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Amedisys Reports First Quarter 2021 Financial Results Updates 2021 Guidance

BATON ROUGE, La., April 28, 2021 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three-month period ended March 31, 2021.

Three-Month Periods Ended March 31, 2021 and 2020

  • Net service revenue increased $45.4 million to $537.1 million compared to $491.7 million in 2020.
  • Net income attributable to Amedisys, Inc. of $49.9 million compared to $31.8 million in 2020.
  • Net income attributable to Amedisys, Inc. per diluted share of $1.50 compared to $0.96 in 2020.

Adjusted Quarterly Results*

  • Adjusted EBITDA of $78.6 million compared to $53.3 million in 2020.
  • Adjusted net income attributable to Amedisys, Inc. of $51.1 million compared to $34.8 million in 2020.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.54 compared to $1.05 in 2020.

*    See pages 11 and 12 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

Paul B. Kusserow, Chairman and Chief Executive Officer stated, “I am proud of our first quarter results and our continued performance in our four strategic pillars. Home Health has carried its strong momentum exiting 2020 into the first quarter of 2021, and though Hospice continues to see the impact of COVID-19 on average daily census, we are performing ahead of our projections and expect to continue to make good progress throughout 2021. We are also innovating close-to-the-core, growing inorganically, generating a prodigious amount of cash flow and remain in a position of very low leverage. We are excited about the growth opportunity both organically and inorganically this year and beyond and expect to be at the forefront of industry consolidation. Our industry leading quality, innovations mindset and payor orientation have materially differentiated Amedisys and have helped us take incremental steps towards being the leading aging-in-place, chronic care management company. A special thank you to all of our clinical staff and teams whose unwavering dedication to providing best-in-class clinical care has once again translated into strong financial results.”

Updated 2021 Guidance

Revenue, adjusted EBITDA and adjusted diluted earnings per share guidance ranges for 2021 updated to reflect the extension of the suspension of sequestration through December 31, 2021.

  • Net service revenue is anticipated to be in the range of $2.302 billion to $2.342 billion.
  • Adjusted EBITDA is anticipated to be in the range of $342 million to $352 million.
  • Adjusted diluted earnings per share is anticipated to be in the range of $6.85 to $7.07 based on an estimated 33.4 million shares outstanding.

This guidance excludes the effects of any future acquisitions, if any are made.

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, 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, April 29, 2021, at 11:00 a.m. ET to discuss its first quarter 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 May 29, 2021 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13718528.

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 other operating income, defined as other operating income excluding certain items; (3) adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. excluding certain items; and (4) 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 protests or civil unrest, our ability to integrate, manage and keep our information systems secure, our ability to realize the anticipated benefits of acquisitions, 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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)

 For the Three-Month
Periods Ended March 31,
 
 2021
 2020 
Net service revenue$537,144 $491,685 
Other operating income 8,701   
Cost of service, excluding depreciation and amortization 297,203  285,737 
General and administrative expenses:  
Salaries and benefits 115,825  101,566 
Non-cash compensation 7,307  5,909 
Other 49,106  49,265 
Depreciation and amortization 7,555  5,338 
Operating expenses 476,996  447,815 
Operating income 68,849  43,870 
Other income (expense):  
Interest income 24  13 
Interest expense (2,072) (3,231)
Equity in earnings from equity method investments 1,118  477 
Miscellaneous, net 288  263 
Total other expense, net (642) (2,478)
Income before income taxes 68,207  41,392 
Income tax expense (17,915) (9,346)
Net income 50,292  32,046 
Net income attributable to noncontrolling interests (422) (244)
Net income attributable to Amedisys, Inc.$49,870 $31,802 
Basic earnings per common share:      
Net income attributable to Amedisys, Inc. common stockholders$1.52 $0.98 
Weighted average shares outstanding 32,780  32,331 
Diluted earnings per common share:  
Net income attributable to Amedisys, Inc. common stockholders$1.50 $0.96 
Weighted average shares outstanding 33,190  33,234 

AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)

  March 31, 2021
(unaudited)
 December 31,
2020
ASSETS    
Current assets:    
Cash and cash equivalents$77,344 $81,808 
Restricted cash 1,000  1,549 
Patient accounts receivable 275,632  255,145 
Prepaid expenses 15,449  10,217 
Other current assets 11,025  13,265 
Total current assets 380,450  361,984 
Property and equipment, net of accumulated depreciation of $97,698 and $95,024 21,679  23,719 
Operating lease right of use assets 94,620  93,440 
Goodwill 933,207  932,685 
Intangible assets, net of accumulated amortization of $12,738 and $22,973 69,764  74,183 
Deferred income taxes 40,576  47,987 
Other assets 32,913  33,200 
Total assets$1,573,209 $1,567,198 
       
