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Guardian Pharmacy Services Reports Second Quarter 2025 Financial Results; Raises Full-Year Guidance ATLANTA

Key Takeaway: Guardian Pharmacy Services Reports Second Quarter 2025 Financial Results; Raises Full-Year Guidance ATLANTA, August 11, 2025 Guardian Pharmacy Services, Inc. (NYSE: GRDN), one of the nation s leading long-term care ( LTC ) pharmacy services companies, announced today its financ

Full Press Release Details

Guardian Pharmacy Services Reports Second Quarter 2025 Financial Results; Raises Full-Year Guidance
ATLANTA, August 11, 2025 Guardian Pharmacy Services, Inc. (NYSE: GRDN), one of the nation s leading long-term care ( LTC ) pharmacy
services companies, announced today its financial results for the second quarter ended June 30, 2025.
Second Quarter Financial
We are proud to report another strong quarter for Guardian, with solid double-digit growth in revenue, resident count, and adjusted EBITDA. Our
performance reflects disciplined execution by our local pharmacy teams, growing demand from our Assisted Living Facility (ALF) partners, and meaningful revenue contributions from thoughtful acquisitions, said Fred Burke, President and CEO of
Guardian Pharmacy Services.
In light of our performance through the first half of 2025, we re raising our full-year guidance across both
revenue and adjusted EBITDA. Our updated outlook reflects better-than-expected organic growth and early contributions from the pharmacies we ve added year-to-date.
Combined with our clear growth strategy and the enhanced float from our recent secondary offering, we believe Guardian is well-positioned to deliver long-term value for shareholders as we remain a strong leader in the ALF segment of LTC
FY 2025 Outlook Raising Guidance
The updated guidance below excludes future acquisitions or greenfield expansions.
Updated Guidance Previous Guidance
Revenue $ 1.39 billion - $1.41 billion $ 1.33 billion - $1.35 billion
Adjusted EBITDA $ 100.0 million - $102.0 million $ 97.0 million - $101.0 million
Operational and Strategic Highlights
Acquisitions & Greenfields
Guardian expanded its national presence with the addition of two new pharmacies located in attractive growth markets: Wichita, KS (April) and Seattle, WA (June). In addition, Guardian launched a new greenfield pharmacy in Naples, FL (April),
complementing an already strong position in the state.
Subsequent to quarter-end, on August 4th, Guardian
announced its acquisition of Managed Healthcare Pharmacy, establishing its first physical footprint in Oregon with locations in Eugene and Medford.
In May 2025, Guardian completed a non-dilutive secondary offering of 8.625 million shares of Guardian s Class A common stock (including the full exercise of the underwriters option), significantly increasing our public float,
enhancing trading liquidity, and expanding our institutional investor base. As a result of the secondary offering, we did not retain any proceeds, and there was no change to the total number of Class A common stock outstanding.
Conference Call Details
Guardian will host a conference
call to discuss these results today at 4:30 pm ET. The call can be accessed live by dialing (646) 564-2877 for U.S. participants, or +1 (800) 549-8228 for international
participants, and referencing conference ID 95006, or via audio webcast at https://investors.guardianpharmacy.com
About Guardian Pharmacy
Guardian Pharmacy Services is one of the nation s leading long-term care pharmacy services companies. Through its locally-based business
model, Guardian partners with long-term care facilities ( LTCFs ) to deliver medications and a comprehensive suite of technology-enabled services designed to enhance care and improve adherence to drug regimens, helping to reduce the cost
of care and improve clinical outcomes. With a growing network of 52 pharmacies nationwide, Guardian is dedicated to providing exceptional service to over 195,000 residents and approximately 7,400 LTCFs across 38 states (as of June 30, 2025).
