BATON
ROUGE, La., May 3, 2023
/PRNewswire/ -- Amedisys, Inc. (NASDAQ: AMED) today reported its
financial results for the three-month period ended March 31,
2023.
Three-Month Periods Ended March 31, 2023 and 2022
- Net service revenue increased $11.1
million to $556.4 million
compared to $545.3 million in
2022.
- Net income attributable to Amedisys, Inc. of $25.2 million compared to $31.7 million in 2022.
- Net income attributable to Amedisys, Inc. per diluted share of
$0.77 compared to $0.97 in 2022.
Adjusted Quarterly Results*
- Adjusted EBITDA of $57.8 million
compared to $66.3 million in
2022.
- Adjusted net income attributable to Amedisys, Inc. of
$32.7 million compared to
$40.1 million in 2022.
- Adjusted net income attributable to Amedisys, Inc. per diluted
share of $1.00 compared to
$1.23 in 2022.
* See pages 2 and 12 - 13 for the definition and reconciliations
of non-GAAP financial measures to GAAP measures.
Richard Ashworth, President and
Chief Executive Officer, stated, "I am very pleased by our strong
outperformance on adjusted EBITDA and EPS versus our internal
expectations this quarter, and I am incredibly thankful for our
18,000 associates who helped to deliver these results. Quality is a
core value at Amedisys, and it was one of the biggest drivers for
me in joining the organization. In my first few weeks here, I have
had the distinct pleasure of spending time in the field with our
caregivers and regional associates, and having the opportunity to
see and hear all they do, it is no wonder why we are the highest
quality provider in our spaces. Quality is also a self-fulfilling
prophecy as higher quality drives better growth and financial
performance. I look forward to our continued progress across our
four strategic focus areas of Growth, People, Clinical Optimization
and Contessa and am excited to deliver more quarters of repeatable
and predictable financial performance."
Scott Ginn, Acting Chief
Operating Officer, Executive Vice President and Chief Financial
Officer, said, "I am very encouraged by our first quarter
performance as our strong home health admissions and hospice
adjusted EBITDA margin improvement outpaced our internal
projections. We are on track in our clinical optimization
initiatives which benefited the hospice segment in the first
quarter but will ultimately benefit all segments as we eliminate
administrative processes in our care centers in order to have a
singular focus on patient care."
Updated 2023 Guidance
We are updating our previously issued guidance:
- Adjusted net service revenue is anticipated to be in the range
of $2.254 billion to $2.274 billion.
- Adjusted EBITDA is anticipated to be in the range of
$235 million to $245 million.
- Adjusted diluted earnings per share is anticipated to be in the
range of $4.14 to $4.36 based on an estimated 32.8 million shares
outstanding.
This guidance excludes the effects of any future acquisitions
and potential share repurchases, if any are made.
The foregoing full year 2023 financial guidance excludes the
impact of the Company's pending combination with Option Care
Health.
We urge caution in considering the current trends and 2023
guidance disclosed in this press release. The home health, hospice
and high acuity care industries are 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, 2022,
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.
Earnings Call Information
In a separate press release issued today, Amedisys announced it
has entered into a definitive agreement to combine with Option Care
Health.
Amedisys and Option Care Health will host an investor call today
at 5:30 p.m. Eastern Time to discuss
the details of the transaction. Details for such call are available
in the separate press release issued today. In light of the
transaction announcement, we will forego our previously scheduled
first quarter 2023 earnings conference call.
Non-GAAP Financial Measures
This press release includes reconciliations of the most
comparable financial measures calculated and presented in
accordance with accounting principles generally accepted in the
U.S. ("GAAP") to non-GAAP financial measures. The non-GAAP
financial measures as defined under SEC rules are as follows: (1)
adjusted EBITDA, defined as net income attributable to Amedisys,
Inc. before net interest expense, provision for income taxes and
depreciation and amortization, excluding certain items; (2)
adjusted net income attributable to Amedisys, Inc., defined as net
income attributable to Amedisys, Inc. excluding certain items; and
(3) adjusted net income attributable to Amedisys, Inc. per diluted
share, defined as net income attributable to Amedisys, Inc. common
stockholders per diluted share excluding certain items. Management
believes that these non-GAAP financial measures, when reviewed in
conjunction with GAAP financial measures, are useful gauges of our
current performance and are also included in internal management
reporting. These non-GAAP financial measures should be considered
in addition to, and not more meaningful than or as an alternative
to the GAAP financial measures presented in this earnings release
and the company's financial statements. Non-GAAP measures as
presented herein may not be comparable to similarly titled measures
reported by other companies since not all companies calculate these
non-GAAP measures consistently.
