News Column

Amedisys Reports Second Quarter Financial Results

July 30, 2014

BATON ROUGE, La., July 30, 2014 (GLOBE NEWSWIRE) -- Amedisys, Inc. (Nasdaq:AMED), a leading home health and hospice company, today reported its financial results for the three and six-month periods ended June 30, 2014.

Three-Month Periods Ended June 30, 2014 and 2013

• After adding back for the 2014 period, $0.8 million ($0.5 million, net of income tax ) or $0.02 per diluted share and for the 2013 period $6.1 million ($3.8 million, net of income tax) or $0.12 per diluted share for certain items*, our adjusted results from continuing operations were as follows: • Net service revenue of $305.0 million compared to $316.0 million in 2013.• Net income from continuing operations attributable to Amedisys, Inc. of $8.0 million compared to net income from continuing operations of $5.8 million in 2013. (Net income from continuing operations attributable to Amedisys, Inc. of $7.6 million compared to net income from continuing operations attributable to Amedisys, Inc. of $2.0 million in 2013 on a GAAP basis.)• Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.25 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.18 per diluted share in 2013. (Net income from continuing operations attributable to Amedisys, Inc. per diluted share $0.23 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.06 per diluted share in 2013 on a GAAP basis.)• Earnings before interest, taxes, depreciation and amortization attributable to continuing operations ("EBITDA") of $22.1 million compared to $19.6 million in 2013.

Six-Month Periods Ended June 30, 2014 and 2013

• After adding back for the 2014 period, $16.9 million ($10.4 million, net of income tax ) or $0.32 per diluted share and for the 2013 period $8.2 million ($5.0 million, net of income tax) or $0.16 per diluted share for certain items*, our adjusted results from continuing operations were as follows: • Net service revenue of $603.7 million compared to $644.6 million in 2013.• Net income from continuing operations attributable to Amedisys, Inc. of $5.8 million compared to net income from continuing operations of $10.4 million in 2013. (Net loss from continuing operations attributable to Amedisys, Inc. of $4.6 million compared to net income from continuing operations attributable to Amedisys, Inc. of $5.4 million in 2013 on a GAAP basis.)• Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.18 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.33 per diluted share in 2013. (Net loss from continuing operations attributable to Amedisys, Inc. per diluted share $0.14 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.17 per diluted share in 2013 on a GAAP basis.)• EBITDA of $27.6 million compared to $37.9 million in 2013.

Ronald A. LaBorde, Interim Chief Executive Officer stated, "While much work remains, our progress in this quarter reflects the focus of our entire Amedisys team. We believe we have reestablished a solid foundation which will allow us to concentrate on further improving our core business."

We urge caution in considering the current trends disclosed in this press release. The home health and hospice industry is highly competitive and subject to intensive regulations, and trends are subject to numerous factors, risks, and uncertainties, some of which are referenced in the cautionary language below and others that are described more fully in our reports filed with the Securities and Exchange Commission ("SEC") including our Annual Report on Form 10-K for the fiscal year ended December 31, 2013, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC's internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com. We disclaim any obligations to update disclosed information on trends.

* See the Reconciliation of Non-GAAP Financial Measures to GAAP Financial Statements table below for explanation of these certain items and the reconciliations of non-GAAP financial measures.

Earnings Call and Webcast Information

To participate in the conference call, please call a few minutes before 10:00 a.m. ET on Wednesday, July 30, 2014, to either (877) 512-9171 (Toll free) or (815) 573-0979 (Toll), use conference ID #77505164. A replay of the conference call will be available through August 30, 2014. The replay dial in number is (855) 859-2056 (Toll free) or (404) 537-3406 (Toll), use conference ID #77505164.

The call will also be available through our website and for seven days thereafter at the following web address: http://investors.amedisys.com.

We are headquartered in Baton Rouge, Louisiana. Our common stock trades on the NASDAQ Global Select Market under the symbol "AMED."

Additional information

Our company website address is www.amedisys.com. We use our website as a channel of distribution for important company information. Important information, including press releases, analyst presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled "Investors" on our website home page. We also use our website to expedite public access to time-critical information regarding our company in advance of or in lieu of distributing a press release or a filing with the SEC disclosing the same information. Therefore, investors should look to the Investor Relations subpage of our website for important and time-critical information. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website.