Investor Contact: Ashley Stockton Senior Director, Investor Relations IR@guardianpharmacy.net
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements are all statements other than those of historical fact. Any statements about
our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions, or future events or performance are forward-looking. These statements are often, but not always, made through the use of words such as aims,
anticipates, believes, continue, estimates, expects, intends, may, outlook, plans, projects, seeks,
should, will, would, and similar expressions. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements are not guarantees of future performance and
involve risks and uncertainties which are subject to change based on various important factors, many of which are beyond our control. Such risks and uncertainties include: our ability to effectively execute our business strategies, implement new
initiatives and improve efficiency; our ability to effectively market and sell, customer acceptance of, and competition for, our pharmaceutical and health care services in new and existing markets; our relationships with pharmaceutical wholesalers
and key manufacturers, LTCFs and health plan payors; our ability to maintain and expand relationships with LTCF operators on favorable terms; the impact of a national emergency, public health crisis, global pandemic or outbreak of infectious disease
on our employees and business and on our supply chain and the LTCFs we serve; continuing government and private efforts to lower pharmaceutical costs, including by limiting pharmacy reimbursements; changes in, and our ability to comply with,
healthcare and other applicable laws, regulations or interpretations; further consolidation of managed care organizations and other health plan payors and changes in the terms of our agreements with these parties; our ability to retain members of
our senior management team, our local pharmacy management teams and our pharmacy professionals; our exposure to, and the results of, claims, legal proceedings and governmental inquiries; our ability to maintain the security and integrity of our
operating and information technology systems and infrastructure (e.g., against cyber-attacks); product liability, product recall, personal injury or other health and safety issues related to the pharmaceuticals we dispense; the impact of supply
chain and other manufacturing disruptions or trade policies related to the pharmaceuticals we dispense; the sufficiency of our sources of liquidity and financial resources to fund our future operating expenses and capital expenditure requirements,
and our ability to raise additional capital, if needed; the misuse or off-label use, or errors in the dispensing or administration, of the pharmaceuticals we dispense; and volatility of our stock price. We are
subject to additional risks and uncertainties described in our periodic reports filed with the Securities and Exchange Commission from time to time, including in the Risk Factors section contained in our most recent Annual Report on Form
10-K, which report is publicly available at www.sec.gov and via our website, investors.guardianpharmacy.com Any forward-looking statements in this press release should be evaluated in light of these important
risk factors. This press release reflects management s
views as of the date hereof. Except to the extent required by applicable law, Guardian undertakes no obligation to update or revise any information contained in this press release beyond the
published date, whether as a result of new information, future events or otherwise.
Additional Information
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent filings. Copies of our reports are available on our website at no expense at investors.guardianpharmacy.com and through the
SEC s website at www.sec.gov.
Use of Non-GAAP Financial Measures
To supplement the results presented in our consolidated financial statements in accordance with generally accepted accounting principles in the
United States ( GAAP ), we also present Adjusted EBITDA, Adjusted EPS and Adjusted SG&A, which are financial measures not based on any standardized methodology prescribed by GAAP.
We define Adjusted EBITDA as net income (loss) before interest expense, income taxes, depreciation and amortization, as adjusted to exclude
the impact of items and amounts that we view as not indicative of our core operating performance, including share-based compensation, acquisition accounting adjustments, certain legal and regulatory items, and financing-related and other activities.
We define Adjusted EPS as diluted net income (loss) per share of Class A and Class B common stock ( EPS ) before the
diluted per share impacts of share-based compensation expense, certain legal and other regulatory items, financing-related and other activities, amortization expense associated with acquisition-related intangible assets, and the income tax impact of
We define Adjusted SG&A as GAAP selling, general, and administrative expenses adjusted to exclude the impact of
share-based compensation, expenses relating to certain legal and regulatory items, and financing-related and other activities.
EBITDA, Adjusted EPS and Adjusted SG&A do not have a definition under GAAP, and our definition of Adjusted EBITDA, Adjusted EPS and Adjusted SG&A may not be the same as, or comparable to, similarly titled measures used by other companies.
We use Adjusted EBITDA, Adjusted EPS, and Adjusted SG&A to better understand and evaluate our core operating performance and trends.
We believe that presenting Adjusted EBITDA, Adjusted EPS, and Adjusted SG&A provides useful information to investors in understanding and evaluating our operating results, as it permits investors to view our core business performance using the
same metrics that management uses to evaluate our performance.
