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Amedisys, Inc. (AMED)
Chart Events
Performance Outlook
| Previous Close | 280.27 |
| Open | 280.68 |
| Bid | 0.00 x 800 |
| Ask | 0.00 x 900 |
| Day's Range | 274.37 - 283.56 |
| 52 Week Range | 132.95 - 325.12 |
| Volume | 207,426 |
| Avg. Volume | 153,421 |
| Market Cap | 9.24B |
| Beta (5Y Monthly) | 0.73 |
| PE Ratio (TTM) | 56.41 |
| EPS (TTM) | 4.99 |
| Earnings Date | May 04, 2021 - May 10, 2021 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | 320.54 |
Fair Value
Related Research
- Benzinga
Amedisys: Q4 Earnings Insights
Shares of Amedisys (NASDAQ:AMED) decreased in after-market trading after the company reported Q4 results. Quarterly Results Earnings per share increased 58.51% over the past year to $1.49, which beat the estimate of $1.47. Revenue of $550,705,000 higher by 9.99% year over year, which missed the estimate of $553,370,000. Looking Ahead The upcoming fiscal year's EPS expected to be between $6.25 and $6.47. View more earnings on AMED The upcoming fiscal year's revenue expected to be between $2,275,000,000 and $2,315,000,000. Price Action 52-week high: $325.12 52-week low: $132.95 Price action over last quarter: Up 10.55% Company Overview Amedisys Inc is a healthcare services company in the United States. The company brings healthcare to the home through the provision of home healthcare services, hospice services, and personal care services. The Home Health Segment provides skilled nurses, therapists, and aids to patient's homes throughout the United States. The Hospice segment operates many centers designed to provide comfort and support for terminally ill patients. The Personal Care Segment provides individuals with assistance in the daily living activities. A majority of the company's revenue is derived from the Home Health segment. Additionally, the Hospice segment accounts for a substantial amount of revenue, while the Personal Care segment makes up for the small remaining revenue. See more from BenzingaClick here for options trades from BenzingaPreview: Amedisys's Earnings© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- GlobeNewswire
Amedisys Reports Fourth Quarter and Year End 2020 Financial Results
Issues 2021 Guidance; Announces Executive PromotionsBATON ROUGE, La., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three-month period and year ended December 31, 2020. Three-Month Periods Ended December 31, 2020 and 2019 Net service revenue increased $50.0 million to $550.7 million compared to $500.7 million in 2019.Net income attributable to Amedisys, Inc. of $45.2 million compared to $27.7 million in 2019.Net income attributable to Amedisys, Inc. per diluted share of $1.36 compared to $0.83 in 2019. Adjusted Quarterly Results* Adjusted EBITDA of $78.1 million compared to $52.2 million in 2019.Adjusted net service revenue of $550.7 million compared to $500.7 million in 2019.Adjusted net income attributable to Amedisys, Inc. of $49.5 million compared to $31.1 million in 2019.Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.49 compared to $0.94 in 2019. Years Ended December 31, 2020 and 2019 Net service revenue increased $115.9 million to $2,071.5 million compared to $1,955.6 million in 2019.Net income attributable to Amedisys, Inc. of $183.6 million compared to $126.8 million in 2019.Net income attributable to Amedisys, Inc. per diluted share of $5.52 compared to $3.84 in 2019. Adjusted Year End Results* Adjusted EBITDA of $273.5 million compared to $225.3 million in 2019.Adjusted net service revenue of $2,071.5 million compared to $1,961.6 million in 2019.Adjusted net income attributable to Amedisys, Inc. of $203.3 million compared to $145.2 million in 2019.Adjusted net income attributable to Amedisys, Inc. per diluted share of $6.11 compared to $4.40 in 2019. * See pages 13-16 for the definition and reconciliations of non-GAAP financial measures to GAAP measures. 