Amedisys Reports Second Quarter 2024 Financial Results
Amedisys, Inc. (NASDAQ: AMED) reported its financial results for Q2 2024. Net service revenue increased by $38.2 million to $591.2 million compared to Q2 2023. The company reported a net income of $32.3 million, including $11.9 million in merger-related expenses, compared to a net loss of $80.3 million in Q2 2023. Adjusted EBITDA was $73.2 million, slightly down from $74.6 million in 2023. For the six-month period, net service revenue rose to $1,162.6 million, with a net income of $46.7 million. The company's adjusted net income per diluted share for Q2 2024 was $1.32, compared to $1.37 in 2023. Amedisys noted that it will not conduct a quarterly earnings call due to its pending merger with UnitedHealth Group Incorporated.
Amedisys, Inc. (NASDAQ: AMED) ha riportato i risultati finanziari per il secondo trimestre del 2024. I ricavi netti dai servizi sono aumentati di 38,2 milioni di dollari, raggiungendo i 591,2 milioni di dollari rispetto al secondo trimestre del 2023. L'azienda ha registrato un reddito netto di 32,3 milioni di dollari, compresi 11,9 milioni di dollari in spese legate alla fusione, rispetto a una perdita netta di 80,3 milioni di dollari nel secondo trimestre del 2023. L'EBITDA rettificato è stato di 73,2 milioni di dollari, in leggero calo rispetto ai 74,6 milioni di dollari del 2023. Nel periodo di sei mesi, i ricavi netti dai servizi sono saliti a 1.162,6 milioni di dollari, con un reddito netto di 46,7 milioni di dollari. L'utile netto rettificato per azione diluita dell'azienda per il secondo trimestre del 2024 è stato di 1,32 dollari, rispetto a 1,37 dollari nel 2023. Amedisys ha osservato che non condurrà una chiamata per gli utili trimestrali a causa della fusione in attesa con UnitedHealth Group Incorporated.
Amedisys, Inc. (NASDAQ: AMED) reportó sus resultados financieros para el segundo trimestre de 2024. Los ingresos netos por servicios aumentaron en 38,2 millones de dólares, alcanzando los 591,2 millones de dólares en comparación con el segundo trimestre de 2023. La compañía reportó una utilidad neta de 32,3 millones de dólares, incluyendo 11,9 millones de dólares en gastos relacionados con la fusión, en comparación con una pérdida neta de 80,3 millones de dólares en el segundo trimestre de 2023. El EBITDA ajustado fue de 73,2 millones de dólares, ligeramente por debajo de los 74,6 millones de dólares en 2023. Durante el período de seis meses, los ingresos netos por servicios aumentaron a 1.162,6 millones de dólares, con una utilidad neta de 46,7 millones de dólares. La utilidad neta ajustada por acción diluida de la compañía para el segundo trimestre de 2024 fue de 1,32 dólares, en comparación con 1,37 dólares en 2023. Amedisys destacó que no llevará a cabo una llamada de ganancias trimestral debido a su fusión pendiente con UnitedHealth Group Incorporated.
Amedisys, Inc. (NASDAQ: AMED)는 2024년 2분기 재무 결과를 발표했습니다. 서비스 순수익은 3,820만 달러 증가하여 5억 9,120만 달러에 이르렀으며, 2023년 2분기와 비교했습니다. 이 회사는 순이익으로 3,230만 달러를 보고했으며, 여기에는 합병 관련 비용으로 1,190만 달러가 포함되어 있으며, 2023년 2분기에는 8,030만 달러의 순손실을 기록했습니다. 조정된 EBITDA는 7,320만 달러로, 2023년의 7,460만 달러에서 약간 감소했습니다. 6개월 동안 서비스 순수익은 11억 6,260만 달러로 증가했으며, 순이익은 4,670만 달러입니다. 2024년 2분기 회사의 조정된 희석 주당 순이익은 1.32달러로, 2023년의 1.37달러와 비교했습니다. Amedisys는 UnitedHealth Group Incorporated와 진행 중인 합병으로 인해 분기 실적 발표 전화를 진행하지 않을 것이라고 밝혔습니다.
