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Mittwoch, 04.05.2022 16:30 von | Aufrufe: 153

LHC Group announces first quarter 2022 financial results

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PR Newswire

LAFAYETTE, La., May 4, 2022 /PRNewswire/ -- LHC Group, Inc. (NASDAQ: LHCG) announced its financial results for the quarter ended March 31, 2022.

First Quarter 2022 Financial Results

  • Net service revenue increased 8.9% to $571.5 million.
  • Adjusted net revenue was $575.5 million
  • Net income attributable to LHC Group's common stockholders was $19.5 million, or $0.64 per diluted share.
  • Adjusted net income attributable to LHC Group's common stockholders was $33.4 million, or $1.09 adjusted earnings per diluted share.
  • Adjusted EBITDA was $54.5 million.

    A reconciliation of all non-GAAP financial results in this release appears on pages 9-10.

Operational and Strategic Highlights

  • LHC Group's quality and patient satisfaction scores continue to exceed the national average as the Company remains a leader among industry peers.
  • Home Health quality star ratings continue to improve from 4.12 in the January 2022 release to 4.20 in April 2022 release and to 4.25 in the CMS July 2022 preview.
  • Organic growth in total home health admissions increased 1.6% in the first quarter of 2022 compared with the same period in 2021.
  • Organic growth in hospice admissions increased 4.0% in the first quarter of 2022 compared with the same period in 2021.
  • On May 3, 2022, LHC Group announced that it has finalized a joint venture partnership for in-home services with Archbold Medical Center in Thomasville, Georgia.

The Company has posted supplemental financial information on the first quarter results, which can be found under Financial Results on the Company's Investor Relations page. In light of the pending acquisition of the Company by UnitedHealth Group Incorporated ("UNH"), LHC Group will not conduct a quarterly earnings call to discuss the first quarter results.

About LHC Group, Inc.
LHC Group, Inc. is a national provider of in-home healthcare services and innovations for communities around the nation, offering quality, value-based healthcare to patients primarily within the comfort and privacy of their home or place of residence. The company's 30,000 employees deliver home health, hospice, home and community based services, and facility-based care in 37 states and the District of Columbia – reaching 60 percent of the U.S. population aged 65 and older. Through Imperium Health, the company's ACO management and enablement company, LHC Group helps partners improve both savings and patient outcomes with a value-based approach. As the preferred joint venture partner for more than 400 leading U.S. hospitals and health systems, LHC Group works in cooperation with providers to customize each partnership and reach more patients and families with an effective and efficient model of care.

Forward-looking Statements
This press release contains "forward-looking statements" (as defined in the Securities Litigation Reform Act of 1995) regarding, among other things, future events or the future financial performance of the Company, or the timing or anticipated benefits of pending acquisition of the Company by UnitedHealth Group Incorporated. Words such as "anticipate," "expect," "project," "intend," "believe," "will," "estimates," "may," "could," "should" and words and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking statements. Forward-looking statements are based on information currently available to the Company and involve estimates, expectations and projections. Investors are cautioned that all such forward-looking statements are subject to risks and uncertainties, and important factors could cause actual events or results to differ materially from those indicated by such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those discussed and described in our most recent Annual Report on Form 10-K, including those risks described in Part I, Item 1A. Risk Factors thereof, and in other reports filed subsequently by us with the Securities and Exchange Commission and, with respect to the pending acquisition of the Company by UnitedHealth Group Incorporated, include, but are not limited to, those discussed in the preliminary proxy statement filed by the Company with the SEC on April 29, 2021. All forward-looking statements included in this document are based on information available to us on the date hereof, and the Company assumes no obligation to update any such forward-looking statements to reflect future events or circumstances, except as required by law.


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LHC GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

(Unaudited)



March 31,
2022


December 31,
2021

ASSETS




Current assets:




     Cash

$           7,680


$          9,809

     Receivables:




          Patient accounts receivable

376,968


348,820

          Other receivables

11,219


13,780

               Total receivables

388,187


362,600

     Prepaid taxes

13,195


     Prepaid income taxes

19,004


7,531

     Prepaid expenses

22,636


28,401

     Other current assets

34,538


24,801

               Total current assets

485,240


433,142

Property, building and equipment, net of accumulated depreciation of $101,643 and $98,394, respectively

156,673


153,959

Goodwill

1,747,504


1,748,426

Intangible assets, net of accumulated amortization of $20,772 and $19,152, respectively

397,973


400,002

Operating lease right of use asset

111,954


113,399

Other assets

44,196


46,693

               Total assets

$    2,943,540


$   2,895,621

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




     Accounts payable and other accrued liabilities

$       103,151


$        98,118

     Salaries, wages, and benefits payable

86,049


100,532

     Self-insurance reserves

41,331


33,784

     Contract liabilities - deferred revenue

43,922


106,489

     Current operating lease payable

37,633


37,630

     Amounts due to governmental entities

4,475


5,447

     Current liabilities - deferred employer payroll tax

26,790


26,790

               Total current liabilities

343,351


408,790

Deferred income taxes

76,749


70,026

Income taxes payable

7,537


7,320

Revolving credit facility

773,270


661,197

Long-term operating lease liabilities

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