Forward-Looking Statements

When included in this press release, words like "believes," "belief," "expects," "plans," "anticipates," "intends," "projects," "estimates," "may," "might," "would," "should" and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, changes in or our failure to comply with existing Federal and State laws or regulations or the inability to comply with new government regulations on a timely basis, competition in the home health industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to attract and retain qualified personnel, changes in payments and covered services due to the economic downturn and deficit spending by Federal and State governments, future cost containment initiatives undertaken by third-party payors, our access to financing due to the volatility and disruption of the capital and credit markets, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate and manage our information systems, our ability to fund required settlement payments in the manner agreed upon in our settlement agreement to resolve both the U.S. Department of Justice investigation and the Stark Law Self-Referral matter, our ability to comply with requirements stipulated in our corporate integrity agreement and changes in law or developments with respect to any litigation or investigations relating the Company, including the OIG Self-Disclosure issues and various other matters, many of which are beyond our control.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.

Non-GAAP Financial Measures

This press release includes the following non-GAAP financial measures as defined under SEC rules: EBITDA, defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, adjusted EBITDA, defined as EBITDA excluding certain other items, adjusted net income (loss) from continuing operations attributable to Amedisys, Inc., defined as net income (loss) from continuing operations attributable to Amedisys, Inc. excluding certain other items, and adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. per diluted share, defined as net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share excluding certain other items. In accordance with SEC rules, we have provided herein a reconciliation of these non-GAAP financial measures to the most directly comparable measures under GAAP. Management believes that these are useful gauges of our performance and are common measures used in our industry to assess relative financial performance among companies.

     
AMEDISYS, INC. AND SUBSIDIARIES
SELECT CONSOLIDATED FINANCIAL STATEMENT DATA AND SUPPLEMENTAL INFORMATION
(Amounts in thousands, except share, per share data and statistical information) 
(Unaudited)
   
Balance Sheet Information
 June 30, 2014December 31, 2013
ASSETS    
Current assets:    
Cash and cash equivalents  $ 11,225 $ 17,303
Patient accounts receivable, net of allowance for doubtful accounts of $14,956 and $14,231   110,934  111,133
Prepaid expenses  10,855  10,669
Deferred income taxes   10,712  55,329
Other current assets   15,185  10,785
Assets held for sale   —   60
     
Total current assets   158,911  205,279
     
Property and equipment, net of accumulated depreciation of $140,705 and $129,89   148,346  159,025
     
Goodwill  205,587  208,915
Intangible assets, net of accumulated amortization of $25,354 and $25,133   34,112  36,690
Deferred income taxes   134,442  90,214
Other assets, net   28,898  26,283
     
Total assets  $ 710,296 $ 726,406
     
LIABILITIES AND EQUITY    
Current Liabilities:    
Accounts payable  $ 18,886 $ 20,139
Accrued charge related to U.S. Department of Justice settlement   35,000  150,000
Payroll and employee benefits   72,861  70,801
Accrued expenses   61,712  57,572
Current portion of long-term obligations   12,277  13,904
     
Total current liabilities   200,736  312,416
Long-term obligations, less current portion   132,000  33,000
Other long-term obligations   6,518  8,511
     
Total liabilities   339,254  353,927
     
Equity:    
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding   —   — 
     
Common stock, $0.001 par value, 60,000,000 shares authorized; 34,153,969 and 33,413,970 shares issued; and 33,195,927 and 32,538,971 shares outstanding   34  33
Additional paid-in capital   473,634  467,890
Treasury stock at cost, 958,042 and 874,999 shares of common stock   (19,464)  (18,176)
Accumulated other comprehensive income   15  15
Retained earnings   (82,359)  (77,561)
     
Total Amedisys, Inc. stockholders' equity   371,860  372,201
Noncontrolling interests   (818)  278
     
Total equity   371,042  372,479
     
Total liabilities and equity $ 710,296 $ 726,406

 

         
Statement of Operations Information
     
 For the Three-Month Periods

Ended June 30,
For the Six-Month Periods

Ended June 30,
 2014201320142013
Net service revenue  $ 305,006  $ 315,960  $ 603,745 $ 644,562
Cost of service, excluding depreciation and amortization   172,520   177,760   349,527  363,427
General and administrative expenses:        
Salaries and benefits   71,400   75,012   154,571  154,852
Non-cash compensation   1,069   1,224   1,500  3,280
Other   35,522   41,378   78,222  83,226
Provision for doubtful accounts   4,242   4,639   9,135  8,493
Depreciation and amortization   7,692   9,411   15,594  19,381
Other intangibles impairment charge   —    2,286   2,208  2,286
         