Additional Information
Amedisys, Inc. (the "Company") is a leading healthcare at home
company delivering personalized home health, hospice and high
acuity care services. Amedisys is focused on delivering the care
that is best for our patients, whether that is in-patient hospital,
palliative and skilled nursing facility ("SNF") care in their
homes; home-based recovery and rehabilitation after an operation or
injury, care focused on empowering our patients to manage a chronic
disease, or hospice care at the end of life. More than 3,000
hospitals and 102,000 physicians nationwide have chosen Amedisys as
a partner in post-acute care. Founded in 1982, headquartered in
Baton Rouge, LA with an executive
office in Nashville, TN, Amedisys
is a publicly held company. With approximately 18,000 employees in
522 care centers within 37 states and the District of Columbia, Amedisys is dedicated to
delivering the highest quality of care to the doorsteps of more
than 455,000 patients and clients in need every year. For more
information about the Company, please visit: www.amedisys.com.
We use our website as a channel of distribution for important
company information. Important information, including press
releases, investor 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.
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," "strategy," "plans," "anticipates," "intends,"
"projects," "estimates," "may," "might," "will," "could," "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: the risk that the cost savings and any revenue synergies
or other synergies from the proposed merger with Option Care Health
may not be realized or may take longer than anticipated to be
realized; disruption from the proposed merger with patient, payer,
provider, referral sources, supplier or management and employee
relationships; the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger
agreement with Option Care Health or the inability to complete the
proposed transaction on the anticipated terms and timetable; the
risk that necessary regulatory approvals for the proposed
merger with Option Care Health are delayed, are not obtained or are
obtained subject to conditions that are not anticipated; the
failure of the conditions to the proposed merger to be satisfied;
the inability to complete the proposed transaction due to the
failure to obtain approval of the stockholders at Option Care
Health or Amedisys or to satisfy any other condition in a timely
manner or at all; the risks related to the integration of the
combined businesses, including the risk that the integration will
be materially delayed or will be more costly or difficult than
expected; the ability of the combined company to execute carefully
its strategic plans; the costs related to the proposed transaction;
the diversion of management time on merger-related issues; the
ability of Option Care Health to effectively manage the larger and
more complex operations of the combined company following the
proposed merger with the Company; reputational risk related to the
proposed merger; the risk of litigation or regulatory action
related to the proposed merger; changes in Medicare and other
medical payment levels; changes in payments and covered services by
federal and state governments; future cost containment initiatives
undertaken by third-party payors; changes in the episodic versus
non-episodic mix of our payors, the case mix of our patients and
payment methodologies; staffing shortages driven by the competitive
labor market; our ability to attract and retain qualified
personnel; competition in the healthcare industry; our ability to
maintain or establish new patient referral sources; 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; the impact of the novel coronavirus
pandemic ("COVID-19") on our business, financial condition and
results of operations; changes in estimates and judgments
associated with critical accounting policies; our ability to
consistently provide high-quality care; our ability to keep our
patients and employees safe; our access to financing; our ability
to meet debt service requirements and comply with covenants in debt
agreements; business disruptions due to natural or man-made
disasters, climate change or acts of terrorism, widespread protests
or civil unrest; our ability to open care centers, acquire
additional care centers and integrate and operate these care
centers effectively; our ability to realize the anticipated
benefits of acquisitions, investments and joint ventures; our
ability to integrate, manage and keep our information systems
secure; the impact of inflation; and changes in laws 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.
