UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 29, 2015
Commission File Number: 0-24260
AMEDISYS, INC.
(Exact
Name of Registrant as specified in its Charter)
|
|
|
Delaware |
|
11-3131700 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
5959 S. Sherwood Forest Blvd., Baton Rouge, LA 70816
(Address of principal executive offices, including zip code)
(225) 292-2031 or (800) 467-2662
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
SECTION 2 FINANCIAL INFORMATION
ITEM 2.02. |
RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On July 29, 2015, Amedisys, Inc. (we,
us, our or the Company) issued a press release announcing our financial results for the three and six-month periods ended June 30, 2015. A copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
The information presented in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall
not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, unless we specifically state that the
information is to be considered filed under the Exchange Act or specifically incorporate it by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
SECTION 7 REGULATION FD
ITEM 7.01.
REGULATION FD DISCLOSURE
Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference.
The information presented in Item 7.01 of this Current Report on Form 8-K shall not be deemed filed for purposes of Section 18 of the
Exchange Act, or otherwise subject to the liabilities of that section, unless we specifically state that the information is to be considered filed under the Exchange Act or specifically incorporate it by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act.
SECTION 9 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
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99.1 |
|
Press release dated July 29, 2015, announcing the Companys financial results for the three and six-month periods ended June 30, 2015 (furnished only) |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
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AMEDISYS, INC. |
(Registrant) |
|
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By: |
|
/s/ Scott G. Ginn |
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Scott G. Ginn |
|
|
Senior Vice President of Accounting and Controller
(Principal Accounting Officer) |
DATE: July 29, 2015
Exhibit Index
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|
Exhibit |
|
Description |
|
|
99.1 |
|
Press release dated July 29, 2015, announcing the Companys financial results for the three and six-month periods ended June 30, 2015 (furnished only) |
Exhibit 99.1
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Contact: |
|
Investor Contact: |
|
Media Contact: |
|
|
Amedisys, Inc. |
|
Amedisys, Inc. |
|
|
David Castille |
|
Kendra Kimmons |
|
|
Managing Director, Treasury/Finance |
|
Managing Director, Marketing & Communications |
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(225) 299-3391 |
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(225) 299-3720 |
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david.castille@amedisys.com |
|
kendra.kimmons@amedisys.com |
AMEDISYS REPORTS SECOND QUARTER FINANCIAL RESULTS
AMEDISYS TO HOST CONFERENCE CALL TODAY AT 11:00 A.M. ET
BATON ROUGE, Louisiana (July 29, 2015) 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, 2015.
Three-Month Periods Ended June 30, 2015 and 2014
|
|
After adjusting for the 2015 period, $6.4 million ($3.9 million, net of income tax ) or $0.12 per diluted share and for the 2014 period $0.8 million ($0.5 million, net of income tax) or $0.02 per diluted share for
certain items*, our adjusted results from continuing operations were as follows: |
|
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Net service revenue of $314.1 million compared to $305.0 million in 2014. |
|
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|
Net income from continuing operations attributable to Amedisys, Inc. of $14.5 million compared to net income from continuing operations of $8.0 million in 2014. (Net income from continuing operations attributable to
Amedisys, Inc. of $10.6 million compared to net income from continuing operations attributable to Amedisys, Inc. of $7.6 million in 2014 on a GAAP basis.) |
|
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|
Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.43 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.25 per diluted share in 2014. (Net
income from continuing operations attributable to Amedisys, Inc. per diluted share $0.32 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.23 per diluted share in 2014 on a GAAP basis.)
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Earnings before interest, taxes, depreciation and amortization attributable to continuing operations (EBITDA) of $31.7 million compared to $22.1 million in 2014. |
Six-Month Periods Ended June 30, 2015 and 2014
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After adding back for the 2015 period, $80.5 million ($48.7 million, net of income tax ) or $1.48 per diluted share and for the 2014 period $16.9 million ($10.4 million, net of income tax) or $0.32 per diluted share for
certain items*, our adjusted results from continuing operations were as follows: |
|
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Net service revenue of $615.7 million compared to $603.7 million in 2014. |
|
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|
Net income from continuing operations attributable to Amedisys, Inc. of $24.3 million compared to net income from continuing operations of $5.8 million in 2014. (Net loss from continuing operations attributable to
Amedisys, Inc. of $24.4 million compared to net loss from continuing operations attributable to Amedisys, Inc. of $4.6 million in 2014 on a GAAP basis.) |
|
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|
Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.73 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.18 per diluted share in 2014. (Net
loss from continuing operations attributable to Amedisys, Inc. per diluted share $0.74 compared to net loss from continuing operations attributable to Amedisys Inc. per diluted share of $0.14 per diluted share in 2014 on a GAAP basis.)