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$38,865 $42,674 
Payroll and employee benefits 150,887  146,929 
Accrued expenses 170,954  166,192 
Provider relief fund advance 55,000  60,000 
Current portion of long-term obligations 10,329  10,496 
Current portion of operating lease liabilities 30,047  30,046 
Total current liabilities 456,082  456,337 
Long-term obligations, less current portion 231,380  204,511 
Operating lease liabilities, less current portion 63,359  61,987 
Other long-term obligations 32,814  33,622 
Total liabilities 783,635  756,457 
       
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; 37,538,837 and 37,470,212 shares issued; and 32,567,712 and 32,814,278 shares outstanding 38  38 
Additional paid-in capital 707,006  698,287 
Treasury stock, at cost 4,971,125 and 4,655,934 shares of common stock (398,752) (319,092)
Retained earnings 479,861  429,991 
Total Amedisys, Inc. stockholders’ equity 788,153  809,224 
Noncontrolling interests 1,421  1,517 
Total equity 789,574  810,741 
Total liabilities and equity$1,573,209 $1,567,198 
       


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 March 31,
 
  2021  2020 
Cash Flows from Operating Activities:      
Net income$50,292 $32,046 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization 7,555  5,338 
Non-cash compensation 7,307  5,909 
Amortization and impairment of operating lease right of use assets 9,850  9,058 
Loss on disposal of property and equipment 14  55 
Write-off of other comprehensive income   (15)
Deferred income taxes 7,411  1,228 
Equity in earnings from equity method investments (1,118) (477)
Amortization of deferred debt issuance costs/debt discount 216  220 
Return on equity investment 1,500  2,369 
Changes in operating assets and liabilities, net of impact of acquisitions:  
Patient accounts receivable (20,448) (25,459)
Other current assets (2,874) (5,756)
Other assets (115) 417 
Accounts payable (3,374) (2,673)
Accrued expenses 8,370  (10,336)
Other long-term obligations (808) 3,060 
Operating lease liabilities (9,014) (8,132)
Operating lease right of use assets (762) (817)
Net cash provided by operating activities 54,002  6,035 
Cash Flows from Investing Activities:      
Proceeds from sale of deferred compensation plan assets 19  16 
Proceeds from the sale of property and equipment 42  12 
Purchases of property and equipment (1,618) (1,434)
Acquisitions of businesses, net of cash acquired   (69,349)
Net cash used in investing activities (1,557) (70,755)
Cash Flows from Financing Activities:      
Proceeds from issuance of stock upon exercise of stock options 364  1,184 
Proceeds from issuance of stock to employee stock purchase plan 1,048  860 
Shares withheld to pay taxes on non-cash compensation (6,774) (4,050)
Noncontrolling interest distribution (518) (360)
Proceeds from borrowings under revolving line of credit 215,200  187,500 
Repayments of borrowings under revolving line of credit (186,200) (37,500)
Principal payments of long-term obligations (2,692) (1,592)
Purchase of company stock (72,886)  
Provider relief fund advance (5,000)  
Net cash (used in) provided by financing activities (57,458) 146,042 
Net (decrease) increase in cash, cash equivalents and restricted cash (5,013) 81,322 
Cash, cash equivalents and restricted cash at beginning of period 83,357  96,490 
Cash, cash equivalents and restricted cash at end of period$78,344 $177,812 
       
Supplemental Disclosures of Cash Flow Information:  
Cash paid for interest$1,011 $1,755 
Cash paid for income taxes, net of refunds received$971 $5,272 
Cash paid for operating lease liabilities$9,776 $8,949 
Cash paid for finance lease liabilities$503 $499 
       
Supplemental Disclosures of Non-Cash Activity:  
Right of use assets obtained in exchange for operating lease liabilities$10,548 $6,437 
Right of use assets obtained in exchange for finance lease liabilities$177 $254 
Reductions to right of use assets resulting from reductions to operating lease liabilities$279 $159 
Days revenue outstanding (1) 43.9  46.6 

(1)    Our calculation of days revenue outstanding, net is derived by dividing our ending patient accounts receivable at March 31, 2021 and 2020 by our average daily net patient service revenue for the three-month periods ended March 31, 2021 and 2020, respectively.

