Guardian Pharmacy Services, Inc. reported its fourth quarter and full year 2024 financial results, reflecting significant growth. The company, which specializes in long-term care pharmacy services, generated revenue of $338.6 million in the fourth quarter, a 20% increase year-over-year. For the full year, revenue reached $1.228 billion, up 17% from 2023.

The resident count also saw growth, ending the quarter at 186,000, representing a 14% increase compared to the previous year. Adjusted EBITDA for the fourth quarter was $25.9 million, which marked a 30% increase from the same period last year. This resulted in an adjusted EBITDA margin of 7.6%. For the entire year, adjusted EBITDA was reported at $90.8 million, a 19% increase year-over-year, amounting to a margin of 7.4%.

Net income for the fourth quarter was $11.8 million, down $2.7 million from a year earlier, primarily due to changes in income tax provision expense and share-based compensation expense. For the full year, the net loss was reported at $71.0 million, a decrease of $108.8 million year-over-year, largely attributed to $131.5 million in share-based compensation expenses related to the company’s initial public offering (IPO) in 2024.

Guardian ended the fourth quarter with no outstanding debt, having paid off its term note and line of credit using IPO proceeds. The company has $40 million available under its line of credit and the potential to increase this credit facility to $75 million.

Looking ahead, the company provided guidance for 2025, expecting revenue to fall between $1.33 billion and $1.35 billion. Adjusted EBITDA for the upcoming year is projected at $97 million to $101 million, which anticipates a full year of public company expenses estimated at around $4 million, compared to one quarter of related costs in 2024.

Guardian’s continued expansion was highlighted by the addition of 9 new pharmacy locations through acquisitions and greenfield startups, with a strong pipeline of future M&A activity. The primary drivers of growth include organic increases and the favorable impact of vaccine clinics, which significantly improved profitability.

The financial results indicate a stable rise in both revenue and adjusted EBITDA, solidifying Guardian Pharmacy’s position as a leading long-term care pharmacy provider.