Amedisys, Inc. (NASDAQ: AMED) today reported its financial results
for the three and nine-month periods ended September 30, 2023.
Three-Month Periods Ended September 30,
2023 and 2022
- Net service
revenue decreased $1.8 million to $556.2 million compared to $558.0
million in 2022. Prior year included $16.6 million of net service
revenue from our personal care business which was divested on March
31, 2023.
- Net income
attributable to Amedisys, Inc. of $26.0 million compared to $25.6
million in 2022.
- Net income
attributable to Amedisys, Inc. per diluted share of $0.79 compared
to $0.79 in 2022.
Adjusted Quarterly Results*
- Adjusted EBITDA
of $57.9 million compared to $61.5 million in 2022.
- Adjusted net
service revenue of $556.2 million compared to $558.9 million in
2022. Prior year included $16.6 million of adjusted net service
revenue from our personal care business which was divested on March
31, 2023.
- Adjusted net
income attributable to Amedisys, Inc. of $32.2 million compared to
$37.4 million in 2022.
- Adjusted net income
attributable to Amedisys, Inc. per diluted share of $0.98 compared
to $1.15 in 2022.
Nine-Month Periods Ended September 30, 2023
and 2022
- Net service
revenue increased $4.5 million to $1,665.6 million compared to
$1,661.1 million in 2022. Prior year included $30.5 million of
incremental net service revenue from our personal care business
which was divested on March 31, 2023.
- Net loss
attributable to Amedisys, Inc. of $29.1 million, which is inclusive
of $131.2 million in costs associated with our merger transactions,
compared to net income attributable to Amedisys, Inc. of $86.9
million in 2022.
- Net loss
attributable to Amedisys, Inc. per diluted share of $0.89 compared
to net income attributable to Amedisys, Inc. per diluted share of
$2.66 in 2022.
Adjusted Year to Date Results*
- Adjusted EBITDA
of $190.4 million compared to $202.2 million in 2022.
- Adjusted net
service revenue of $1,665.6 million compared to $1,670.4 million in
2022. Prior year included $30.5 million of incremental adjusted net
service revenue from our personal care business which was divested
on March 31, 2023.
- Adjusted net
income attributable to Amedisys, Inc. of $109.8 million compared to
$125.5 million in 2022.
- Adjusted net income
attributable to Amedisys, Inc. per diluted share of $3.36 compared
to $3.84 in 2022.
* See pages 2 and 14 - 16 for the definition and reconciliations
of non-GAAP financial measures to GAAP measures.
The supplemental slides provided in connection with the third
quarter 2023 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 third 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 service revenue, defined as net service revenue
excluding certain items; (3) 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 (4) 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 102,000 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 18,600 employees in 521 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 455,000
patients and clients in need 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 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; 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; the impact of the novel coronavirus
pandemic ("COVID-19") on our business, financial condition and
results of operations; 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 STATEMENTS OF OPERATIONS(Amounts in thousands,
except per share data)(Unaudited) |
|
For the Three-Month Periods Ended September
30, |
|
For the Nine-MonthPeriods Ended September
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net service revenue |
$ |
556,237 |
|
|
$ |
557,988 |
|
|
$ |
1,665,594 |
|
|
$ |
1,661,135 |
|
Operating expenses: |
|
|
|
|
|
|
|
Cost of service, inclusive of depreciation |
