ADUS: Highlights from the 2026 RBC Capital Markets Global Healthcare Conference

研报英文原文证据摘录

ADUS: Highlights from the 2026 RBC Capital Markets Global Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Ben Hendrix (Analyst)

May 19, 2026

Addus HomeCare Corporation

Highlights from the 2026 RBC Capital Markets Global Healthcare Conference

NASDAQ: ADUS | USD 92.64 | Outperform | Price Target USD 130.00

Sentiment: Positive

We hosted Dirk Allison, Chairman & Chief Executive Officer, and Brian Poff, Executive Vice President, Chief Financial Officer,

of Addus HomeCare Corporation at the 2026 RBC Capital Markets Global Healthcare Conference. Personal care census trends

are improving across key markets, the caregiver app rollout is gaining traction, and the company's clean balance sheet positions

it well for potentially sizable M&A. Our rating is Outperform.

• The recently announced home health licensure moratorium is not expected to materially impact Addus. Importantly, the

moratorium does not impact PCS. On the clinical side, management noted that the CMS's home health 36-month rule, which

prevents a Medicare-enrolled home health agency (HHA) from undergoing a change in majority ownership (more than 50%)

within 36 months of its initial Medicare enrollment or its most recent ownership change, was already the governing constraint

for acquisitions. Management noted that the moratorium has no meaningful effect on its growth strategy. Management views

the broader regulatory crackdown on fraud and abuse as a net positive for large, compliance-focused providers like Addus,

which spends millions annually on its compliance program and believes this positions the company favorably with managed

care partners.

• Personal care census trends have continued to improve. After Illinois posted a strong inflection in starts of care and reduced