2021 Guidance Net service revenue is anticipated to be in the range of $2.275 billion to $2.315 billion.Adjusted EBITDA is anticipated to be in the range of $315 million to $325 million.Adjusted diluted earnings per share is anticipated to be in the range of $6.25 to $6.47 based on an estimated 33.4 million shares outstanding. This guidance excludes the effects of any future acquisitions and potential share repurchases, if any are made. Executive Promotions On February 18, 2021, the Board of Directors (the “Board”) of the Company promoted Christopher T. Gerard, currently the Company’s Chief Operating Officer, to President and Chief Operating Officer and Scott G. Ginn, currently the Company’s Chief Financial Officer, to Executive Vice President and Chief Financial Officer, effective immediately. Paul B. Kusserow, Chairman and Chief Executive Officer stated, “I am very proud of our fourth quarter and full year 2020 results. This was an incredible year under normal circumstances, throw in PDGM and a pandemic and I really could not be more proud of the team for all we accomplished. A special thank you to all of our clinician staff for continuing to do what you do best. It is because of your compassion, bravery and tireless efforts that we are able to deliver another great quarter. I would also like to congratulate Chris Gerard on his promotion to President and COO and Scott Ginn on his promotion to Executive Vice President and CFO. Chris and Scott have been integral to both the company’s operational success as well as in setting our strategic direction. This is a fitting reward for their great work!” We urge caution in considering the current trends and 2021 guidance disclosed in this press release. The home health, hospice and personal care industries are highly competitive and subject to intensive regulations, and trends are subject to numerous factors, risks, and uncertainties, some of which are referenced in the cautionary language below and others that are described more fully in our reports filed with the Securities and Exchange Commission (“SEC”) including our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com. Earnings Call and Webcast Information Amedisys will host a conference call on Thursday, February 25, 2021, at 11:00 a.m. ET to discuss its fourth quarter and year end results. To participate on the conference call, please call before 11:00 a.m. ET to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through March 25, 2021 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13715337. A live webcast of the call will be accessible through our website on our Investor Relations section at the following web address: http://investors.amedisys.com. 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 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 other operating income, defined as other operating income excluding certain items; (4) adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. excluding certain items; and (5) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income attributable to Amedisys, Inc. common stockholders per diluted share 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 personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; 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 2,900 hospitals and 78,000 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 21,000 employees in 514 care centers within 39 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 418,000 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,” “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: the impact of the novel coronavirus pandemic (“COVID-19”), including the measures that have been and may be taken by governmental authorities to mitigate it, on our business, financial condition and results of operations, 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 Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, competition in the healthcare industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to consistently provide high-quality care, our ability to attract and retain qualified personnel, our ability to keep our patients and employees safe, changes in payments and covered services by federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, widespread protest or civil unrest, our ability to integrate, manage and keep our information systems secure, our ability to realize the anticipated benefits of acquisitions and changes in law 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 MuscatoKendra Kimmons Senior Vice President, FinanceVice President, Marketing & Communications (855) 259-2046(225) 299-3720 IR@amedisys.comkendra.kimmons@amedisys.com AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data) For the Three-Month Periods Ended December 31, For the Years Ended December 31, 2020 2019 2020 2019 (Unaudited) Net service revenue$550,705 $500,678 $2,071,519 $1,955,633 Other operating income 6,780 — 34,372 — Cost of service, excluding depreciation and amortization 306,736 295,603 1,185,369 1,150,337 General and administrative expenses: Salaries and benefits 119,119 101,325 449,448 394,452 Non-cash compensation 6,972 6,589 26,730 25,040 Other 49,506 48,150 192,122 188,434 Depreciation and amortization 8,847 5,988 28,802 18,428 Asset impairment charge 4,152 1,470 4,152 1,470 Operating expenses 495,332 459,125 1,886,623 1,778,161 Operating income 62,153 41,553 219,268 177,472 Other income (expense): Interest income 34 19 292 78 Interest expense (2,363) (3,056) (11,038) (14,515)Equity in earnings from equity method investments 1,567 1,218 3,966 5,338 Miscellaneous, net 649 (367) (1,669) 2,037 Total other expense, net (113) (2,186) (8,449) (7,062) Income before income taxes 62,040 39,367 210,819 170,410 Income tax expense (16,460) (11,398) (25,635) (42,503) Net income 45,580 27,969 185,184 127,907 Net income attributable to noncontrolling interests (429) (314) (1,576) (1,074) Net income attributable to Amedisys, Inc.$45,151 $27,655 $183,608 $126,833 Basic earnings per common share: Net income attributable to Amedisys, Inc. common stockholders$1.38 $0.86 $5.64 $3.95 Weighted average shares outstanding 32,825 32,278 32,559 32,142 Diluted earnings per common share: Net income attributable to Amedisys, Inc. common stockholders$1.36 $0.83 $5.52 $3.84 Weighted average shares outstanding 33,243 33,123 33,268 32,990 AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data) As of December 31, 2020 2019 ASSETS Current assets: Cash and cash equivalents$81,808 $30,294 Restricted cash 1,549 66,196 Patient accounts receivable 255,145 237,596 Prepaid expenses 10,217 8,243 Other current assets 13,265 8,225 Total current assets 361,984 350,554 Property and equipment, net of accumulated depreciation of $95,024 and $96,137 23,719 28,113 Operating lease right of use assets 93,440 84,791 Goodwill 932,685 658,500 Intangible assets, net of accumulated amortization of $22,973 and $7,044 74,183 64,748 Deferred income taxes 47,987 21,427 Other assets 33,200 54,612 Total assets$1,567,198 $1,262,745 LIABILITIES AND EQUITY Current liabilities: Accounts payable$42,674 $31,259 Payroll and employee benefits 146,929 120,877 Accrued expenses 166,192 137,111 Provider relief fund advance 60,000 — Current portion of long-term obligations 10,496 9,927 Current portion of operating lease liabilities 30,046 27,769 Total current liabilities 456,337 326,943 Long-term obligations, less current portion 204,511 232,256 Operating lease liabilities, less current portion 61,987 56,128 Other long-term obligations 33,622 5,905 Total liabilities 756,457 621,232 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; 37,470,212 and 36,638,021 shares issued; and 32,814,278 and 32,284,051 shares outstanding 38 37 Additional paid-in capital 698,287 645,256 Treasury stock at cost, 4,655,934 and 4,353,970 shares of common stock (319,092) (251,241)Accumulated other comprehensive income — 15 Retained earnings 429,991 246,383 Total Amedisys, Inc. stockholders’ equity 809,224 640,450 Noncontrolling interests 1,517 1,063 Total equity 810,741 641,513 Total liabilities and equity$1,567,198 $1,262,745 AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING (Amounts in thousands, except statistical information) For the Three-MonthPeriods Ended December 31, For the Years EndedDecember 31, 2020 2019 2020 2019 (Unaudited) Cash Flows from Operating Activities: Net income$45,580 $27,969 $185,184 $127,907 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 8,847 5,988 28,802 18,428 Non-cash compensation 6,972 6,589 26,730 25,040 Non-cash 401(k) employer match — 2,964 — 10,509 Amortization and impairment of operating lease right of use assets 9,991 8,891 39,140 35,905 Loss (gain) on disposal of property and equipment 47 135 (30) 141 Loss on sale of equity method investment — — 2,980 — Write-off of other comprehensive income — — (15) — Deferred income taxes (23,798) (4,332) (26,560) 13,466 Equity in earnings from