|
311,628 |
|
|
|
322,227 |
|
|
|
924,093 |
|
|
|
943,258 |
|
General and administrative expenses: |
|
|
|
|
|
|
|
Salaries and benefits |
|
129,083 |
|
|
|
125,550 |
|
|
|
380,926 |
|
|
|
376,788 |
|
Non-cash compensation |
|
6,612 |
|
|
|
3,495 |
|
|
|
18,968 |
|
|
|
15,990 |
|
Merger-related expenses |
|
4,980 |
|
|
|
— |
|
|
|
25,151 |
|
|
|
— |
|
Depreciation and amortization |
|
4,436 |
|
|
|
5,477 |
|
|
|
13,604 |
|
|
|
19,705 |
|
Investment impairment |
|
— |
|
|
|
3,009 |
|
|
|
— |
|
|
|
3,009 |
|
Other |
|
57,287 |
|
|
|
59,299 |
|
|
|
180,467 |
|
|
|
167,851 |
|
Total operating expenses |
|
514,026 |
|
|
|
519,057 |
|
|
|
1,543,209 |
|
|
|
1,526,601 |
|
Operating income |
|
42,211 |
|
|
|
38,931 |
|
|
|
122,385 |
|
|
|
134,534 |
|
Other income (expense): |
|
|
|
|
|
|
|
Interest income |
|
1,304 |
|
|
|
59 |
|
|
|
2,452 |
|
|
|
108 |
|
Interest expense |
|
(8,021 |
) |
|
|
(4,963 |
) |
|
|
(23,040 |
) |
|
|
(16,447 |
) |
Equity in earnings (loss) from equity method investments |
|
1,252 |
|
|
|
302 |
|
|
|
9,366 |
|
|
|
(442 |
) |
Merger termination fee |
|
— |
|
|
|
— |
|
|
|
(106,000 |
) |
|
|
— |
|
Miscellaneous, net |
|
1,201 |
|
|
|
491 |
|
|
|
5,262 |
|
|
|
1,155 |
|
Total other expense, net |
|
(4,264 |
) |
|
|
(4,111 |
) |
|
|
(111,960 |
) |
|
|
(15,626 |
) |
Income before income taxes |
|
37,947 |
|
|
|
34,820 |
|
|
|
10,425 |
|
|
|
118,908 |
|
Income tax expense |
|
(12,331 |
) |
|
|
(9,417 |
) |
|
|
(40,381 |
) |
|
|
(32,755 |
) |
Net income (loss) |
|
25,616 |
|
|
|
25,403 |
|
|
|
(29,956 |
) |
|
|
86,153 |
|
Net loss attributable to
noncontrolling interests |
|
344 |
|
|
|
239 |
|
|
|
887 |
|
|
|
739 |
|
Net income (loss) attributable to
Amedisys, Inc. |
$ |
25,960 |
|
|
$ |
25,642 |
|
|
$ |
(29,069 |
) |
|
$ |
86,892 |
|
Basic earnings per common
share: |
|
|
|
|
|
|
|
Net income (loss) attributable to Amedisys, Inc. common
stockholders |
$ |
0.80 |
|
|
$ |
0.79 |
|
|
$ |
(0.89 |
) |
|
$ |
2.67 |
|
Weighted average shares outstanding |
|
32,624 |
|
|
|
32,482 |
|
|
|
32,587 |
|
|
|
32,519 |
|
Diluted earnings per common
share: |
|
|
|
|
|
|
|
Net income (loss) attributable to Amedisys, Inc. common
stockholders |
$ |
0.79 |
|
|
$ |
0.79 |
|
|
$ |
(0.89 |
) |
|
$ |
2.66 |
|
Weighted average shares outstanding |
|
32,831 |
|
|
|
32,616 |
|
|
|
32,587 |
|
|
|
32,680 |
|
AMEDISYS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(Amounts in thousands, except share
data) |
|
September 30,
2023(unaudited) |
|
December 31, 2022 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
78,112 |
|
|
$ |
40,540 |
|
Restricted cash |
|
15,904 |
|
|
|
13,593 |
|
Patient accounts receivable |
|
319,580 |
|
|
|
296,785 |
|
Prepaid expenses |
|
20,534 |
|
|
|
11,628 |
|
Other current assets |
|
33,097 |
|
|
|
26,415 |
|
Total current assets |
|
467,227 |
|
|
|
388,961 |
|
Property and equipment, net of
accumulated depreciation of $93,909 and $101,364 |
|
39,631 |
|
|
|
16,026 |
|
Operating lease right of use
assets |
|
87,834 |
|
|
|
102,856 |
|
Goodwill |
|
1,244,679 |
|
|
|
1,287,399 |
|
Intangible assets, net of
accumulated amortization of $12,838 and $14,604 |
|
103,634 |
|
|
|
101,167 |
|
Other assets |
|
84,412 |
|
|
|
79,836 |
|
Total assets |
$ |
2,027,417 |
|
|
$ |
1,976,245 |
|
LIABILITIES AND EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
34,555 |
|
|
$ |
43,735 |
|
Payroll and employee benefits |
|
126,989 |
|
|
|
125,387 |
|
Accrued expenses |
|
139,100 |
|
|
|
137,390 |
|
Termination fee paid by UnitedHealth Group |
|
106,000 |
|
|
|
— |
|
Current portion of long-term obligations |
|
35,364 |
|
|
|
15,496 |
|
Current portion of operating lease liabilities |
|
26,111 |
|
|
|
33,521 |
|
Total current liabilities |
|
468,119 |
|
|
|
355,529 |
|
Long-term obligations, less
current portion |
|