|
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EBITDA of $58.0 million compared to $27.6 million in 2014. |
Paul B. Kusserow, President and Chief Executive
Officer stated, We are extremely pleased with our second quarter performance. We made progress toward implementing our key strategies - delivering clinical excellence, empowering our people, improving operational efficiency and
accelerating growth. Id like to thank our team of 13,000 employees for delivering great results.
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, 2014, and
subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SECs 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 pages 10 & 11 for explanation of these certain items and the reconciliations of non-GAAP financial measures. |
1
Earnings Call and Webcast Information
To participate on the conference call, please call a few minutes before 11:00 a.m. ET to either (844) 831-4549 (Toll free) or (815) 573-0979, use
conference ID #91339246. A replay of the conference call will be available through August 28, 2015. The replay dial in number is (855) 859-2056 (Toll free) or (404) 537-3406 (Toll) and use conference ID #91339246.
A live webcast of the call will be accessible through our website on our Investor Relations section at the following web address:
http://investors.amedisys.com.
Amedisys, Inc. (the Company) is headquartered in Baton Rouge, Louisiana and 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 comply with requirements
stipulated in our corporate integrity agreement and changes in law or developments with respect to any litigation relating to the Company, including 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 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 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.
2
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
|
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June 30, 2015 |
|
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December 31, 2014 |
|
ASSETS |
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|
|
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Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
33,201 |
|
|
$ |
8,032 |
|
Patient accounts receivable, net of allowance for doubtful accounts of $14,228 and $14,317 |
|
|
110,454 |
|
|
|
99,325 |
|
Prepaid expenses |
|
|
7,568 |
|
|
|
8,493 |
|
Other current assets |
|
|
17,147 |
|
|
|
19,708 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
168,370 |
|
|
|
135,558 |
|
|
|
|
Property and equipment, net of accumulated depreciation of $149,801 and $146,438 |
|
|
66,953 |
|
|
|
137,455 |
|
Goodwill |
|
|
205,587 |
|
|
|
205,587 |
|
Intangible assets, net of accumulated amortization of $25,374 |
|
|
33,193 |
|
|
|
33,193 |
|
Deferred income taxes |
|
|
140,485 |
|
|
|
124,788 |
|
Other assets, net |
|
|
30,845 |
|
|
|
33,161 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
645,433 |
|
|
$ |
669,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
21,911 |
|
|
$ |
16,056 |
|
Payroll and employee benefits |
|
|
74,688 |
|
|
|
75,553 |
|
Accrued expenses |
|
|
64,101 |
|
|
|
56,329 |
|
Current portion of long-term obligations |
|
|
12,000 |
|
|
|
12,000 |
|
Current portion of deferred income taxes |
|
|
3,329 |
|
|
|
2,385 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
176,029 |
|
|
|
162,323 |
|
Long-term obligations, less current portion |
|
|
83,517 |
|
|
|
104,372 |
|
Other long-term obligations |
|
|
5,837 |
|
|
|
5,285 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
265,383 |
|
|
|