Operating expenses   292,445   311,710   610,757  634,945
         
Operating income (loss)   12,561   4,250   (7,012 )  9,617
Other income (expense):        
Interest income   16   11   22  22
Interest expense   (1,352)  (714)  (2,613)  (1,806)
Equity in earnings from equity investments   885   337   1,671  700
Miscellaneous, net   243   (537)  434  (478)
         
Total other expense, net   (208)  (903)  (486)  (1,562)
         
Income (loss) before income taxes   12,353   3,347   (7,498 )  8,055
Income tax (expense) benefit   (4,743)  (1,342)  2,875  (3,193)
         
Income (loss) from continuing operations   7,610   2,005   (4,623 )  4,862
Discontinued operations, net of tax  61   (157 )  (216)  (882)
         
Net income (loss)  7,671   1,848   (4,839 )  3,980
Net (income) loss attributable to noncontrolling interests   (52)  (7 )  41  539
         
Net income (loss) attributable to Amedisys, Inc.  $ 7,619  $ 1,841  $ (4,798) $ 4,519
         
Basic earnings per common share:        
Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders  $ 0.24  $ 0.06  $ (0.14) $ 0.18
         
Discontinued operations, net of tax  —    —    (0.01)  (0.03)
         
Net income (loss) attributable to Amedisys, Inc. common stockholders $ 0.24  $ 0.06  $ (0.15) $ 0.15
         
Weighted average shares outstanding   32,251   31,160   32,058  30,900
         
Diluted earnings per common share:        
Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders  $ 0.23  $ 0.06  $ (0.14) $ 0.17
         
Discontinued operations, net of tax  —    —    (0.01)  (0.03)
         
Net income (loss) attributable to Amedisys, Inc. common stockholders $ 0.23  $ 0.06  $ (0.15) $ 0.14
         
Weighted average shares outstanding   32,594   31,489   32,058  31,298
         
Amounts attributable to Amedisys, Inc. common stockholders:        
Income (loss) from continuing operations  $ 7,558  $ 1,998  $ (4,582 ) $ 5,401
Discontinued operations, net of tax  61   (157)  (216)  (882)
         
Net income (loss) $ 7,619  $ 1,841  $ (4,798) $ 4,519
         

 

Cash Flow and Days Revenue Outstanding, Net Information
   
 For the Three-Month Periods

Ended June 30,
For the Six-Month Periods

Ended June 30,
  
 2014201320142013
         
Net cash (used in) provided by operating activities  $ (89,129) $ 33,561  $ (95,471) $ 65,977
Net cash used in investing activities  (4,472)  (7,390)  (9,392)  (24,215)
Net cash provided by (used in) financing activities   101,986   (3,074)  98,785  (26,189)
         
Net increase (decrease) in cash and cash equivalents   8,385   23,097   (6,078)  15,573
Cash and cash equivalents at beginning of period   2,840   7,021   17,303  14,545
         
Cash and cash equivalents at end of period  $ 11,225  $ 30,118  $ 11,225 $ 30,118
         
Days revenue outstanding, net (1)   32.0   33.9   32.0  33.9
         
(1) Our calculation of days revenue outstanding, net at June 30, 2014 and 2013 is derived by dividing our ending patient accounts receivable (i.e., net of estimated revenue adjustments and allowance for doubtful accounts) by our average daily net patient revenue for the three month-period ended June 30, 2014 and 2013, respectively.

 

     
Supplemental Information - Home Health
   
 For the Three-Month

Periods Ended June 30,
 20142013
Financial Information (in millions):    
Medicare  $ 191.5 $ 204.6
Non-Medicare   52.0  45.9
Net service revenue   243.5  250.5
     
Cost of service   139.3  143.2
     
Gross margin   104.2  107.3
Other operating expenses   73.2  81.7
     
Operating income before impairment charges (1)  $ 31.0 $ 25.6
     
Key Statistical Data:    
Medicare:    
Same Store Volume (2):    
Revenue   2%  (10%)
Admissions   0%  0%
Recertifications   2%  (18%)
Total (3):    
Admissions   43,974  47,734
Recertifications   26,283  27,493
Completed episodes   70,276  75,461
Visits  1,225,278 1,323,138
Average revenue per completed episode (4)  $ 2,845 $ 2,831
Visits per completed episode (5)   17.5  17.7
     
Non-Medicare (3):    
Admissions   20,731  18,235
Recertifications   8,057  7,532
Visits   412,481  380,502
     
Total (3):    
Cost per Visit  $ 85.08 $ 84.09
Visits  1,637,759 1,703,640

 