366,853 |
|
|
|
419,420 |
|
Operating lease liabilities, less
current portion |
|
61,878 |
|
|
|
69,504 |
|
Deferred income tax
liabilities |
|
35,398 |
|
|
|
20,411 |
|
Other long-term obligations |
|
1,651 |
|
|
|
4,808 |
|
Total liabilities |
|
933,899 |
|
|
|
869,672 |
|
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;
38,065,853 and 37,891,186 shares issued; 32,633,599 and 32,511,465
shares outstanding |
|
38 |
|
|
|
38 |
|
Additional paid-in capital |
|
776,880 |
|
|
|
755,063 |
|
Treasury stock, at cost, 5,432,254 and 5,379,721 shares of common
stock |
|
(465,613 |
) |
|
|
(461,200 |
) |
Retained earnings |
|
728,603 |
|
|
|
757,672 |
|
Total Amedisys, Inc. stockholders’ equity |
|
1,039,908 |
|
|
|
1,051,573 |
|
Noncontrolling interests |
|
53,610 |
|
|
|
55,000 |
|
Total equity |
|
1,093,518 |
|
|
|
1,106,573 |
|
Total liabilities and equity |
$ |
2,027,417 |
|
|
$ |
1,976,245 |
|
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 September
30, |
|
For the Nine-MonthPeriods Ended September
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Cash Flows from Operating
Activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
25,616 |
|
|
$ |
25,403 |
|
|
$ |
(29,956 |
) |
|
$ |
86,153 |
|
Adjustments to reconcile net
income (loss) to net cash (used in) provided by operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization (inclusive of depreciation included
in cost of service) |
|
6,063 |
|
|
|
5,477 |
|
|
|
17,956 |
|
|
|
19,705 |
|
Non-cash compensation |
|
7,243 |
|
|
|
3,495 |
|
|
|
19,624 |
|
|
|
15,990 |
|
Amortization and impairment of operating lease right of use
assets |
|
8,456 |
|
|
|
12,319 |
|
|
|
25,427 |
|
|
|
34,782 |
|
(Gain) loss on disposal of property and equipment |
|
(10 |
) |
|
|
(24 |
) |
|
|
346 |
|
|
|
507 |
|
Loss on personal care divestiture |
|
— |
|
|
|
— |
|
|
|
2,186 |
|
|
|
— |
|
Merger termination fee |
|
— |
|
|
|
— |
|
|
|
106,000 |
|
|
|
— |
|
Deferred income taxes |
|
7,313 |
|
|
|
13,028 |
|
|
|
15,417 |
|
|
|
19,031 |
|
Equity in (earnings) loss from equity method investments |
|
(1,252 |
) |
|
|
(302 |
) |
|
|
(9,366 |
) |
|
|
442 |
|
Amortization of deferred debt issuance costs |
|
248 |
|
|
|
248 |
|
|
|
743 |
|
|
|
743 |
|
Return on equity method investments |
|
1,556 |
|
|
|
1,370 |
|
|
|
4,309 |
|
|
|
3,798 |
|
Investment impairment |
|
— |
|
|
|
3,009 |
|
|
|
— |
|
|
|
3,009 |
|
Changes in operating assets and
liabilities, net of impact of acquisitions: |
|
|
|
|
|
|
|
Patient accounts receivable |
|
(40,796 |
) |
|
|
3,078 |
|
|
|
(32,934 |
) |
|
|
(18,266 |
) |
Other current assets |
|
(17,123 |
) |
|
|
(15,461 |
) |
|
|
(15,434 |
) |
|
|
(19,929 |
) |
Operating lease right of use assets |
|
(866 |
) |
|
|
(661 |
) |
|
|
(2,803 |
) |
|
|
(2,323 |
) |
Other assets |
|
29 |
|
|
|
63 |
|
|
|
273 |
|
|
|
283 |
|
Accounts payable |
|
(4,108 |
) |
|
|
1,388 |
|
|
|
(8,839 |
) |
|
|
5,886 |
|
Accrued expenses |
|
5,565 |
|
|
|
(56,319 |
) |
|
|
10,340 |
|
|
|
(26,790 |
) |
Other long-term obligations |
|
23 |
|
|
|
466 |
|
|
|
(3,156 |
) |
|
|
243 |
|
Operating lease liabilities |
|
(7,800 |
) |
|
|
(10,207 |
) |
|
|
(23,256 |
) |
|
|
(30,864 |
) |
Net cash (used in) provided by
operating activities |
|
(9,843 |
) |
|
|
(13,630 |
) |
|
|
76,877 |
|
|
|
92,400 |
|
Cash Flows from Investing
Activities: |
|
|
|
|
|
|
|
Proceeds from the sale of
deferred compensation plan assets |
|
— |
|
|
|
61 |
|
|
|
25 |
|
|
|
89 |
|
Proceeds from the sale of
property and equipment |
|
— |
|
|
|
29 |
|
|
|
100 |
|
|
|
66 |
|
Purchases of property and
equipment |
|
(984 |
) |
|
|
(1,556 |
) |
|
|
(3,728 |
) |
|
|
(4,338 |
) |
Investments in technology
assets |
|
(214 |
) |
|
|
(289 |
) |
|
|
(6,881 |
) |
|
|
(848 |
) |
Investment in equity method
investee |
|
— |
|
|
|
(637 |