equity method investments (1,567) (1,218) (3,966) (5,338)Amortization of deferred debt issuance costs/debt discount 216 220 869 873 Return on equity investment 1,525 1,228 5,444 4,955 Asset impairment charge 4,152 1,470 4,152 1,470 Changes in operating assets and liabilities, net of impact of acquisitions: Patient accounts receivable (4,372) 15,323 2,114 (24,146)Other current assets 21,036 7,512 (7,181) (2,682)Other assets 122 630 31 832 Accounts payable 3,568 (3,184) 1,941 (11,329)Accrued expenses 14,245 14,193 39,839 42,096 Other long-term obligations (10,764) (98) 27,717 (329)Operating lease liabilities (9,119) (8,179) (34,695) (32,295)Operating lease right of use assets (769) (881) (3,544) (3,503) Net cash provided by operating activities 65,912 75,220 288,952 202,000 Cash Flows from Investing Activities: Proceeds from sale of deferred compensation plan assets 7 161 101 448 Proceeds from the sale of property and equipment — 4 80 162 Purchases of property and equipment (2,337) (1,551) (5,332) (7,888)Investments in equity method investees — — (875) (210)Proceeds from sale of equity method investment — — 17,876 — Acquisitions of businesses, net of cash acquired 765 — (298,958) (345,460) Net cash used in investing activities (1,565) (1,386) (287,108) (352,948) Cash Flows from Financing Activities: Proceeds from issuance of stock upon exercise of stock options 255 223 6,325 3,611 Proceeds from issuance of stock to employee stock purchase plan 962 803 3,562 3,187 Shares withheld to pay taxes on non-cash compensation (321) (171) (54,493) (9,556)Non-controlling interest distribution (450) (152) (1,122) (1,062)Proceeds from borrowings under term loan — — — 175,000 Proceeds from borrowings under revolving line of credit 252,200 70,000 684,200 262,500 Repayments of borrowings under revolving line of credit (346,200) (67,000) (703,200) (200,000)Principal payments of long-term obligations (2,889) (1,804) (10,249) (5,624)Debt issuance costs — — — (847)Provider relief fund advance — — 60,000 — Net cash (used in) provided by financing activities (96,443) 1,899 (14,977) 227,209 Net (decrease) increase in cash, cash equivalents and restricted cash (32,096) 75,733 (13,133) 76,261 Cash, cash equivalents and restricted cash at beginning of period 115,453 20,757 96,490 20,229 Cash, cash equivalents and restricted cash at end of period$83,357 $96,490 $83,357 $96,490 Supplemental Disclosures of Cash Flow Information: Cash paid for interest$1,305 $1,872 $6,207 $9,628 Cash paid for income taxes, net of refunds received$20,431 $11,866 $50,721 $29,522 Days revenue outstanding (1) 40.2 40.9 40.2 40.9 (1) Our calculation of days revenue outstanding, net is derived by dividing our ending net patient accounts receivable at December 31, 2020 and 2019 by our average daily net patient service revenue for the three-month periods ended December 31, 2020 and 2019, respectively. AMEDISYS, INC. AND SUBSIDIARIES SEGMENT INFORMATION (Amounts in millions, except statistical information) (Unaudited) Segment Information - Home Health For the Three-Month PeriodsEnded December 31, 2020 2019 Financial Information (in millions): Medicare$228.3 $215.2 Non-Medicare 101.1 101.0 Net service revenue 329.4 316.2 Other operating income 2.5 — Cost of service 186.1 191.7 Gross margin 145.8 124.5 Asset impairment charge 3.4 1.5 Other operating expenses 81.5 77.4 Operating income$60.9 $45.6 Same Store Growth (1): Medicare revenue 6% 2%Non-Medicare revenue —% 10%Total admissions 6% 4%Total volume (2) 5% 4%Key Statistical Data - Total (3): Admissions 85,474 81,024 Recertifications 45,932 44,072 Total volume 131,406 125,096 Medicare completed episodes (6) 80,008 77,291 Average Medicare revenue per completed episode (4) (6)$2,906 $2,852 Medicare visits per completed episode (5) (6) 14.0 16.8 Visiting Clinician Cost per Visit$92.62 $85.82 Clinical Manager Cost per Visit$9.38 $8.44 Total Cost per Visit$102.00 $94.26 Visits 1,824,557 2,034,550 For the Years EndedDecember 31, 2020 2019 Financial Information (in millions): Medicare$847.3 $859.2 Non-Medicare 401.9 397.2 Net service revenue 1,249.2 1,256.4 Other operating income 20.2 — Cost of service 729.9 754.1 Gross margin 539.5 502.3 Asset impairment charge 3.4 1.5 Other operating expenses 311.1 301.4 Operating income$225.0 $199.4 