Contact:
|
Investor Contact:
|
Media
Contact:
|
|
Amedisys, Inc.
|
Amedisys, Inc.
|
|
Nick Muscato
|
Kendra Kimmons
|
|
Chief Strategy Officer
|
Vice President, Marketing &
Communications
|
|
(615) 928- 5452
|
(225) 299-3720
|
|
IR@amedisys.com
|
kendra.kimmons@amedisys.com
|
AMEDISYS, INC. AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED INCOME STATEMENTS
|
(Amounts in
thousands, except per share data)
|
(Unaudited)
|
|
|
For the Three-Month
Periods Ended March 31,
|
|
2023
|
|
2022
|
Net service
revenue
|
$
556,389
|
|
$
545,257
|
Operating
expenses:
|
|
|
|
Cost of service,
inclusive of depreciation
|
315,010
|
|
304,820
|
General and
administrative expenses:
|
|
|
|
Salaries and
benefits
|
126,339
|
|
123,480
|
Non-cash
compensation
|
3,273
|
|
7,347
|
Depreciation and
amortization
|
4,443
|
|
8,008
|
Other
|
64,945
|
|
53,640
|
Total operating
expenses
|
514,010
|
|
497,295
|
Operating
income
|
42,379
|
|
47,962
|
Other income
(expense):
|
|
|
|
Interest
income
|
406
|
|
13
|
Interest
expense
|
(7,517)
|
|
(3,173)
|
Equity in earnings
(loss) from equity method investments
|
123
|
|
(1,403)
|
Miscellaneous,
net
|
(682)
|
|
333
|
Total other expense,
net
|
(7,670)
|
|
(4,230)
|
Income before income
taxes
|
34,709
|
|
43,732
|
Income tax
expense
|
(9,800)
|
|
(12,019)
|
Net income
|
24,909
|
|
31,713
|
Net loss (income)
attributable to noncontrolling interests
|
337
|
|
(42)
|
Net income attributable
to Amedisys, Inc.
|
$
25,246
|
|
$
31,671
|
Basic earnings per
common share:
|
|
|
|
Net income
attributable to Amedisys, Inc. common stockholders
|
$
0.78
|
|
$
0.97
|
Weighted average
shares outstanding
|
32,558
|
|
32,555
|
Diluted earnings per
common share:
|
|
|
|
Net income
attributable to Amedisys, Inc. common stockholders
|
$
0.77
|
|
$
0.97
|
Weighted average
shares outstanding
|
32,643
|
|
32,766
|
AMEDISYS, INC. AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Amounts in
thousands, except share data)
|
|
|
March 31,
2023
(unaudited)
|
|
December 31,
2022
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
49,436
|
|
$
40,540
|
Restricted
cash
|
19,664
|
|
13,593
|
Patient accounts
receivable
|
294,122
|
|
296,785
|
Prepaid
expenses
|
18,754
|
|
11,628
|
Other current
assets
|
23,581
|
|
26,415
|
Total current
assets
|
405,557
|
|
388,961
|
Property and equipment,
net of accumulated depreciation of $105,183 and $101,364
|
33,353
|
|
16,026
|
Operating lease right
of use assets
|
85,211
|
|
102,856
|
Goodwill
|
1,244,679
|
|
1,287,399
|
Intangible assets, net
of accumulated amortization of $16,071 and $14,604
|
99,929
|
|
101,167
|
Other assets
|
78,230
|
|
79,836
|
Total
assets
|
$ 1,946,959
|
|
$ 1,976,245
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
40,017
|
|
$
43,735
|
Payroll and employee
benefits
|
122,723
|
|
125,387
|
Accrued
expenses
|
137,899
|
|
137,390
|
Current portion of
long-term obligations
|
26,958
|
|
15,496
|
Current portion of
operating lease liabilities
|
25,453
|
|
33,521
|
Total current
liabilities
|
353,050
|
|
355,529
|
Long-term obligations,
less current portion
|
373,202
|
|
419,420
|
Operating lease
liabilities, less current portion
|
59,826
|
|
69,504
|
Deferred income tax
liabilities
|
22,752
|
|
20,411
|
Other long-term
obligations
|
4,781
|
|
4,808
|
Total
liabilities
|
813,611
|
|
869,672
|
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; 37,938,354 and 37,891,186
shares issued; 32,544,145 and 32,511,465 shares
outstanding
|
38
|
|
38
|
Additional paid-in
capital
|
758,669
|
|
755,063
|
Treasury stock, at
cost, 5,394,209 and 5,379,721 shares of common stock
|
(462,508)
|
|
(461,200)
|
Retained
earnings
|
782,918
|
|
757,672
|
Total Amedisys, Inc.