271,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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; 34,719,797 and 34,569,526 shares issued; and 33,665,873 and 33,594,572
shares outstanding |
|
|
35 |
|
|
|
35 |
|
Additional paid-in capital |
|
|
490,474 |
|
|
|
481,762 |
|
Treasury stock at cost, 1,053,924 and 974,954 shares of common stock |
|
|
(22,026 |
) |
|
|
(19,860 |
) |
Accumulated other comprehensive income |
|
|
15 |
|
|
|
15 |
|
Retained earnings |
|
|
(89,157 |
) |
|
|
(64,785 |
) |
|
|
|
|
|
|
|
|
|
Total Amedisys, Inc. stockholders equity |
|
|
379,341 |
|
|
|
397,167 |
|
Noncontrolling interests |
|
|
709 |
|
|
|
595 |
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
380,050 |
|
|
|
397,762 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
645,433 |
|
|
$ |
669,742 |
|
|
|
|
|
|
|
|
|
|
3
Statement of Operations Information
|
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For the Three-Month Periods Ended June 30, |
|
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For the Six-Month Periods Ended June 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Net service revenue |
|
$ |
314,152 |
|
|
$ |
305,006 |
|
|
$ |
615,724 |
|
|
$ |
603,745 |
|
Cost of service, excluding depreciation and amortization |
|
|
175,699 |
|
|
|
172,520 |
|
|
|
346,660 |
|
|
|
349,527 |
|
General and administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
|
71,249 |
|
|
|
71,400 |
|
|
|
139,804 |
|
|
|
154,571 |
|
Non-cash compensation |
|
|
2,193 |
|
|
|
1,069 |
|
|
|
4,577 |
|
|
|
1,500 |
|
Other |
|
|
42,113 |
|
|
|
35,522 |
|
|
|
75,183 |
|
|
|
78,222 |
|
Provision for doubtful accounts |
|
|
2,756 |
|
|
|
4,242 |
|
|
|
5,732 |
|
|
|
9,135 |
|
Depreciation and amortization |
|
|
4,615 |
|
|
|
7,692 |
|
|
|
11,152 |
|
|
|
15,594 |
|
Asset impairment charge |
|
|
|
|
|
|
|
|
|
|
75,193 |
|
|
|
2,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
298,625 |
|
|
|
292,445 |
|
|
|
658,301 |
|
|
|
610,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
15,527 |
|
|
|
12,561 |
|
|
|
(42,577 |
) |
|
|
(7,012 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
4 |
|
|
|
16 |
|
|
|
26 |
|
|
|
22 |
|
Interest expense |
|
|
(2,416 |
) |
|
|
(1,352 |
) |
|
|
(4,842 |
) |
|
|
(2,613 |
) |
Equity in earnings from equity investments |
|
|
4,826 |
|
|
|
885 |
|
|
|
6,777 |
|
|
|
1,671 |
|
Miscellaneous, net |
|
|
498 |
|
|
|
243 |
|
|
|
2,632 |
|
|
|
434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expense), net |
|
|
2,912 |
|
|
|
(208 |
) |
|
|
4,593 |
|
|
|
(486 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
18,439 |
|
|
|
12,353 |
|
|
|
(37,984 |
) |
|
|
(7,498 |
) |
Income tax (expense) benefit |
|
|
(7,566 |
) |
|
|
(4,743 |
) |
|
|
14,025 |
|
|
|
2,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
|
10,873 |
|
|
|
7,610 |
|
|
|
(23,959 |
) |
|
|
(4,623 |
) |
Discontinued operations, net of tax |
|
|
|
|
|
|
61 |
|
|
|
|
|
|
|
(216 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
10,873 |
|
|
|
7,671 |
|
|
|
(23,959 |
) |
|
|
(4,839 |
) |
Net (income) loss attributable to noncontrolling interests |
|
|
(236 |
) |
|
|
(52 |
) |
|
|
(413 |
) |
|
|
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Amedisys, Inc. |
|
$ |
10,637 |
|
|
$ |
7,619 |
|
|
$ |
(24,372 |
) |
|
$ |
(4,798 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders |
|
$ |
0.32 |
|
|
$ |
0.24 |
|
|
$ |
(0.74 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
Discontinued operations, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Amedisys, Inc. common stockholders |
|
$ |
0.32 |
|
|
$ |
0.24 |
|
|
$ |
(0.74 |
) |
|
$ |
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
33,004 |
|
|
|
