Guardian Pharmacy Services Reports Second Quarter 2025 Financial Results; Raises Full-Year Guidance

Guardian Pharmacy Services, Inc. (NYSE:GRDN), one of the nation's leading long-term care ("LTC") pharmacy services companies, announced today its financial results for the second quarter ended June 30, 2025.

Second Quarter Financial Results

• Revenue of $344.3 million, up 15% year-over-year, driven by low double-digit organic growth and acquisitions completed over the past 12 months.
• Resident count ended the quarter over 195,000, up 12% year-over-year.
• Net Income of $8.8 million, compared to $15.8 million in the prior-year period. This is not a meaningful comparison primarily due to income tax¹ and share-based compensation expenses² in the recently completed quarter.
• Adjusted EBITDA of $25.0 million, including the impact of approximately $1.1 million of costs to operate as a public company, compared to $21.7 million in the prior year period.
• Diluted EPS of $0.14 for the quarter, with Adjusted EPS³ of $0.23.
• Cash and cash equivalents totaled $18.8 million at quarter-end, with no long-term debt outstanding under our credit facility.

CEO Commentary

"We are proud to report another strong quarter for Guardian, with solid double-digit growth in revenue, resident count, and adjusted EBITDA. Our performance reflects disciplined execution by our local pharmacy teams, growing demand from our Assisted Living Facility (ALF) partners, and meaningful revenue contributions from thoughtful acquisitions," said Fred Burke, President and CEO of Guardian Pharmacy Services.

"In light of our performance through the first half of 2025, we're raising our full-year guidance across both revenue and adjusted EBITDA. Our updated outlook reflects better-than-expected organic growth and early contributions from the pharmacies we've added year-to-date. Combined with our clear growth strategy and the enhanced float from our recent secondary offering, we believe Guardian is well-positioned to deliver long-term value for shareholders as we remain a strong leader in the ALF segment of LTC pharmacies."

FY 2025 Outlook – Raising Guidance

The updated guidance below excludes future acquisitions or greenfield expansions.

Operational and Strategic Highlights

Acquisitions & Greenfields

During the quarter, Guardian expanded its national presence with the addition of two new pharmacies located in attractive growth markets: Wichita, KS (April) and Seattle, WA (June). In addition, Guardian launched a new greenfield pharmacy in Naples, FL (April), complementing an already strong position in the state.

Subsequent to quarter-end, on August 4th, Guardian announced its acquisition of Managed Healthcare Pharmacy, establishing its first physical footprint in Oregon with locations in Eugene and Medford.

Capital Markets

In May 2025, Guardian completed a non-dilutive secondary offering of 8.625 million shares of Guardian's Class A common stock (including the full exercise of the underwriters' option), significantly increasing our public float, enhancing trading liquidity, and expanding our institutional investor base. As a result of the secondary offering, we did not retain any proceeds, and there was no change to the total number of Class A common stock outstanding.

Conference Call Details

Guardian will host a conference call to discuss these results today at 4:30 pm ET. The call can be accessed live by dialing (646) 564-2877 for U.S. participants, or +1 (800) 549-8228 for international participants, and referencing conference ID "95006," or via audio webcast at https://investors.guardianpharmacy.com

About Guardian Pharmacy Services

Guardian Pharmacy Services is one of the nation's leading long-term care pharmacy services companies. Through its locally‑based business model, Guardian partners with long-term care facilities ("LTCFs") to deliver medications and a comprehensive suite of technology-enabled services designed to enhance care and improve adherence to drug regimens, helping to reduce the cost of care and improve clinical outcomes. With a growing network of more than 52 pharmacies nationwide, Guardian is dedicated to providing exceptional service to over 195,000 residents and approximately 7,400 LTCFs across 38 states (as of June 30, 2025).

