LAFAYETTE, La., April 3, 2014 (GLOBE NEWSWIRE) -- LHC Group, Inc. (Nasdaq:LHCG), a national provider of home health, hospice and comprehensive post-acute healthcare services, announced today that it has acquired the assets of a home health and hospice provider in the Certificate of Need (CON) state of West Virginia and signed a definitive purchase agreement to acquire the assets of a home health and community-based service provider in the CON state of North Carolina. Annual combined revenue for the two transactions is approximately $2 million.
LHC Group acquired St. Joseph Hospital Home Health and Hospice located in Buckhannon, West Virginia, effective April 1, 2014. The service area includes seven counties for home health and six counties for hospice. The Home Health services division is now known as "West Virginia Home Health" and Hospice continues to be known as "St. Joseph's Hospice."
LHC Group has also signed a definitive purchase agreement to acquire the assets of Professional Nursing Services, which is expected to close on May 1, 2014, subject to customary closing conditions. The acquisition comprises a home health provider and four community-based service providers located near Raleigh, North Carolina. The service area includes nine counties for home health and four counties for community-based services. Upon closing of the transaction, the Home Health services division will be known as "North Carolina Home Health" and the Community-Based services division will continue to be known as "Professional Nursing Services."
Keith G. Myers, LHC Group chairman and CEO, said, "It is with great pleasure that I welcome the healthcare professionals from St. Joseph Hospital Home Health and Hospice and Professional Nursing Services into our growing LHC Group family. We are proud to be part of these communities and look forward to collaborating with St. Joseph's Hospital and local clinicians to deliver high-quality healthcare that allows patients to safely remain in the comfort of their homes."
Mr. Myers added, "These acquisitions fit perfectly into our strategy to increase our service area through the acquisition of small, underdeveloped providers located in CON states. We look forward to continuing this strategy throughout 2014 and being able to offer home health, hospice and community-based services to the patients and families in these communities."
About LHC Group, Inc.
LHC Group, Inc. (LHCGroup.com) is a national provider of post-acute healthcare services, providing quality, cost-effective healthcare to patients within the comfort and privacy of their home or place of residence. LHC Group provides a comprehensive array of healthcare services through home health, hospice and community-based services agencies in its home-based division and long-term acute care hospitals in its facility-based division.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company's future financial performance and the strength of the Company's operations. Such forward-looking statements may be identified by words such as "continue," "expect," and similar expressions. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including changes in reimbursement, changes in government regulations, changes in LHC Group's relationships with referral sources, increased competition for LHC Group's services, increased competition for joint venture and acquisition candidates, changes in the interpretation of government regulations and other risks set forth in Item 1A. Risk Factors in LHC Group's Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission. LHC Group undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Eric Elliott Investor Relations (337) 233-1307 eric.elliott@LHCgroup.com