Think of Addus HomeCare as **Home Instead Senior Care**, but also offering professional medical home health and hospice services.

Imagine it like **Teladoc or MDLive**, but for a broad range of in-person home care services, including personal assistance, skilled nursing, and hospice.

Consider it like **Uber or Lyft**, but for dispatching trained caregivers and nurses directly to people's homes to provide a spectrum of personal, medical, and hospice care services.

• Personal Care Services: Provides non-medical assistance with daily living activities such as bathing, grooming, feeding, medication reminders, meal preparation, housekeeping, and transportation.
• Hospice Services: Offers palliative nursing care, social work, spiritual counseling, homemaker, and bereavement counseling for terminally ill individuals and their families.
• Home Health Services: Delivers skilled nursing and physical, occupational, and speech therapy for individuals requiring assistance during an illness or after hospitalization.

Addus HomeCare (ADUS) primarily serves individuals who require assistance with daily living, palliative care, or skilled nursing and therapy during illness or post-hospitalization. Based on the company's description of who it provides services to, its major customers fall into the following categories:

• Elderly persons
• Chronically ill persons
• Disabled persons

Dirk Allison, Chairman and Chief Executive Officer

Dirk Allison joined Addus HomeCare as President and Chief Executive Officer in January 2016 and was named Chairman of the Board and Chief Executive Officer in March 2021, having served on its board of directors since 2010. He brings over 29 years of leadership experience in various healthcare segments. His prior roles include President and CEO of Correctional Healthcare Companies, Inc. from 2013 to 2014, and President and CEO of CCS Medical, Inc. from 2011 to 2013. Earlier, he was Senior Vice President, Chief Financial Officer, and Treasurer of Odyssey Healthcare, Inc., which was acquired by Gentiva Health Services, Inc. in 2010. He also held executive finance positions at Omniflight, Inc., Ardent Health Services LLC, and Renal Care Group, Inc., and served as President and CEO of several publicly and privately held companies between 1987 and 1999. His experience includes leadership at Oceans Healthcare, a private equity-backed behavioral healthcare provider, indicating a pattern of managing companies with private equity backing.

Brian Poff, Executive Vice President and Chief Financial Officer

Brian Poff became Executive Vice President and Chief Financial Officer in May 2016, bringing over 16 years of accounting and finance experience primarily in public and private healthcare organizations. Prior to Addus, he was Chief Financial Officer and Treasurer of Oceans Healthcare, a private equity-backed behavioral health care provider. He also served as Senior Vice President of Finance and Chief Accounting Officer for CCS Medical, Corporate Controller for AccentCare, Inc., and Division Chief Financial Officer for Hospice Services at Gentiva Health Services. Poff was Assistant Controller for Odyssey HealthCare, Inc., which was acquired by Gentiva Health Services, and Controller for Horizon Health Corporation until its acquisition by Psychiatric Solutions, Inc. His background includes managing companies with private equity backing.

Heather Dixon, President and Chief Operating Officer

Heather Dixon was appointed President and Chief Operating Officer in September 2025. A Certified Public Accountant, she previously served as Chief Financial Officer of Acadia Healthcare and held positions as Chief Financial Officer and interim Chief Operating Officer at Everside Health. Her career also includes senior leadership roles as Senior Vice President, Global Controller and Chief Accounting Officer for Walgreens Boots Alliance, Inc. and Vice President, Controller and Chief Accounting Officer for Aetna. She began her professional career at PricewaterhouseCoopers and served as an independent board member of Signify Health until its acquisition by CVS Health in March 2023.

Darby Anderson, Executive Vice President and Chief Government Relations Officer

Darby Anderson joined Addus HomeCare in 1996 as Midwest Regional Manager, progressing to Regional Vice President of Midwest/East in 2000, and serving as Senior Vice President until December 2014. He is currently Executive Vice President and Chief Government Relations Officer. Anderson has also held board and advisory committee positions, including with the Older Adult Services Advisory Committee and the Community Care Program Advisory Committee in Illinois.