) |
|
|
— |
|
|
|
(637 |
) |
Purchase of cost method
investment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,000 |
) |
Return of investment |
|
150 |
|
|
|
— |
|
|
|
150 |
|
|
|
— |
|
Proceeds from personal care
divestiture |
|
— |
|
|
|
— |
|
|
|
47,787 |
|
|
|
— |
|
Acquisitions of businesses, net
of cash acquired |
|
— |
|
|
|
1,359 |
|
|
|
(350 |
) |
|
|
(71,952 |
) |
Net cash (used in) provided by
investing activities |
|
(1,048 |
) |
|
|
(1,033 |
) |
|
|
37,103 |
|
|
|
(92,620 |
) |
Cash Flows from Financing
Activities: |
|
|
|
|
|
|
|
Proceeds from issuance of stock
upon exercise of stock options |
|
25 |
|
|
|
306 |
|
|
|
100 |
|
|
|
1,078 |
|
Proceeds from issuance of stock
under employee stock purchase plan |
|
848 |
|
|
|
966 |
|
|
|
2,602 |
|
|
|
2,857 |
|
Shares withheld to pay taxes on
non-cash compensation |
|
(925 |
) |
|
|
(3,187 |
) |
|
|
(4,413 |
) |
|
|
(7,949 |
) |
Noncontrolling interest
contributions |
|
856 |
|
|
|
1,148 |
|
|
|
1,232 |
|
|
|
2,100 |
|
Noncontrolling interest
distributions |
|
(902 |
) |
|
|
(450 |
) |
|
|
(1,614 |
) |
|
|
(1,425 |
) |
Proceeds from sale of
noncontrolling interest |
|
— |
|
|
|
3,941 |
|
|
|
— |
|
|
|
3,941 |
|
Proceeds from borrowings under
revolving line of credit |
|
— |
|
|
|
185,500 |
|
|
|
23,000 |
|
|
|
484,000 |
|
Repayments of borrowings under
revolving line of credit |
|
— |
|
|
|
(182,000 |
) |
|
|
(23,000 |
) |
|
|
(465,500 |
) |
Principal payments of long-term
obligations |
|
(6,120 |
) |
|
|
(3,151 |
) |
|
|
(67,113 |
) |
|
|
(10,126 |
) |
Purchase of company stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,351 |
) |
Payment of accrued contingent
consideration |
|
(36 |
) |
|
|
(5,714 |
) |
|
|
(4,091 |
) |
|
|
(5,714 |
) |
Purchase of noncontrolling
interest |
|
— |
|
|
|
— |
|
|
|
(800 |
) |
|
|
— |
|
Net cash used in financing
activities |
|
(6,254 |
) |
|
|
(2,641 |
) |
|
|
(74,097 |
) |
|
|
(14,089 |
) |
Net (decrease) increase in cash,
cash equivalents and restricted cash |
|
(17,145 |
) |
|
|
(17,304 |
) |
|
|
39,883 |
|
|
|
(14,309 |
) |
Cash, cash equivalents and
restricted cash at beginning of period |
|
111,161 |
|
|
|
48,764 |
|
|
|
54,133 |
|
|
|
45,769 |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
94,016 |
|
|
$ |
31,460 |
|
|
$ |
94,016 |
|
|
$ |
31,460 |
|
|
|
|
|
|
|
|
|
|
For the Three-Month Periods Ended
September 30, |
|
For the Nine-Month Periods Ended
September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Supplemental Disclosures
of Cash Flow Information: |
|
|
|
|
|
|
|
Cash paid for interest |
$ |
6,756 |
|
|
$ |
4,664 |
|
|
$ |
19,787 |
|
|
$ |
9,153 |
|
Cash paid for Infinity ZPIC
interest |
$ |
— |
|
|
$ |
11,544 |
|
|
$ |
— |
|
|
$ |
11,544 |
|
Cash paid for income taxes, net
of refunds received |
$ |
8,498 |
|
|
$ |
605 |
|
|
$ |
24,318 |
|
|
$ |
23,582 |
|
Cash paid for operating lease
liabilities |
$ |
8,665 |
|
|
$ |
10,868 |
|
|
$ |
26,059 |
|
|
$ |
33,187 |
|
Cash paid for finance lease
liabilities |
$ |
3,141 |
|
|
$ |
339 |
|
|
$ |
8,462 |
|
|
$ |
1,074 |
|
Supplemental Disclosures
of Non-Cash Activity: |
|
|
|
|
|
|
|
Right of use assets obtained in
exchange for operating lease liabilities |
$ |
10,459 |
|
|
$ |
10,390 |
|
|
$ |
25,261 |
|
|
$ |
36,980 |
|
Right of use assets obtained in
exchange for finance lease liabilities |
$ |
7,020 |
|
|
$ |
530 |
|
|
$ |
34,964 |
|
|
$ |
1,846 |
|
Reductions to right of use assets
resulting from reductions to operating lease liabilities |
$ |
— |
|
|
$ |
624 |
|
|
$ |
15,135 |
|
|
$ |
3,387 |
|
Reductions to right of use assets
resulting from reductions to finance lease liabilities |
$ |
315 |
|
|
$ |
564 |
|
|
$ |
1,209 |
|
|
$ |
564 |
|
Accrued contingent
consideration |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,195 |
|
