Stephens calls Addus HomeCare's spin-off of NY-operations a "disciplined approach"

Addus HomeCare

21/05/2024 17:38

** Brokerage Stephens says home-health firm Addus HomeCare's
 ADUS.O  spin-off of its New York operations reflects a
"disciplined approach"   
    ** Company says it has agreed to sell its NY operations for
up to $23 million to HCS-Girling, a privately held home-health
services provider  
    ** Proceeds from transaction will be used to reduce
outstanding balance on company's revolving credit facility -
ADUS 
    ** Deal provides company "significant dry powder to pursue
scaled deals in strategic markets" - Brokerage  
    ** Including session's marginal moves, stock up ~19% YTD

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))