Same Store Growth (1): Medicare revenue (1%) 4%Non-Medicare revenue 1% 16%Total admissions 1% 7%Total volume (2) 2% 5%Key Statistical Data - Total (3): Admissions 331,354 328,693 Recertifications 181,195 172,568 Total volume 512,549 501,261 Medicare completed episodes (6) 301,856 306,520 Average Medicare revenue per completed episode (4) (6)$2,836 $2,853 Medicare visits per completed episode (5) (6) 14.9 17.0 Visiting Clinician Cost per Visit$89.62 $83.11 Clinical Manager Cost per Visit$9.17 $8.04 Total Cost per Visit$98.79 $91.15 Visits 7,388,549 8,273,308 (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. Effective July 1, 2019, 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 and denovos. (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 for the three-month period and year ended December 31, 2020 reflects the the transition to PDGM effective January 1, 2020 and the suspension of sequestration effective May 1, 2020. (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 amounts have been recast to conform to the current year calculation. Segment Information - Hospice For the Three-Month PeriodsEnded December 31, 2020 2019 Financial Information (in millions): Medicare$193.5 $156.6 Non-Medicare 10.4 8.0 Net service revenue 203.9 164.6 Other operating income 4.2 — Cost of service 107.5 89.2 Gross margin 100.6 75.4 Asset impairment charge 0.8 — Other operating expenses 48.5 38.2 Operating income$51.3 $37.2 Same Store Growth (1): Medicare revenue 4% 9%Hospice admissions 15% 1%Average daily census —% 8%Key Statistical Data - Total (2): Hospice admissions 13,939 10,139 Average daily census 13,793 11,660 Revenue per day, net$160.72 $153.42 Cost of service per day$84.72 $83.13 Average discharge length of stay 102 100 For the Years EndedDecember 31, 2020 2019 Financial Information (in millions): Medicare$710.0 $586.6 Non-Medicare 40.1 30.6 Net service revenue 750.1 617.2 Other operating income 13.1 — Cost of service 400.6 335.1 Gross margin 362.6 282.1 Asset impairment charge 0.8 — Other operating expenses 177.6 139.1 Operating income$184.2 $143.0 Same Store Growth (1): Medicare revenue 4% 7%Hospice admissions 6% 4%Average daily census 1% 7%Key Statistical Data - Total (2): Hospice admissions 49,694 40,194 Average daily census 13,081 11,164 Revenue per day, net$156.69 $151.47 Cost of service per day$83.67 $82.24 Average discharge length of stay 99 98 (1) Same store information represents the percent change in our Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare revenue, Hospice admissions or average daily census of the prior period. Effective July 1, 2019, same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center. (2) Total includes acquisitions and denovos. Segment Information - Personal Care For the Three-Month PeriodsEnded December 31, 2020 2019Financial Information (in millions): Medicare$— $—Non-Medicare 17.4 19.9 Net service revenue 17.4 19.9Other operating income 0.1 —Cost of service 13.2 14.7 Gross margin 4.3 5.2Other operating expenses 3.0 3.0 Operating income$1.3 $2.2 Key Statistical Data - Total (1): Billable hours 662,163 802,225Clients served 10,057 12,300Shifts 281,445 359,255Revenue per hour$26.24 $24.88Revenue per shift$61.74 $55.56Hours per shift 2.4 2.2 For the Years EndedDecember 31, 2020 2019Financial Information (in millions): Medicare$— $—Non-Medicare 72.2 82.0 Net service revenue 72.2 82.0Other operating income 1.1 —Cost of service 54.9 61.1 Gross margin 18.4 20.9Other operating expenses 12.6 12.5 Operating income$5.8 $8.4 Key Statistical Data - Total (1): Billable hours 2,730,121 3,308,338Clients served 15,019 17,364Shifts 1,177,586 1,488,175Revenue per hour$26.45 $24.80Revenue per shift$61.31 $55.13Hours per shift 2.3 2.2 (1) Total includes acquisitions. Segment Information - Corporate For the Three-Month PeriodsEnded December 31, 2020 2019Financial Information (in millions): Other operating expenses$44.0 $38.9Depreciation and amortization 7.3 4.5 Total operating expenses$51.3 $43.4 For the Years EndedDecember 31, 2020 2019Financial Information (in millions): Other operating expenses$173.2 $160.9Depreciation and amortization 22.5 12.4 Total operating expenses$195.7 $173.3 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 PeriodsEnded December 31, For the Years EndedDecember 31, 2020 2019 2020 2019 Net income attributable to Amedisys, Inc.