Noncontrolling interest
contribution |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,900 |
|
Days revenue outstanding (1) |
|
49.8 |
|
|
|
47.3 |
|
|
|
49.8 |
|
|
|
47.3 |
|
(1) |
Our calculation of days revenue outstanding at September 30, 2023
and 2022 is derived by dividing our ending patient accounts
receivable by our average daily patient revenue for the three-month
periods ended September 30, 2023 and 2022, respectively. |
AMEDISYS, INC. AND SUBSIDIARIESSEGMENT
INFORMATION(Amounts in millions, except statistical
information)(Unaudited) |
Segment Information - Home Health |
|
For the Three-Month PeriodsEnded September
30, |
|
|
2023 |
|
|
|
2022 |
|
Financial
Information (in millions)
(6): |
|
|
|
Medicare |
$ |
217.9 |
|
|
$ |
225.6 |
|
Non-Medicare |
|
133.7 |
|
|
|
113.6 |
|
Net service revenue |
|
351.6 |
|
|
|
339.2 |
|
Cost of service, inclusive of
depreciation |
|
201.6 |
|
|
|
196.7 |
|
Gross margin |
|
150.0 |
|
|
|
142.5 |
|
General and administrative
expenses |
|
91.4 |
|
|
|
89.1 |
|
Depreciation and
amortization |
|
1.8 |
|
|
|
0.9 |
|
Operating income |
$ |
56.8 |
|
|
$ |
52.5 |
|
Same Store
Growth(1): |
|
|
|
Medicare revenue |
|
(2 |
%) |
|
|
(6 |
%) |
Non-Medicare revenue |
|
17 |
% |
|
|
(1 |
%) |
Total admissions |
|
4 |
% |
|
|
5 |
% |
Total volume(2) |
|
3 |
% |
|
|
1 |
% |
Key Statistical Data -
Total(3)(6): |
|
|
|
Admissions |
|
98,527 |
|
|
|
95,566 |
|
Recertifications |
|
45,693 |
|
|
|
45,098 |
|
Total volume |
|
144,220 |
|
|
|
140,664 |
|
|
|
|
|
Medicare completed
episodes |
|
72,714 |
|
|
|
76,334 |
|
Average Medicare revenue per
completed episode(4) |
$ |
3,015 |
|
|
$ |
2,992 |
|
Medicare visits per completed
episode(5) |
|
12.4 |
|
|
|
12.7 |
|
|
|
|
|
Visiting clinician cost per
visit |
$ |
105.06 |
|
|
$ |
101.33 |
|
Clinical manager cost per
visit |
|
11.98 |
|
|
|
11.44 |
|
Total cost per visit |
$ |
117.04 |
|
|
$ |
112.77 |
|
Visits |
|
1,723,289 |
|
|
|
1,744,385 |
|
|
For the Nine-Month PeriodsEnded September
30, |
|
|
2023 |
|
|
|
2022 |
|
Financial
Information (in millions)
(6): |
|
|
|
Medicare |
$ |
653.1 |
|
|
$ |
671.7 |
|
Non-Medicare |
|
391.6 |
|
|
|
345.1 |
|
Net service revenue |
|
1,044.7 |
|
|
|
1,016.8 |
|
Cost of service, inclusive of
depreciation |
|
593.1 |
|
|
|
576.6 |
|
Gross margin |
|
451.6 |
|
|
|
440.2 |
|
General and administrative
expenses |
|
270.5 |
|
|
|
261.1 |
|
Depreciation and
amortization |
|
4.3 |
|
|
|
3.3 |
|
Operating income |
$ |
176.8 |
|
|
$ |
175.8 |
|
Same Store
Growth(1): |
|
|
|
Medicare revenue |
|
(3 |
%) |
|
|
(5 |
%) |
Non-Medicare revenue |
|
13 |
% |
|
|
— |
% |
Total admissions |
|
5 |
% |
|
|
2 |
% |
Total volume(2) |
|
3 |
% |
|
|
— |
% |
Key Statistical Data -
Total(3)(6): |
|
|
|
Admissions |
|
297,943 |
|
|
|
281,393 |
|
Recertifications |
|
134,826 |
|
|
|
133,775 |
|
Total volume |
|
432,769 |
|
|
|
415,168 |
|
|
|
|
|
Medicare completed
episodes |
|
221,125 |
|
|
|
229,098 |
|
Average Medicare revenue per
completed episode(4) |
$ |
2,998 |
|
|
$ |
3,019 |
|
Medicare visits per completed
episode(5) |
|
12.4 |
|
|
|
13.0 |
|
|
|
|
|
Visiting clinician cost per
visit |
$ |
101.55 |
|
|
$ |
98.72 |
|
Clinical manager cost per
visit |
|
11.41 |
|
|
|
10.99 |
|
Total cost per visit |
$ |
112.96 |
|
|
$ |
109.71 |
|
Visits |
|
5,250,944 |
|
|
|
5,256,207 |
|
(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. Average Medicare revenue per
completed episode reflects the suspension of sequestration at 2%
and 1% for the three-month periods ended March 31, 2022 and June
30, 2022, respectively, and the reinstatement of sequestration at
2% effective July 1, 2022. |
(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. |
(6) |
Prior year has been recast to
conform to the current year presentation. |
Segment Information -
