $349.44 million for the quarter ended June 2025, reflecting a year-over-year increase of 21.8% and a surprise of +0.4% over the Zacks Consensus Estimate of $348.04 million [1] - The company's EPS for the quarter was $1.49, up from $1.35 in the same quarter last year, resulting in an EPS surprise of +2.76% compared to the consensus estimate of $1.45 [1] Revenue Breakdown - Personal Care revenue reached $269.18 million, exceeding the two-analyst average estimate of $265.88 million, with a year-over-year increase of +26.5% [4] - Home Health revenue was reported at $18.05 million, slightly below the two-analyst average estimate of $18.26 million, showing a year-over-year change of -0.2% [4] - Hospice revenue amounted to $62.21 million, surpassing the average estimate of $61.32 million from two analysts, with a year-over-year increase of +11% [4] Stock Performance - Over the past month, Addus HomeCare shares have returned -6.2%, contrasting with the Zacks S&P 500 composite's +0.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]