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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 10, 2025

 

 

Guardian Pharmacy Services, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-42284   87-3627139

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

300 Galleria Parkway SE  
Suite 800  
Atlanta, Georgia   30339
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (404) 810-0089

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol(s)

  

Name of each exchange
on which registered

Class A Common Stock, par value $0.001 per share   GRDN   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 

Item 2.02

Results of Operations and Financial Condition.

On November 10, 2025, Guardian Pharmacy Services, Inc. issued a press release reporting its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.

The information set forth under this Item 2.02 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

 

99.1    Press Release dated November 10, 2025
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    Guardian Pharmacy Services, Inc.

November 10, 2025

     By:  

/s/ David K. Morris

    Name:   David K. Morris
    Title:   Executive Vice President and Chief Financial Officer

Exhibit 99.1

 

LOGO

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

ATLANTA, November 10, 2025 – 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 third quarter ended September 30, 2025. The Company also raised its full-year revenue and Adjusted EBITDA guidance.

Third Quarter Financial Results

 

  •  

Revenue of $377.4 million, up 20% year-over-year.

 

  •  

Residents served ended the quarter at approximately 204,000, up 13% year-over-year.

 

  •  

Net Income (loss) of $9.6 million, compared to ($105.8) million in the prior-year period. Such year-over-year comparison is not meaningful due to income tax expense1 in the recently completed quarter, and certain one-time share-based compensation expenses from the year prior.2

 

  •  

Adjusted EBITDA of $27.3 million, compared to $23.0 million in the prior year period.

 

  •  

Diluted EPS of $0.15 for the quarter, with Adjusted EPS of $0.25.3

 

  •  

Cash and cash equivalents totaled $36.5 million at quarter-end, with no long-term debt outstanding under our credit facility.

CEO Commentary

“Our first year as a public company has been one of disciplined execution and purposeful growth,” said Fred Burke, President and Chief Executive Officer of Guardian Pharmacy Services. “This quarter again demonstrates the power of our model—combining local clinical and business expertise with the scale and resources of our national platform. We delivered strong organic and acquired growth, solid margin performance, and meaningful cash generation, positioning us well for the remainder of the year and beyond. With this momentum, we are raising our full-year revenue and Adjusted EBITDA guidance.”

FY 2025 Outlook – Raising Guidance

The updated guidance below excludes future acquisitions.

 

     Updated Guidance      Previous Guidance  

Revenue

    $ 1.43 billion - $1.45 billion      $ 1.39 billion - $1.41 billion  

Adjusted EBITDA

    $  104.0 million - $106.0 million      $ 100.0 million - $102.0 million  

 

 
1 

The three months ended September 30, 2025 included $7.0 million in income tax expense, compared to $0.2 million in the three months ended September 30, 2024. Prior to the Corporate Reorganization and IPO, we conducted our business through Guardian Pharmacy, LLC, and its majority-owned and wholly-owned limited liability company subsidiaries, which were treated for income tax purposes as partnerships and disregarded entities.

2 

The three months ended September 30, 2024 included $122.4 million of share-based compensation expense associated with the Corporate Reorganization and IPO. The three months ended September 30, 2025 included $4.4 million of share-based compensation expense.

3 

Diluted EPS and Adjusted EPS include dilutive shares related to restricted stock units and unvested Class A and Class B common stock. See reconciliation of Adjusted EPS to Diluted EPS, the most directly comparable GAAP measure, below.

Operational and Strategic Highlights

Acquisitions & Greenfields

During the quarter, Guardian announced the acquisition of Managed Healthcare Pharmacy, establishing its first physical footprint in Oregon and further expanding its presence across the Pacific Northwest. This transaction exemplifies the high-quality local operator Guardian targets to integrate into its network—experienced teams recognized for their operational excellence and commitment to exceptional service. Guardian continues to view the Pacific Northwest as a meaningful growth opportunity within its national platform.

Capital Markets

Subsequent to quarter-end, Guardian’s shelf registration statement on Form S-3 was filed and became effective, relating to (i) the possible issuance and sale of up to 1,020,000 shares of Class A common stock by Guardian and (ii) the potential resale of up to 4,980,000 outstanding shares of Class A common stock by selling shareholders, in each case from time to time and on a continuous or delayed basis. Guardian also previously announced that it has entered into lock-up agreements with holders of approximately 93% of the outstanding shares of Guardian’s Class A common stock and Class B common stock that are held by Guardian’s founders, officers, employees and others who held shares of Guardian’s stock immediately prior to the completion of its IPO, which extend restrictions on such share sales through June 30, 2026.

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 “11965,” 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 53 pharmacies nationwide, Guardian is dedicated to providing exceptional service to approximately 204,000 residents and approximately 8,200 LTCFs across 38 states (as of September 30, 2025).