Hospice
|
For the Three-Month Periods Ended
September 30, |
|
|
2023 |
|
|
|
2022 |
|
Financial
Information (in millions): |
|
|
|
Medicare |
$ |
188.9 |
|
|
$ |
187.8 |
|
Non-Medicare |
|
11.3 |
|
|
|
10.9 |
|
Net service revenue |
|
200.2 |
|
|
|
198.7 |
|
Cost of service, inclusive of
depreciation |
|
104.2 |
|
|
|
109.4 |
|
Gross margin |
|
96.0 |
|
|
|
89.3 |
|
General and administrative
expenses |
|
48.4 |
|
|
|
49.1 |
|
Depreciation and
amortization |
|
0.8 |
|
|
|
0.5 |
|
Operating income |
$ |
46.8 |
|
|
$ |
39.7 |
|
Same Store
Growth(1): |
|
|
|
Medicare revenue |
|
1 |
% |
|
|
— |
% |
Hospice admissions |
|
(6 |
%) |
|
|
(3 |
%) |
Average daily census |
|
(2 |
%) |
|
|
1 |
% |
Key Statistical Data -
Total(2): |
|
|
|
Hospice admissions |
|
11,968 |
|
|
|
12,782 |
|
Average daily census |
|
12,943 |
|
|
|
13,314 |
|
Revenue per day, net |
$ |
168.11 |
|
|
$ |
162.24 |
|
Cost of service per day |
$ |
87.48 |
|
|
$ |
89.36 |
|
Average discharge length of
stay |
|
94 |
|
|
|
92 |
|
|
For the Nine-Month Periods Ended September
30, |
|
|
2023 |
|
|
|
2022 |
|
Financial
Information (in millions): |
|
|
|
Medicare |
$ |
559.8 |
|
|
$ |
557.8 |
|
Non-Medicare |
|
33.0 |
|
|
|
32.4 |
|
Net service revenue |
|
592.8 |
|
|
|
590.2 |
|
Cost of service, inclusive of
depreciation |
|
304.4 |
|
|
|
323.2 |
|
Gross margin |
|
288.4 |
|
|
|
267.0 |
|
General and administrative
expenses |
|
144.1 |
|
|
|
152.1 |
|
Depreciation and
amortization |
|
2.2 |
|
|
|
1.7 |
|
Operating income |
$ |
142.1 |
|
|
$ |
113.2 |
|
Same Store
Growth(1): |
|
|
|
Medicare revenue |
|
— |
% |
|
|
— |
% |
Hospice admissions |
|
(6 |
%) |
|
|
1 |
% |
Average daily census |
|
(2 |
%) |
|
|
(1 |
%) |
Key Statistical Data -
Total(2): |
|
|
|
Hospice admissions |
|
37,361 |
|
|
|
40,027 |
|
Average daily census |
|
12,864 |
|
|
|
13,163 |
|
Revenue per day, net |
$ |
168.80 |
|
|
$ |
164.24 |
|
Cost of service per day |
$ |
86.66 |
|
|
$ |
89.94 |
|
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
de novos. |
Segment Information - Personal
Care (1)
|
For the Three-Month Periods Ended
September 30, |
|
|
2023 |
|
|
2022 |
Financial
Information (in millions): |
|
|
|
Medicare |
$ |
— |
|
$ |
— |
Non-Medicare |
|
— |
|
|
16.6 |
Net service revenue |
|
— |
|
|
16.6 |
Cost of service, inclusive of
depreciation |
|
— |
|
|
12.2 |
Gross margin |
|
— |
|
|
4.4 |
General and administrative
expenses |
|
— |
|
|
2.4 |
Depreciation and
amortization |
|
— |
|
|
— |
Operating income |
$ |
— |
|
$ |
2.0 |
Key Statistical Data -
Total: |
|
|
|
Billable hours |
|
— |
|
|
474,365 |
Clients served |
|
— |
|
|
7,771 |
Shifts |
|
— |
|
|
202,638 |
Revenue per hour |
$ |
— |
|
$ |
34.98 |
Revenue per shift |
$ |
— |
|
$ |
81.89 |
Hours per shift |
|
— |
|
|
2.3 |
|
For the Nine-Month Periods Ended September
30, |
|
|
2023 |
|
|
2022 |
Financial
Information (in millions): |
|
|
|
Medicare |
$ |
— |
|
$ |
— |
Non-Medicare |
|
15.0 |
|
|
45.5 |
Net service revenue |
|
15.0 |
|
|
45.5 |
Cost of service, inclusive of
depreciation |
|
11.1 |
|
|
34.5 |
Gross margin |
|
3.9 |
|
|
11.0 |
General and administrative
expenses |
|
2.3 |
|
|
6.8 |
Depreciation and
amortization |
|
— |
|
|
0.1 |
Operating income |
$ |
1.6 |
|
$ |
4.1 |
Key Statistical Data -
Total: |
|
|
|
Billable hours |
|
440,464 |
|
|
1,397,919 |
Clients served |
|
7,892 |
|
|
9,530 |
Shifts |
|
191,379 |
|
|
598,376 |
Revenue per hour |
$ |
33.97 |
|
$ |
32.53 |
Revenue per shift |
$ |
78.19 |
|
$ |
76.00 |
Hours per shift |
|
2.3 |
|
|
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
September 30, |
|
|
2023 |
|
|
|
2022 |
|
Financial
Information (in millions)
(1): |
|
|
|
Medicare |
$ |
— |
|
|
$ |
— |
|
Non-Medicare |
|
4.4 |
|
|
|
3.5 |
|
Net service revenue |
|
4.4 |
|
|
|
3.5 |
|
Cost of service, inclusive of