AMEDISYS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in millions, except statistical information)
(Unaudited)

Segment Information - Home Health

 For the Three-Month Periods
Ended March 31,
 
  2021
  2020
 
Financial Information (in millions):      
Medicare$221.4 $203.9 
Non-Medicare 107.2  99.7 
Net service revenue 328.6  303.6 
Other operating income 5.0   
Cost of service 183.0  179.8 
Gross margin 150.6  123.8 
Other operating expenses 81.1  76.7 
Operating income$69.5 $47.1 
Same Store Growth (1):      
Medicare revenue 9% (4%)
Non-Medicare revenue 8% 3%
Total admissions 5% 3%
Total volume (2) 6% 1%
Key Statistical Data—Total (3):  
Admissions 89,830  85,975 
Recertifications (6) 43,808  39,867 
Total volume (6) 133,638  125,842 
Medicare completed episodes 75,332  75,636 
Average Medicare revenue per completed episode (4)$2,931 $2,734 
Medicare visits per completed episode (5) 13.9  15.8 
Visiting Clinician Cost per Visit$90.32 $84.01 
Clinical Manager Cost per Visit$9.50 $8.97 
Total Cost per Visit$99.82 $92.98 
Visits 1,832,912  1,933,445 

(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. Average Medicare revenue per completed episode reflects 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 Periods
Ended March 31,
 
 2021
 2020 
Financial Information (in millions):      
Medicare$181.5 $160.5 
Non-Medicare 10.0  8.9 
Net service revenue 191.5  169.4 
Other operating income 3.7   
Cost of service 101.6  91.8 
Gross margin 93.6  77.6 
Other operating expenses 47.1  39.3 
Operating income$46.5 $38.3 
Same Store Growth (1):      
Medicare revenue (2%) 5%
Hospice admissions 5% 1%
Average daily census (4%) 4%
Key Statistical Data - Total (2):  
Hospice admissions 13,683  11,318 
Average daily census 13,321  12,046 
Revenue per day, net$159.76 $154.55 
Cost of service per day$84.80 $83.78 
Average discharge length of stay 94  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. 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, start-ups and denovos.

Segment Information - Personal Care

 For the Three-Month Periods
Ended March 31,
  2021  2020
Financial Information (in millions):     
Medicare$ $
Non-Medicare 17.0  18.7
Net service revenue 17.0  18.7
Other operating income   
Cost of service 12.6  14.1
Gross margin 4.4  4.6
Other operating expenses 3.1  3.4
Operating income$1.3 $1.2
Key Statistical Data - Total (1):     
Billable hours 607,437  752,077
Clients served 9,759  11,770
Shifts 257,609  333,464
Revenue per hour$27.95 $24.87
Revenue per shift$65.92 $56.09
Hours per shift 2.4  2.3

(1)    Total includes acquisitions, start-ups and denovos.

Segment Information - Corporate

  
For the Three-Month Periods
Ended March 31,

  2021 2020
Financial Information (in millions):   
Other operating expenses$42.6$39.0
Depreciation and amortization 5.9 3.7
Total operating expenses$48.5$42.7
   

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 March 31,

 
  2021  2020 
Net income attributable to Amedisys, Inc.$49,870 $31,802 
Add:      
Income tax expense 17,915  9,346 
Interest expense, net 2,048  3,218 
Depreciation and amortization 7,555  5,338 
Certain items (1) 1,712  4,036 
Interest component of certain items (1) (517) (446)
Adjusted EBITDA (2) (6)$78,583 $53,294 
       

Adjusted Other Operating Income Reconciliation:

  For the Three-Month Periods
Ended March 31,

  2021  2020
Other operating income$8,701 $
Add:    
Certain items (1) (8,701) 
Adjusted other operating income (3) (6)$ $
      

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

  For the Three-Month Periods
Ended March 31, 

  2021  2020
Net income attributable to Amedisys, Inc.$49,870 $31,802
Add:     
Certain items (1) 1,267  2,987
Adjusted net income attributable to Amedisys, Inc. (4) (6)$51,137 $34,789
      

Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation:

  For the Three-Month Periods
Ended March 31,

  2021 2020
Net income attributable to Amedisys, Inc. common stockholders per diluted share$1.50$0.96
Add:   
Certain items (1) 0.04 0.09
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)$1.54$1.05
     

(1)    The following details the certain items for the three-month periods ended March 31, 2021 and 2020:

Certain Items:

 For the Three-Month Periods
Ended March 31,
  2021 2020
  (Income) Expense (Income) Expense
Certain Items Impacting Other Operating Income:    
CARES Act & State COVID-19 grants$(8,701)$
Certain Items Impacting Cost of Service:  
COVID-19 costs 8,480  1,017
Certain Items Impacting Operating Expenses:  
Acquisition and integration costs 1,199  2,336
COVID-19 costs 217  12
Certain Items Impacting Total Other Income (Expense):  
Interest component of certain items 517  446
Other (income) expense, net   225
Total$1,712 $4,036
Net of tax 1,267  2,987
Diluted EPS$0.04 $0.09
     

(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 other operating income is defined as other operating income excluding certain items as described in footnote 1.
(4)    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.
(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 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.

 


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