LHC Group expands national hospice footprint with agreement to purchase providers in Idaho, Oregon
LHC Group (NASDAQ: LHCG) announced its agreement to acquire Heart 'n Home Hospice based in Fruitland, Idaho. This acquisition extends LHC Group's hospice services into Oregon and enhances its presence in Idaho with three hospice providers totaling six locations in Idaho and four in Oregon. The deal, expected to close by July 1, 2021, is projected to generate annualized revenue of approximately $20 million without significantly impacting 2021 diluted earnings per share. The company emphasizes the growing need for quality hospice care in the region.
- Entry into Oregon hospice market, expanding service offerings.
- Expected annualized revenue of approximately $20 million from the acquisition.
- Enhancement of existing operations in Idaho, adding to regional capabilities.
- None.
LAFAYETTE, La., May 25, 2021 /PRNewswire/ -- LHC Group, Inc. (NASDAQ: LHCG) today announced it has agreed to purchase Heart 'n Home Hospice, headquartered in Fruitland, Idaho. The acquisition marks the company's initial entry into hospice services in the state of Oregon and expands its existing hospice footprint in Idaho.
The acquisition includes three hospice providers with a total of six locations in southwestern Idaho — complementing the company's current operations in the northern and southeastern part of the state — and four locations in central and eastern Oregon. The providers will continue to operate under the Heart 'n Home Hospice and Treasure Valley Hospice names.
The agreement is expected to close on July 1, 2021, subject to customary closing conditions. LHC Group expects annualized revenue from this purchase of approximately
"The need for quality, compassionate hospice care is greater than ever, and Heart 'n Home Hospice has played a vital role in this region with a mission and vision that is consistent with our core values," said Keith Myers, LHC Group chairman and CEO. "LHC Group looks forward to welcoming our new family members at Heart 'n Home Hospice as we join forces to help patients and families navigate the difficult times associated with end-of-life care."
In addition to expanding LHC Group's scope of services in the two states, the acquisition aligns with the company's co-location strategy to provide multiple in-home healthcare services in certain markets, as well as its strategy of retaining and operating under a family of well-known local brands.
LHC Group operates more than 120 hospice locations around the nation. In-home, end-of-life hospice care helps patients live comfortably and with dignity. Hospice professionals provide the emotional, spiritual, and medical support needed when patients are facing the final stages of life. Hospice care can be provided in any place a patient calls home, including nursing homes and assisted living facilities.
About LHC Group, Inc.
LHC Group, Inc. is a national provider of in-home healthcare services and innovations for communities around the nation, offering quality, value-based healthcare to patients primarily within the comfort and privacy of their home or place of residence. The company's 30,000 employees deliver home health, hospice, home and community based services, and facility-based care in 35 states and the District of Columbia – reaching 60 percent of the U.S. population aged 65 and older. As the preferred joint venture partner for almost 400 leading U.S. hospitals and health systems, LHC Group works in cooperation with providers to customize each partnership and reach more patients and families with an effective and efficient model of care.
Forward-looking Statements
Certain statements and information in this press release may be deemed to contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, and all statements, other than statements of historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as "believe", "hope", "may", "anticipate", "should", "intend", "plan", "will", "expect", "estimate", "project", "positioned", "strategy" and similar expressions, and are based on assumptions and assessments made by LHC Group's management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this press release are made as of the date hereof, and LHC Group undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in LHC Group's most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, including the sections entitled "Risk Factors", as well LHC Group's current reports on Form 8-K, filed with the Securities and Exchange Commission.
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SOURCE LHC Group, Inc.
