For Almost Family, Inc. (NASDAQ:AFAM), 2015 was a year for the books.
The Louisville, Kentucky-based home health and nursing services giant posted record net service revenues of about $532 million for the fiscal year—which was also the most acquisitive in company history, according to fourth quarter and full-year 2015 earnings released Wednesday.
“The last twelve months have been nearly transformational for our company and we plan to continue our trajectory,” Almost Family President Steve Guenthner said in a company press release.
In 2015, the company completed six meaningful transactions, putting almost $150 million to work in an accretive package of acquisitions, added Chairman and CEO William Yarmuth.
“We are generating record revenues and solid earnings growth, strong cash flows and growth in share value,” he said.
For the fourth quarter of 2015, Almost Family recorded a net service revenue of $145.22 million, missing analysts’ expectations by $3.79 million, but coming in higher than the company’s fourth-quarter 2014 net service revenue of $124.76 million.
Almost Family also reported fourth-quarter 2015 adjusted earnings from home health operations of 62 cents per diluted share, beating analysts’ expectations by 7 cents.
Almost Family noted in the press release that it plans to continue to aggressively pursue quality acquisitions of in-home health care service providers consistent with its stated strategy and the kinds of services its segments presently provide.
“While we have completed a record number of acquisitions over the last twelve months many more opportunities remain available to us,” Guenthner said. “On the acquisition front, we will continue to actively seek quality acquisition candidates that meet our profile.”
The company’s access to capital remains balanced and strong with the expansion of its bank credit facility to $175 million earlier in 2015, and the use of $31 million in common equity and $11 million in long-term notes to fund its recent acquisitions, according to the press release.
Almost Family also plans to play a role on the regulatory side of things in 2016, Guenthner said.
“On the regulatory front, we will continue to work with regulators at the national and state level to propose, and help enact, good policies that enhance program integrity, save program dollars and promote quality of life for our patients,” he explained.
Almost Family’s new Health Care Innovations Segment, created as the government continues to reward low-cost settings and as value-based purchasing models come into effect, represents a side of the business that Guenthner expects to grow based on changing health care system rewards and regulations, Guenthner said at the J.P. Morgan Annual Health Care Conference in January.
Almost Family achieved other milestones in 2015, including a record-high third-quarter revenue.
Written by Mary Kate Nelson