$45,151 $27,655 $183,608 $126,833 Add: Income tax expense 16,460 11,398 25,635 42,503 Interest expense, net 2,329 3,037 10,746 14,437 Depreciation and amortization 8,847 5,988 28,802 18,428 Certain items (1) 5,815 4,618 26,658 24,877 Interest component of certain items (1) (464) (451) (1,914) (1,789) Adjusted EBITDA (2) (7)$78,138 $52,245 $273,535 $225,289 Adjusted Net Service Revenue Reconciliation: For the Three-Month PeriodsEnded December 31, For the Years EndedDecember 31, 2020 2019 2020 2019Net service revenue$550,705 $500,678 $2,071,519 $1,955,633Add: Certain items (1) — 6 — 5,999 Adjusted net service revenue (3) (7)$550,705 $500,684 $2,071,519 $1,961,632 Adjusted Other Operating Income Reconciliation: For the Three-Month PeriodsEnded December 31, For the Years EndedDecember 31, 2020 2019 2020 2019Other operating income$6,780 $— $34,372 $—Add: Certain items (1) (6,780) — (34,372) — Adjusted other operating income (4) (7)$— $— $— $— Adjusted Net Income Attributable to Amedisys, Inc Reconciliation: For the Three-Month PeriodsEnded December 31, For the Years EndedDecember 31, 2020 2019 2020 2019Net income attributable to Amedisys, Inc.$45,151 $27,655 $183,608 $126,833Add: Certain items (1) 4,303 3,417 19,727 18,409 Adjusted net income attributable to Amedisys, Inc. (5) (7)$49,454 $31,072 $203,335 $145,242 Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation: For the Three-Month PeriodsEnded December 31, For the Years EndedDecember 31, 2020 2019 2020 2019Net income attributable to Amedisys, Inc. common stockholders per diluted share$1.36 $0.83 $5.52 $3.84Add: Certain items (1) 0.13 0.10 0.59 0.56 Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (6) (7)$1.49 $0.94 $6.11 $4.40 (1) The following details the certain items for the three-month periods and years ended December 31, 2020 and 2019: Certain Items: For the Three-Month PeriodEnded December 31, 2020 For the Year EndedDecember 31, 2020 (Income) Expense (Income) Expense Certain Items Impacting Other Operating Income: CARES Act & State COVID-19 grants (6,780) (34,372)Certain Items Impacting Cost of Service: COVID-19 costs 6,568 33,967 Severance - reductions in staffing levels — 4,633 Certain Items Impacting Operating Expenses: Acquisition and integration costs 1,234 10,795 COVID-19 costs 177 1,562 Severance - reductions in staffing levels — 271 Asset impairment 4,152 4,152 Certain Items Impacting Total Other Income (Expense): Interest component of certain items 464 1,914 Other (income) expense, net — 3,736 Total$5,815 $26,658 Net of tax$4,303 $19,727 Diluted EPS$0.13 $0.59 For the Three-Month PeriodEnded December 31, 2019 For the Year EndedDecember 31, 2019 (Income) Expense (Income) Expense Certain Items Impacting Net Service Revenue: Contingency accrual$— $6,541 Planned closures (8) 6 (542)Certain Items Impacting Cost of Service: Planned closures (8) 2 1,174 Certain Items Impacting Operating Expenses: Planned closures (8) 2 187 Acquisition and integration costs 1,718 16,111 Legal fees - non-routine 604 977 Asset impairment 1,470 1,470 Certain Items Impacting Total Other Income (Expense): Legal settlements — (1,437)Interest component of certain items 451 1,789 Other (income) expense, net 365 (1,393) Total$4,618 $24,877 Net of tax$3,417 $18,409 Diluted EPS$0.10 $0.56 (2) Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before net interest expense, provision for income taxes and depreciation and amortization, excluding certain items as described in footnote 1. (3) Adjusted net service revenue is defined as net service revenue excluding certain items as described in footnote 1. (4) Adjusted other operating income is defined as other operating income excluding certain items as described in footnote 1. (5) Adjusted net income attributable to Amedisys, Inc. is defined as net income attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items as described in footnote 1. (6) 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. (7) Adjusted EBITDA, adjusted net service revenue, adjusted other operating income, 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. (8) Planned closures consist of in-patient units acquired from Compassionate Care Hospice whose operations ceased in April 2019.