Investor Contact: Ashley Stockton Senior Director, Investor Relations IR@guardianpharmacy.net

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 Net Income, 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, financing-related and other activities, payor-reimbursement matters, and certain tax matters related to the Corporate Reorganization and IPO.

We define Adjusted Net Income as net income attributable to Guardian Pharmacy Services, Inc. before share-based compensation expense, certain legal and other regulatory items, financing-related and other activities, payor-reimbursement matters, amortization expense associated with acquisition-related intangible assets, the income tax impact of the adjustments, and certain tax matters related to the Corporate Reorganization and IPO.

We define Adjusted EPS as Adjusted Net Income divided by the total weighted average of diluted shares for Class A and Class B common stock.

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, financing-related and other activities, and payor-reimbursement matters.

Adjusted EBITDA, Adjusted Net Income, Adjusted EPS and Adjusted SG&A do not have a definition under GAAP, and our definition of Adjusted EBITDA, Adjusted Net Income, 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 Net Income, Adjusted EPS, and Adjusted SG&A to better understand and evaluate our core operating performance and trends. We believe that presenting Adjusted EBITDA, Adjusted Net Income, 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, Adjusted Net Income, and Adjusted EPS does not reflect changes in, or cash requirements for, our working capital needs;

 

  •  

Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, and Adjusted SG&A do not consider the impact of share-based compensation; and

  •  

Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, and Adjusted SG&A exclude the impact of certain legal and regulatory items, and payor-reimbursement matters which can affect our current and future cash requirements.

Because of these limitations, Adjusted EBITDA, Adjusted Net Income, 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 Net Income, 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 these non-GAAP financial measures to the most directly comparable GAAP financial measures, are set forth below.

GUARDIAN PHARMACY SERVICES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

(In thousands, except share amounts)    December 31,
2024		      September 30,
2025		  

Assets

      

Current assets:

      

Cash and cash equivalents

    $ 4,660      $ 36,487  

Accounts receivable, net

      97,153        106,185  

Inventories

      40,550        47,859  

Other current assets

      9,622        7,749  
  

 

 

     

 

 

  

Total current assets

      151,985        198,280  
     

Property and equipment, net

      49,883        56,118  

Intangible assets, net

      14,912        18,915  

Goodwill

      69,296        79,570  

Operating lease right-of-use assets

      29,079        32,205  

Deferred tax assets

      5,272        4,562  

Other assets

      383        387  
  

 

 

     

 

 

  

Total assets

    $ 320,810      $ 390,037  
  

 

 

     

 

 

  
     

Liabilities and equity

      

Current liabilities:

      

Accounts payable

    $ 102,420      $ 121,675  

Accrued compensation

      14,430        15,944  

Operating leases, current portion

      6,836        6,717  

Other current liabilities

      20,435        17,613  
  

 

 

     

 

 

  

Total current liabilities

      144,121        161,949  
     

Operating leases, net of current portion

      23,297        27,367  

Other liabilities

      3,416        5,224  
  

 

 

     

 

 

  

Total liabilities

    $ 170,834      $ 194,540  
  

 

 

     

 

 

  
     

Commitments and contingencies (see Note 5)

      
     

Equity:

      

Class A common stock- 700,000,000 shares authorized, par value $0.001; 36,253,744 and 9,200,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

      9        36  

Class B common stock- 100,000,000 shares authorized, par value $0.001; 27,066,890 and 54,087,158 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

      54        27  

Additional paid-in capital

      125,484        138,273  

Retained earnings

      17,124        45,420  

Non-controlling interests

      7,305        11,741  
  

 

 

     

 

 

  

Total equity

      149,976        195,497  
  

 

 

     

 

 

  

Total liabilities and equity

    $ 320,810      $ 390,037  
  

 

 

     

 

 

  

GUARDIAN PHARMACY SERVICES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

     Three Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2025		  
(In thousands, except share and per share amounts)    2024     2025     2024     2025  

Revenues

    $ 314,393     $ 377,427     $ 889,840     $ 1,051,069  

Cost of goods sold

      253,515       302,706       712,573       843,853  
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      60,878       74,721       177,267       207,216  
        

Selling, general, and administrative expenses

      165,491       58,367       256,942       165,277  
  

 

 

    

 

 

    

 

 

    

 

 

  
        

Operating income (loss)

      (104,613 )      16,354       (79,675 )      41,939  
        

Other expenses (income):

         

Interest expense

      1,026       160       2,857       502  

Other expense (income), net

      2       (437 )      166       (887 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total other expenses (income)

      1,028       (277 )      3,023       (385 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
        

Income (loss) before income taxes

      (105,641 )      16,631       (82,698 )      42,324  

Provision for income taxes

      176       7,038       176       14,631  
        
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

      (105,817 )      9,593       (82,874 )      27,693  
  

 

 

    

 

 

    

 

 

    

 

 

  

Less net income attributable to Guardian Pharmacy, LLC prior to the Corporate Reorganization

      9,350       —        22,760       —   

Less net income (loss) attributable to non-controlling interests

      6,823       (225 )      16,356       (603 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) attributable to Guardian Pharmacy Services, Inc.