     
 For the Six-Month Periods

Ended June 30,
  
 20142013
Financial Information (in millions):    
Medicare  $ 380.2 $ 417.2
Non-Medicare   100.0  95.3
     
Net service revenue   480.2  512.5
Cost of service   283.3  293.7
     
Gross margin   196.9  218.8
Other operating expenses   155.8  166.4
     
Operating income before impairment charges (1)  $ 41.1 $ 52.4
     
Key Statistical Data:    
Medicare:    
Same Store Volume (2):    
Revenue   (2%)  (9%)
Admissions   (1%)  1%
Recertifications   (2%)  (18%)
Total (3):    
Admissions   90,501  97,741
Recertifications   52,061  56,180
Completed episodes   137,748  151,345
Visits   2,429,817  2,694,022
Average revenue per completed episode (4)  $ 2,812 $ 2,804
Visits per completed episode (5)   17.2  17.6
     
Non-Medicare (3):    
Admissions   41,924  39,821
Recertifications   15,508  15,732
Visits   802,621  802,858
     
Total (3):    
Cost per Visit  $ 87.65 $ 83.99
Visits   3,232,438  3,496,880
     
(1) Operating income of $23.3 million on a GAAP basis for the three-month period ended June 30, 2013. Operating income of $39.9 million and $50.1 million on a GAAP basis for the six-month periods ended June 30, 2014 and 2013, respectively.
(2) Medicare revenue, admissions or recertifications same store volume is the percent increase (decrease) in our Medicare revenue, admissions or recertifications for the period as a percent of the Medicare revenue, admissions or recertifications of the prior period.
(3) Based on continuing operations for all periods presented.
(4) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care which excludes the impact of sequestration.
(5) Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period.

 

     
Supplemental Information - Hospice
   
 For the Three-Month Periods

Ended June 30,
  
 20142013  
Financial Information (in millions):    
Medicare revenue  $ 57.7  $ 61.6 
Non-Medicare revenue   3.8   3.8 
     
Net service revenue   61.5   65.4 
Cost of service   33.2   34.5 
     
Gross margin   28.3   30.9 
Other operating expenses   15.2   18.0 
     
Operating income  $ 13.1  $ 12.9 
     
Key Statistical Data:    
Same store Medicare revenue growth (2)   (3%)  (12%)
Hospice admits   4,350   4,655 
Average daily census   4,649   5,006 
Revenue per day $ 145.44  $ 143.61 
Cost of service per day  $ 78.24  $ 75.34 
Average length of stay   99   99 

 

     
 For the Six-Month Periods

Ended June 30,
  
 20142013  
Financial Information (in millions):    
Medicare revenue  $ 116.1 $ 124.4
Non-Medicare revenue   7.4  7.6
     
Net service revenue   123.5  132.0
Cost of service   66.2  69.7
     
Gross margin   57.3  62.3
Other operating expenses   32.8  37.8
     
Operating income before impairment charges (1)  $ 24.5 $ 24.5
     
Key Statistical Data:    
Same store Medicare revenue growth (2)   (4%)  (8%)
Hospice admits   8,945  9,612
Average daily census   4,685  5,038
Revenue per day$ 145.70$ 144.79
Cost of service per day  $ 77.86 $ 76.19
Average length of stay   99  101
     
(1) Operating income of $23.5 million on a GAAP basis for the six-month period ended June 30, 2014.
(2) Same store Medicare revenue volume is the percent increase (decrease) in our Medicare revenue for the period as a percent of the Medicare revenue of the prior period.

 

     
Supplemental Information - Corporate
   
 For the Three-Month Periods

Ended June 30,
 20142013  
Financial Information (in millions):    
Other operating expenses  $ 26.7 $ 25.8
Depreciation and amortization   4.8  6.2
     
Total  $ 31.5 $ 32.0

 

     
 For the Six-Month Periods

Ended June 30,
 20142013
Financial Information (in millions):    
Other operating expenses  $ 60.8  $ 52.1 
Depreciation and amortization   9.6   12.9 
     
Total  $ 70.4  $ 65.0 
     

 

         
AMEDISYS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL STATEMENTS
(Amounts in thousands)
(Unaudited)
   
Earnings From Continuing Operations Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA
    
 For the Three-Month Periods

Ended June 30,
  
For the Six-Month Periods

Ended June 30,
  
 2014201320142013
Net income (loss) attributable to Amedisys, Inc.  $ 7,619  $ 1,841  $ (4,798) $ 4,519 
Less:        
Discontinued operations, net of tax  61   (157)  (216)  (882)
         