There are a number of limitations related to the use of Adjusted EBITDA,
Adjusted EPS, and Adjusted SG&A rather than the most directly comparable GAAP financial measure, including:
Because of these limitations, Adjusted EBITDA, Adjusted EPS,
and Adjusted SG&A should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. You should consider Adjusted EBITDA, Adjusted EPS, and Adjusted SG&A alongside other financial
measures, including net income, diluted EPS, GAAP selling, general, and administrative expense and our other financial results presented in accordance with GAAP.
A reconciliation of Adjusted EBITDA to net income, of Adjusted EPS to diluted EPS, and of Adjusted SG&A to GAAP selling, general, and
administrative expense, the most directly comparable GAAP financial measures, are set forth below.
Guardian has not provided a quantitative reconciliation of forecasted Adjusted EBITDA, which
is a non-GAAP financial measure, to forecasted net income within this release because Guardian is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence due to the
variability and complexity of such items. These items include, but are not limited to, income taxes and share-based compensation. These items, which could materially affect the computation of forecasted net income, are inherently uncertain and
depend on various factors that are not estimable at this time.
GUARDIAN PHARMACY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts) December 31, 2024 June 30, 2025
Assets
Current assets:
Cash and cash equivalents $ 4,660 $ 18,817
Accounts receivable, net 97,153 94,125
Inventories 40,550 44,158
Other current assets 9,622 13,361
Total current assets 151,985 170,461
Property and equipment, net 49,883 54,431
Intangible assets, net 14,912 17,593
Goodwill 69,296 76,161
Operating lease right-of-use assets 29,079 32,030
Deferred tax assets 5,272 5,272
Other assets 383 386
Total assets $ 320,810 $ 356,334
Liabilities and equity
Current liabilities:
Accounts payable $ 102,420 $ 104,991
Accrued compensation 14,430 17,294
Operating leases, current portion 6,836 7,184
Other current liabilities 20,435 14,524
Total current liabilities 144,121 143,993
Operating leases, net of current portion 23,297 26,515
Other liabilities 3,416 6,155
Total liabilities $ 170,834 $ 176,663
Commitments and contingencies (see Note 5)
Equity:
Class A common stock- 700,000,000 shares authorized, par value $0.001; 22,730,591 and 9,200,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 9 23
Class B common stock- 100,000,000 shares authorized, par value $0.001; 40,566,494 and 54,087,158 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 54 40
Additional paid-in capital 125,484 133,898
Retained earnings 17,124 35,602
Non-controlling interests 7,305 10,108
Total equity 149,976 179,671
Total liabilities and equity $ 320,810 $ 356,334
GUARDIAN PHARMACY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
(In thousands, except share and per share amounts) 2024 2025 2024 2025
Revenues $ 300,037 $ 344,334 $ 575,447 $ 673,642
Cost of goods sold 238,749 276,188 459,058 541,147
Gross profit 61,288 68,146 116,389 132,495
Selling, general, and administrative expenses 44,283 55,566 91,451 106,910
Operating income 17,005 12,580 24,938 25,585
Other expenses (income):
Interest expense 1,066 172 1,831 342
Other expense (income), net 91 (179 ) 164 (450 )
Total other expenses (income) 1,157 (7 ) 1,995 (108 )
Income before income taxes 15,848 12,587 22,943 25,693
Provision for income taxes 3,760 7,593
Net income 15,848 8,827 22,943 18,100
Less net income attributable to Guardian Pharmacy, LLC prior to the Corporate Reorganization 10,624 13,410
Less net income (loss) attributable to non-controlling interests 5,224 (203 ) 9,533 (378 )
Net income attributable to Guardian Pharmacy Services, Inc. $ $ 9,030 $ $ 18,478
Net income per share of Class A and Class B common stock 1
Basic N/A $ 0.15 N/A $ 0.30
Diluted N/A $ 0.14 N/A $ 0.29
Weighted-average Class A and Class B common shares outstanding
Basic N/A 62,045,901 N/A 62,044,614
