Addus HomeCare Completes Acquisition of Tennessee Quality Care Operations
01 Agosto 2023 - 9:00AM
Business Wire
Company Adds Significant Clinical Market
Presence in Tennessee with Annualized Revenues of
Approximately $40 Million
Addus HomeCare Corporation (Nasdaq: ADUS), a provider of home
care services, today announced it has completed the acquisition of
the entities comprising Tennessee Quality Care, a provider of home
health, hospice, and private duty nursing services. Based in
Franklin, Tennessee, Tennessee Quality Care serves an average daily
census of approximately 1,800 patients through 17 locations
covering a service area of over 50 counties in Tennessee. Addus
funded the acquisition through a combination of cash on hand and
the Company’s revolving credit facility.
Commenting on the announcement, Dirk Allison, Chairman and Chief
Executive Officer of Addus, stated, “We are excited to add the
clinical services of Tennessee Quality Care to our operations as we
expand our market coverage to all three levels of home care in
Tennessee. Tennessee Quality Care has an excellent reputation and
strong market presence, which will enhance our ability to reach
more patients and families in this important market. We welcome the
operations team and clinical staff of over 500 dedicated employees
to Addus, and we look forward to an efficient integration of
Tennessee Quality Care’s operations. Together, we can leverage our
combined experience and expertise with a shared commitment to
provide safe and cost-effective care in the preferred home
setting.
“We are pleased to complete this acquisition, which aligns with
our overall strategy to add clinical services where we already have
a strong personal care presence. We will continue to identify
select acquisition targets that complement our strong organic
growth opportunities. We are fortunate to have a strong balance
sheet and the financial flexibility to support our growth
initiatives in 2023 and beyond,” added Allison.
About Addus HomeCare Addus HomeCare is a provider of home
care services that primarily include personal care services that
assist with activities of daily living, as well as hospice and home
health services. Addus HomeCare’s consumers are primarily persons
who, without these services, are at risk of hospitalization or
institutionalization, such as the elderly, chronically ill and
disabled. Addus HomeCare’s payor clients include federal, state and
local governmental agencies, managed care organizations, commercial
insurers and private individuals. Addus HomeCare currently provides
home care services to over 49,000 consumers through 221 locations
across 22 states. For more information, please visit
www.addus.com.
Forward-Looking Statements Certain matters discussed in
this press release constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements may be identified by words such as
“preliminary,” “continue,” “expect,” and similar expressions. These
forward-looking statements are based on our current expectations
and beliefs concerning future developments and their potential
effect on us. Forward-looking statements involve a number of risks
and uncertainties that may cause actual results to differ
materially from those expressed or implied by such forward-looking
statements, including discretionary determinations by government
officials, the consummation and integration of acquisitions,
transition to managed care providers, our ability to successfully
execute our growth strategy, unexpected increases in SG&A and
other expenses, expected benefits and unexpected costs of
acquisitions and dispositions, management plans related to
dispositions, the possibility that expected benefits may not
materialize as expected, the failure of the business to perform as
expected, changes in reimbursement, changes in government
regulations, changes in Addus HomeCare’s relationships with
referral sources, increased competition for Addus HomeCare’s
services, changes in the interpretation of government regulations,
the uncertainty regarding the outcome of discussions with managed
care organizations, changes in tax rates, the impact of adverse
weather, higher than anticipated costs, lower than anticipated cost
savings, estimation inaccuracies in future revenues, margins,
earnings and growth, whether any anticipated receipt of payments
will materialize, any security breaches, cyber-attacks, loss of
data or cybersecurity threats or incidents, and other risks set
forth in the Risk Factors section in Addus HomeCare’s Annual Report
on Form 10-K filed with the Securities and Exchange Commission on
February 28, 2023, which is available at www.sec.gov. The financial
information described herein and the periods to which they relate
are preliminary estimates that are subject to change and
finalization. There is no assurance that the final amounts and
adjustments will not differ materially from the amounts described
above, or that additional adjustments will not be identified, the
impact of which may be material. Addus HomeCare undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
In addition, these forward-looking statements necessarily depend
upon assumptions, estimates and dates that may be incorrect or
imprecise and involve known and unknown risks, uncertainties, and
other factors. Accordingly, any forward-looking statements included
in this press release do not purport to be predictions of future
events or circumstances and may not be realized.
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version on businesswire.com: https://www.businesswire.com/news/home/20230731585094/en/
Brian W. Poff Executive Vice President, Chief Financial Officer
Addus HomeCare Corporation (469) 535-8200
investorrelations@addus.com
Dru Anderson FINN Partners (615) 324-7346
dru.anderson@finnpartners.com
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