| Stage | BTSG | % of rev | ADUS | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $4.2B | 100.00% | $388M | 100.00% | BTSG ×10.87 |
| Gross profit | $519M | 12.31% | $124M | 32.08% | ADUS +19.8pp |
| Operating income | $160M | 3.81% | $40M | 10.27% | ADUS +6.5pp |
| Pre-tax income | $129M | 3.07% | $39M | 10.09% | ADUS +7.0pp |
| Net income | $100M | 2.38% | $29M | 7.37% | ADUS +5.0pp |
| Stage | BTSG | ADUS | Gap · A − B |
|---|---|---|---|
| Revenue | $4.2B100.00% | $388M100.00% | BTSG ×10.87 |
| Gross profit | 12.31%$519M | 32.08%$124M | ADUS +19.8pp |
| Operating income | 3.81%$160M | 10.27%$40M | ADUS +6.5pp |
| Pre-tax income | 3.07%$129M | 10.09%$39M | ADUS +7.0pp |
| Net income |
| 2.38%$100M |
| 7.37%$29M |
| ADUS +5.0pp |
BTSG 10-KFeb 27 '26
“We are reimbursed for substantially all of our services by federal, state, and local government programs, such as Medicare, including Medicare Part D, and Medicaid state programs, MCOs and other state agencies.”
ADUS 10-KFeb 24 '26
“For the year ended December 31, 2025, we derived approximately 39.3 % of our net service revenues from state and local governmental agencies, primarily through Medicaid state programs and 20.5 % from Medicare.”