Amedisys, Inc. (NASDAQ: AMED) a annoncé ses résultats financiers pour le deuxième trimestre 2024. Les revenus nets de services ont augmenté de 38,2 millions de dollars, atteignant 591,2 millions de dollars par rapport au deuxième trimestre 2023. La société a signalé un bénéfice net de 32,3 millions de dollars, y compris 11,9 millions de dollars de dépenses liées à la fusion, contre une perte nette de 80,3 millions de dollars au deuxième trimestre 2023. L'EBITDA ajusté s'élevait à 73,2 millions de dollars, légèrement en baisse par rapport aux 74,6 millions de dollars de 2023. Pour la période de six mois, les revenus nets de services ont atteint 1 162,6 millions de dollars, avec un bénéfice net de 46,7 millions de dollars. Le bénéfice net ajusté par action diluée de la société pour le deuxième trimestre 2024 s'élevait à 1,32 dollar, contre 1,37 dollar en 2023. Amedisys a noté qu'elle ne tiendrait pas de conférence téléphonique trimestrielle sur les résultats en raison de sa fusion en attente avec UnitedHealth Group Incorporated.
Amedisys, Inc. (NASDAQ: AMED) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht. Der Netto-Serviceumsatz stieg um 38,2 Millionen Dollar auf 591,2 Millionen Dollar im Vergleich zum 2. Quartal 2023. Das Unternehmen berichtete von einem Nettoergebnis von 32,3 Millionen Dollar, einschließlich 11,9 Millionen Dollar an mit der Fusion verbundenen Kosten, im Vergleich zu einem Nettoverlust von 80,3 Millionen Dollar im 2. Quartal 2023. Das bereinigte EBITDA betrug 73,2 Millionen Dollar, leicht zurück von 74,6 Millionen Dollar im Jahr 2023. Für den Zeitraum von sechs Monaten stieg der Netto-Serviceumsatz auf 1.162,6 Millionen Dollar, mit einem Nettoergebnis von 46,7 Millionen Dollar. Das bereinigte Nettoergebnis je verwässerter Aktie des Unternehmens für das 2. Quartal 2024 betrug 1,32 Dollar, verglichen mit 1,37 Dollar im Jahr 2023. Amedisys wies darauf hin, dass aufgrund der bevorstehenden Fusion mit UnitedHealth Group Incorporated keine vierteljährliche Ergebnisbesprechung stattfinden wird.
- Net service revenue increased by $38.2 million to $591.2 million in Q2 2024
- Net income of $32.3 million in Q2 2024 compared to a net loss of $80.3 million in Q2 2023
- Six-month net service revenue increased by $53.2 million to $1,162.6 million
- Adjusted EBITDA decreased slightly to $73.2 million from $74.6 million in Q2 2023
- Adjusted net income per diluted share decreased to $1.32 from $1.37 in Q2 2023
- Merger-related expenses of $11.9 million impacted Q2 2024 results
Insights
Amedisys' Q2 2024 financial results reveal a mixed performance with some positive trends and areas of concern. The company's net service revenue increased by
However, the adjusted figures paint a slightly different picture. Adjusted EBITDA decreased from
The company's GAAP net income showed significant improvement, moving from a loss of
The pending merger with UnitedHealth Group is a significant factor that could reshape Amedisys' future. While it brings uncertainty, it also presents potential synergies and growth opportunities that could benefit shareholders in the long term.
Amedisys' Q2 results reflect the ongoing evolution of the healthcare at home sector. The company's revenue growth outpaces the industry average, indicating strong demand for its services. This aligns with the broader trend of shifting care from traditional settings to home-based environments, accelerated by the pandemic and aging demographics.
The company's scale is impressive, with a network spanning 519 care centers across 37 states, serving over 469,000 patients annually. This extensive reach provides Amedisys with a competitive advantage in the fragmented home health market. However, the slight decline in adjusted profitability metrics suggests challenges in managing costs or potential pricing pressures.
The pending merger with UnitedHealth Group is a game-changer. It could potentially create a vertically integrated healthcare powerhouse, combining UnitedHealth's insurance and Optum's care delivery capabilities with Amedisys' home health expertise. This integration could lead to improved care coordination, cost efficiencies and enhanced data analytics capabilities.
However, the merger also raises questions about potential conflicts of interest and market concentration. Regulators may scrutinize the deal closely, considering its impact on competition and patient choice in the home health sector. Investors should monitor the regulatory approval process and any potential divestitures or conditions that may be required.
BATON ROUGE, La., July 24, 2024 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and six-month periods ended June 30, 2024.
