Amedisys, Inc. (NASDAQ: AMED) today reported its financial results
for the three-month period ended March 31, 2024.
Three-Month Periods Ended March 31, 2024
and 2023
- Net service
revenue increased $15.0 million to $571.4 million compared to
$556.4 million in 2023. Prior year included $15.0 million of net
service revenue from our personal care business which was divested
on March 31, 2023.
- Net income
attributable to Amedisys, Inc. of $14.4 million, which is inclusive
of merger-related expenses totaling $20.7 million ($19.8 million,
net of tax), compared to $25.2 million in 2023.
- Net income
attributable to Amedisys, Inc. per diluted share of $0.44 compared
to $0.77 in 2023.
Adjusted Quarterly Results*
- Adjusted EBITDA
of $59.9 million compared to $57.8 million in 2023.
- Adjusted net
income attributable to Amedisys, Inc. of $33.9 million compared to
$32.7 million in 2023.
- Adjusted net income
attributable to Amedisys, Inc. per diluted share of $1.03 compared
to $1.00 in 2023.
* See pages 11 - 12 for the definition and reconciliations of
non-GAAP financial measures to GAAP measures.
The supplemental slides provided in connection
with the first quarter 2024 earnings release can be found on the
Investor Relations page of our website. In light of the pending
merger of the Company with UnitedHealth Group Incorporated,
Amedisys will not conduct a quarterly earnings call to discuss the
first quarter results.
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. calculated in accordance with
GAAP 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 calculated in accordance with GAAP 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 110,000 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 18,700 employees in 520 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 469,000
patients 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: disruption from the
proposed merger with UnitedHealth Group with patient, payor,
provider, referral source, 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 UnitedHealth Group 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 UnitedHealth Group 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 costs related to the proposed merger; the diversion of
management time on merger-related issues; the risk that termination
fees may be payable by the Company in the event that the merger
agreement is terminated under certain circumstances; 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; 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 SUBSIDIARIESCONDENSED
CONSOLIDATED INCOME STATEMENTS(Amounts in
thousands, except per share
data)(Unaudited) |
|
|
For the Three-Month Periods Ended March
31, |
|
|
2024 |
|
|
|
2023 |
|
Net
service revenue |
$ |
571,414 |
|
|
$ |
556,389 |
|
Operating expenses: |
|
|
|
Cost of service, inclusive of depreciation |
|
321,537 |
|
|
|
315,010 |
|
General and administrative expenses: |
|
|
|
Salaries and benefits |
|
127,946 |
|
|
|
126,339 |
|
Non-cash compensation |
|
7,433 |
|
|
|
3,273 |
|
Merger-related expenses |
|
