Guardian Pharmacy Services, Inc. (NYSE: GRDN) has announced its preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2024. The company reported a strong performance, with revenue and adjusted EBITDA showing significant year-over-year increases.
For the three months ended December 31, 2024, Guardian anticipates revenue of approximately $338.6 million, representing a substantial increase of about 20.5% year-over-year. This growth was primarily driven by organic growth of the business and the acquisitions of Heartland Pharmacy and Freedom Pharmacy. Additionally, the company experienced an increase in flu and COVID-19 vaccinations administered through clinics in certain long-term care facilities it serves.
The resident count at the end of the quarter is expected to be approximately 186,000, marking a year-over-year increase of approximately 14.1%. This growth can be attributed to the organic expansion of the business and the acquisitions of Heartland Pharmacy and Freedom Pharmacy.
However, net income for the fourth quarter is expected to be between $10.1 million and $11.1 million, signaling an anticipated decrease of between $3.5 million and $4.5 million year-over-year. This decline is primarily attributable to expected income tax provision expenses between $5.0 million and $6.0 million. On the other hand, adjusted EBITDA for the quarter is expected to be approximately $25.9 million, reflecting an expected increase of about 30.3% year-over-year.
Looking at the full year ended December 31, 2024, Guardian anticipates revenue of approximately $1.228 billion, an increase of approximately 17.4% year-over-year. Similar to the fourth quarter, this growth was driven by organic expansion and the acquisitions of Heartland Pharmacy and Freedom Pharmacy, as well as an increase in flu and COVID-19 vaccinations administered through clinics in certain long-term care facilities.
The company expects its net income (loss) for the full year to be between ($71.8) million and ($72.8) million, indicating an anticipated decrease of between $109.5 million and $110.5 million year-over-year. This decrease is primarily attributable to approximately $131.5 million of share-based compensation expense, the majority of which is associated with the company's corporate reorganization and initial public offering (IPO). However, Guardian's adjusted EBITDA for the full year is expected to be approximately $90.8 million, reflecting an increase of about 19.2% year-over-year.
Looking ahead, Guardian is providing guidance for the full year ending December 31, 2025, with revenue expected to be in the range of $1.330 billion to $1.350 billion and adjusted EBITDA projected to be between $97.0 million and $101.0 million.
Guardian will host a conference call on March 26, 2025, to announce complete fourth quarter and full year 2024 financial results and discuss further details. Today the company's shares have moved -2.4% to a price of $19.52. For more information, read the company's full 8-K submission here.