Three-Month Periods Ended June 30, 2024 and 2023
- Net service revenue increased
$38.2 million to$591.2 million compared to$553.0 million in 2023. - Net income attributable to Amedisys, Inc. of
$32.3 million , which is inclusive of merger-related expenses totaling$11.9 million ($11.5 million , net of tax) compared to net loss attributable to Amedisys, Inc. of$80.3 million , which is inclusive of merger-related expenses totaling$125.5 million ($125.5 million , net of tax) in 2023. - Net income attributable to Amedisys, Inc. per diluted share of
$0.98 compared to net loss attributable to Amedisys, Inc. per diluted share of$2.46 in 2023.
Adjusted Quarterly Results*
- Adjusted EBITDA of
$73.2 million compared to$74.6 million in 2023. - Adjusted net income attributable to Amedisys, Inc. of
$43.5 million compared to$44.9 million in 2023. - Adjusted net income attributable to Amedisys, Inc. per diluted share of
$1.32 compared to$1.37 in 2023.
Six-Month Periods Ended June 30, 2024 and 2023
- Net service revenue increased
$53.2 million to$1,162.6 million compared to$1,109.4 million in 2023. - Net income attributable to Amedisys, Inc. of
$46.7 million , which is inclusive of merger-related expenses totaling$32.6 million ($31.3 million , net of tax) compared to net loss attributable to Amedisys, Inc. of$55.0 million , which is inclusive of merger-related expenses totaling$126.2 million ($126.2 million , net of tax) in 2023. - Net income attributable to Amedisys, Inc. per diluted share of
$1.42 compared to net loss attributable to Amedisys, Inc. per diluted share of$1.69 in 2023.
Adjusted Year to Date Results*
- Adjusted EBITDA of
$133.0 million compared to$132.5 million in 2023. - Adjusted net income attributable to Amedisys, Inc. of
$77.5 million compared to$77.6 million in 2023. - Adjusted net income attributable to Amedisys, Inc. per diluted share of
$2.35 compared to$2.38 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 second 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 second 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 (loss) 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 (loss) 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 (loss) 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 18,800 employees in 519 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: 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) (Unaudited) | |||||||||||||||
| For the Three-Month Periods Ended June 30, | For the Six-Month Periods Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net service revenue | $ | 591,187 | $ | 552,968 | $ | 1,162,601 | $ | 1,109,357 | |||||||
| Operating expenses: | |||||||||||||||
| Cost of service, inclusive of depreciation | 326,933 | 297,455 | 648,470 | 612,465 | |||||||||||
| General and administrative expenses: | |||||||||||||||
| Salaries and benefits | 129,323 | 125,504 | 257,269 | 251,843 | |||||||||||
| Non-cash compensation | 7,828 | 9,083 | 15,261 | 12,356 | |||||||||||
| Merger-related expenses | 11,901 | 19,451 | 32,568 | 20,171 | |||||||||||
| Depreciation and amortization | 4,386 | 4,725 | 8,657 | 9,168 | |||||||||||
| Other | 58,602 | 58,955 | 116,543 | 123,180 | |||||||||||
| Total operating expenses | 538,973 | 515,173 | 1,078,768 | 1,029,183 | |||||||||||
| Operating income | 52,214 | 37,795 | 83,833 | 80,174 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest income | 1,617 | 742 | 3,344 | 1,148 | |||||||||||
| Interest expense | (7,895 | ) | (7,502 | ) | (16,014 | ) | (15,019 | ) | |||||||
| Equity in earnings from equity method investments | 1,515 | 7,991 | 2,425 | 8,114 | |||||||||||
| Merger termination fee | — | (106,000 | ) | — | (106,000 | ) | |||||||||
| Miscellaneous, net | 1,779 | 4,743 | 2,869 | 4,061 | |||||||||||
| Total other expense, net | (2,984 | ) | (100,026 | ) | (7,376 | ) | (107,696 | ) | |||||||