20,667 |
|
|
|
720 |
|
Depreciation and amortization |
|
4,271 |
|
|
|
4,443 |
|
Other |
|
57,941 |
|
|
|
64,225 |
|
Total
operating expenses |
|
539,795 |
|
|
|
514,010 |
|
Operating income |
|
31,619 |
|
|
|
42,379 |
|
Other
income (expense): |
|
|
|
Interest income |
|
1,727 |
|
|
|
406 |
|
Interest expense |
|
(8,119 |
) |
|
|
(7,517 |
) |
Equity in earnings from equity method investments |
|
910 |
|
|
|
123 |
|
Miscellaneous, net |
|
1,090 |
|
|
|
(682 |
) |
Total
other expense, net |
|
(4,392 |
) |
|
|
(7,670 |
) |
Income
before income taxes |
|
27,227 |
|
|
|
34,709 |
|
Income
tax expense |
|
(12,633 |
) |
|
|
(9,800 |
) |
Net
income |
|
14,594 |
|
|
|
24,909 |
|
Net
(income) loss attributable to noncontrolling interests |
|
(194 |
) |
|
|
337 |
|
Net
income attributable to Amedisys, Inc. |
$ |
14,400 |
|
|
$ |
25,246 |
|
Basic
earnings per common share: |
|
|
|
Net income attributable to Amedisys, Inc. common stockholders |
$ |
0.44 |
|
|
$ |
0.78 |
|
Weighted average shares outstanding |
|
32,670 |
|
|
|
32,558 |
|
Diluted
earnings per common share: |
|
|
|
Net income attributable to Amedisys, Inc. common stockholders |
$ |
0.44 |
|
|
$ |
0.77 |
|
Weighted average shares outstanding |
|
32,979 |
|
|
|
32,643 |
|
|
|
|
|
|
|
|
|
AMEDISYS, INC. AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS(Amounts in thousands,
except share data) |
|
|
March 31, 2024 (unaudited) |
|
December 31, 2023 |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
108,234 |
|
|
$ |
126,450 |
|
Restricted cash |
|
12,470 |
|
|
|
12,413 |
|
Patient accounts receivable |
|
359,359 |
|
|
|
313,373 |
|
Prepaid expenses |
|
20,332 |
|
|
|
14,639 |
|
Other current assets |
|
26,053 |
|
|
|
30,060 |
|
Total current assets |
|
526,448 |
|
|
|
496,935 |
|
Property
and equipment, net of accumulated depreciation of $96,056 and
$92,422 |
|
42,684 |
|
|
|
41,845 |
|
Operating lease right of use assets |
|
88,425 |
|
|
|
88,939 |
|
Goodwill |
|
1,244,679 |
|
|
|
1,244,679 |
|
Intangible assets, net of accumulated amortization of $15,128 and
$14,008 |
|
101,778 |
|
|
|
102,675 |
|
Other
assets |
|
85,857 |
|
|
|
85,097 |
|
Total assets |
$ |
2,089,871 |
|
|
$ |
2,060,170 |
|
LIABILITIES AND EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
36,249 |
|
|
$ |
28,237 |
|
Payroll and employee benefits |
|
131,631 |
|
|
|
136,835 |
|
Accrued expenses |
|
147,464 |
|
|
|
140,049 |
|
Termination fee paid by UnitedHealth Group |
|
106,000 |
|
|
|
106,000 |
|
Current portion of long-term obligations |
|
37,232 |
|
|
|
36,314 |
|
Current portion of operating lease liabilities |
|
26,284 |
|
|
|
26,286 |
|
Total current liabilities |
|
484,860 |
|
|
|
473,721 |
|
Long-term obligations, less current portion |
|
356,080 |
|
|
|
361,862 |
|
Operating lease liabilities, less current portion |
|
62,220 |
|
|
|
62,751 |
|
Deferred
income tax liabilities |
|
43,229 |
|
|
|
40,635 |
|
Other
long-term obligations |
|
828 |
|
|
|
1,418 |
|
Total liabilities |
|
947,217 |
|
|
|
940,387 |
|
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;