depreciation |
|
5.8 |
|
|
|
3.9 |
|
Gross margin |
|
(1.4 |
) |
|
|
(0.4 |
) |
General and administrative
expenses |
|
5.3 |
|
|
|
5.2 |
|
Depreciation and
amortization |
|
0.7 |
|
|
|
0.8 |
|
Investment impairment |
|
— |
|
|
|
3.0 |
|
Operating loss |
$ |
(7.4 |
) |
|
$ |
(9.4 |
) |
Key Statistical Data -
Total: |
|
|
|
Full risk admissions |
|
150 |
|
|
|
130 |
|
Limited risk admissions |
|
430 |
|
|
|
300 |
|
Total admissions |
|
580 |
|
|
|
430 |
|
|
|
|
|
Full risk revenue per
episode |
$ |
10,168 |
|
|
$ |
11,615 |
|
Limited risk revenue per
episode |
$ |
6,242 |
|
|
$ |
5,580 |
|
|
|
|
|
Number of admitting joint venture
markets |
|
11 |
|
|
|
8 |
|
|
For the Nine-Month Periods Ended September
30, |
|
|
2023 |
|
|
|
2022 |
|
Financial
Information (in millions)
(1): |
|
|
|
Medicare |
$ |
— |
|
|
$ |
— |
|
Non-Medicare |
|
13.1 |
|
|
|
8.6 |
|
Net service revenue |
|
13.1 |
|
|
|
8.6 |
|
Cost of service, inclusive of
depreciation |
|
15.5 |
|
|
|
9.0 |
|
Gross margin |
|
(2.4 |
) |
|
|
(0.4 |
) |
General and administrative
expenses |
|
15.0 |
|
|
|
14.6 |
|
Depreciation and
amortization |
|
2.3 |
|
|
|
2.4 |
|
Investment impairment |
|
— |
|
|
|
3.0 |
|
Operating loss |
$ |
(19.7 |
) |
|
$ |
(20.4 |
) |
Key Statistical Data -
Total: |
|
|
|
Full risk admissions |
|
468 |
|
|
|
339 |
|
Limited risk admissions |
|
1,263 |
|
|
|
768 |
|
Total admissions |
|
1,731 |
|
|
|
1,107 |
|
|
|
|
|
Full risk revenue per
episode |
$ |
10,783 |
|
|
$ |
11,018 |
|
Limited risk revenue per
episode |
$ |
5,881 |
|
|
$ |
5,556 |
|
|
|
|
|
Number of admitting joint venture
markets |
|
11 |
|
|
|
8 |
|
(1) |
Prior year has been recast to conform to the current year
presentation. |
Segment Information - Corporate
|
For the Three-Month PeriodsEnded September
30, |
|
|
2023 |
|
|
2022 |
Financial
Information (in millions)
(1): |
|
|
|
General and administrative
expenses |
$ |
52.9 |
|
$ |
42.6 |
Depreciation and
amortization |
|
1.1 |
|
|
3.3 |
Total operating expenses |
$ |
54.0 |
|
$ |
45.9 |
|
For the Nine-Month PeriodsEnded September
30, |
|
|
2023 |
|
|
2022 |
Financial
Information (in millions)
(1): |
|
|
|
General and administrative
expenses |
$ |
173.6 |
|
$ |
126.0 |
Depreciation and
amortization |
|
4.8 |
|
|
12.2 |
Total operating expenses |
$ |
178.4 |
|
$ |
138.2 |
(1) |
Prior year has been recast to conform to the current year
presentation. |
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 September
30, |
|
For the Nine-Month PeriodsEnded September
30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) attributable
to Amedisys, Inc. |
$ |
25,960 |
|
$ |
25,642 |
|
$ |
(29,069 |
) |
|
$ |
86,892 |
|
Add: |
|
|
|
|
|
|
|
Income tax expense |
|
12,331 |
|
|
9,417 |
|
|
40,381 |
|
|
|
32,755 |
|
Interest expense, net |
|
6,717 |
|
|
4,904 |
|
|
20,588 |
|
|
|
16,339 |
|
Depreciation and amortization |
|
6,063 |
|
|
5,477 |
|
|
17,956 |
|
|
|
19,705 |
|
Certain items(1) |
|
6,807 |
|
|
15,861 |
|
|
140,498 |
|
|
|
50,920 |
|
Interest component of certain items(1) |
|
— |
|
|
207 |
|
|
— |
|
|
|
(4,445 |
) |
Adjusted EBITDA(2)(6) |
$ |
57,878 |
|
$ |
61,508 |
|
$ |
190,354 |
|
|
$ |
202,166 |
|
Adjusted Net Service Revenue
Reconciliation:
|
For the Three-Month PeriodsEnded September
30, |
|
For the Nine-Month PeriodsEnded September
30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Net service revenue |
$ |
556,237 |
|
$ |
557,988 |
|
$ |
1,665,594 |
|
$ |
1,661,135 |
Add: |
|
|
|
|
|
|
|
Certain items(1) |
|
— |
|
|
931 |
|
|
— |
|
|
9,305 |
Adjusted net service
revenue(3) (6) |
$ |
556,237 |
|
$ |
558,919 |
|
$ |
1,665,594 |
|
$ |
1,670,440 |
Adjusted Net Income Attributable to Amedisys, Inc
Reconciliation:
|
For the Three-Month PeriodsEnded September
30, |
|
For the Nine-Month PeriodsEnded September