- GlobeNewswire
Amedisys Announces Two Executive Promotions
Christopher Gerard named President and Chief Operating Officer and Scott Ginn named Executive Vice President and Chief Financial Officer BATON ROUGE, La., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED), a leading provider of home health, hospice and personal care, announces the promotions of Christopher Gerard, to President and Chief Operating Officer, and Scott Ginn, to Executive Vice President and Chief Financial Officer, effective immediately. Paul Kusserow continues his role as Chairman of the Board and Chief Executive Officer. “I am thrilled to announce the appointment by the Board of Directors of Chris Gerard to President and Chief Operating Officer, and Scott Ginn to Executive Vice President and Chief Financial Officer,” stated Chairman and CEO Paul Kusserow. “I have had the privilege of working with Scott since 2014 and Chris since 2017, and the performance of the Company under their leadership has been nothing short of tremendous. Both Chris and Scott bring incredible experience and expertise to our team, and have been key to setting the strategic direction and executing on that strategy to deliver superlative results. Both of these promotions are richly deserved and fully earned as a result of exemplary leadership and achievements. As they take on their new positions, I am confident that both will continue to lead Amedisys–with the support of our management team—to even greater levels of success.” During Gerard’s tenure as Chief Operating Officer, Amedisys has realized clinical and operational success and growth in all three business lines. Under his leadership, Amedisys has: grown its footprint to include 514 care centers which span 39 states and the District of Columbia; become the leader in Home Health quality achieving a Quality of Patient Care Star score of 4.33 stars with 95% of all care centers at 4 stars or above; prospered even with the implementation of the Patient-Driven Groupings Model, the largest payment reform from the Centers for Medicare and Medicaid Services (CMS) in 20 years; and become the third largest hospice provider in the United States. In his leadership roles at Amedisys, most recently as Chief Financial Officer, Ginn has been responsible for all accounting operations, mergers and acquisitions, innovations, cost control systems and financial reporting. He has played a pivotal role in leading financial operations and building strong relationships with our analysts, lenders and shareholders and in growing Amedisys’ revenue from $500 million to over $2 billion. “Amedisys’ vision to become the solution for those who want to age in place has never been more important than it is in today’s reality,” stated Chris Gerard, President and Chief Operating Officer. “I am excited and honored to help lead Amedisys with continued excellence. It’s gratifying to be a part of such an exceptional organization of wonderful caregivers who are committed to the highest quality of patient care.” “It has been a privilege to be a part of Amedisys for the past 14 years,” stated Scott Ginn, Executive Vice President and Chief Financial Officer. “It is rewarding to be a member of a team that helped our Company execute in all areas of our strategy. I’m excited about our opportunities in the future to continue to grow Amedisys which will allow us to provide our excellent clinical care to even more patients across the country.” About Amedisys: Amedisys, Inc. is a leading healthcare at home company delivering personalized home health, hospice and personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering patients to manage a chronic disease; or hospice care at the end of life. More than 2,900 hospitals and 78,000 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 21,000 employees, in 514 care centers in 39 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 418,000 patients and clients in need every year. For more information about the Company, please visit: www.amedisys.com. Contact: Amedisys, Inc.Amedisys, Inc.Investor RelationsMedia Relations855.259.2046225.299.3720IR@amedisys.comKendra.kimmons@amedisys.com
