Addus Q4 strengthens my big size in Nova Leap Health https://addus.gcs-web.com/news-releases/news-release-details/addus-homecare-announces-fourth-quarter-and-year-end-2022-0 Non-GAAP EPS of $1.11 beats by $0.15.
Revenue of $247.1M (+10.0% Y/Y) beats by $0.92M.
“Consistent execution of our strategy produced favorable results, with our 10% revenue growth over the fourth quarter last year leading to record annual revenues for the year. Our personal care revenues, which represented 74.2% of our business, were up 7.9% over the fourth quarter of 2021 on a same-store basis, reflecting steady volume growth trends. Home health revenues, which included the operations of Armada Home Health and Summit Home Health acquired in 2021, and the addition of Apple Home Healthcare operations effective October 1, 2022, were up 8.3% over the comparable quarter last year on a same-store basis.”
“Demand for our services continues to grow, reflecting a greater societal awareness of the value of home-based care as the safest and most cost-effective option for many individuals.”
Ebit Margin: 8.4%
Profit Margin: 6.0%
When I scanned all the quarters in the last 10 years, they only beat these margins once per margin (Profit Margin Q4 2016 and Ebit Margin Q4 2021).
Gross profit
2021: 31.2%
2022: 31.5%
Compare this to Nova Leap Health which already has a steady average around 35%. From Q3:
"Gross profit margin as a percentage of revenues remained strong at 35.7% in Q3 2022, an increase from gross profit margin of 35.4% in Q2 2022;"
Addus traded up on the report yesterday and trades at a P/E of 39 now.