stockholders' equity
|
1,079,117
|
|
1,051,573
|
Noncontrolling
interests
|
54,231
|
|
55,000
|
Total
equity
|
1,133,348
|
|
1,106,573
|
Total liabilities and
equity
|
$ 1,946,959
|
|
$ 1,976,245
|
AMEDISYS, INC. AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE
OUTSTANDING
|
(Amounts in
thousands, except statistical information)
|
(Unaudited)
|
|
|
For the
Three-Month
Periods Ended March
31,
|
|
2023
|
|
2022
|
Cash Flows from
Operating Activities:
|
|
|
|
Net income
|
$ 24,909
|
|
$ 31,713
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization (inclusive of depreciation included in cost of
service)
|
5,694
|
|
8,008
|
Non-cash
compensation
|
3,273
|
|
7,347
|
Amortization and
impairment of operating lease right of use assets
|
8,622
|
|
10,096
|
(Gain) loss on
disposal of property and equipment
|
(70)
|
|
5
|
Loss on personal care
divestiture
|
2,186
|
|
—
|
Deferred income
taxes
|
2,772
|
|
3,205
|
Equity in (earnings)
loss from equity method investments
|
(123)
|
|
1,403
|
Amortization of
deferred debt issuance costs
|
248
|
|
248
|
Return on equity
method investments
|
1,787
|
|
1,710
|
Changes in operating
assets and liabilities, net of impact of acquisitions:
|
|
|
|
Patient accounts
receivable
|
(7,476)
|
|
(18,618)
|
Other current
assets
|
(4,128)
|
|
7,882
|
Operating lease right
of use assets
|
(918)
|
|
(749)
|
Other
assets
|
(111)
|
|
247
|
Accounts
payable
|
(3,457)
|
|
(2,115)
|
Accrued
expenses
|
741
|
|
7,483
|
Other long-term
obligations
|
(28)
|
|
(57)
|
Operating lease
liabilities
|
(7,960)
|
|
(9,187)
|
Net cash provided by
operating activities
|
25,961
|
|
48,621
|
Cash Flows from
Investing Activities:
|
|
|
|
Proceeds from the sale
of deferred compensation plan assets
|
19
|
|
22
|
Proceeds from the sale
of property and equipment
|
—
|
|
37
|
Purchases of property
and equipment
|
(1,350)
|
|
(902)
|
Investments in
technology assets
|
(210)
|
|
(236)
|
Purchase of cost method
investment
|
—
|
|
(15,000)
|
Proceeds from personal
care divestiture
|
47,787
|
|
—
|
Acquisitions of
businesses, net of cash acquired
|
(350)
|
|
—
|
Net cash provided by
(used in) investing activities
|
45,896
|
|
(16,079)
|
Cash Flows from
Financing Activities:
|
|
|
|
Proceeds from issuance
of stock upon exercise of stock options
|
—
|
|
86
|
Proceeds from issuance
of stock to employee stock purchase plan
|
816
|
|
985
|
Shares withheld to pay
taxes on non-cash compensation
|
(1,308)
|
|
(4,682)
|
Noncontrolling interest
contributions
|
—
|
|
652
|
Noncontrolling interest
distributions
|
(285)
|
|
(672)
|
Proceeds from
borrowings under revolving line of credit
|
8,000
|
|
—
|
Repayments of
borrowings under revolving line of credit
|
(8,000)
|
|
—
|
Principal payments of
long-term obligations
|
(55,313)
|
|
(3,771)
|
Purchase of
noncontrolling interest
|
(800)
|
|
—
|
Net cash used in
financing activities
|
(56,890)
|
|
(7,402)
|
Net increase in cash,
cash equivalents and restricted cash
|
14,967
|
|
25,140
|
Cash, cash equivalents
and restricted cash at beginning of period
|
54,133
|
|
45,769
|
Cash, cash equivalents
and restricted cash at end of period
|
$ 69,100
|
|
$ 70,909
|
|
|
|
|
|
For the Three-Month
Periods Ended March
31,
|
|
2023
|
|
2022
|
Supplemental
Disclosures of Cash Flow Information:
|
|
|
|
Cash paid for
interest
|
$
6,654
|
|
$
1,864
|
Cash paid for income
taxes, net of refunds received
|
$
352
|
|
$
551
|
Cash paid for operating
lease liabilities
|
$
8,878
|
|
$
9,936
|
Cash paid for finance
lease liabilities
|
$
2,457
|
|
$
357
|
Supplemental
Disclosures of Non-Cash Activity:
|
|
|
|
Right of use assets
obtained in exchange for operating lease liabilities
|
$
7,083
|
|
$ 11,203
|
Right of use assets
obtained in exchange for finance lease liabilities
|
$ 20,790
|
|
$
216
|
Reductions to right of
use assets resulting from reductions to operating lease
liabilities
|
$
141
|
|
$
299
|
Reductions to right of
use assets resulting from reductions to finance lease
liabilities
|
$
369
|
|
$
—
|
Noncontrolling interest
contribution
|
$
—
|
|
$
8,900
|
Days revenue
outstanding (1)
|
46.3
|
|
46.3
|
(1)
|
Our calculation of days
revenue outstanding at March 31, 2023 and 2022 is derived by
dividing our ending patient accounts receivable by our average
daily patient revenue for the three-month periods ended March 31,
2023 and 2022, respectively.
