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AMEDISYS REPORTS FIRST QUARTER 2023 FINANCIAL RESULTS AND UPDATES 2023 GUIDANCE

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PR Newswire

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." 


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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

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