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Mittwoch, 03.08.2022 16:15 von | Aufrufe: 54

LHC Group announces second quarter 2022 financial results

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PR Newswire

LAFAYETTE, La., Aug. 3, 2022 /PRNewswire/ -- LHC Group, Inc. (NASDAQ: LHCG) announced its financial results for the quarter ended June 30, 2022.

Second Quarter 2022 Financial Results

  • Net service revenue increased 5.5% to $576.2 million.
  • Net income attributable to LHC Group's common stockholders was $10.6 million, or $0.35 per diluted share.
  • Adjusted net income attributable to LHC Group's common stockholders was $29.8 million, or $0.98 adjusted earnings per diluted share.
  • Adjusted EBITDA was $53.0 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 4.20 in the April 2022 release to 4.25 in the July 2022 release and Home Health quality patient satisfaction ratings continue to improve from 3.83 in the April 2022 release to 4.01 in the July 2022 release.
  • Organic growth in hospice admissions increased 5.5% in the second 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 second 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 second 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 29,000 employees deliver home health, hospice, home- and community-based services, and facility-based care in 37 states and the District of Columbia – reaching 68 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.


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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 proxy statement filed by the Company with the SEC on May 17, 2022. 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.

LHC GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

(Unaudited)


June 30,

2022


December 31,
2021

ASSETS




Current assets:




Cash

$         27,400


$          9,809

Receivables:




Patient accounts receivable

342,068


348,820

Other receivables

13,304


13,780

Amounts due from governmental entities

483


Total receivables

355,855


362,600

Prepaid income taxes

19,613


7,531

Prepaid expenses

20,556


28,401

Other current assets

36,166


24,801

Total current assets

459,590


433,142

Property, building and equipment, net of accumulated depreciation of $106,541 and $98,394, respectively

155,978


153,959

Goodwill

1,751,430


1,748,426

Intangible assets, net of accumulated amortization of $21,902 and $19,152, respectively

397,121


400,002

Operating lease right of use asset

109,925


113,399

Other assets

63,830


46,693

Total assets

$    2,937,874


$   2,895,621

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable and other accrued liabilities

$       124,222


$        98,118

Salaries, wages, and benefits payable

94,432


100,532

Self-insurance reserves

41,302


33,784

Contract liabilities - deferred revenue

8,222


106,489

Current operating lease payable

36,929


37,630

Amounts due to governmental entities

3,034


5,447

Current liabilities - deferred employer payroll tax

26,790


26,790

Total current liabilities

334,931


408,790

Deferred income taxes

80,691


70,026

Income taxes payable

7,754


7,320

Revolving credit facility

759,000


661,197

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