Amedisys Reports Fourth Quarter and Year End 2024 Financial Results

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Amedisys (NASDAQ: AMED) delivered revenue growth of 5% to $2.35 billion for full-year 2024, with Q4 revenue increasing 4.8% to $598.1 million. However, the company's bottom line presents a more complex picture, with Q4 showing a $20.4 million net loss compared to $19.3 million profit in Q4 2023.

This loss stems primarily from two significant charges: $17.4 million in merger-related expenses and a $48.4 million goodwill impairment charge. The impairment suggests management has recognized diminished future value expectations in certain business segments, potentially reflecting competitive pressures in the home health market.

Looking at operational metrics reveals mixed performance across segments. The Home Health division shows concerning trends with Medicare admissions declining 1.3% on a same-store basis, indicating patient acquisition challenges. However, revenue per episode increased 3.0%, helping offset volume declines. Meanwhile, the Hospice segment demonstrated stronger performance with 4.9% Medicare revenue growth.

The company's working capital management has improved, with days revenue outstanding at 39.5 days compared to 43.5 days last year, indicating more efficient collection processes. This operational improvement is particularly valuable in the current high-interest environment.

Despite industry headwinds including staffing shortages and reimbursement pressures mentioned in the forward-looking statements, Amedisys maintained relatively stable adjusted EBITDA of $245.8 million (down slightly from $247.0 million). This suggests operational resilience, though the minimal growth in adjusted EPS ($4.32 vs $4.30) indicates underlying profit expansion.

With the UnitedHealth merger pending regulatory approval (notably facing DOJ opposition), investors should focus on Amedisys' standalone operational performance while awaiting resolution of the acquisition process.

Amedisys's 2024 results reflect the evolving dynamics in the home healthcare market, with 5% revenue growth to $2.35 billion demonstrating sustained demand for home-based services despite significant headwinds.

The $48.4 million goodwill impairment charge warrants particular attention as it signals management's recognition of diminished growth prospects in certain business segments. This impairment likely relates to acquired assets that haven't delivered expected returns, potentially in markets facing intensified competition or reimbursement challenges.

Segment performance reveals divergent trajectories that illuminate broader industry trends. Home Health's 1.3% decline in Medicare admissions despite 3.0% higher revenue per episode suggests the company is maximizing revenue from existing patients while struggling with new patient acquisition. This pattern aligns with industry-wide patient volume challenges as hospital discharge patterns evolve and competition intensifies from both traditional providers and emerging care delivery models.

Conversely, Hospice's stronger performance (4.9% Medicare revenue growth and 2.7% increase in average daily census) reflects the continued shift toward home-based end-of-life care and Amedisys's established position in this higher-margin segment.

The labor market challenges referenced in forward-looking statements represent perhaps the most significant operational constraint. The home health sector continues to face unprecedented staffing pressures, with clinical labor costs rising faster than Medicare reimbursement rates. Amedisys's ability to maintain relatively stable adjusted EBITDA despite these pressures demonstrates effective cost management.

The pending UnitedHealth merger faces substantial regulatory scrutiny, with the DOJ's opposition reflecting broader concerns about vertical integration between insurers and providers. If approved, this transaction would represent a significant acceleration of the payer-provider convergence trend in home health, potentially reshaping care delivery models and reimbursement structures throughout the industry.

02/26/2025 - 04:30 PM

BATON ROUGE, La., Feb. 26, 2025 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three-month period and year ended December 31, 2024.

Three-Month Periods Ended December 31, 2024 and 2023

Net service revenue increased $27.3 million to $598.1 million compared to $570.8 million in 2023.
Net loss attributable to Amedisys, Inc. of $20.4 million, which is inclusive of merger-related expenses totaling $17.4 million ($15.9 million, net of tax) and a non-cash goodwill and other intangibles impairment charge totaling $48.4 million ($38.4 million, net of noncontrolling interest and tax) compared to net income attributable to Amedisys, Inc. of $19.3 million, which is inclusive of merger-related expenses totaling $11.5 million ($9.6 million, net of tax) in 2023.
Net loss attributable to Amedisys, Inc. per diluted share of $0.62 compared to net income attributable to Amedisys, Inc. per diluted share of $0.59 in 2023.

