Guardian Pharmacy Services (GRDN) 2026 Jefferies Healthcare Services and Technology Conference summary

Business overview and growth strategy

• Specializes in serving assisted living facilities with a unique service model, operating in 38 states and growing both organically and through M&A.

• Growth is driven by selling to new facilities, greenfield startups, and acquisitions, with a focus on increasing resident adoption rates and benefiting from industry tailwinds like occupancy rebounds.

• Maintains a diverse customer base, with no single client representing more than 5% of revenue, and sees marginal revenue growth from occupancy recovery post-COVID.

• Geographic expansion continues, especially into the Pacific Northwest and other identified opportunity pockets, supported by strong human capital.

• Local autonomy model empowers pharmacy leaders to tailor services to customer needs, fostering strong relationships and operational excellence.

Financial performance and impact of IRA

• Revenue growth in the first half was 2%, but adjusted for IRA effects, would be in the low double digits; EBITDA growth is mainly organic due to low profitability of acquisitions.

• The IRA has limited reported revenue growth, with future tranches expected to have diminishing impact; margin profile remains intact.

• Maintains a strong balance sheet with no debt and nearly $100 million in cash, enabling flexibility for acquisitions and greenfield investments.

• Recent share lock-up extension reflects prudent liquidity management and significant inside ownership, supporting long-term alignment.

Acquisition and greenfield strategy

• Typical acquisitions involve integrating single-unit operators, improving purchasing, reimbursement, analytics, and access to national accounts over 3-4 years.

• Recent Nautilus acquisition was a file buy, shifting mail-order operations into existing pharmacies for quick, asset-light accretion.

• Continues to monitor potential Omnicare asset divestitures and is prepared to pursue opportunities as they arise.

• Greenfield startups are capital-light, high-ROIC, and allow for process and culture implementation from inception.