|
AMEDISYS, INC. AND
SUBSIDIARIES
|
SEGMENT
INFORMATION
|
(Amounts in
millions, except statistical information)
|
(Unaudited)
|
|
Segment
Information - Home Health
|
|
|
For the Three-Month
Periods
Ended March
31,
|
|
2023
|
|
2022
|
Financial
Information (in millions)
(6):
|
|
|
|
Medicare
|
$
215.4
|
|
$
224.1
|
Non-Medicare
|
127.9
|
|
111.6
|
Net service
revenue
|
343.3
|
|
335.7
|
Cost of service,
inclusive of depreciation
|
197.0
|
|
185.2
|
Gross margin
|
146.3
|
|
150.5
|
General and
administrative expenses
|
89.1
|
|
83.2
|
Depreciation and
amortization
|
1.1
|
|
0.9
|
Operating
income
|
$
56.1
|
|
$
66.4
|
Same Store
Growth(1):
|
|
|
|
Medicare
revenue
|
(7 %)
|
|
1 %
|
Non-Medicare
revenue
|
12 %
|
|
4 %
|
Total
admissions
|
8 %
|
|
2 %
|
Total
volume(2)
|
5 %
|
|
— %
|
Key Statistical Data
- Total(3)(6):
|
|
|
|
Admissions
|
101,963
|
|
91,764
|
Recertifications
|
43,325
|
|
42,856
|
Total volume
|
145,288
|
|
134,620
|
|
|
|
|
Medicare completed
episodes
|
73,563
|
|
74,443
|
Average Medicare
revenue per completed episode(4)
|
$
2,974
|
|
$
3,013
|
Medicare visits per
completed episode(5)
|
12.4
|
|
13.0
|
|
|
|
|
Visiting clinician cost
per visit
|
$ 100.00
|
|
$
97.28
|
Clinical manager cost
per visit
|
10.97
|
|
10.62
|
Total cost per
visit
|
$ 110.97
|
|
$ 107.90
|
Visits
|
1,775,206
|
|
1,716,211
|
(1)
|
Same store information
represents the percent change in our Medicare, Non-Medicare and
Total revenue, admissions or volume for the period as a percent of
the Medicare, Non-Medicare and Total revenue, admissions or volume
of the prior period. Same store is defined as care centers that we
have operated for at least the last twelve months and startups that
are an expansion of a same store care center.
|
(2)
|
Total volume includes
all admissions and recertifications.
|
(3)
|
Total includes
acquisitions, start-ups and denovos.
|
(4)
|
Average Medicare
revenue per completed episode is the average Medicare revenue
earned for each Medicare completed episode of care. Average
Medicare revenue per completed episode reflects the suspension of
sequestration for the three-month period ended March 31, 2022 and
the reinstatement of sequestration at 2% for the three-month period
ended March 31, 2023.
|
(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.
|
(6)
|
Prior year has been
recast to conform to the current year presentation.