| Income (loss) before income taxes | 49,230 | (62,231 | ) | 76,457 | (27,522 | ) | |||||||||
| Income tax expense | (16,657 | ) | (18,250 | ) | (29,290 | ) | (28,050 | ) | |||||||
| Net income (loss) | 32,573 | (80,481 | ) | 47,167 | (55,572 | ) | |||||||||
| Net (income) loss attributable to noncontrolling interests | (272 | ) | 206 | (466 | ) | 543 | |||||||||
| Net income (loss) attributable to Amedisys, Inc. | $ | 32,301 | $ | (80,275 | ) | $ | 46,701 | $ | (55,029 | ) | |||||
| Basic earnings per common share: | |||||||||||||||
| Net income (loss) attributable to Amedisys, Inc. common stockholders | $ | 0.99 | $ | (2.46 | ) | $ | 1.43 | $ | (1.69 | ) | |||||
| Weighted average shares outstanding | 32,706 | 32,579 | 32,688 | 32,568 | |||||||||||
| Diluted earnings per common share: | |||||||||||||||
| Net income (loss) attributable to Amedisys, Inc. common stockholders | $ | 0.98 | $ | (2.46 | ) | $ | 1.42 | $ | (1.69 | ) | |||||
| Weighted average shares outstanding | 33,047 | 32,579 | 32,992 | 32,568 | |||||||||||
| AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data) | |||||||
| June 30, 2024 (unaudited) | December 31, 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 149,883 | $ | 126,450 | |||
| Restricted cash | 7,475 | 12,413 | |||||
| Patient accounts receivable | 356,909 | 313,373 | |||||
| Prepaid expenses | 15,510 | 14,639 | |||||
| Other current assets | 26,125 | 30,060 | |||||
| Total current assets | 555,902 | 496,935 | |||||
| Property and equipment, net of accumulated depreciation of | 44,654 | 41,845 | |||||
| Operating lease right of use assets | 84,692 | 88,939 | |||||
| Goodwill | 1,244,679 | 1,244,679 | |||||
| Intangible assets, net of accumulated amortization of | 100,832 | 102,675 | |||||
| Other assets | 86,609 | 85,097 | |||||
| Total assets | $ | 2,117,368 | $ | 2,060,170 | |||
| LIABILITIES AND EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 26,626 | $ | 28,237 | |||
| Payroll and employee benefits | 136,118 | 136,835 | |||||
| Accrued expenses | 147,038 | 140,049 | |||||
| Termination fee paid by UnitedHealth Group | 106,000 | 106,000 | |||||
| Current portion of long-term obligations | 37,747 | 36,314 | |||||
| Current portion of operating lease liabilities | 26,447 | 26,286 | |||||
| Total current liabilities | 479,976 | 473,721 | |||||
| Long-term obligations, less current portion | 351,442 | 361,862 | |||||
| Operating lease liabilities, less current portion | 59,007 | 62,751 | |||||
| Deferred income tax liabilities | 47,212 | 40,635 | |||||
| Other long-term obligations | 845 | 1,418 | |||||
| Total liabilities | 938,482 | 940,387 | |||||
| Equity: | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 38 | 38 | |||||
| Additional paid-in capital | 803,361 | 787,177 | |||||
| Treasury stock, at cost, 5,509,391 and 5,463,847 shares of common stock | (472,821 | ) | (468,626 | ) | |||
| Retained earnings | 794,626 | 747,925 | |||||
| Total Amedisys, Inc. stockholders’ equity | 1,125,204 | 1,066,514 | |||||
| Noncontrolling interests | 53,682 | 53,269 | |||||
| Total equity | 1,178,886 | 1,119,783 | |||||
| Total liabilities and equity | $ | 2,117,368 | $ | 2,060,170 | |||
| AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING (Amounts in thousands, except statistical information) (Unaudited) | |||||||||||||||
| For the Three-Month Periods Ended June 30, | For the Six-Month Periods Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Cash Flows from Operating Activities: | |||||||||||||||
| Net income (loss) | $ | 32,573 | $ | (80,481 | ) | $ | 47,167 | $ | (55,572 | ) | |||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization (inclusive of depreciation included in cost of service) | 6,358 | 6,199 | 12,496 | 11,893 | |||||||||||
| Non-cash compensation | 8,298 | 9,108 | 16,184 | 12,381 | |||||||||||
