IPO FILING: Addus HomeCare Corporation (ADUS)

Addus HomeCare Corporation has filed to come public via an initial public offering.  The company has taken the “ADUS” as the tentative ticker for a NASDAQ listing and the filing shows an equity offering for up to $69,000,000 in common stock.  Addus is a home healthcare company.  Jefferies & Company is the lead underwriter, and Robert W. Baird & Co. is listed as the sole co-manager.

The company provides a broad range of social and medical services in the home in personal care and assistance with activities of daily living, skilled nursing and rehabilitative therapies, and adult day care.  Customers are individuals with special needs who are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled.  Its “payor clients” include federal, state and local governmental agencies, the Veterans Health Administration, commercial insurers and private individuals.  Addus has more than 120 locations across 16 states to over 23,000 consumers.

Net service revenues were $236.3 million in 2008, up 21.5% from $194.6 million in 2007.  Its home & community net service revenues in 2008 were $189.0 million, about 80% of its total net service revenues. State and local government programs accounted for 96.9% of home & community net service revenues, with the balance derived from commercial insurance programs and private individuals (private duty consumers).

JON C. OGG
JULY 17, 2009