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Amedisys Reports Second Quarter Financial Results

BATON ROUGE, La., July 29, 2015 (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, 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:
    • Net service revenue of $314.1 million compared to $305.0 million in 2014.
    • 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.)
    • 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.)
    • 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

  • 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:
    • Net service revenue of $615.7 million compared to $603.7 million in 2014.
    • 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.)
    • 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.)
    • 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. I’d 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 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 “Reconciliation of Non-GAAP Financial Measures to GAAP Financial Statements” for explanation of these certain items and the reconciliations of non-GAAP financial measures.

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.

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, 2015 December 31, 2014
ASSETS
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


Statement of Operations Information
For the Three-Month PeriodsFor the Six-Month Periods
Ended June 30, 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)


Cash Flow and Days Revenue Outstanding, Net Information
For the Three-For the Six-
Month Periods Ended June 30, 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.


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
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.


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.


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.


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-For the Six-
Month Periods EndedMonth Periods Ended
June 30, 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-For the Six-
Month Periods EndedMonth Periods Ended
June 30, 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-For the Six-
Month Periods EndedMonth Periods Ended
June 30,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.
(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, 2015For the Six-Month Period Ended June 30, 2015
(Income)
(Income) ExpenseNetDiluted EPSExpenseNetDiluted 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, 2014For the Six-Month Period Ended June 30, 2014
(Income)
(Income) ExpenseNetDiluted EPSExpenseNetDiluted 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.

Investor Contact: Amedisys, Inc. David Castille Managing 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

Source:Amedisys, Inc.