38,146,546 and 38,131,478 shares issued; 32,676,115 and 32,667,631
shares outstanding |
|
38 |
|
|
|
38 |
|
Additional paid-in capital |
|
795,063 |
|
|
|
787,177 |
|
Treasury stock, at cost, 5,470,431 and 5,463,847 shares of common
stock |
|
(469,243 |
) |
|
|
(468,626 |
) |
Retained earnings |
|
762,325 |
|
|
|
747,925 |
|
Total Amedisys, Inc. stockholders’ equity |
|
1,088,183 |
|
|
|
1,066,514 |
|
Noncontrolling interests |
|
54,471 |
|
|
|
53,269 |
|
Total equity |
|
1,142,654 |
|
|
|
1,119,783 |
|
Total liabilities and equity |
$ |
2,089,871 |
|
|
$ |
2,060,170 |
|
|
AMEDISYS, INC. AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE
OUTSTANDING(Amounts in thousands, except
statistical information)(Unaudited) |
|
|
For the Three-MonthPeriods Ended March
31, |
|
|
2024 |
|
|
|
2023 |
|
Cash Flows from Operating Activities: |
|
|
|
Net
income |
$ |
14,594 |
|
|
$ |
24,909 |
|
Adjustments to reconcile net income to net cash (used in) provided
by operating activities: |
|
|
|
Depreciation and amortization (inclusive of depreciation included
in cost of service) |
|
6,138 |
|
|
|
5,694 |
|
Non-cash compensation |
|
7,886 |
|
|
|
3,273 |
|
Amortization and impairment of operating lease right of use
assets |
|
8,566 |
|
|
|
8,622 |
|
Loss (gain) on disposal of property and equipment |
|
4 |
|
|
|
(70 |
) |
Loss on personal care divestiture |
|
— |
|
|
|
2,186 |
|
Deferred income taxes |
|
2,594 |
|
|
|
2,772 |
|
Equity in earnings from equity method investments |
|
(910 |
) |
|
|
(123 |
) |
Amortization of deferred debt issuance costs |
|
248 |
|
|
|
248 |
|
Return on equity method investments |
|
170 |
|
|
|
1,787 |
|
Changes
in operating assets and liabilities, net of impact of
acquisitions: |
|
|
|
Patient accounts receivable |
|
(46,806 |
) |
|
|
(7,476 |
) |
Other current assets |
|
(1,696 |
) |
|
|
(4,128 |
) |
Operating lease right of use assets |
|
(1,042 |
) |
|
|
(918 |
) |
Other assets |
|
155 |
|
|
|
(111 |
) |
Accounts payable |
|
8,652 |
|
|
|
(3,457 |
) |
Accrued expenses |
|
3,029 |
|
|
|
741 |
|
Other long-term obligations |
|
(591 |
) |
|
|
(28 |
) |
Operating lease liabilities |
|
(7,532 |
) |
|
|
(7,960 |
) |
Net cash
(used in) provided by operating activities |
|
(6,541 |
) |
|
|
25,961 |
|
Cash Flows from Investing Activities: |
|
|
|
Proceeds
from the sale of deferred compensation plan assets |
|
21 |
|
|
|
19 |
|
Purchases of property and equipment |
|
(2,670 |
) |
|
|
(1,350 |
) |
Investments in technology assets |
|
(223 |
) |
|
|
(210 |
) |
Investment in equity method investee |
|
(196 |
) |
|
|
— |
|
Proceeds
from personal care divestiture |
|
— |
|
|
|
47,787 |
|
Acquisitions of businesses, net of cash acquired |
|
— |
|
|
|
(350 |
) |
Net cash
(used in) provided by investing activities |
|
(3,068 |
) |
|
|
45,896 |
|
Cash Flows from Financing Activities: |
|
|
|
Proceeds
from issuance of stock under employee stock purchase plan |
|
— |
|
|
|
816 |
|
Shares
withheld to pay taxes on non-cash compensation |
|
(617 |
) |
|
|
(1,308 |
) |
Noncontrolling interest contributions |