32,251 |
|
|
|
32,871 |
|
|
|
32,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders |
|
$ |
0.32 |
|
|
$ |
0.23 |
|
|
$ |
(0.74 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
Discontinued operations, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Amedisys, Inc. common stockholders |
|
$ |
0.32 |
|
|
$ |
0.23 |
|
|
$ |
(0.74 |
) |
|
$ |
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
33,459 |
|
|
|
32,594 |
|
|
|
32,871 |
|
|
|
32,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to Amedisys, Inc. common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
10,637 |
|
|
$ |
7,558 |
|
|
$ |
(24,372 |
) |
|
$ |
(4,582 |
) |
Discontinued operations, net of tax |
|
|
|
|
|
|
61 |
|
|
|
|
|
|
|
(216 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
10,637 |
|
|
$ |
7,619 |
|
|
$ |
(24,372 |
) |
|
$ |
(4,798 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
Cash Flow and Days Revenue Outstanding, Net Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Periods Ended June 30, |
|
|
For the Six-Month Periods Ended June 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
42,554 |
|
|
$ |
(89,129 |
) |
|
$ |
57,037 |
|
|
$ |
(95,471 |
) |
Net cash used in investing activities |
|
|
(9,754 |
) |
|
|
(4,472 |
) |
|
|
(11,822 |
) |
|
|
(9,392 |
) |
Net cash (used in) provided by financing activities |
|
|
(2,731 |
) |
|
|
101,986 |
|
|
|
(20,046 |
) |
|
|
98,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
30,069 |
|
|
|
8,385 |
|
|
|
25,169 |
|
|
|
(6,078 |
) |
Cash and cash equivalents at beginning of period |
|
|
3,132 |
|
|
|
2,840 |
|
|
|
8,032 |
|
|
|
17,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
33,201 |
|
|
$ |
11,225 |
|
|
$ |
33,201 |
|
|
$ |
11,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days revenue outstanding, net (1) |
|
|
31.0 |
|
|
|
32.0 |
|
|
|
31.0 |
|
|
|
32.0 |
|
(1) |
Our calculation of days revenue outstanding, net at June 30, 2015 and 2014 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, 2015 and 2014, respectively. |
5
Supplemental Information - Home Health
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Periods Ended June 30, |
|
|
|
2015 |
|
|
2014 |
|
Financial Information (in millions): |
|
|
|
|
|
|
|
|
Medicare |
|
$ |
188.3 |
|
|
$ |
191.5 |
|
Non-Medicare |
|
|
59.5 |
|
|
|
52.0 |
|
|
|
|
|
|
|
|
|
|
Net service revenue |
|
|
247.8 |
|
|
|
243.5 |
|
Cost of service |
|
|
142.3 |
|
|
|
139.3 |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
105.5 |
|
|
|
104.2 |
|
Other operating expenses |
|
|
67.1 |
|
|
|
73.2 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
38.4 |
|
|
$ |
31.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Statistical Data: |
|
|
|
|
|
|
|
|
Medicare: |
|
|
|
|
|
|
|
|
Same Store Volume (2): |
|
|
|
|
|
|
|
|
Revenue |
|
|
(1 |
%) |
|
|
2 |
% |
Admissions |
|
|
0 |
% |
|
|
0 |
% |
Recertifications |
|
|
(6 |
%) |
|
|
2 |
% |
Total (3): |
|
|
|
|
|
|
|
|
Admissions |
|
|
43,890 |
|
|
|
43,974 |
|
Recertifications |
|
|
24,607 |
|
|
|
26,283 |
|
Completed episodes |
|
|
67,516 |
|
|
|
70,276 |
|
Visits |
|
|
1,203,648 |
|
|
|
1,225,278 |
|
Average revenue per completed episode including sequestration (4) |
|
$ |
2,829 |
|
|
$ |
2,788 |
|
Visits per completed episode (5) |
|
|
17.5 |
|
|
|
17.5 |
|
|
|
|
Non-Medicare: |
|
|
|
|
|
|
|
|
Same Store Volume (2): |
|
|
|
|
|
|
|
|
Revenue |
|
|
16 |
% |
|
|
21 |
% |
Admissions |
|
|
15 |
% |
|
|
22 |
% |
Recertifications |
|
|
8 |
% |
|
|
15 |
% |
Total (3): |
|
|
|
|
|
|
|
|
Admissions |
|
|
23,762 |
|
|
|
20,731 |
|
Recertifications |
|
|
8,637 |
|
|
|
8,057 |
|
Visits |
|
|
482,689 |
|
|
|
