Guardian Pharmacy Services – Q4 Revenue Up 20%

By Bobby Samwell • Thursday, March 27 06:01 • Permanent Link

Guardian Pharmacy Services, Inc. has announced its financial results for the fourth quarter and full year ended December 31, 2024. The highlights of the report include:

Revenue for the fourth quarter was $338.6 million, marking a 20% increase year-over-year. This growth was driven by organic factors as well as the acquisitions of Heartland Pharmacy and Freedom Pharmacy.
The resident count at the end of the quarter stood at 186,000, representing a 14% increase year-over-year and a rise from 180,000 in the previous quarter. This growth was attributed to both organic factors and the acquisitions.
Net income for the quarter was $11.8 million, reflecting a decrease of $2.7 million year-over-year. This decline was due to changes in income tax provision expense, share-based compensation expense, and expenses associated with certain legal and regulatory matters.
Adjusted EBITDA for the fourth quarter was $25.9 million, marking a 30% increase year-over-year. This increase was influenced by organic growth and efficiencies gained in administering flu and COVID-19 vaccine clinics within long-term care facilities.

For the full year 2024:

Revenue amounted to $1.228 billion, representing a 17% increase year-over-year, driven by organic growth and the acquisitions.
Net income (loss) for the year was ($71.0) million, marking a decrease of $108.8 million year-over-year. This decrease was primarily due to $131.5 million of share-based compensation expense, $125.7 million of which was associated with the company's corporate reorganization and initial public offering (IPO).
Adjusted EBITDA for the full year was $90.8 million, reflecting a 19% increase year-over-year.
The company had no outstanding indebtedness as of year-end, as the term note and line of credit were paid off with IPO proceeds. Guardian currently has $40 million available under its line of credit, with the ability to increase the overall credit facility up to $75 million.

Looking ahead, Guardian provided initial full year 2025 guidance, including revenue of $1.330 billion to $1.350 billion and adjusted EBITDA of $97.0 million to $101.0 million.

These results were well-received by Fred Burke, President & CEO of Guardian, who expressed pride in the company's strong performance and outlook for 2025.

Guardian Pharmacy Services is a leading long-term care pharmacy services company that aims to help residents of long-term health care facilities adhere to their appropriate drug regimen, thereby reducing the cost of care and improving clinical outcomes. As of December 31, 2024, the company's 51 pharmacies served approximately 186,000 residents in about 7,000 long-term care facilities across 38 states. Following these announcements, the company's shares moved -0.5%, and are now trading at a price of $20.23. For more information, read the company's full 8-K submission here.

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