|
1,764 |
|
|
|
— |
|
Noncontrolling interest distributions |
|
(756 |
) |
|
|
(285 |
) |
Purchase
of noncontrolling interest |
|
— |
|
|
|
(800 |
) |
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 |
|
(8,941 |
) |
|
|
(55,313 |
) |
Net cash
used in financing activities |
|
(8,550 |
) |
|
|
(56,890 |
) |
Net
(decrease) increase in cash, cash equivalents and restricted
cash |
|
(18,159 |
) |
|
|
14,967 |
|
Cash,
cash equivalents and restricted cash at beginning of period |
|
138,863 |
|
|
|
54,133 |
|
Cash,
cash equivalents and restricted cash at end of period |
$ |
120,704 |
|
|
$ |
69,100 |
|
|
|
|
|
|
For the Three-Month Periods Ended
March 31, |
|
|
2024 |
|
|
|
2023 |
|
Supplemental Disclosures of Cash Flow
Information: |
|
|
|
Cash
paid for interest |
$ |
8,188 |
|
|
$ |
6,654 |
|
Cash
paid for income taxes, net of refunds received |
$ |
828 |
|
|
$ |
352 |
|
Cash
paid for operating lease liabilities |
$ |
8,574 |
|
|
$ |
8,878 |
|
Cash
paid for finance lease liabilities |
$ |
2,236 |
|
|
$ |
2,457 |
|
Supplemental Disclosures of Non-Cash
Activity: |
|
|
|
Right of
use assets obtained in exchange for operating lease
liabilities |
$ |
7,173 |
|
|
$ |
7,083 |
|
Right of
use assets obtained in exchange for finance lease liabilities |
$ |
4,326 |
|
|
$ |
20,790 |
|
Reductions to right of use assets resulting from reductions to
operating lease liabilities |
$ |
168 |
|
|
$ |
141 |
|
Reductions to right of use assets resulting from reductions to
finance lease liabilities |
$ |
496 |
|
|
$ |
369 |
|
Days
revenue outstanding (1) |
|
54.1 |
|
|
|
46.3 |
|
|
(1) Our
calculation of days revenue outstanding at March 31, 2024 and 2023
is derived by dividing our ending patient accounts receivable by
our average daily patient revenue for the three-month periods ended
March 31, 2024 and 2023, respectively. |
|
AMEDISYS, INC. AND SUBSIDIARIESSEGMENT
INFORMATION(Amounts in millions, except
statistical information)(Unaudited) |
Segment
Information - Home Health |
|
|
For the Three-Month PeriodsEnded March
31, |
|
|
2024 |
|
|
|
2023 |
|
Financial
Information (in
millions): |
|
|
|
Medicare |
$ |
215.8 |
|
|
$ |
215.4 |
|
Non-Medicare |
|
148.2 |
|
|
|
127.9 |
|
Net service revenue |
|
364.0 |
|
|
|
343.3 |
|
Cost of
service, inclusive of depreciation |
|
210.4 |
|
|
|
197.0 |
|
Gross
margin |
|
153.6 |
|
|
|
146.3 |
|
General
and administrative expenses |
|
91.0 |
|
|
|
89.1 |
|
Depreciation and amortization |
|
1.8 |
|
|
|
1.1 |
|
Operating income |
$ |
60.8 |
|
|
$ |
56.1 |
|
Same Store
Growth(1): |
|
|
|
Medicare
revenue |
|
— |
% |
|
|
(7 |
%) |
Non-Medicare revenue |
|
16 |
% |
|
|
12 |
% |
Total
admissions |
|
10 |
% |
|
|
8 |
% |
Total
volume(2) |
|
8 |
% |
|
|
5 |
% |
Key Statistical Data -
Total(3): |
|
|
|
Admissions |
|
112,215 |
|
|
|
101,963 |
|
Recertifications |
|
43,961 |
|
|
|
43,325 |
|
Total
volume |
|
156,176 |
|
|
|
145,288 |
|
|
|
|
|
Medicare completed
episodes |
|
72,998 |
|
|
|
73,563 |
|
Average
Medicare revenue per completed episode(4) |
$ |
2,998 |
|
|
$ |
2,974 |
|
Medicare