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements are all statements other than those of historical fact. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions, or future events or performance are forward-looking. These statements are often, but not always, made through the use of words such as "aims," "anticipates," "believes," "continue," "estimates," "expects," "intends," "may," "outlook," "plans," "projects," "seeks," "should," "will," "would," and similar expressions. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements are not guarantees of future performance and involve risks and uncertainties which are subject to change based on various important factors, many of which are beyond our control. Such risks and uncertainties include: our ability to effectively execute our business strategies, implement new initiatives and improve efficiency; our ability to effectively market and sell, customer acceptance of, and competition for, our pharmaceutical and health care services in new and existing markets; our relationships with pharmaceutical wholesalers and key manufacturers, LTCFs and health plan payors; our ability to maintain and expand relationships with LTCF operators on favorable terms; the impact of a national emergency, public health crisis, global pandemic or outbreak of infectious disease on our employees and business and on our supply chain and the LTCFs we serve; continuing government and private efforts to lower pharmaceutical costs, including by limiting pharmacy reimbursements; changes in, and our ability to comply with, healthcare and other applicable laws, regulations or interpretations; further consolidation of managed care organizations and other health plan payors and changes in the terms of our agreements with these parties; our ability to retain members of our senior management team, our local pharmacy management teams and our pharmacy professionals; our exposure to, and the results of, claims, legal proceedings and governmental inquiries; our ability to maintain the security and integrity of our operating and information technology systems and infrastructure (e.g., against cyber-attacks); product liability, product recall, personal injury or other health and safety issues related to the pharmaceuticals we dispense; the impact of supply chain and other manufacturing disruptions or trade policies related to the pharmaceuticals we dispense; the sufficiency of our sources of liquidity and financial resources to fund our future operating expenses and capital expenditure requirements, and our ability to raise additional capital, if needed; the misuse or off-label use, or errors in the dispensing or administration, of the pharmaceuticals we dispense; and volatility of our stock price. We are subject to additional risks and uncertainties described in our periodic reports filed with the Securities and Exchange Commission from time to time, including in the "Risk Factors" section contained in our most recent Annual Report on Form 10-K, which report is publicly available at www.sec.gov and via our website, investors.guardianpharmacy.com Any forward-looking statements in this press release should be evaluated in light of these important risk factors. This press release reflects management's views as of the date hereof. Except to the extent required by applicable law, Guardian undertakes no obligation to update or revise any information contained in this press release beyond the published date, whether as a result of new information, future events or otherwise.

Additional Information

This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent filings. Copies of our reports are available on our website at no expense at investors.guardianpharmacy.com and through the SEC's website at www.sec.gov.

Use of Non-GAAP Financial Measures

To supplement the results presented in our consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"), we also present Adjusted EBITDA, Adjusted EPS and Adjusted SG&A, which are financial measures not based on any standardized methodology prescribed by GAAP.

We define Adjusted EBITDA as net income (loss) before interest expense, income taxes, depreciation and amortization, as adjusted to exclude the impact of items and amounts that we view as not indicative of our core operating performance, including share-based compensation, acquisition accounting adjustments, certain legal and regulatory items, and financing-related and other activities.

We define Adjusted EPS as diluted net income (loss) per share of Class A and Class B common stock ("EPS") before the diluted per share impacts of share-based compensation expense, certain legal and other regulatory items, financing-related and other activities, amortization expense associated with acquisition-related intangible assets, and the income tax impact of the adjustments.

We define Adjusted SG&A as GAAP selling, general, and administrative expenses adjusted to exclude the impact of share-based compensation, expenses relating to certain legal and regulatory items, and financing-related and other activities.

Adjusted EBITDA, Adjusted EPS and Adjusted SG&A do not have a definition under GAAP, and our definition of Adjusted EBITDA, Adjusted EPS and Adjusted SG&A may not be the same as, or comparable to, similarly titled measures used by other companies.

We use Adjusted EBITDA, Adjusted EPS, and Adjusted SG&A to better understand and evaluate our core operating performance and trends. We believe that presenting Adjusted EBITDA, Adjusted EPS, and Adjusted SG&A provides useful information to investors in understanding and evaluating our operating results, as it permits investors to view our core business performance using the same metrics that management uses to evaluate our performance.

There are a number of limitations related to the use of Adjusted EBITDA, Adjusted EPS, and Adjusted SG&A rather than the most directly comparable GAAP financial measure, including:

• Adjusted EBITDA does not reflect interest and income tax payments that represent a reduction in cash available to us;
• Depreciation and amortization are non-cash charges and the assets being depreciated may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
• Adjusted EBITDA and Adjusted EPS does not reflect changes in, or cash requirements for, our working capital needs;
• Adjusted EBITDA, Adjusted EPS, and Adjusted SG&A do not consider the impact of share-based compensation; and
• Adjusted EBITDA, Adjusted EPS, and Adjusted SG&A exclude the impact of certain legal and regulatory items, which can affect our current and future cash requirements.

Because of these limitations, Adjusted EBITDA, Adjusted EPS, and Adjusted SG&A should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. You should consider Adjusted EBITDA, Adjusted EPS, and Adjusted SG&A alongside other financial measures, including net income, diluted EPS, GAAP selling, general, and administrative expense and our other financial results presented in accordance with GAAP.

A reconciliation of Adjusted EBITDA to net income, of Adjusted EPS to diluted EPS, and of Adjusted SG&A to GAAP selling, general, and administrative expense, the most directly comparable GAAP financial measures, are set forth below.

Guardian has not provided a quantitative reconciliation of forecasted Adjusted EBITDA, which is a non-GAAP financial measure, to forecasted net income within this release because Guardian is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence due to the variability and complexity of such items. These items include, but are not limited to, income taxes and share-based compensation. These items, which could materially affect the computation of forecasted net income, are inherently uncertain and depend on various factors that are not estimable at this time.

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Investor Contact:

Ashley Stockton

Senior Director, Investor Relations

[email protected]