<SEC-DOCUMENT>0000950123-21-008968.txt : 20241025
<SEC-HEADER>0000950123-21-008968.hdr.sgml : 20241025
<ACCEPTANCE-DATETIME>20210720132637
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-21-008968
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210720

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Guardian Pharmacy, LLC
		CENTRAL INDEX KEY:			0001802255
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DRUG STORES AND PROPRIETARY STORES [5912]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				200100834
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		300 GALLERIA PARKWAY SE
		STREET 2:		SUITE 800
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30339
		BUSINESS PHONE:		(404) 810-0089

	MAIL ADDRESS:	
		STREET 1:		300 GALLERIA PARKWAY SE
		STREET 2:		SUITE 800
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30339

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Guardian Pharmacy, LLC
		DATE OF NAME CHANGE:	20200204
</SEC-HEADER>
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<TYPE>DRSLTR
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<HTML><HEAD>
<TITLE>DRSLTR</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g176525g68i35.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center">1221 PEACHTREE STREET, N.E. ATLANTA, GEORGIA 30361 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center">TELEPHONE: +1.404.521.3939 " FACSIMILE: +1.404.581.8330 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">July&nbsp;20, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Via EDGAR </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Jennifer Lopez-Molina </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Trade&nbsp;&amp;
Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division
of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549-3628 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Guardian Pharmacy, LLC </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Submitted April&nbsp;3, 2020 </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CIK 0001802255 </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Lopez-Molina: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our
client, Guardian Pharmacy, LLC (the &#147;<U>Company</U>&#148;), this letter responds to comments of the Staff (the &#147;<U>Staff</U>&#148;) of the Division of Corporation Finance of the Securities and Exchange Commission (the
&#147;<U>Commission</U>&#148;) contained in the letter from the Staff dated April&nbsp;13, 2020 (the &#147;<U>Comment Letter</U>&#148;) in regard to the above-referenced Draft Registration Statement on Form
<FONT STYLE="white-space:nowrap">S-1</FONT> (the &#147;<U>Draft Registration Statement</U>&#148;). In conjunction with this letter, the Company is confidentially submitting via EDGAR Amendment No.&nbsp;2 to the Draft Registration Statement
(&#147;<U>Amendment No.</U><U></U><U>&nbsp;2</U>&#148;). The changes reflected in Amendment No.&nbsp;2 include those made in response to the Staff&#146;s comments and other changes intended to update, clarify and render more complete the information
set forth therein. All defined terms in this letter have the same meaning as in the Draft Registration Statement, unless otherwise indicated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s responses to the comments presented in the Comment Letter are set forth below. The text of the applicable comment precedes
each of the Company&#146;s responses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT></U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Operations, page 46</U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">ALKHOBAR &middot; AMSTERDAM &middot; ATLANTA
&middot; BEIJING &middot; BOSTON &middot; BRISBANE &middot; BRUSSELS &middot; CHICAGO &middot; CLEVELAND &middot; COLUMBUS &middot; DALLAS &middot; DETROIT &middot; DUBAI &middot; D&#220;SSELDORF &middot; FRANKFURT &middot; HONG&nbsp;KONG &middot;
HOUSTON &middot; IRVINE &middot; LONDON &middot; LOS&nbsp;ANGELES &middot; MADRID &middot; MELBOURNE &middot; MEXICO&nbsp;CITY &middot; MIAMI &middot; MILAN &middot; MINNEAPOLIS &middot; MOSCOW &middot; MUNICH &middot; NEW&nbsp;YORK &middot; PARIS
&middot; PERTH &middot; PITTSBURGH &middot; RIYADH &middot; SAN&nbsp;DIEGO &middot; SAN&nbsp;FRANCISCO &middot; S&#195;O&nbsp;PAULO &middot; SHANGHAI &middot; SILICON&nbsp;VALLEY &middot; SINGAPORE &middot; SYDNEY &middot; TAIPEI &middot; TOKYO
&middot; WASHINGTON </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;20, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your risk factor disclosure regarding <FONT STYLE="white-space:nowrap">COVID-19</FONT> on pages 19
and 20. In light of changing trends and the overall economic outlook, please discuss how you expect the global outbreak of <FONT STYLE="white-space:nowrap">COVID-19</FONT> to impact your future operating results and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">near-and-long-term</FONT></FONT> financial condition. Please refer to CF Disclosure Guidance Topic No.&nbsp;9 (March 25, 2020). </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U><I>:</I> We respectfully acknowledge the Staff&#146;s comment and the guidance referenced in the comment (CF Disclosure Guidance
Topic No.&nbsp;9). We also acknowledge subsequent guidance from the Staff (CF Disclosure Guidance Topic No. 9A) that was released on June&nbsp;23, 2020, following the Staff&#146;s issuance of its comment letter dated April&nbsp;13, 2020. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, we have revised the &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results
of Operations&#148; (&#147;<U>MD&amp;A</U>&#148;) in Amendment No.&nbsp;2 to discuss the impact of <FONT STYLE="white-space:nowrap">COVID-19</FONT> on our business, in the section titled &#147;Impact of
<FONT STYLE="white-space:nowrap">COVID-19&#148;</FONT> beginning on page 51. In particular, the Company has provided the following disclosure on page 52 (as specifically reproduced below for ease of the Staff&#146;s reference): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">While occupancy rates at the LTCFs we serve continue to improve from their lowest point in February 2021, and the number of patients we serve
is approaching <FONT STYLE="white-space:nowrap">pre-pandemic</FONT> levels, we note that our growth will not be exponential. Rather, recovery will be measured. Consequently, we do expect ongoing effects of the pandemic to continue to have an impact,
which could be material, on our financial condition, results of operations and cash flows from operations in future periods in that our growth is not expected to reach <FONT STYLE="white-space:nowrap">pre-pandemic</FONT> levels for some time.
Further, should new variants of the virus now circulating globally result in further lock downs or have other adverse impacts to health and safety or to the economy globally, we could experience a material impact to our operating results and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">near-and-long-term</FONT></FONT> financial condition, including, without limitation, further disruptions to our sales and growth initiatives, revised payment terms with certain wholesale
suppliers, increased sales-related reserves, charges from adjustments of the carrying amount of inventory, and increased cost of product. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;20, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Choice of Forum, page 98</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note you revised disclosure here and in the risk factor section that the &#147;federal district court for
the District of Delaware will be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act.&#148; Please clearly state whether or not such provision applies to actions arising under the
Exchange Act and enhance your risk factor disclosure related to this provision, including but not limited to the enforceability of the provision, increased costs to bring a claim, limited access to information and other imbalances of resources
between the company and shareholders, and that this provision can discourage claims or limit shareholders&#146; ability to bring a claim in a judicial forum that they find favorable. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U><I>:</I> In response to the Staff&#146;s comment, the Company has amended its discussion on pages
<FONT STYLE="white-space:nowrap">38-39</FONT> and 110 of Amendment No.&nbsp;2. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In connection with your comments, we acknowledge that the
Company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the Staff. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;20, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding the foregoing, please do not hesitate to contact me at
404.581.8573, mlhanson@jonesday.com, or by facsimile at 404.581.8330. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Mark L. Hanson </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">David Morris, Chief Financial Officer, Guardian Pharmacy, LLC </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Swathi Padmanabhan, Esq., Jones Day </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mark Mihanovic, Esq., McDermott Will&nbsp;&amp; Emery LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Heidi Steele, Esq., McDermott Will&nbsp;&amp; Emery LLP </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