| Amortization and impairment of operating lease right of use assets | 8,534 | 8,349 | 17,100 | 16,971 | |||||||||||
| (Gain) loss on disposal of property and equipment | (23 | ) | 426 | (19 | ) | 356 | |||||||||
| Loss on personal care divestiture | — | — | — | 2,186 | |||||||||||
| Merger termination fee | — | 106,000 | — | 106,000 | |||||||||||
| Deferred income taxes | 3,983 | 5,332 | 6,577 | 8,104 | |||||||||||
| Equity in earnings from equity method investments | (1,515 | ) | (7,991 | ) | (2,425 | ) | (8,114 | ) | |||||||
| Amortization of deferred debt issuance costs | 247 | 247 | 495 | 495 | |||||||||||
| Return on equity method investments | 548 | 966 | 718 | 2,753 | |||||||||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||||||||||
| Patient accounts receivable | 2,449 | 15,338 | (44,357 | ) | 7,862 | ||||||||||
| Other current assets | 4,823 | 5,817 | 3,127 | 1,689 | |||||||||||
| Operating lease right of use assets | (1,027 | ) | (1,019 | ) | (2,069 | ) | (1,937 | ) | |||||||
| Other assets | 215 | 355 | 370 | 244 | |||||||||||
| Accounts payable | (10,345 | ) | (1,274 | ) | (1,693 | ) | (4,731 | ) | |||||||
| Accrued expenses | 4,066 | 4,034 | 7,095 | 4,775 | |||||||||||
| Other long-term obligations | 18 | (3,151 | ) | (573 | ) | (3,179 | ) | ||||||||
| Operating lease liabilities | (6,897 | ) | (7,496 | ) | (14,429 | ) | (15,456 | ) | |||||||
| Net cash provided by operating activities | 52,305 | 60,759 | 45,764 | 86,720 | |||||||||||
| Cash Flows from Investing Activities: | |||||||||||||||
| Proceeds from the sale of deferred compensation plan assets | — | 6 | 21 | 25 | |||||||||||
| Proceeds from the sale of property and equipment | — | 100 | — | 100 | |||||||||||
| Purchases of property and equipment | (1,385 | ) | (1,394 | ) | (4,055 | ) | (2,744 | ) | |||||||
| Investments in technology assets | (186 | ) | (6,457 | ) | (409 | ) | (6,667 | ) | |||||||
| 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 | (1,571 | ) | (7,745 | ) | (4,639 | ) | 38,151 | ||||||||
| Cash Flows from Financing Activities: | |||||||||||||||
| Proceeds from issuance of stock upon exercise of stock options | — | 75 | — | 75 | |||||||||||
| Proceeds from issuance of stock under employee stock purchase plan | — | 938 | — | 1,754 | |||||||||||
| Shares withheld to pay taxes on non-cash compensation | (3,578 | ) | (2,180 | ) | (4,195 | ) | (3,488 | ) | |||||||
| Noncontrolling interest contributions | 147 | 376 | 1,911 | 376 | |||||||||||
| Noncontrolling interest distributions | (1,208 | ) | (427 | ) | (1,964 | ) | (712 | ) | |||||||
| Purchase of noncontrolling interest | — | — | — | (800 | ) | ||||||||||
| Proceeds from borrowings under revolving line of credit | — | 15,000 | — | 23,000 | |||||||||||
| Repayments of borrowings under revolving line of credit | — | (15,000 | ) | — | (23,000 | ) | |||||||||
| Principal payments of long-term obligations | (9,441 | ) | (5,680 | ) | (18,382 | ) | (60,993 | ) | |||||||
| Payment of accrued contingent consideration | — | (4,055 | ) | — | (4,055 | ) | |||||||||
| Net cash used in financing activities | (14,080 | ) | (10,953 | ) | (22,630 | ) | (67,843 | ) | |||||||
| Net increase in cash, cash equivalents and restricted cash | 36,654 | 42,061 | 18,495 | 57,028 | |||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 120,704 | 69,100 | 138,863 | 54,133 | |||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 157,358 | $ | 111,161 | $ | 157,358 | $ | 111,161 | |||||||
| For the Three-Month Periods Ended June 30, | For the Six-Month Periods Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Supplemental Disclosures of Cash Flow Information: | |||||||||||||||
| Cash paid for interest | $ | 7,319 | $ | 6,377 | $ | 15,507 | $ | 13,031 | |||||||
| Cash paid for income taxes, net of refunds received | $ | 17,565 | $ | 15,468 | $ | 18,393 | $ | 15,820 | |||||||
