Guardian Pharmacy Services Reports 17.4% Revenue Growth to $1.23 Billion Despite Net Loss

Guardian Pharmacy Services, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with revenues reaching $1.23 billion, a 17.4% increase from $1.05 billion in 2023. The company attributed this growth to both organic expansion and acquisitions, with approximately $55.1 million of the revenue increase stemming from newly acquired pharmacy operations. The number of residents served also rose from 163,000 to 186,000, and prescriptions dispensed increased from 22.2 million to 25.1 million during the same period.

Despite the revenue growth, Guardian Pharmacy experienced a net loss of $71 million in 2024, compared to a net income of $37.7 million in 2023. This shift was largely due to a substantial increase in selling, general, and administrative expenses, which surged to $307.3 million from $167.4 million the previous year. A significant portion of this increase, approximately $131.5 million, was attributed to share-based compensation expenses related to the company's initial public offering (IPO) and corporate reorganization. The company also incurred $4.6 million in income tax expenses for the first time, following its transition to a corporate tax structure post-IPO.

Strategically, Guardian Pharmacy has focused on expanding its market presence through acquisitions and organic growth. The company completed several acquisitions in 2024, which contributed to its revenue and resident count. As of December 31, 2024, Guardian operated 51 pharmacies across 38 states, serving a diverse range of long-term care facilities, including assisted living and behavioral health facilities. The company reported a resident adoption rate of 88% in assisted living facilities, indicating strong engagement with its services.

Looking ahead, Guardian Pharmacy anticipates continued growth driven by favorable market dynamics, including an aging population and increasing demand for pharmacy services in long-term care settings. The company plans to leverage its technology-enabled services and high-touch customer service model to enhance operational efficiencies and improve clinical outcomes for residents. However, it also faces challenges, including intense competition in the pharmacy services market and potential regulatory changes that could impact reimbursement rates and operational costs. The company remains committed to navigating these challenges while pursuing its growth strategy.