Amedisys Releases 2nd Quarter Financial Results for FY23

Hospice

BATON ROUGE, Lousiana—Amedisys, Inc. (NASDAQ: AMED) reported its financial results for the three and six-month periods which ended June 30, 2023.

Three-Month Periods Ended June 30, 2023 and 2022

  • Net service revenue decreased $4.9 million to $553.0 million compared to $557.9 million in 2022.
  • Net loss attributable to Amedisys, Inc. of $80.3 million, which is inclusive of $125.5 million in costs associated with our merger transactions, compared to net income attributable to Amedisys, Inc. of $29.6 million in 2022.
  • Net loss attributable to Amedisys, Inc. per diluted share of $2.46 compared to net income attributable to Amedisys, Inc. per diluted share of $0.91 in 2022.

Adjusted Quarterly Results*

  • Adjusted EBITDA of $74.6 million compared to $74.4 million in 2022.
  • Adjusted net service revenue of $553.0 million compared to $566.3 million in 2022.
  • Adjusted net income attributable to Amedisys, Inc. of $44.9 million compared to $48.0 million in 2022.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.37 compared to $1.47 in 2022.

Six-Month Periods Ended June 30, 2023 and 2022

  • Net service revenue increased $6.3 million to $1,109.4 million compared to $1,103.1 million in 2022.
  • Net loss attributable to Amedisys, Inc. of $55.0 million, which is inclusive of $126.2 million in costs associated with our merger transactions, compared to net income attributable to Amedisys, Inc. of $61.3 million in 2022.
  • Net loss attributable to Amedisys, Inc. per diluted share of $1.69 compared to net income attributable to Amedisys, Inc. of $1.87 in 2022.

Adjusted Year-to-Date Results*

  • Adjusted EBITDA of $132.5 million compared to $140.7 million in 2022.
  • Adjusted net service revenue of $1,109.4 million compared to $1,111.5 million in 2022.
  • Adjusted net income attributable to Amedisys, Inc. of $77.6 million compared to $88.1 million in 2022.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $2.38 compared to $2.69 in 2022.

* See pages 2 and 14 – 16 of the report for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

The supplemental slides provided in connection with the second 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 second quarter results and has decided to suspend guidance on 2023 financial performance.

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 (loss) 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 net income attributable to Amedisys, Inc., defined as net (loss) income attributable to Amedisys, Inc. excluding certain items; and (4) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net (loss) 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.

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