| Cash paid for operating lease liabilities | $ | 7,924 | $ | 8,516 | $ | 16,498 | $ | 17,394 | |||||||
| Cash paid for finance lease liabilities | $ | 4,875 | $ | 2,864 | $ | 7,111 | $ | 5,321 | |||||||
| Supplemental Disclosures of Non-Cash Activity: | |||||||||||||||
| Right of use assets obtained in exchange for operating lease liabilities | $ | 3,774 | $ | 7,719 | $ | 10,947 | $ | 14,802 | |||||||
| Right of use assets obtained in exchange for finance lease liabilities | $ | 5,691 | $ | 7,154 | $ | 10,017 | $ | 27,944 | |||||||
| Reductions to right of use assets resulting from reductions to operating lease liabilities | $ | — | $ | 14,994 | $ | 168 | $ | 15,135 | |||||||
| Reductions to right of use assets resulting from reductions to finance lease liabilities | $ | 623 | $ | 525 | $ | 1,119 | $ | 894 | |||||||
| Days revenue outstanding (1) | 52.1 | 43.4 | 52.1 | 43.4 | |||||||||||
(1) Our calculation of days revenue outstanding at June 30, 2024 and 2023 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended June 30, 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 June 30, | |||||||
| 2024 | 2023 | ||||||
| Financial Information (in millions): | |||||||
| Medicare | $ | 216.1 | $ | 219.8 | |||
| Non-Medicare | 161.3 | 130.0 | |||||
| Net service revenue | 377.4 | 349.8 | |||||
| Cost of service, inclusive of depreciation | 216.0 | 194.5 | |||||
| Gross margin | 161.4 | 155.3 | |||||
| General and administrative expenses | 92.4 | 90.2 | |||||
| Depreciation and amortization | 1.9 | 1.2 | |||||
| Operating income | $ | 67.1 | $ | 63.9 | |||
| Same Store Growth(1): | |||||||
| Medicare revenue | (2 | %) | (1 | %) | |||
| Non-Medicare revenue | 24 | % | 10 | % | |||
| Total admissions | 13 | % | 4 | % | |||
| Total volume(2) | 9 | % | 3 | % | |||
| Key Statistical Data - Total(3): | |||||||
| Admissions | 110,188 | 97,453 | |||||
| Recertifications | 46,170 | 45,808 | |||||
| Total volume | 156,358 | 143,261 | |||||
| Medicare completed episodes | 73,000 | 74,848 | |||||
| Average Medicare revenue per completed episode(4) | $ | 3,036 | $ | 3,005 | |||
| Medicare visits per completed episode(5) | 12.2 | 12.5 | |||||
| Visiting clinician cost per visit | $ | 106.00 | $ | 99.81 | |||
| Clinical manager cost per visit | 11.89 | 11.14 | |||||
| Total cost per visit | $ | 117.89 | $ | 110.95 | |||
| Visits | 1,831,990 | 1,752,449 | |||||
| For the Six-Month Periods Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Financial Information (in millions): | |||||||
| Medicare | $ | 431.9 | $ | 435.2 | |||
| Non-Medicare | 309.5 | 257.9 | |||||
| Net service revenue | 741.4 | 693.1 | |||||
| Cost of service, inclusive of depreciation | 426.4 | 391.5 | |||||
| Gross margin | 315.0 | 301.6 | |||||
| General and administrative expenses | 183.4 | 179.3 | |||||
| Depreciation and amortization | 3.7 | 2.3 | |||||
| Operating income | $ | 127.9 | $ | 120.0 | |||
| Same Store Growth(1): | |||||||
| Medicare revenue | (1 | %) | (4 | %) | |||
| Non-Medicare revenue | 20 | % | 11 | % | |||
| Total admissions | 12 | % | 6 | % | |||
| Total volume(2) | 8 | % | 4 | % | |||
| Key Statistical Data - Total(3): | |||||||
| Admissions | 222,403 | 199,416 | |||||
| Recertifications | 90,131 | 89,133 | |||||
| Total volume | 312,534 | 288,549 | |||||
| Medicare completed episodes | 145,998 | 148,411 | |||||
| Average Medicare revenue per completed episode(4) | $ | 3,017 | $ | 2,990 | |||
| Medicare visits per completed episode(5) | 12.0 | 12.4 | |||||
| Visiting clinician cost per visit | $ | 105.68 | $ | 99.83 | |||
| Clinical manager cost per visit | 11.95 | 11.13 | |||||
| Total cost per visit | $ | 117.63 | $ | 110.96 | |||
| Visits | 3,624,619 | 3,527,655 | |||||
(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 denovos.