|
Segment
Information - Hospice
|
|
|
For the Three-Month
Periods
Ended March
31,
|
|
2023
|
|
2022
|
Financial
Information (in millions):
|
|
|
|
Medicare
|
$
182.7
|
|
$
182.5
|
Non-Medicare
|
10.7
|
|
10.6
|
Net service
revenue
|
193.4
|
|
193.1
|
Cost of service,
inclusive of depreciation
|
101.4
|
|
106.4
|
Gross margin
|
92.0
|
|
86.7
|
General and
administrative expenses
|
47.9
|
|
51.3
|
Depreciation and
amortization
|
0.6
|
|
0.6
|
Operating
income
|
$
43.5
|
|
$
34.8
|
Same Store
Growth(1):
|
|
|
|
Medicare
revenue
|
— %
|
|
1 %
|
Hospice
admissions
|
(5 %)
|
|
2 %
|
Average daily
census
|
(1 %)
|
|
(3 %)
|
Key Statistical Data
- Total(2):
|
|
|
|
Hospice
admissions
|
12,998
|
|
13,886
|
Average daily
census
|
12,730
|
|
12,920
|
Revenue per day,
net
|
$ 168.83
|
|
$ 166.04
|
Cost of service per
day
|
$
88.21
|
|
$
91.48
|
Average discharge
length of stay
|
90
|
|
89
|
(1)
|
Same store information
represents the percent change in our Medicare revenue, Hospice
admissions or average daily census for the period as a percent of
the Medicare revenue, Hospice admissions or average daily census of
the prior period. Same store is defined as care centers that we
have operated for at least the last twelve months and startups that
are an expansion of a same store care center.
|
(2)
|
Total includes
acquisitions and denovos.
|
Segment
Information - Personal Care (1)
|
|
|
For the Three-Month
Periods
Ended March
31,
|
|
2023
|
|
2022
|
Financial
Information (in millions):
|
|
|
|
Medicare
|
$
—
|
|
$
—
|
Non-Medicare
|
15.0
|
|
14.0
|
Net service
revenue
|
15.0
|
|
14.0
|
Cost of service,
inclusive of depreciation
|
11.1
|
|
10.8
|
Gross margin
|
3.9
|
|
3.2
|
General and
administrative expenses
|
2.3
|
|
2.2
|
Depreciation and
amortization
|
—
|
|
0.1
|
Operating
income
|
$
1.6
|
|
$
0.9
|
Key Statistical Data
- Total:
|
|
|
|
Billable
hours
|
440,464
|
|
451,032
|
Clients
served
|
7,892
|
|
7,479
|
Shifts
|
191,379
|
|
193,742
|
Revenue per
hour
|
$
33.97
|
|
$
30.95
|
Revenue per
shift
|
$
78.19
|
|
$
72.04
|
Hours per
shift
|
2.3
|
|
2.3
|
(1)
|
We completed the sale
of our personal care business on March 31, 2023.
|
Segment
Information - High Acuity Care
|
|
|
For the Three-Month
Periods
Ended March
31,
|
|
2023
|
|
2022
|
Financial
Information (in millions)
(1):
|
|
|
|
Medicare
|
$
—
|
|
$
—
|
Non-Medicare
|
4.7
|
|
2.5
|
Net service
revenue
|
4.7
|
|
2.5
|
Cost of service,
inclusive of depreciation
|
5.5
|
|
2.4
|
Gross margin
|
(0.8)
|
|
0.1
|
General and
administrative expenses
|
4.4
|
|
4.3
|
Depreciation and
amortization
|
0.8
|
|
0.8
|
Operating
loss
|
$
(6.0)
|
|
$
(5.0)
|
Key Statistical Data
- Total:
|
|
|
|
Full risk
admissions
|
158
|
|
106
|
Limited risk
admissions
|
459
|
|
227
|
Total
admissions
|
617
|
|
333
|
|
|
|
|
Full risk revenue per
episode
|
$
11,343
|
|
$
10,077
|
Limited risk revenue
per episode
|
$
5,711
|
|
$
5,779
|
|
|
|
|
Number of admitting
joint venture markets
|
10
|
|
9
|
(1)
|
Prior year has been
recast to conform to the current year presentation.
|
Segment
Information - Corporate
|
|
|
For the Three-Month
Periods
Ended March
31,
|
|
2023
|
|
2022
|
Financial
Information (in millions)
(1):
|
|
|
|
General and
administrative expenses
|
$
50.9
|
|
$
43.5
|
Depreciation and
amortization
|
1.9
|
|
5.6
|
Total operating
expenses
|
$
52.8
|
|
$
49.1
|
(1)
|
Prior year has been
recast to conform to the current year presentation.
