Guardian Pharmacy Services Announces Proposed IPO

Guardian Pharmacy Services has announced its intention to pursue an initial public offering (IPO).

The company positions itself as a leader in pharmacy services, offering a comprehensive range of technology-driven solutions aimed at assisting residents of long-term care facilities (LTCFs) in adhering to their medication regimens. This adherence not only enhances clinical outcomes but also helps to lower the costs associated with care. They focus on personalized clinical services, drug dispensing, and administration, specifically catering to residents in lower-acuity LTCFs such as assisted living facilities and behavioral health facilities.

Over the past three years, more than two-thirds of the company’s annual revenue has come from residents of assisted living and behavioral health facilities—its primary target markets. The remainder has primarily been derived from residents of skilled nursing facilities. The company’s extensive capabilities allow it to support residents across all types of LTCFs, establishing itself as a reliable partner to residents, LTCFs, and health plan payors by reducing medication administration errors, managing adherence to medication regimens, and lowering overall healthcare expenses. As of June 30, 2023, Guardian Pharmacy Services operated 43 pharmacies that collectively served around 156,000 residents in approximately 5,800 LTCFs across 28 states.

Raymond James will act as the lead underwriter for the IPO.