(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 June 30, | |||||||
| 2024 | 2023 | ||||||
| Financial Information (in millions): | |||||||
| Medicare | $ | 193.7 | $ | 188.2 | |||
| Non-Medicare | 10.3 | 11.0 | |||||
| Net service revenue | 204.0 | 199.2 | |||||
| Cost of service, inclusive of depreciation | 104.6 | 98.8 | |||||
| Gross margin | 99.4 | 100.4 | |||||
| General and administrative expenses | 48.7 | 47.9 | |||||
| Depreciation and amortization | 0.8 | 0.7 | |||||
| Operating income | $ | 49.9 | $ | 51.8 | |||
| Same Store Growth(1): | |||||||
| Medicare revenue | 3 | % | — | % | |||
| Hospice admissions | (2 | %) | (6 | %) | |||
| Average daily census | — | % | (2 | %) | |||
| Key Statistical Data - Total(2): | |||||||
| Hospice admissions | 12,124 | 12,395 | |||||
| Average daily census | 12,968 | 12,918 | |||||
| Revenue per day, net | $ | 172.88 | $ | 169.47 | |||
| Cost of service per day | $ | 88.65 | $ | 84.03 | |||
| Average discharge length of stay | 90 | 90 | |||||
| For the Six-Month Periods Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Financial Information (in millions): | |||||||
| Medicare | $ | 383.7 | $ | 370.9 | |||
| Non-Medicare | 21.3 | 21.7 | |||||
| Net service revenue | 405.0 | 392.6 | |||||
| Cost of service, inclusive of depreciation | 209.9 | 200.2 | |||||
| Gross margin | 195.1 | 192.4 | |||||
| General and administrative expenses | 96.8 | 95.8 | |||||
| Depreciation and amortization | 1.5 | 1.3 | |||||
| Operating income | $ | 96.8 | $ | 95.3 | |||
| Same Store Growth(1): | |||||||
| Medicare revenue | 3 | % | — | % | |||
| Hospice admissions | (2 | %) | (6 | %) | |||
| Average daily census | — | % | (1 | %) | |||
| Key Statistical Data - Total(2): | |||||||
| Hospice admissions | 24,781 | 25,393 | |||||
| Average daily census | 12,867 | 12,825 | |||||
| Revenue per day, net | $ | 172.96 | $ | 169.15 | |||
| Cost of service per day | $ | 89.63 | $ | 86.24 | |||
| Average discharge length of stay | 91 | 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 denovos.
Segment Information - Personal Care (1)
| For the Six-Month Periods Ended June 30, | |||||||
| 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 June 30, | |||||||
| 2024 | 2023 | ||||||
| Financial Information (in millions): | |||||||
| Medicare | $ | — | $ | — | |||
| Non-Medicare | 9.8 | 4.0 | |||||
| Net service revenue | 9.8 | 4.0 | |||||
| Cost of service, inclusive of depreciation | 6.4 | 4.2 | |||||
| Gross margin | 3.4 | (0.2 | ) | ||||
| General and administrative expenses | 5.4 | 5.3 | |||||
| Depreciation and amortization | 0.8 | 0.8 | |||||
| Operating loss | $ | (2.8 | ) | $ | (6.3 | ) | |
| Key Statistical Data - Total: | |||||||
| Full risk admissions | 157 | 186 | |||||
| Limited risk admissions | 675 | 348 | |||||
| Total admissions | 832 | 534 | |||||
| Total admissions growth | 56 | % | 55 | % | |||
| Full risk revenue per episode | $ | 10,124 | $ | 9,303 | |||
| Limited risk revenue per episode | $ | 6,816 | $ | 6,098 | |||
| Number of admitting joint ventures | 9 | 10 | |||||
| For the Six-Month Periods Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Financial Information (in millions): | |||||||
| Medicare | $ | — | $ | — | |||
| Non-Medicare | 16.2 | 8.7 | |||||
| Net service revenue | 16.2 | 8.7 | |||||
| Cost of service, inclusive of depreciation | 12.2 | 9.7 | |||||
| Gross margin | 4.0 | (1.0 | ) | ||||
| General and administrative expenses | 11.3 | 9.7 | |||||
| Depreciation and amortization | 1.7 | 1.6 | |||||
| Operating loss | $ | (9.0 | ) | $ | (12.3 | ) | |
| Key Statistical Data - Total: | |||||||
| Full risk admissions | 296 | 344 | |||||
| Limited risk admissions | 1,297 | 807 | |||||
| Total admissions | 1,593 | 1,151 | |||||
| Total admissions growth | 38 | % | 70 | % | |||
| Full risk revenue per episode | $ | 10,100 | $ | 10,236 | |||
| Limited risk revenue per episode | $ | 6,799 | $ | 5,878 | |||
| Number of admitting joint venture markets | 9 | 10 | |||||
Segment Information - Corporate