Adjusted Quarterly Results*

Adjusted EBITDA of $54.6 million compared to $56.7 million in 2023.
Adjusted net income attributable to Amedisys, Inc. of $32.0 million compared to $30.8 million in 2023.
Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.96 compared to $0.94 in 2023.

Years Ended December 31, 2024 and 2023

Net service revenue increased $111.9 million to $2,348.3 million compared to $2,236.4 million in 2023.
Net income attributable to Amedisys, Inc. of $43.2 million, which is inclusive of merger-related expenses totaling $66.6 million ($64.0 million, net of tax) and a non-cash goodwill and other intangibles impairment charge totaling $48.4 million ($38.4 million, net of noncontrolling interest and tax) compared to net loss attributable to Amedisys, Inc. of $9.7 million, which is inclusive of merger-related expenses totaling $142.7 million ($140.5 million, net of tax) in 2023.
Net income attributable to Amedisys, Inc. per diluted share of $1.31 compared to net loss attributable to Amedisys, Inc. per diluted share of $0.30 in 2023.

Adjusted Year End Results*

Adjusted EBITDA of $245.8 million compared to $247.0 million in 2023.
Adjusted net income attributable to Amedisys, Inc. of $142.7 million compared to $140.6 million in 2023.
Adjusted net income attributable to Amedisys, Inc. per diluted share of $4.32 compared to $4.30 in 2023.

* See pages 2 and 13 - 14 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

The supplemental slides provided in connection with the fourth quarter and year end 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 fourth quarter and year end 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 (loss) 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 (loss) 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 (loss) income attributable to Amedisys, Inc. common stockholders per diluted share calculated in accordance with GAAP excluding certain items. Certain items include merger-related expenses, impairment charges, acquisition and integration costs, unusual or non-recurring expenses and certain non-operational 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 services company, delivering personalized home health, hospice and high acuity care services in the home. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based recovery and rehabilitation after an operation or injury, care focused on empowering our patients to manage a chronic disease, hospice care at the end of life or in-patient hospital, palliative and skilled nursing facility ("SNF") care in their homes. More than 3,300 hospitals and 114,000 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 19,000 employees in 519 care centers within 38 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 499,000 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 or by the outside date under the merger agreement; 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 transaction; 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, including among other things, the action by the Department of Justice to block the 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; the impact of new or increased tariffs; uncertainty around, and disruption from, new and emerging technologies, including the adoption and utilization of artificial intelligence ("AI") and generative AI 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:
Amedisys, Inc.
Nick Muscato
Chief Strategy Officer
(615) 928- 5452
IR@amedisys.com

Media Contact:
Amedisys, Inc.
Kendra Kimmons
Vice President, Marketing & Communications
(225) 299-3720
kendra.kimmons@amedisys.com

AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data)

	For the Three-Month Periods Ended December 31,						For the Years Ended December 31,
		2024			2023			2024			2023
Net service revenue	$	598,052		$	570,788		$	2,348,324		$	2,236,382
Operating expenses:
Cost of service, inclusive of depreciation		344,614			321,416			1,330,647			1,245,509
General and administrative expenses:
Salaries and benefits		137,646			135,123			529,748			516,049
Non-cash compensation		7,041			7,114			29,028			26,082
Merger-related expenses		17,401			11,521			66,638			36,672
Depreciation and amortization		4,566			4,143			17,997			17,747
Impairment		48,391			—			48,391			—
Other		58,017			57,462			231,337			237,929
Total operating expenses		617,676			536,779			2,253,786			2,079,988
Operating (loss) income		(19,624	)		34,009			94,538			156,394
Other income (expense):
Interest income		2,749			818			8,110			3,270
Interest expense		(6,978	)		(8,234	)		(30,764	)		(31,274	)
Equity in earnings from equity method investments		1,951			1,394			6,267			10,760
Merger termination fee		—			—			—			(106,000	)
Miscellaneous, net		2,674			1,211			8,065			6,473
Total other income (expense), net		396			(4,811	)		(8,322	)		(116,771	)
(Loss) income before income taxes		(19,228	)		29,198			86,216			39,623
Income tax expense		(6,291	)		(10,178	)		(48,054	)		(50,559	)
Net (loss) income		(25,519	)		19,020			38,162			(10,936	)
Net loss attributable to noncontrolling interests		5,138			302			5,069			1,189
Net (loss) income attributable to Amedisys, Inc.	$	(20,381	)	$	19,322		$	43,231		$	(9,747	)
Basic earnings per common share:
Net (loss) income attributable to Amedisys, Inc. common stockholders	$	(0.62	)	$	0.59		$	1.32		$	(0.30	)
Weighted average shares outstanding		32,751			32,635			32,718			32,599
Diluted earnings per common share:
Net (loss) income attributable to Amedisys, Inc. common stockholders	$	(0.62	)	$	0.59		$	1.31		$	(0.30	)
Weighted average shares outstanding		32,751			32,913			33,051			32,599

AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data)
	As of December 31,
		2024			2023
ASSETS
Current assets:
Cash and cash equivalents	$	303,242		$	126,450
Restricted cash		—			12,413
Patient accounts receivable		296,075			313,373
Prepaid expenses		13,072			14,639
Other current assets		19,694			30,060
Total current assets		632,083			496,935
Property and equipment, net of accumulated depreciation of $100,890 and $92,422		42,108			41,845
Operating lease right of use assets		81,500			88,939
Goodwill		1,213,888			1,244,679
Intangible assets, net of accumulated amortization of $18,787 and $14,008		81,155			102,675
Other assets		87,980			85,097
Total assets	$	2,138,714		$	2,060,170
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	39,956		$	28,237
Payroll and employee benefits		151,995			136,835
Accrued expenses		152,564			140,049
Termination fee paid by UnitedHealth Group		106,000			106,000
Current portion of long-term obligations		37,968			36,314
Current portion of operating lease liabilities		25,909			26,286
Total current liabilities		514,392			473,721
Long-term obligations, less current portion		339,313			361,862
Operating lease liabilities, less current portion		56,111			62,751
Deferred income tax liabilities		48,051			40,635
Other long-term obligations		882			1,418
Total liabilities		958,749			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; 38,307,521 and 38,131,478 shares issued; and 32,776,148 and 32,667,631 shares outstanding		38			38
Additional paid-in capital		818,201			787,177
Treasury stock at cost, 5,531,373 and 5,463,847 shares of common stock		(474,854	)		(468,626	)
Retained earnings		791,156			747,925
Total Amedisys, Inc. stockholders’ equity		1,134,541			1,066,514
Noncontrolling interests		45,424			53,269
Total equity		1,179,965			1,119,783
Total liabilities and equity	$	2,138,714		$	2,060,170

AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING (Amounts in thousands, except statistical information)

	For the Three-Month Periods Ended December 31,						For the Years Ended December 31,
		2024			2023			2024			2023
Cash Flows from Operating Activities:
Net (loss) income	$	(25,519	)	$	19,020		$	38,162		$	(10,936	)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization (inclusive of depreciation included in cost of service)		6,708			5,891			26,039			23,847
Non-cash compensation		8,249			9,400			30,639			29,024
Amortization and impairment of operating lease right of use assets		8,702			8,569			34,422			33,996
(Gain) loss on disposal of property and equipment		(6	)		(27	)		(28	)		319
Gain on deconsolidation of joint venture		(1,626	)		—			(1,626	)		—
Deferred income taxes		34			5,238			7,416			20,655
Loss on personal care divestiture		—			—			—			2,186
Merger termination fee		—			—			—			106,000
Equity in earnings from equity method investments		(1,951	)		(1,394	)		(6,267	)		(10,760	)
Amortization of deferred debt issuance costs		248			248			991			991
Return on equity method investments		1,471			764			3,631			5,073
Impairment		48,391			—			48,391			—
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		4,974			6,207			16,477			(26,727	)
Other current assets		458			8,796			11,700			(6,638	)
Operating lease right of use assets		(1,061	)		(983	)		(4,196	)		(3,786	)
Other assets		146			(84	)		744			189
Accounts payable		8,043			(6,977	)		12,210			(15,816	)
Accrued expenses		20,571			13,354			33,066			23,694
Other long-term obligations		(4	)		(234	)		(536	)		(3,390	)
Operating lease liabilities		(7,551	)		(7,477	)		(29,570	)		(30,733	)
Net cash provided by operating activities		70,277			60,311			221,665			137,188
Cash Flows from Investing Activities:
Proceeds from the sale of deferred compensation plan assets		34			29			55			54
Proceeds from the sale of property and equipment		—			36			—			136
Purchases of property and equipment		(1,110	)		(1,892	)		(6,550	)		(5,620	)
Investments in technology assets		(204	)		(212	)		(823	)		(7,093	)
Investments in equity method investees		—			—			(1,046	)		—
Return of investment		—			—			—			150
Proceeds from personal care divestiture		—			—			—			47,787
Acquisitions of businesses, net of cash acquired		—			—			—			(350	)
Net cash (used in) provided by investing activities		(1,280	)		(2,039	)		(8,364	)		35,064
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options		221			—			309			100
Proceeds from issuance of stock under employee stock purchase plan		—			—			—			2,602
Shares withheld to pay taxes on non-cash compensation		(1,312	)		(2,116	)		(6,152	)		(6,529	)
Noncontrolling interest contributions		301			220			2,212			1,452
Noncontrolling interest distributions		(788	)		(259	)		(3,362	)		(1,873	)
Purchase of noncontrolling interest		—			—			—			(800	)
Proceeds from borrowings under revolving line of credit		—			—			—			23,000
Repayments of borrowings under revolving line of credit		—			—			—			(23,000	)
Principal payments of long-term obligations		(9,627	)		(8,900	)		(37,357	)		(76,013	)
Payment of accrued contingent consideration		—			(2,370	)		(4,572	)		(6,461	)
Net cash used in financing activities		(11,205	)		(13,425	)		(48,922	)		(87,522	)
Net increase in cash, cash equivalents and restricted cash		57,792			44,847			164,379			84,730
Cash, cash equivalents and restricted cash at beginning of period		245,450			94,016			138,863			54,133
Cash, cash equivalents and restricted cash at end of period	$	303,242		$	138,863		$	303,242		$	138,863