|
AMEDISYS, INC. AND
SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES
|
(Amounts in
thousands)
|
(Unaudited)
|
|
Adjusted Earnings
Before Interest, Taxes, Depreciation and Amortization ("Adjusted
EBITDA") Reconciliation:
|
|
|
For the Three-Month Periods
Ended March 31,
|
|
2023
|
|
2022
|
Net income attributable
to Amedisys, Inc.
|
$ 25,246
|
|
$ 31,671
|
Add:
|
|
|
|
Income tax
expense
|
9,800
|
|
12,019
|
Interest
expense, net
|
7,111
|
|
3,160
|
Depreciation and amortization
|
5,694
|
|
8,008
|
Certain
items(1)
|
9,987
|
|
11,450
|
Adjusted
EBITDA(2)(5)
|
$ 57,838
|
|
$ 66,308
|
|
|
Adjusted Net
Income Attributable to Amedisys, Inc
Reconciliation:
|
|
|
For the Three-Month Periods
Ended March 31,
|
|
2023
|
|
2022
|
Net income attributable
to Amedisys, Inc.
|
$ 25,246
|
|
$ 31,671
|
Add:
|
|
|
|
Certain
items(1)
|
7,489
|
|
8,473
|
Adjusted net income
attributable to Amedisys, Inc.(3)(5)
|
$ 32,735
|
|
$ 40,144
|
|
|
Adjusted Net
Income Attributable to Amedisys, Inc. per Diluted Share
Reconciliation:
|
|
|
For the Three-Month Periods
Ended March 31,
|
|
2023
|
|
2022
|
Net income attributable
to Amedisys, Inc. common stockholders per diluted share
|
$
0.77
|
|
$
0.97
|
Add:
|
|
|
|
Certain
items(1)
|
0.23
|
|
0.26
|
Adjusted net income
attributable to Amedisys, Inc. common stockholders per diluted
share(4)(5)
|
$
1.00
|
|
$
1.23
|
(1)
|
The following details
the certain items for the three-month periods ended March 31, 2023
and 2022:
|
Certain
Items:
|
|
|
For the Three-Month
Periods
Ended March
31,
|
|
2023
|
|
2022
|
|
(Income)
Expense
|
|
(Income)
Expense
|
Certain Items
Impacting Cost of Service, Inclusive of
Depreciation:
|
|
|
|
COVID-19
costs
|
$
—
|
|
$
3,733
|
Fuel
supplement
|
—
|
|
337
|
Clinical optimization
and reorganization costs
|
114
|
|
—
|
Certain Items
Impacting General and Administrative Expenses:
|
|
|
|
Acquisition and
integration costs
|
1,667
|
|
1,378
|
COVID-19
costs
|
—
|
|
153
|
Executive Board of
Directors/CEO transition award
|
750
|
|
3,500
|
Legal fees -
non-routine
|
—
|
|
51
|
Clinical optimization
and reorganization costs
|
3,890
|
|
—
|
Personal care
divestiture
|
514
|
|
—
|
Certain Items
Impacting Total Other Income (Expense):
|
|
|
|
Other (income) expense,
net
|
3,052
|
|
2,298
|
Total
|
$
9,987
|
|
$
11,450
|
Net of tax
|
$
7,489
|
|
$
8,473
|
Diluted EPS
|
$
0.23
|
|
$
0.26
|
(2)
|
Adjusted EBITDA is
defined as net income attributable to Amedisys, Inc. before net
interest expense, provision for income taxes and depreciation and
amortization, excluding certain items as described in footnote
1.
|
(3)
|
Adjusted net income
attributable to Amedisys, Inc. is defined as net income
attributable to Amedisys, Inc. calculated in accordance with GAAP
excluding certain items as described in footnote 1.
|
(4)
|
Adjusted net income
attributable to Amedisys, Inc. common stockholders per diluted
share is defined as diluted income per share calculated in
accordance with GAAP excluding the earnings per share effect of
certain items as described in footnote 1.
|
(5)
|
Adjusted EBITDA,
adjusted net income attributable to Amedisys, Inc. and adjusted net
income 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 or other measures
calculated in accordance with GAAP. These calculations may not be
comparable to a similarly titled measure reported by other
companies, since not all companies calculate these non-GAAP
financial measures in the same manner.
|
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SOURCE Amedisys, Inc.