    $ (121,990 )    $ 9,818     $ (121,990 )    $ 28,296  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) per share of Class A and Class B common stock

         

Basic

    $ (2.00 )    $ 0.16     $ (2.00 )    $ 0.46  

Diluted

    $ (2.00 )    $ 0.15     $ (2.00 )    $ 0.45  

Weighted-average Class A and Class B common shares outstanding

         

Basic

      61,143,311       62,124,010       61,143,311       62,071,370  

Diluted

      61,143,311       63,432,468       61,143,311       63,179,784  

GUARDIAN PHARMACY SERVICES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

     Nine Months Ended September 30,  
(In thousands)    2024     2025  

Operating activities

     

Net income (loss)

    $ (82,874 )    $ 27,693  

Adjustments to reconcile net income to net cash provided by operating activities:

     

Depreciation and amortization

      14,619       16,594  

Share-based compensation expense

      128,029       12,770  

Provision for losses on accounts receivable

      4,240       3,110  

Change in deferred tax asset

      —        710  

Other

      (31 )      585  

Changes in operating assets and liabilities:

     

Accounts receivable

      (17,285 )      (11,593 ) 

Inventories

      (6,226 )      (5,669 ) 

Other current assets

      768       858  

Accounts payable

      14,158       21,148  

Accrued compensation

      (3,373 )      1,514  

Other operating liabilities

      (16,402 )      (2,065 ) 
  

 

 

    

 

 

  

Net cash provided by operating activities

      35,623       65,655  
    

Investing activities

     

Purchases of property and equipment

      (11,867 )      (15,318 ) 

Payment for acquisitions

      (12,460 )      (12,921 ) 

Other

      544       724  
  

 

 

    

 

 

  

Net cash used in investing activities

      (23,783 )      (27,515 ) 
    

Financing activities

     

Proceeds from equity offering, net of underwriter fees

      119,784       29,039  

Repurchase of outstanding Class A common stock

      —        (29,039 ) 

Payments of equity offering costs

      (538 )      (1,594 ) 

Payments to Class B common stockholders

      (55,176 )      —   

Borrowings from notes payable

      15,000       —   

Repayment of notes payable

      (3,750 )      (497 ) 

Borrowings from line of credit

      189,300       —   

Repayments of line of credit

      (188,300 )      —   

Principal payments on finance lease obligations

      (3,309 )      (3,393 ) 

Contingent payments related to acquisitions

      —        (2,259 ) 

Contributions from non-controlling interests

      2,107       1,619  

Distributions to non-controlling interests

      (14,279 )      (189 ) 

Member distributions

      (36,050 )      —   

Other

      (160 )      —   
  

 

 

    

 

 

  

Net cash provided by (used in) financing activities

      24,629       (6,313 ) 
    

Net change in cash and cash equivalents

      36,469       31,827  

Cash and cash equivalents, beginning of period

      752       4,660  
  

 

 

    

 

 

  

Cash and cash equivalents, end of period

    $ 37,221     $ 36,487  
  

 

 

    

 

 

  
    

Supplemental disclosure of cash flow information

     

Cash paid during the year for interest

    $ 2,851     $ 510  
  

 

 

    

 

 

  

Cash paid during the year for income taxes

    $ —      $ 17,591  
  

 

 

    

 

 

  
    

Supplemental disclosure of non-cash investing and financing activities

     

Purchases of property and equipment through finance leases

    $ 2,256     $ 3,623  
  

 

 

    

 

 

  

Accrued and capitalized offering costs recorded to additional paid-in capital

    $ 12,509     $ —   
  

 

 

    

 

 

  

Non-cash equity contributions from non-controlling interests

    $ 4,989     $ 3,609  
  

 

 

    

 

 

  

GUARDIAN PHARMACY SERVICES, INC. AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA, ADJUSTED NET INCOME, ADJUSTED EPS, AND ADJUSTED SG&A TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES

(UNAUDITED)

 

     Three Months Ended September 30,     Nine Months Ended September 30,  
(in thousands)    2024     2025     2024     2025  

Net income (loss)

      (105,817 )      9,593       (82,874 )      27,693  

Add:

         

Interest expense (income), net

      1,026       (133 )      2,857       (203 ) 

Depreciation and amortization

      4,994       5,838       14,619       16,594  

Provision for income taxes

      176       7,038       176       14,631  
  

 

 

    

 

 

    

 

 

    

 

 

  

EBITDA

    $ (99,621 )    $ 22,336     $ (65,222 )    $ 58,715  
  

 

 

    

 

 

    

 

 