Diluted N/A 63,203,003 N/A 63,055,106
GUARDIAN PHARMACY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 2025
(In thousands) 2024 2025
Operating activities
Net income $ 22,943 $ 18,100
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 9,625 10,756
Share-based compensation expense 5,673 8,414
Provision for losses on accounts receivable 3,133 1,904
Other 63 430
Changes in operating assets and liabilities:
Accounts receivable (15,151 ) 1,587
Inventories (909 ) (2,476 )
Other current assets (1,295 ) (3,742 )
Accounts payable 11,337 3,751
Accrued compensation (1,913 ) 2,864
Other operating liabilities 4,281 (4,102 )
Net cash provided by operating activities 37,787 37,486
Investing activities
Purchases of property and equipment (6,740 ) (10,111 )
Payment for acquisitions (10,243 ) (8,920 )
Other 281 482
Net cash used in investing activities (16,702 ) (18,549 )
Financing activities
Proceeds from equity offering, net of underwriter fees 29,039
Repurchase of outstanding Class A common stock (29,039 )
Payments of equity offering costs (1,594 )
Borrowings from notes payable 15,000
Repayment of notes payable (2,375 )
Borrowings from line of credit 110,800
Repayments of line of credit (110,800 )
Principal payments on finance lease obligations (2,187 ) (2,276 )
Contingent liability payments related to acquisitions (1,950 )
Contributions from non-controlling interests 1,152 1,229
Distributions to non-controlling interests (7,988 ) (189 )
Member distributions (23,742 )
Other (159 )
Net cash used in financing activities (20,299 ) (4,780 )
Net change in cash and cash equivalents 786 14,157
Cash and cash equivalents, beginning of period 752 4,660
Cash and cash equivalents, end of period $ 1,538 $ 18,817
Supplemental disclosure of cash flow information
Cash paid during the year for interest $ 1,844 $ 345
Cash paid during the year for income taxes $ $ 14,696
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment through finance leases $ 1,545 $ 2,986
Non-cash equity contributions from non-controlling interests $ 4,989 $ 2,141
GUARDIAN PHARMACY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA, ADJUSTED EPS, AND ADJUSTED SG&A TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2024 2025 2024 2025
Net income 15,848 8,827 22,943 18,100
Add:
Interest expense (income), net 1,066 (68 ) 1,831 (70 )
Depreciation and amortization 4,874 5,489 9,625 10,756
Provision for income taxes - 3,760 - 7,593
EBITDA $ 21,788 $ 18,008 $ 34,399 $ 36,379
Share-based compensation (1) (272 ) 4,446 5,673 8,414
Certain legal & other regulatory matters (2) 1,830 1,482 3,529 1,778
Financing-related and other activities (3) - 1,016 - 1,814
Other (4) $ (1,670 ) $ - $ (1,670 )
Adjusted EBITDA $ 21,676 $ 24,952 $ 41,931 $ 48,385
Net income as a percentage of revenue 5.3 % 2.6 % 4.0 % 2.7 %
Adjusted EBITDA as a percentage of revenue 7.2 % 7.2 % 7.3 % 7.2 %
Diluted EPS N/A $ 0.14 N/A $ 0.29
Share-based compensation (1) N/A 0.07 N/A 0.13
Certain legal & other regulatory matters (2) N/A 0.02 N/A 0.03
Financing-related and other activities (3) N/A 0.02 N/A 0.03
Acquisition-related intangible asset amortization (5) N/A 0.01 N/A 0.03
Income tax impact of adjustments (6) N/A (0.03 ) N/A (0.04 )
Adjusted EPS N/A $ 0.23 N/A $ 0.47
Weighted average common shares outstanding used in calculating diluted U.S. GAAP net income per share N/A 63,203,003 N/A 63,055,106
Weighted average common shares outstanding used in calculating diluted Non-GAAP net income per share N/A 63,203,003 N/A 63,055,106
GAAP selling, general, and administrative expenses $ 44,283 $ 55,566 $ 91,451 $ 106,910
Subtract:
Share-based compensation (1) (272 ) 4,446 5,673 8,414
Certain legal & other regulatory matters (2) 1,830 1,482 3,529 1,778
Financing-related and other activities (3) - 1,016 - 1,814
Adjusted SG&A $ 42,725 $ 48,622 $ 82,249 $ 94,904
GAAP selling, general, and administrative expenses as a percentage of revenue 14.8 % 16.1 % 15.9 % 15.9 %
Adjusted SG&A as a percentage of revenue 14.2 % 14.1 % 14.3 % 14.1 %
Last updated: Aug 11, 2025