	For the Three-Month Periods Ended December 31,						For the Years Ended December 31,
		2024			2023			2024			2023
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	6,769		$	7,888		$	29,989		$	29,766
Cash paid for income taxes, net of refunds received	$	12,102		$	4,809		$	40,095		$	29,127
Days revenue outstanding (1)		43.0			47.7			43.0			47.7

(1) Our calculation of days revenue outstanding at December 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 December 31, 2024 and 2023, respectively.

AMEDISYS, INC. AND SUBSIDIARIES SEGMENT INFORMATION (Amounts in millions, except statistical information) (Unaudited)

Segment Information - Home Health
	For the Three-Month Periods Ended December 31,
		2024			2023
*Financial Information(in millions)***:
Medicare	$	212.4		$	221.1
Non-Medicare		164.6			137.8
Net service revenue		377.0			358.9
Cost of service, inclusive of depreciation		226.3			208.0
Gross margin		150.7			150.9
General and administrative expenses		95.5			92.8
Depreciation and amortization		2.0			1.9
Operating income	$	53.2		$	56.2
Same Store Growth⁽¹⁾:
Medicare revenue		(4	%)		(1	%)
Non-Medicare revenue		19	%		15	%
Total admissions		8	%		7	%
Total volume⁽²⁾		7	%		5	%
Key Statistical Data - Total⁽³⁾:
Admissions		109,686			101,809
Recertifications		47,051			44,893
Total volume		156,737			146,702

Medicare completed episodes		72,173			73,892
Average Medicare revenue per completed episode⁽⁴⁾	$	3,030		$	2,997
Medicare visits per completed episode⁽⁵⁾		12.0			12.2

Visiting clinician cost per visit	$	111.75		$	108.64
Clinical manager cost per visit		13.13			12.12
Total cost per visit	$	124.88		$	120.76
Visits		1,812,048			1,721,985

	For the Years Ended December 31,
		2024			2023
*Financial Information(in millions)***:
Medicare	$	856.4		$	874.2
Non-Medicare		634.1			529.4
Net service revenue		1,490.5			1,403.6
Cost of service, inclusive of depreciation		874.9			801.1
Gross margin		615.6			602.5
General and administrative expenses		372.2			363.5
Depreciation and amortization		7.8			6.0
Operating income	$	235.6		$	233.0
Same Store Growth⁽¹⁾:
Medicare revenue		(2	%)		(3	%)
Non-Medicare revenue		20	%		13	%
Total admissions		11	%		6	%
Total volume⁽²⁾		8	%		4	%
Key Statistical Data - Total⁽³⁾:
Admissions		441,945			399,752
Recertifications		184,613			179,719
Total volume		626,558			579,471