412,481 |
|
|
|
|
Total (3): |
|
|
|
|
|
|
|
|
Cost per Visit |
|
$ |
84.43 |
|
|
$ |
85.08 |
|
Visits |
|
|
1,686,337 |
|
|
|
1,637,759 |
|
6
|
|
|
|
|
|
|
|
|
|
|
For the Six-Month Periods Ended June 30, |
|
|
|
2015 |
|
|
2014 |
|
Financial Information (in millions): |
|
|
|
|
|
|
|
|
Medicare |
|
$ |
375.5 |
|
|
$ |
380.2 |
|
Non-Medicare |
|
|
113.7 |
|
|
|
100.0 |
|
|
|
|
|
|
|
|
|
|
Net service revenue |
|
|
489.2 |
|
|
|
480.2 |
|
Cost of service |
|
|
281.0 |
|
|
|
283.3 |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
208.2 |
|
|
|
196.9 |
|
Other operating expenses |
|
|
134.0 |
|
|
|
155.8 |
|
|
|
|
|
|
|
|
|
|
Operating income before impairment (1) |
|
$ |
74.2 |
|
|
$ |
41.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Statistical Data: |
|
|
|
|
|
|
|
|
Medicare: |
|
|
|
|
|
|
|
|
Same Store Volume (2): |
|
|
|
|
|
|
|
|
Revenue |
|
|
2 |
% |
|
|
(2 |
%) |
Admissions |
|
|
2 |
% |
|
|
(1 |
%) |
Recertifications |
|
|
(3 |
%) |
|
|
(2 |
%) |
Total (3): |
|
|
|
|
|
|
|
|
Admissions |
|
|
88,992 |
|
|
|
90,501 |
|
Recertifications |
|
|
48,966 |
|
|
|
52,061 |
|
Completed episodes |
|
|
132,505 |
|
|
|
137,748 |
|
Visits |
|
|
2,371,898 |
|
|
|
2,429,817 |
|
Average revenue per completed episode including sequestration (4) |
|
$ |
2,813 |
|
|
$ |
2,756 |
|
Visits per completed episode (5) |
|
|
17.4 |
|
|
|
17.2 |
|
|
|
|
Non-Medicare: |
|
|
|
|
|
|
|
|
Same Store Volume (2): |
|
|
|
|
|
|
|
|
Revenue |
|
|
18 |
% |
|
|
11 |
% |
Admissions |
|
|
16 |
% |
|
|
11 |
% |
Recertifications |
|
|
12 |
% |
|
|
4 |
% |
Total (3): |
|
|
|
|
|
|
|
|
Admissions |
|
|
46,880 |
|
|
|
41,924 |
|
Recertifications |
|
|
16,625 |
|
|
|
15,508 |
|
Visits |
|
|
920,154 |
|
|
|
802,621 |
|
|
|
|
Total (3): |
|
|
|
|
|
|
|
|
Cost per Visit |
|
$ |
85.36 |
|
|
$ |
87.65 |
|
Visits |
|
|
3,292,052 |
|
|
|
3,232,438 |
|
(1) |
Operating income of $39.9 million on a GAAP basis for the six-month period ended June 30, 2014. |
(2) |
Same store Medicare and Non-Medicare revenue, admissions or recertifications volume is the percent increase (decrease) in our Medicare and Non-Medicare revenue, admissions or recertifications for the period as a percent
of the Medicare and Non-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 including sequestration is the average Medicare revenue earned for each Medicare completed episode of care which includes 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. |
7
Supplemental Information - Hospice
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Periods Ended June 30, |
|
|
|
2015 |
|
|
2014 |
|
Financial Information (in millions): |
|
|
|
|
|
|
|
|
Medicare revenue |
|
$ |
62.5 |
|
|
$ |
57.7 |
|
Non-Medicare revenue |
|
|
3.8 |
|
|
|
3.8 |
|
|
|
|
|
|
|
|
|
|
Net service revenue |
|
|
66.3 |
|
|
|
61.5 |
|
Cost of service |
|
|
33.4 |
|
|
|
33.2 |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
32.9 |
|
|
|
28.3 |
|
Other operating expenses |
|
|
16.0 |
|
|
|
15.2 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
16.9 |
|
|
$ |
13.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Statistical Data: |
|
|
|
|
|
|
|
|
Same Store Volume (2): |
|
|
|
|
|
|
|
|
Medicare revenue |
|
|
10 |
% |
|
|
(3 |
%) |
Non-Medicare revenue |
|
|
5 |
% |
|
|
8 |
% |
Hospice admits |
|
|
11 |
% |
|
|
(3 |
%) |
Average daily census |
|
|
8 |
% |
|
|
(4 |
%) |
Total (3): |
|
|
|
|
|
|
|
|
Hospice admits |
|
|
4,713 |
|
|
|
4,350 |
|
Average daily census |
|
|
4,944 |
|
|
|
4,649 |
|
Revenue per day |
|
$ |
147.53 |
|
|
$ |
145.44 |
|
Cost of service per day |
|
$ |
74.07 |
|
|
$ |
78.24 |
|
Average length of stay |
|
|
86 |
|
|
|