visits per completed episode(5) |
|
11.9 |
|
|
|
12.4 |
|
|
|
|
|
Visiting
clinician cost per visit |
$ |
105.38 |
|
|
$ |
100.00 |
|
Clinical
manager cost per visit |
|
11.99 |
|
|
|
10.97 |
|
Total
cost per visit |
$ |
117.37 |
|
|
$ |
110.97 |
|
Visits |
|
1,792,629 |
|
|
|
1,775,206 |
|
|
(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, startups and de novos. |
(4) Average
Medicare revenue per completed episode is the average Medicare
revenue earned for each Medicare completed episode of care. |
(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. |
|
Segment Information -
Hospice
|
For the Three-Month Periods Ended March
31, |
|
|
2024 |
|
|
|
2023 |
|
Financial
Information (in millions): |
|
|
|
Medicare |
$ |
190.0 |
|
|
$ |
182.7 |
|
Non-Medicare |
|
11.0 |
|
|
|
10.7 |
|
Net service revenue |
|
201.0 |
|
|
|
193.4 |
|
Cost of
service, inclusive of depreciation |
|
105.3 |
|
|
|
101.4 |
|
Gross
margin |
|
95.7 |
|
|
|
92.0 |
|
General
and administrative expenses |
|
48.1 |
|
|
|
47.9 |
|
Depreciation and amortization |
|
0.7 |
|
|
|
0.6 |
|
Operating income |
$ |
46.9 |
|
|
$ |
43.5 |
|
Same Store
Growth(1): |
|
|
|
Medicare
revenue |
|
4 |
% |
|
|
— |
% |
Hospice
admissions |
|
(3 |
%) |
|
|
(5 |
%) |
Average
daily census |
|
— |
% |
|
|
(1 |
%) |
Key Statistical Data -
Total(2): |
|
|
|
Hospice
admissions |
|
12,657 |
|
|
|
12,998 |
|
Average
daily census |
|
12,767 |
|
|
|
12,730 |
|
Revenue
per day, net |
$ |
173.04 |
|
|
$ |
168.83 |
|
Cost of
service per day |
$ |
90.64 |
|
|
$ |
88.21 |
|
Average
discharge length of stay |
|
92 |
|
|
|
90 |
|
|
(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 de novos. |
|
Segment Information - Personal Care
(1)
|
For the Three-Month Periods Ended March
31, |
|
|
2024 |
|
|
2023 |
|
Financial
Information (in millions): |
|
|
|
Medicare |
$ |
— |
|
$ |
— |
|
Non-Medicare |
|
— |
|
|
15.0 |
|
Net service revenue |
|
— |
|
|
15.0 |
|
Cost of
service, inclusive of depreciation |
|
— |
|
|
11.1 |
|
Gross
margin |
|
— |
|
|
3.9 |
|
General
and administrative expenses |
|
— |
|
|
2.3 |
|
Depreciation and amortization |
|
— |
|
|
— |
|
Operating income |
$ |
— |
|
$ |
1.6 |
|
Key Statistical Data - Total: |
|
|
|
Billable
hours |
|
— |
|
|
440,464 |
|
Clients
served |
|
— |
|
|
7,892 |
|
Shifts |
|
— |
|
|
191,379 |
|
Revenue
per hour |
$ |
— |
|
$ |
33.97 |
|
Revenue
per shift |
$ |
— |
|
$ |
78.19 |
|
Hours
per shift |
|
— |
|
|
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, |
|
|
2024 |
|
|
|
2023 |
|
Financial
Information (in millions): |
|
|
|
Medicare |
$ |
— |
|
|
$ |
— |
|
Non-Medicare |
|
6.4 |
|
|
|
4.7 |
|
Net service revenue |
|
6.4 |
|
|
|
4.7 |
|
Cost of
service, inclusive of depreciation |
|
5.8 |
|
|
|
5.5 |
|
Gross
margin |
|
0.6 |
|
|
|
(0.8 |
) |
General
and administrative expenses |
|
5.9 |
|
|
|
4.4 |
|
Depreciation and amortization |
|
0.9 |
|
|
|
0.8 |
|
Operating loss |
$ |
(6.2 |
) |
|
$ |
(6.0 |
) |
Key Statistical Data - Total: |
|
|
|
Full
risk admissions |
|
139 |
|
|
|
158 |
|
Limited
risk admissions |
|