Medicare completed episodes		289,289			295,017
Average Medicare revenue per completed episode⁽⁴⁾	$	3,021		$	2,998
Medicare visits per completed episode⁽⁵⁾		12.0			12.4

Visiting clinician cost per visit	$	108.01		$	103.31
Clinical manager cost per visit		12.41			11.58
Total cost per visit	$	120.42		$	114.89
Visits		7,265,742			6,972,929

(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 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 December 31,
		2024			2023
*Financial Information(in millions):***
Medicare	$	202.4		$	194.2
Non-Medicare		10.5			11.8
Net service revenue		212.9			206.0
Cost of service, inclusive of depreciation		112.2			107.8
Gross margin		100.7			98.2
General and administrative expenses		50.6			48.9
Depreciation and amortization		0.8			0.9
Operating income	$	49.3		$	48.4
Same Store Growth⁽¹⁾:
Medicare revenue		4	%		4	%
Hospice admissions		(1	%)		(3	%)
Average daily census		1	%		—	%
Key Statistical Data - Total⁽²⁾:
Hospice admissions		12,157			12,226
Average daily census		12,925			12,859
Revenue per day, net	$	179.02		$	174.10
Cost of service per day	$	94.38		$	91.18
Average discharge length of stay		95			97

	For the Years Ended December 31,
		2024			2023
*Financial Information(in millions):***
Medicare	$	783.9		$	754.0
Non-Medicare		41.9			44.8
Net service revenue		825.8			798.8
Cost of service, inclusive of depreciation		429.7			412.2
Gross margin		396.1			386.6
General and administrative expenses		197.1			193.1
Depreciation and amortization		3.1			3.0
Operating income	$	195.9		$	190.5
Same Store Growth⁽¹⁾:
Medicare revenue		4	%		1	%
Hospice admissions		(2	%)		(5	%)
Average daily census		—	%		(1	%)
Key Statistical Data - Total⁽²⁾:
Hospice admissions		48,426			49,587
Average daily census		12,916			12,863
Revenue per day, net	$	174.68		$	170.14
Cost of service per day	$	90.90		$	87.80
Average discharge length of stay		94			93

(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 - High Acuity Care
	For the Three-Month Periods Ended December 31,
		2024			2023
*Financial Information(in millions):***
Medicare	$	—		$	—
Non-Medicare		8.1			5.9
Net service revenue		8.1			5.9
Cost of service, inclusive of depreciation		6.1			5.6
Gross margin		2.0			0.3
General and administrative expenses		5.7			5.4
Depreciation and amortization		0.9			0.8
Impairment		48.4			—
Operating loss	$	(53.0	)	$	(5.9	)
Key Statistical Data - Total:
Full risk admissions		248			105
Limited risk admissions		659			600
Total admissions		907			705

Full risk revenue per episode	$	11,327		$	10,919
Limited risk revenue per episode	$	6,525		$	6,901

Number of admitting joint ventures		8			10

	For the Years Ended December 31,
		2024			2023
*Financial Information(in millions):***
Medicare	$	—		$	—
Non-Medicare		32.0			19.0
Net service revenue		32.0			19.0
Cost of service, inclusive of depreciation		26.0			21.1
Gross margin		6.0			(2.1	)
General and administrative expenses		22.7			20.4
Depreciation and amortization		3.4			3.1
Impairment		48.4			—
Operating loss	$	(68.5	)	$	(25.6	)
Key Statistical Data - Total:
Full risk admissions		761			648
Limited risk admissions		2,612			1,804
Total admissions		3,373			2,452

Full risk revenue per episode	$	10,470		$	10,565
Limited risk revenue per episode	$	6,685		$	6,187

Number of admitting joint ventures		8			10

Segment Information - Personal Care⁽¹⁾
	For the Years Ended December 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 - Corporate
	For the Three-Month Periods Ended December 31,
		2024		2023
*Financial Information(in millions):***
General and administrative expenses	$	68.2	$	64.1
Depreciation and amortization		0.9		0.6
Total operating expenses	$	69.1	$	64.7

	For the Years Ended December 31,
		2024		2023
*Financial Information(in millions):***
General and administrative expenses	$	264.8	$	237.5
Depreciation and amortization		3.7		5.6
Total operating expenses	$	268.5	$	243.1

