Amedisys Acquires Home Health Agency In Arizona
November 02 2006 - 7:00AM
PR Newswire (US)
- Acquisition Marks Amedisys' Initial Entry Into Arizona Market -
BATON ROUGE, La., Nov. 2 /PRNewswire-FirstCall/ -- Amedisys, Inc.
(Nasdaq: AMED; or the "Company"), one of America's leading home
health nursing companies, today announced the acquisition of the
home health agency of Sun Health located in Sun City, Arizona. The
transaction is effective as of November 1, 2006, and is expected to
contribute approximately $4.5 million in annualized revenues. This
acquisition represents Amedisys' initial entry into Arizona. Sun
Health is a non-profit organization that provides health care
services in the greater Phoenix area. Simultaneous with the
acquisition, Amedisys entered into an agreement with Sun Health
MediSun, an affiliate of Sun Health, to provide home health
services to members of its Medicare Advantage plans. Amedisys will
be reimbursed for these services at a rate equivalent to
traditional Medicare rates. "We are very happy to enter the Phoenix
market through this acquisition, and to partner with Sun Health
MediSun in providing home health services to its Medicare Advantage
plan members," said William F. Borne, Chief Executive Officer of
Amedisys, Inc. "With a solid record of service dating back 34
years, Sun Health's home health agency has demonstrated a level of
excellence that has earned it widespread respect, and we intend to
continue to provide excellent service to Phoenix area residents in
this same caring tradition." "This purchase is representative of
our strategy to expand our current area of operation through
selective acquisitions," continued Mr. Borne. "We continuously
assess many similar opportunities in order to identify those that
most appropriately fit our profile and acquisition criteria." The
acquisition and the agreement with Sun Health MediSun are not
expected to add materially to Amedisys' earnings in 2006. Terms of
the acquisition purchase agreement were not disclosed. Amedisys,
Inc. is headquartered in Baton Rouge, Louisiana. Its common stock
trades on the Nasdaq Global Select Market under the symbol "AMED".
This press release includes statements that may constitute
"forward- looking" statements, usually containing the words
"believe," "estimate," "project," "expect" or similar expressions.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to,
continued acceptance of the Company's services in the marketplace,
competitive factors, changes in government reimbursement
procedures, dependence upon third-party vendors, and other risks
discussed in the Company's periodic filings with the Securities and
Exchange Commission. By making these forward- looking statements,
the Company undertakes no obligation to update these statements for
revisions or changes after the date of this release. Additional
information on the Company can be found at:
http://www.amedisys.com/ Contact Amedisys, Inc. Noonan Russo
President and Chief Operating Officer Investors/Media Larry R.
Graham Brian Ritchie 225.292.2031 212.845.4269 DATASOURCE:
Amedisys, Inc. CONTACT: Larry R. Graham, President and Chief
Operating Officer, Amedisys, Inc., +1-225-292-2031, ; or
Investors-Media: Brian Ritchie of Noonan Russo, +1-212-845-4269,
Web site: http://www.amedisys.com/
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