Guardian Pharmacy Services, Inc. reported significant financial developments in its 10-Q filing for the period ending September 30, 2024. The company experienced a notable increase in revenues, with total revenues for the three months reaching $314.4 million, a 19.7% increase from $262.7 million in the same period of 2023. For the nine months, revenues rose 16.3% to $889.8 million from $765.1 million year-over-year. Gross profit also improved, totaling $60.9 million for the third quarter and $177.3 million for the nine months, compared to $52.2 million and $153.7 million, respectively, in the prior year.

Despite the revenue growth, Guardian Pharmacy reported substantial operating losses. The operating loss for the three months ended September 30, 2024, was $(104.6) million, compared to a loss of $(6.3) million in the same quarter of 2023. For the nine-month period, the operating loss was $(79.7) million, a stark contrast to an operating income of $25.4 million in the previous year. The net loss for the third quarter was $(105.8) million, compared to $(7.0) million in the same quarter of 2023, while the nine-month net loss totaled $(82.9) million, down from a net income of $23.2 million in the prior year.

The increase in losses was attributed to a significant rise in selling, general, and administrative expenses, which surged to $156.0 million for the third quarter, up 182.8% from $58.5 million in the same period of 2023. For the nine months, these expenses reached $257.0 million, a 100.3% increase from $128.3 million. Additionally, share-based compensation expenses rose dramatically to $122.4 million for the third quarter and $128.0 million for the nine months, compared to $20.7 million and $16.6 million, respectively, in the prior year.

The company completed several acquisitions during the nine months, with total cash consideration amounting to $12.5 million and additional contingent payments based on performance targets. The acquisitions contributed $32.4 million in revenue for the nine-month period.

As of September 30, 2024, Guardian Pharmacy had total assets of $348.0 million and total equity of $133.9 million, a significant increase from $271.2 million in assets and $59.9 million in equity at the end of 2023. The company also completed its initial public offering (IPO) on September 27, 2024, raising net proceeds of $119.8 million, which bolstered its cash position to $37.2 million.

Overall, while Guardian Pharmacy Services, Inc. demonstrated strong revenue growth and strategic acquisitions, it faced challenges with rising operational costs and significant net losses during the reporting period.