99 |
|
|
|
|
|
For the Six-Month Periods Ended June 30, |
|
|
|
2015 |
|
|
2014 |
|
Financial Information (in millions): |
|
|
|
|
|
|
|
|
Medicare revenue |
|
$ |
118.9 |
|
|
$ |
116.1 |
|
Non-Medicare revenue |
|
|
7.6 |
|
|
|
7.4 |
|
|
|
|
|
|
|
|
|
|
Net service revenue |
|
|
126.5 |
|
|
|
123.5 |
|
Cost of service |
|
|
65.7 |
|
|
|
66.2 |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
60.8 |
|
|
|
57.3 |
|
Other operating expenses |
|
|
31.2 |
|
|
|
32.8 |
|
|
|
|
|
|
|
|
|
|
Operating income before impairment (1) |
|
$ |
29.6 |
|
|
$ |
24.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Statistical Data: |
|
|
|
|
|
|
|
|
Same Store Volume (2): |
|
|
|
|
|
|
|
|
Medicare revenue |
|
|
6 |
% |
|
|
(4 |
%) |
Non-Medicare revenue |
|
|
9 |
% |
|
|
2 |
% |
Hospice admits |
|
|
9 |
% |
|
|
(4 |
%) |
Average daily census |
|
|
4 |
% |
|
|
(5 |
%) |
Total (3): |
|
|
|
|
|
|
|
|
Hospice admits |
|
|
9,277 |
|
|
|
8,945 |
|
Average daily census |
|
|
4,740 |
|
|
|
4,685 |
|
Revenue per day |
|
$ |
147.51 |
|
|
$ |
145.70 |
|
Cost of service per day |
|
$ |
76.47 |
|
|
$ |
77.86 |
|
Average length of stay |
|
|
88 |
|
|
|
99 |
|
(1) |
Operating income of $23.5 million on a GAAP basis for the six-month period ended June 30, 2014. |
(2) |
Same store Medicare and Non-Medicare revenue, Hospice admits or average daily census volume is the percent increase in our Medicare and Non-Medicare revenue, Hospice admits or average daily census for the period as a
percent of the Medicare and Non-Medicare revenue, Hospice admits or average daily census of the prior period. |
(3) |
Based on continuing operations for all periods presented. |
8
Supplemental Information - Corporate
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Periods Ended June 30, |
|
|
|
2015 |
|
|
2014 |
|
Financial Information (in millions): |
|
|
|
|
|
|
|
|
Other operating expenses |
|
$ |
36.8 |
|
|
$ |
26.7 |
|
Depreciation and amortization |
|
|
3.0 |
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
39.8 |
|
|
$ |
31.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six-Month Periods Ended June 30, |
|
|
|
2015 |
|
|
2014 |
|
Financial Information (in millions): |
|
|
|
|
|
|
|
|
Other operating expenses |
|
$ |
63.6 |
|
|
$ |
60.8 |
|
Depreciation and amortization |
|
|
7.6 |
|
|
|
9.6 |
|
|
|
|
|
|
|
|
|
|
Total before impairment (1) |
|
$ |
71.2 |
|
|
$ |
70.4 |
|
|
|
|
|
|
|
|
|
|
(1) |
Total of $146.4 million on a GAAP basis for the six-month period ended June 30, 2015. |
9
AMEDISYS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAPP 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, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Net income (loss) attributable to Amedisys, Inc. |
|
$ |
10,637 |
|
|
$ |
7,619 |
|
|
$ |
(24,372 |
) |
|
$ |
(4,798 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations, net of tax |
|
|
|
|
|
|
61 |
|
|
|
|
|
|
|
(216 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from continuing operations attributable to Amedisys, Inc. |
|
|
10,637 |
|
|
|
7,558 |
|
|
|
(24,372 |
) |
|
|
(4,582 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
|
|
7,566 |
|
|
|
4,743 |
|
|
|
(14,025 |
) |
|
|
(2,875 |
) |
Interest expense, net |
|
|
2,412 |
|
|
|
1,336 |
|
|
|
4,816 |
|
|
|
2,591 |
|
Depreciation and amortization |
|
|
4,615 |
|
|
|
7,692 |
|
|
|
11,152 |
|
|
|
15,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (1) |
|
|
25,230 |
|
|
|
21,329 |
|
|
|
(22,429 |
) |
|
|
10,728 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain items (2) |
|
|
6,427 |
|
|
|
784 |
|
|
|
80,467 |
|
|
|
16,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (3) |