622 |
|
|
|
459 |
|
Total
admissions |
|
761 |
|
|
|
617 |
|
Total
admissions growth |
|
23 |
% |
|
|
85 |
% |
|
|
|
|
Full
risk revenue per episode |
$ |
10,073 |
|
|
$ |
11,343 |
|
Limited
risk revenue per episode |
$ |
6,780 |
|
|
$ |
5,711 |
|
|
|
|
|
Number
of admitting joint ventures |
|
9 |
|
|
|
9 |
|
|
|
|
|
|
|
|
|
Segment Information - Corporate
|
For the Three-Month PeriodsEnded March
31, |
|
|
2024 |
|
|
2023 |
Financial
Information (in millions): |
|
|
|
General
and administrative expenses |
$ |
69.0 |
|
$ |
50.9 |
Depreciation and amortization |
|
0.9 |
|
|
1.9 |
Total
operating expenses |
$ |
69.9 |
|
$ |
52.8 |
|
AMEDISYS, INC. AND
SUBSIDIARIESRECONCILIATION 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 PeriodsEnded March
31, |
|
|
2024 |
|
|
2023 |
|
Net income attributable to
Amedisys, Inc. |
$ |
14,400 |
|
$ |
25,246 |
|
Add: |
|
|
|
Income tax expense |
|
12,633 |
|
|
9,800 |
|
Interest expense, net |
|
6,392 |
|
|
7,111 |
|
Depreciation and
amortization |
|
6,138 |
|
|
5,694 |
|
Certain items(1) |
|
20,296 |
|
|
9,987 |
|
Adjusted EBITDA(2)(5) |
$ |
59,859 |
|
$ |
57,838 |
|
|
Adjusted Net Income Attributable to Amedisys, Inc
Reconciliation:
|
For the Three-Month PeriodsEnded March
31, |
|
|
2024 |
|
|
2023 |
Net income attributable to
Amedisys, Inc. |
$ |
14,400 |
|
$ |
25,246 |
Add: |
|
|
|
Certain items(1) |
|
19,548 |
|
|
7,489 |
Adjusted net income
attributable to Amedisys, Inc.(3)(5) |
$ |
33,948 |
|
$ |
32,735 |
|
Adjusted Net Income Attributable to Amedisys, Inc. per
Diluted Share Reconciliation:
|
For the Three-Month PeriodsEnded March
31, |
|
|
2024 |
|
|
2023 |
Net income attributable to
Amedisys, Inc. common stockholders per diluted share |
$ |
0.44 |
|
$ |
0.77 |
Add: |
|
|
|
Certain items(1) |
|
0.59 |
|
|
0.23 |
Adjusted net income
attributable to Amedisys, Inc. common stockholders per diluted
share(4)(5) |
$ |
1.03 |
|
$ |
1.00 |
|
(1) The following
details the certain items for the three-month periods ended
March 31, 2024 and 2023: |
|
Certain Items (in thousands):
|
For the Three-Month PeriodsEnded March
31, |
|
|
2024 |
|
|
|
2023 |
|
|
(Income) Expense |
|
(Income) Expense |
Certain Items
Impacting Cost of Service, Inclusive of Depreciation: |
|
|
|
Clinical optimization and
reorganization costs |
$ |
— |
|
|
$ |
114 |
|
Certain Items
Impacting General and Administrative Expenses: |
|
|
|
Acquisition and integration
costs |
|
— |
|
|
|
1,667 |
|
CEO transition |
|
— |
|
|
|
750 |
|
Merger-related expenses |
|
20,667 |
|
|
|
720 |
|
Clinical optimization and
reorganization costs |
|
— |
|
|
|
3,170 |
|
Personal care divestiture |
|
— |
|
|
|
514 |
|
Certain Items
Impacting Total Other Income (Expense): |
|
|
|
Other (income) expense,
net |
|
(371 |
) |
|
|
3,052 |
|
Total |
$ |
20,296 |
|
|
$ |
9,987 |
|
Net of tax |
$ |
19,548 |
|
|
$ |
7,489 |
|
Diluted EPS |
$ |
0.59 |
|
|
$ |
0.23 |
|
|
(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. |
|
Amedisys (NASDAQ:AMED)
過去 株価チャート
から 4 2024 まで 5 2024
Amedisys (NASDAQ:AMED)
過去 株価チャート
から 5 2023 まで 5 2024