Guardian Pharmacy Services (GRDN) Q4 2024 earnings summary

Executive summary

• Achieved strong Q4 and full-year 2024 results, with revenue up 20% year-over-year in Q4 to $338.6M and 17% for the full year to $1.228B, driven by organic growth, acquisitions, and vaccine clinics.

• Resident count increased 14% year-over-year to 186,000 at quarter-end, reflecting both organic and acquisition-driven expansion.

• Adjusted EBITDA rose 30% in Q4 to $25.9M and 19% for the year to $90.8M, with margin improvement despite new public company costs.

• Net income for Q4 was $11.8M, but full-year net loss was $71.0M due to $131.5M in share-based compensation tied to the IPO and reorganization.

• Successfully transitioned to a public company following IPO six months ago, enabling debt repayment and providing capital flexibility.

Financial highlights

• Q4 2024 revenue: $338.6 million (+20.5% YoY); adjusted EBITDA: $25.9 million (+30.3% YoY, 7.6% margin); gross profit: $67.1M.

• Full-year 2024 revenue: $1.228 billion (+17.4% YoY); adjusted EBITDA: $90.8 million (+19.2% YoY, 7.4% margin); gross profit: $244.4M.

• Net income margin for Q4 was 3.5%; full-year net loss margin was (5.8)%.

• Ended Q4 with $4.7 million in cash and no outstanding credit facility balance after paying off debt with IPO proceeds.

• $40 million available under line of credit, expandable to $75 million.

Outlook and guidance

• 2025 revenue guidance: $1.33–$1.35 billion; adjusted EBITDA: $97–$101 million, including a full year of public company expenses (~$4M), implying ~9% growth at midpoint.

• Guidance excludes future acquisitions and contiguous startups, though pipeline remains strong.

• Long-term growth rate expected in the mid to low teens, combining high single-digit organic growth and M&A.

• Gross margins expected to remain steady at ~20%.