Sean Gaffney, Executive Vice President and Chief Legal Officer

Sean Gaffney became Executive Vice President and Chief Legal Officer of Addus HomeCare in April 2019. Before joining Addus, he served as General Counsel at Encompass Health – Home Health & Hospice. Prior to that, he was Executive Vice President of Corporate Development, General Counsel, and Secretary of BroadJump, LLC, a software start-up.

The key risks to Addus HomeCare's (ADUS) business are primarily rooted in the evolving healthcare regulatory landscape, persistent workforce challenges, and intense market competition.

1. Regulatory Changes and Reimbursement Pressures: Addus HomeCare relies significantly on government-funded programs like Medicaid and Medicare for a substantial portion of its revenue. Consequently, the company is highly susceptible to changes in government policies, funding levels, and reimbursement models. A prominent example is the Medicaid Access Rule, which mandates that 80% of funds be spent on compensation, posing a risk to the company's margins if reimbursement rates do not increase to offset these costs. Shifts in policy and potential cuts to government healthcare programs could compress Addus's margins and affect its revenue streams.
2. Workforce Shortages and Wage Inflation: The home healthcare industry, in which Addus operates, faces a significant and ongoing challenge with caregiver recruitment and retention. This shortage leads to increased wage inflation and high turnover rates, directly impacting Addus's operating costs and gross margins, as it is a labor-intensive business. The difficulty in finding and keeping qualified staff can also limit the company's capacity to meet growing demand and expand services.
3. Increased Competition and Managed Care Organization Dynamics: The home care services market is highly competitive, with many providers vying for market share. Addus HomeCare's increasing reliance on Managed Care Organizations (MCOs) as payor clients also presents a risk. This shift can potentially reduce Addus's bargaining power, leading to lower negotiated rates and increased pressure on profitability and growth.

• Personal Care: The U.S. personal care services market was valued at approximately USD 455.13 billion in 2025. This market is driven by factors such as the increasing aging population, which requires services to maintain independence and support daily living activities.
• Hospice: The U.S. hospice market was estimated at USD 29.92 billion in 2024. This market is projected to grow to USD 39.09 billion by 2030, driven by the rising prevalence of chronic diseases among the geriatric population and the increasing need for quality end-of-life care at home.
• Home Health: The U.S. home healthcare services market size was valued at USD 100.95 billion in 2024. This market is projected to grow to USD 176.30 billion by 2032, with nursing care dominating due to the increasing demand for skilled nursing care at home, particularly among the geriatric population.

Addus HomeCare Corporation (ADUS) is expected to experience future revenue growth over the next two to three years driven by several key factors:

1. Organic Growth in Personal Care and Hospice Segments: Addus anticipates continued organic expansion within its Personal Care and Hospice segments. The Personal Care segment is expected to benefit from increased service volumes and a rise in authorized hours served, with the impact of Medicaid redeterminations in states like Illinois nearing its conclusion. The Hospice segment is also poised for growth through higher admissions, an increased average daily census, and improved revenue per patient day.
2. State-Mandated Rate Increases: Favorable reimbursement rate increases, particularly in significant markets such as Illinois and Texas, are identified as a direct contributor to revenue growth. These rate adjustments improve the revenue generated per service provided.
3. Strategic Acquisitions: Addus HomeCare has a proven track record of growth through strategic acquisitions, and management has indicated plans to continue pursuing selective acquisitions in 2026. The company's strong financial position is expected to support these bolt-on deals, contributing to both market density and expansion into new areas.
4. Growing Demand for Home-Based Care: The fundamental demographic trend of an aging population, coupled with a societal preference for in-home care due to its value and cost-efficiency compared to institutional settings, is a sustained driver of demand for Addus's services across its segments.
5. Improved Labor Market Conditions: A softening labor market, especially in key operational states such as Illinois, is expected to alleviate caregiver shortages. This increased availability of workers can enable Addus to serve a greater number of authorized hours and clients, thereby driving volume-based revenue growth.