| For the Three-Month Periods Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Financial Information (in millions): | |||||||
| General and administrative expenses | $ | 61.1 | $ | 69.6 | |||
| Depreciation and amortization | 0.9 | 2.0 | |||||
| Total operating expenses | $ | 62.0 | $ | 71.6 | |||
| For the Six-Month Periods Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Financial Information (in millions): | |||||||
| General and administrative expenses | $ | 130.1 | $ | 120.4 | |||
| Depreciation and amortization | 1.8 | 4.0 | |||||
| Total operating expenses | $ | 131.9 | $ | 124.4 | |||
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 June 30, | For the Six-Month Periods Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) attributable to Amedisys, Inc. | $ | 32,301 | $ | (80,275 | ) | $ | 46,701 | $ | (55,029 | ) | |||||
| Add: | |||||||||||||||
| Income tax expense | 16,657 | 18,250 | 29,290 | 28,050 | |||||||||||
| Interest expense, net | 6,278 | 6,760 | 12,670 | 13,871 | |||||||||||
| Depreciation and amortization | 6,358 | 6,199 | 12,496 | 11,893 | |||||||||||
| Certain items(1) | 11,566 | 123,704 | 31,862 | 133,691 | |||||||||||
| Adjusted EBITDA(2)(5) | $ | 73,160 | $ | 74,638 | $ | 133,019 | $ | 132,476 | |||||||
Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:
| For the Three-Month Periods Ended June 30, | For the Six-Month Periods Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) attributable to Amedisys, Inc. | $ | 32,301 | $ | (80,275 | ) | $ | 46,701 | $ | (55,029 | ) | |||||
| Add: | |||||||||||||||
| Certain items(1) | 11,240 | 125,153 | 30,788 | 132,642 | |||||||||||
| Adjusted net income attributable to Amedisys, Inc.(3)(5) | $ | 43,541 | $ | 44,878 | $ | 77,489 | $ | 77,613 | |||||||
Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation:
| For the Three-Month Periods Ended June 30, | For the Six-Month Periods Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share | $ | 0.98 | $ | (2.46 | ) | $ | 1.42 | $ | (1.69 | ) | |||||
| Add: | |||||||||||||||
| Certain items(1) | 0.34 | 3.83 | 0.93 | 4.06 | |||||||||||
| Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share(4)(5) | $ | 1.32 | $ | 1.37 | $ | 2.35 | $ | 2.38 | |||||||
(1) The following details the certain items for the three and six-month periods ended June 30, 2024 and 2023:
Certain Items (in thousands):
| For the Three-Month Periods Ended June 30, 2024 | For the Six-Month Periods Ended June 30, 2024 | ||||||
| (Income) Expense | (Income) Expense | ||||||
| Certain Items Impacting General and Administrative Expenses: | |||||||
| Merger-related expenses | $ | 11,901 | $ | 32,568 | |||
| Certain Items Impacting Total Other Income (Expense): | |||||||
| Other (income) expense, net | (335 | ) | (706 | ) | |||
| Total | $ | 11,566 | $ | 31,862 | |||
| Net of tax | $ | 11,240 | $ | 30,788 | |||
| Diluted EPS | $ | 0.34 | $ | 0.93 | |||
| For the Three-Month Periods Ended June 30, 2023 | For the Six-Month Periods Ended June 30, 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 | 1,101 | 2,768 | |||||
| CEO transition | 3,435 | 4,185 | |||||
| Merger-related expenses | 19,451 | 20,171 | |||||
| Clinical optimization and reorganization costs | 567 | 3,737 | |||||
| Personal care divestiture | 11 | 525 | |||||
| Certain Items Impacting Total Other Income (Expense): | |||||||
| Other (income) expense, net (includes | 99,139 | 102,191 | |||||
| Total | $ | 123,704 | $ | 133,691 | |||
| Net of tax | $ | 125,153 | $ | 132,642 | |||
| Diluted EPS | $ | 3.83 | $ | 4.06 | |||
(2) Adjusted EBITDA is defined as net income (loss) 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 (loss) 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 (loss) 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) net service revenue for Q2 2024?
How did Amedisys' (AMED) net income change in Q2 2024 compared to Q2 2023?
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Why isn't Amedisys (AMED) conducting a quarterly earnings call for Q2 2024?
