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News Recap: Addus HomeCare Corporation (NASDAQ:ADUS)

Addus HomeCare Corporation (NASDAQ:ADUS) stock identified change of 37.23% away from 52-week low price and recently located move of -37.29% off 52-week high price. It has market worth of $1.13B. ADUS stock has been recorded -27.48% away from 50 day moving average and -22.82% away from 200 day moving average. Moving closer, we can see that shares have been trading -16.51% off 20-day moving average.

On March 18, 2020, Addus HomeCare Corporation (NASDAQ:ADUS) a provider of home care services,  released that it will delay the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the 2019 Form 10-K) and its conference call previously scheduled for Wednesday, March 18, 2020, regarding its financial results. The Company also reported certain preliminary unaudited financial and operational data for the fourth quarter and full year 2019 and an update on the accounting matters that have caused the delay.

Commenting on the delay and results, Dirk Allison, President and Chief Executive Officer of Addus, stated, Obviously, we are disappointed that we are unable to file our 2019 Form 10-K , but we could not convince our prior audit firm that a previously unrecorded adjustment in estimating the collectability of our revenue was appropriate.  In total, the adjustment will result in a total revenue reduction (or, for years prior to 2018, expense increase) of approximately $10 million to $12 million, in the aggregate, for periods 2009 to 2018, during which total revenues were in excess of $2 billion. In addition, the adjustment will have no impact on reported cash flow from operations for these years. We believe that this situation resulted from an honest difference of opinion between us, with concurrence from our current auditor, PricewaterhouseCoopers (PwC), on one hand, and our prior audit firm. However, our prior audit firm has informed us that they are unwilling to consent to the inclusion of their opinion on our prior-year audited financial statements if the Company were to make these previously unrecorded adjustments in prior periods rather than in the current period. Without their consent, the Company cannot include those required historical financial statements in our Form 10-K filing. PwC has agreed, subject to completing their customary engagement acceptance and independence procedures, to independently re-audit our financial statements for the years ended December 31, 2017 and 2018, so that we may comply with the financial statements filing requirements of the Form 10-K.

The Healthcare sector company, Addus HomeCare Corporation noticed change of 35.48% to $65.57 along volume of 374097 shares in recent session compared to an average volume of 142.62K. The stock observed return of -3.06% in 5 days trading activity. The stock was at -34.29% over one month performance. ADUS’s shares are at -28.98% for the quarter and driving a -1.04% return over the course of the past year and is now at -32.56% since this point in 2018.

The average volatility for the week at 21.81% and for month was at 9.09%. There are 17.30M shares outstanding and 15.49M shares are floated in market. Right now the stock beta is 0.23.

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