    

 

 

  

Share-based compensation (1)

      122,355       4,356       128,029       12,770  

Certain legal & other regulatory matters (2)

      278       435       3,807       1,057  

Financing-related and other activities (3)

      —        110       —        1,924  

Payor-reimbursement matters (4)

    $ —      $ 38     $ (1,670 )    $ 1,193  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 23,012     $ 27,275     $ 64,944     $ 75,659  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income as a percentage of revenue

      (33.7 )%      2.5 %      (9.3 )%      2.6 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA as a percentage of revenue

      7.3 %      7.2 %      7.3 %      7.2 % 
  

 

 

    

 

 

    

 

 

    

 

 

  
        

Net Income (loss) attributable to Guardian Pharmacy Services, Inc.

      (121,990 )      9,818       (121,990 )      28,296  

Share-based compensation (1)

      N/M       4,356       N/M       12,770  

Certain legal & other regulatory matters (2)

      N/M       435       N/M       1,057  

Financing-related and other activities (3)

      N/M       110       N/M       1,924  

Payor-reimbursement matters (4)

      N/M       38       N/M       1,193  

Acquisition-related intangible asset amortization (5)

      N/M       978       N/M       2,687  

Income tax impact of adjustments (7)

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Certain tax matters related to Corporate Reorganization and IPO (6)

      —        1,725       —        1,725  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted net income

      N/M  (8)    $ 15,701       N/M  (8)    $ 43,798  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding used in calculating diluted U.S. GAAP net income per share

      61,143,311       63,432,468       61,143,311       63,179,784  

Weighted average common shares outstanding used in calculating diluted Non-GAAP net income per share

      N/M       63,432,468       N/M       63,179,784  
        

Diluted EPS

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Adjusted EPS

      N/M  (8)    $ 0.25       N/M  (8)    $ 0.69  
        

GAAP selling, general, and administrative expenses

    $ 165,491     $ 58,367     $ 256,942     $ 165,277  

Subtract:

         

Share-based compensation (1)

      122,355       4,356       128,029       12,770  

Certain legal & other regulatory matters (2)

      278       435       3,807       1,057  

Financing-related and other activities (3)

      —        110       —        1,924  

Payor-reimbursement matters (4)

    $ —      $ 1,668     $ —      $ 2,806  

Adjusted SG&A

    $ 42,858     $ 51,798     $ 125,106     $ 146,703  
  

 

 

    

 

 

    

 

 

    

 

 

  

GAAP selling, general, and administrative expenses as a percentage of revenue

      52.6 %      15.5 %      28.9 %      15.7 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted SG&A as a percentage of revenue

      13.6 %      13.7 %      14.1 %      14.0 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

Prior to the Corporate Reorganization and IPO, our share-based compensation expense primarily represented non-cash recognition of changes in the value of Restricted Interest Unit awards, which had historically been recorded as a liability using a cash settlement methodology as calculated on a quarterly basis. In connection with the Corporate Reorganization and IPO, certain Restricted Interest Unit awards were modified, resulting in share-based compensation expense of $122.4 million, based on the fair value of the modified awards. Share-based compensation expense for the three and nine months ended September 30, 2025 relates to equity-classified awards.

(2)

Represents non-recurring attorney’s fees, settlement costs and other expenses associated with certain legal proceedings. The Company excludes such charges when evaluating operating performance because it does not incur such charges on a predictable basis and exclusion allows for consistent evaluation of operations.

(3)

Represents non-recurring costs associated with various financing-related activities and costs to transition to a public company.

(4)

Represents proceeds and legal expenses associated with payor reimbursement matters.

Proceeds received associated with payor reimbursement matters, recorded as revenue, were $1.6 million during the three and nine months ended September 30, 2025, and $0.0 million and $1.7 million during the three and nine months ended September 30, 2024, respectively.

Legal expenses associated with payor reimbursement matters during the three and nine months ended September 30, 2025 were $1.7 million and $2.8 million, respectively and $0.0 million during the three and nine months ended September 30, 2024.

(5)

Represents amortization expense associated with the acquisition-related intangible assets, such as customer lists and trademarks.

(6)

Represents non-recurring income tax expense associated with the Corporate Reorganization and IPO. The Company excludes such charges when evaluating operating performance because it does not incur such charges on a predictable basis and exclusion allows for consistent evaluation of operations.

(7)

Represents the income tax impact of non-GAAP adjustments, calculated using the estimated tax rate for the respective non-GAAP adjustment.

(8)

Adjusted net income and Adjusted EPS are not calculated for the three and nine months ended September 30, 2024, as the net income attributable to Guardian Pharmacy Services, Inc. only includes net income for the three days in the period subsequent to our IPO on September 27, 2024. As such, we do not think the non-GAAP measures for adjusted net income and adjusted EPS are meaningful for these periods.

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