30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
Net income (loss) attributable
to Amedisys, Inc. |
$ |
25,960 |
|
$ |
25,642 |
|
$ |
(29,069 |
) |
|
$ |
86,892 |
Add: |
|
|
|
|
|
|
|
Certain items(1) |
|
6,242 |
|
|
11,740 |
|
|
138,884 |
|
|
|
38,587 |
Adjusted net income
attributable to Amedisys, Inc.(4)(6) |
$ |
32,202 |
|
$ |
37,382 |
|
$ |
109,815 |
|
|
$ |
125,479 |
Adjusted Net Income Attributable to Amedisys, Inc. per
Diluted Share Reconciliation:
|
For the Three-Month PeriodsEnded September
30, |
|
For the Nine-Month PeriodsEnded September
30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
Net income (loss) attributable
to Amedisys, Inc. common stockholders per diluted share |
$ |
0.79 |
|
$ |
0.79 |
|
$ |
(0.89 |
) |
|
$ |
2.66 |
Add: |
|
|
|
|
|
|
|
Certain items(1) |
|
0.19 |
|
|
0.36 |
|
|
4.25 |
|
|
|
1.18 |
Adjusted net income
attributable to Amedisys, Inc. common stockholders per diluted
share(5)(6) |
$ |
0.98 |
|
$ |
1.15 |
|
$ |
3.36 |
|
|
$ |
3.84 |
(1) |
The following details the certain items for the three and
nine-month periods ended September 30, 2023 and 2022: |
Certain Items (in thousands):
|
For the Three-Month PeriodsEnded September
30, 2023 |
|
For the Nine-Month PeriodsEnded September
30, 2023 |
|
(Income) Expense |
|
(Income) Expense |
Certain Items
Impacting Cost of Service, Inclusive of Depreciation: |
|
|
|
Clinical optimization and reorganization costs |
$ |
282 |
|
|
$ |
396 |
Certain Items
Impacting General and Administrative Expenses: |
|
|
|
Acquisition and integration
costs |
|
338 |
|
|
|
3,106 |
CEO transition |
|
1,094 |
|
|
|
5,279 |
Merger-related expenses |
|
4,980 |
|
|
|
25,151 |
Clinical optimization and
reorganization costs |
|
466 |
|
|
|
4,203 |
Personal care divestiture |
|
— |
|
|
|
525 |
Certain Items
Impacting Total Other Income (Expense): |
|
|
|
Other (income) expense, net
(includes $106,000 merger termination fee) |
|
(353 |
) |
|
|
101,838 |
Total |
$ |
6,807 |
|
|
$ |
140,498 |
Net of tax |
$ |
6,242 |
|
|
$ |
138,884 |
Diluted EPS |
$ |
0.19 |
|
|
$ |
4.25 |
|
For the Three-Month PeriodsEnded September
30, 2022 |
|
For the Nine-Month PeriodsEnded September
30, 2022 |
|
(Income) Expense |
|
(Income) Expense |
Certain Items
Impacting Net Service Revenue: |
|
|
|
Contingency accrual |
$ |
931 |
|
|
$ |
9,305 |
|
Certain Items
Impacting Cost of Service: |
|
|
|
COVID-19 costs |
|
1,701 |
|
|
|
7,237 |
|
Clinical optimization and
reorganization costs |
|
1,154 |
|
|
|
1,349 |
|
Fuel supplement |
|
1,962 |
|
|
|
3,315 |
|
Integration costs |
|
311 |
|
|
|
1,712 |
|
Certain Items
Impacting General and Administrative Expenses: |
|
|
|
Acquisition and integration
costs |
|
3,154 |
|
|
|
9,855 |
|
COVID-19 costs |
|
159 |
|
|
|
396 |
|
CEO transition |
|
— |
|
|
|
3,500 |
|
Legal fees - non-routine |
|
— |
|
|
|
241 |
|
Clinical optimization and
reorganization costs |
|
2,676 |
|
|
|
3,545 |
|
Legal settlement |
|
— |
|
|
|
(1,058 |
) |
Fuel supplement |
|
218 |
|
|
|
218 |
|
Investment impairment |
|
3,009 |
|
|
|
3,009 |
|
Certain Items
Impacting Total Other Income (Expense): |
|
|
|
Interest component of certain
items |
|
(207 |
) |
|
|
4,445 |
|
Other expense, net |
|
793 |
|
|
|
3,851 |
|
Total |
$ |
15,861 |
|
|
$ |
50,920 |
|
Net of tax |
$ |
11,740 |
|
|
$ |
38,587 |
|
Diluted EPS |
$ |
0.36 |
|
|
$ |
1.18 |
|
(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 service revenue is
defined as net service revenue excluding certain items as described
in footnote 1. |
(4) |
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. |
(5) |
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. |
(6) |
Adjusted EBITDA, adjusted net
service revenue, 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. |
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