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 December 31,					For the Years Ended December 31,
		2024			2023		2024		2023
Net (loss) income attributable to Amedisys, Inc.	$	(20,381	)	$	19,322	$	43,231	$	(9,747	)
Add:
Income tax expense		6,291			10,178		48,054		50,559
Interest expense, net		4,229			7,416		22,654		28,004
Depreciation and amortization		6,708			5,891		26,039		23,847
Certain items⁽¹⁾		57,802			13,846		105,795		154,344
Adjusted EBITDA⁽²⁾⁽⁵⁾	$	54,649		$	56,653	$	245,773	$	247,007

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:
	For the Three-Month Periods Ended December 31,					For the Years Ended December 31,
		2024			2023		2024		2023
Net (loss) income attributable to Amedisys, Inc.	$	(20,381	)	$	19,322	$	43,231	$	(9,747	)
Add:
Certain items⁽¹⁾		52,337			11,500		99,458		150,384
Adjusted net income attributable to Amedisys, Inc.⁽³⁾⁽⁵⁾	$	31,956		$	30,822	$	142,689	$	140,637

Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation:

	For the Three-Month Periods Ended December 31,					For the Years Ended December 31,
		2024			2023		2024		2023
Net (loss) income attributable to Amedisys, Inc. common stockholders per diluted share	$	(0.62	)	$	0.59	$	1.31	$	(0.30	)
Add:
Certain items⁽¹⁾		1.58			0.35		3.01		4.60
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share⁽⁴⁾⁽⁵⁾	$	0.96		$	0.94	$	4.32	$	4.30

(1) The following details the certain items for the three-month periods and years ended December 31, 2024 and 2023:

Certain Items (in thousands):
	For the Three-Month Period Ended December 31, 2024			For the Year Ended December 31, 2024
	(Income) Expense			(Income) Expense
*Certain Items Impacting General and Administrative Expenses:*
Merger-related expenses	$	17,401		$	66,638
Impairment		48,391			48,391
*Certain Items Impacting Other Income (Expense):*
Other (income) expense, net		(2,123	)		(3,367	)
*Certain Items Impacting Net Loss Attributable to Noncontrolling Interests:*
Impairment		(5,867	)		(5,867	)
Total	$	57,802		$	105,795
Net of tax	$	52,337		$	99,458
Diluted EPS	$	1.58		$	3.01

	For the Three-Month Period Ended December 31, 2023			For the Year Ended December 31, 2023
	(Income) Expense			(Income) Expense
*Certain Items Impacting Cost of Service, Inclusive of Depreciation:*
Clinical optimization and reorganization costs	$	199		$	595
*Certain Items Impacting General and Administrative Expenses:*
Acquisition and integration costs		180			3,286
CEO transition		661			5,940
Merger-related expenses		11,521			36,672
Clinical optimization and reorganization costs		1,819			6,022
Personal care divestiture		—			525
*Certain Items Impacting Other Income (Expense):*
Other (income) expense, net*		(534	)		101,304
Total	$	13,846		$	154,344
Net of tax	$	11,500		$	150,384
Diluted EPS	$	0.35		$	4.60

*Includes $106,000 merger termination fee recorded during the year ended December 31, 2023

(2) Adjusted EBITDA is defined as net (loss) 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 (loss) 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 (loss) 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.

FAQ

What was Amedisys (AMED) Q4 2024 revenue and how did it compare to 2023?

AMED's Q4 2024 net service revenue was $598.1 million, an increase of $27.3 million from $570.8 million in Q4 2023.

Why did Amedisys (AMED) report a net loss in Q4 2024?

AMED reported a Q4 net loss due to $17.4 million in merger-related expenses and a $48.4 million non-cash goodwill impairment charge.

What was Amedisys (AMED) full-year 2024 adjusted EBITDA?

AMED's adjusted EBITDA for 2024 was $245.8 million, slightly lower than $247.0 million in 2023.

How did Amedisys (AMED) adjusted earnings per share perform in 2024?

AMED's adjusted earnings per share for 2024 was $4.32, slightly up from $4.30 in 2023.

What was Amedisys (AMED) total revenue growth for full-year 2024?

AMED's net service revenue increased by $111.9 million to $2,348.3 million in 2024, up from $2,236.4 million in 2023.

Amedisys Reports Fourth Quarter and Year End 2024 Financial Results

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Amedisys Reports Fourth Quarter and Year End 2024 Financial Results

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