|
$ |
31,657 |
|
|
$ |
22,113 |
|
|
$ |
58,038 |
|
|
$ |
27,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. Reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Periods Ended June 30, |
|
|
For the Six-Month Periods Ended June 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Net income (loss) attributable to Amedisys, Inc. |
|
$ |
10,637 |
|
|
$ |
7,619 |
|
|
$ |
(24,372 |
) |
|
$ |
(4,798 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations, net of tax |
|
|
|
|
|
|
61 |
|
|
|
|
|
|
|
(216 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from continuing operations attributable to Amedisys, Inc. |
|
|
10,637 |
|
|
|
7,558 |
|
|
|
(24,372 |
) |
|
|
(4,582 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain items (2) |
|
|
3,888 |
|
|
|
482 |
|
|
|
48,682 |
|
|
|
10,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income from continuing operations attributable to Amedisys, Inc. (4) |
|
$ |
14,525 |
|
|
$ |
8,040 |
|
|
$ |
24,310 |
|
|
$ |
5,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income 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, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share |
|
$ |
0.32 |
|
|
$ |
0.23 |
|
|
$ |
(0.74 |
) |
|
$ |
(0.15 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share |
|
|
0.32 |
|
|
|
0.23 |
|
|
|
(0.74 |
) |
|
|
(0.14 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain items (2) |
|
|
0.12 |
|
|
|
0.02 |
|
|
|
1.48 |
|
|
|
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share (5) |
|
$ |
0.43 |
|
|
$ |
0.25 |
|
|
$ |
0.73 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
10
(2) |
The following details the certain other items for the three and six-month periods ended June 30, 2015 and 2014: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Period Ended June 30, 2015 |
|
|
For the Six-Month Period Ended June 30, 2015 |
|
|
|
(Income) Expense |
|
|
Net |
|
|
Diluted EPS |
|
|
(Income) Expense |
|
|
Net |
|
|
Diluted EPS |
|
Life insurance proceeds |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
(1,044 |
) |
|
$ |
(632 |
) |
|
$ |
(0.02 |
) |
Partial claim recovery |
|
|
(307 |
) |
|
|
(186 |
) |
|
|
|
|
|
|
(1,125 |
) |
|
|
(681 |
) |
|
|
(0.02 |
) |
Inventory and Data Security Reporting |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,121 |
|
|
|
1,283 |
|
|
|
0.04 |
|
Wage and Hour litigation |
|
|
8,000 |
|
|
|
4,840 |
|
|
|
0.14 |
|
|
|
8,000 |
|
|
|
4,840 |
|
|
|
0.15 |
|
Unrealized gain on investment |
|
|
(3,945 |
) |
|
|
(2,387 |
) |
|
|
(0.07 |
) |
|
|
(5,357 |
) |
|
|
(3,241 |
) |
|
|
(0.10 |
) |
Asset impairment charge |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,193 |
|
|
|
45,492 |
|
|
|
1.38 |
|
Exit and restructuring activity costs |
|
|
2,679 |
|
|
|
1,621 |
|
|
|
0.05 |
|
|
|
2,679 |
|
|
|
1,621 |
|
|
|
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
6,427 |
|
|
$ |
3,888 |
|
|
$ |
0.12 |
|
|
$ |
80,467 |
|
|
$ |
48,682 |
|
|
$ |
1.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Period Ended June 30, 2014 |
|
|
For the Six-Month Period Ended June 30, 2014 |
|
|
|
(Income) Expense |
|
|
Net |
|
|
Diluted EPS |
|
|
(Income) Expense |
|
|
Net |
|
|
Diluted 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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 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 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 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 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 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. |
11
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