Net income (loss) from continuing operations attributable to Amedisys, Inc.  7,558   1,998   (4,582)  5,401 
Add:        
Provision for income taxes   4,743   1,342   (2,875)  3,193 
Interest expense, net   1,336   703   2,591   1,784 
Depreciation and amortization   7,692   9,411   15,594   19,381 
         
EBITDA (1)   21,329   13,454   10,728   29,759 
Add:        
Certain items (2)   784   6,133   16,884   8,164 
         
Adjusted EBITDA (3)  $ 22,113  $ 19,587  $ 27,612  $ 37,923 

 

         
Adjusted Net Income (Loss) From Continuing Operations Attributable to Amedisys, Inc. Reconciliation:  
    
 For the Three-Month Periods

Ended June 30,
For the Six-Month Periods

Ended June 30,
  
 2014201320142013
Net income (loss) attributable to Amedisys, Inc.  $ 7,619  $ 1,841  $ (4,798) $ 4,519 
Less:        
Discontinued Operations, net of tax   61   (157)  (216)  (882)
         
Net income (loss) from continuing operations attributable to Amedisys, Inc.  7,558   1,998   (4,582)  5,401 
Add:        
Certain items (2)   482   3,777   10,400   5,028 
         
Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. (4)  $ 8,040  $ 5,775  $ 5,818  $ 10,429 
         

 

         
Adjusted Net Income (Loss) From Continuing Operations Attributable to Amedisys, Inc. per Diluted Share:
   
 For the Three-Month Periods

Ended June 30,
  
For the Six-Month Periods

Ended June 30,
 2014201320142013
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share  $ 0.23  $ 0.06  $ (0.15) $ 0.14 
Less:        
Discontinued operations, net of tax  —    —    (0.01)  (0.03)
         
Net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share   0.23   0.06   (0.14)  0.17 
Add:        
Certain items (2)   0.02   0.12   0.32   0.16 
         
Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share (5)  $ 0.25  $ 0.18  $ 0.18  $ 0.33 
         
(1) EBITDA is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense, and depreciation and amortization. EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
(2) The following details the certain other items for the three and six-month periods ended June 30, 2014 and 2013:

 

             
 For the Three-Month Period

Ended June 30, 2014
  
For the Six-Month Period

Ended June 30, 2014
 (Income)

Expense
NetDiluted

EPS
(Income)

Expense
  
NetDiluted

EPS
Other intangibles impairment charge  $ —  $ —  $ —  $ 2,208 $ 1,360 $ 0.04
Exit and restructuring activity costs  —   —   —   9,954  6,132  0.19
Relator fees   —   —   —   3,938  2,426  0.07
OIG self-disclosure   1,450  893  0.03  1,450  893  0.03
Software write-off   1,465  902  0.03  1,465  902  0.03
Gain on sale of care centers   (2,131)  (1,313)  (0.04)  (2,131)  (1,313)  (0.04)
             
Total  $ 784 $ 482 $ 0.02$ 16,884$ 10,400 $ 0.32
             
     
 For the Three-Month Period

Ended June 30, 2013
For the Six-Month Period

Ended June 30, 2013
  
 (Income)

Expense
NetDiluted

EPS
(Income)

Expense
NetDiluted

EPS
Other intangibles impairment charge  $ 2,286 $ 1,408 $ 0.05 $ 2,286 $ 1,408 $ 0.05
Exit and restructuring activity costs  1,569  966  0.03  1,569  966  0.03
Relator fees   —   —   —   —   —   — 
Legal fees   1,606  989  0.03  3,637  2,240  0.07
Loss on sale of care centers   672  414  0.01  672  414  0.01
             
Total  $ 6,133 $ 3,777 $ 0.12 $ 8,164 $ 5,028 $ 0.16
             
(3) Adjusted EBITDA is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense, depreciation and amortization excluding certain other items as described in footnote 2. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
(4) Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. excluding certain other items as described in footnote 2. Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP measure in the same manner.
(5) Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income (loss) from continuing operations per share excluding the earnings per share effect of certain other items as described in footnote 2. Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators or operating performance. This calculation of adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

CONTACT: Investor Contact: Amedisys, Inc.David Castille Director, Treasury/Finance (225) 299-3391 david.castille@amedisys.com Media Contact: Amedisys, Inc.Kendra Kimmons Managing Director, Marketing & Communications (225) 299-3720 kendra.kimmons@amedisys.com



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Source: Amedisys, Inc.


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