LHC Group Acquires Home Health and Hospice Provider in West Virginia
Also Signs Definitive Purchase Agreement for Home Health and Community-Based
Service Providers in North Carolina
LAFAYETTE, La., April 3, 2014 (GLOBE NEWSWIRE) -- LHC Group, Inc.
(Nasdaq:LHCG), a national provider of home health, hospice and comprehensive
post-acute healthcare services, announced today that it has acquired the
assets of a home health and hospice provider in the Certificate of Need (CON)
state of West Virginia and signed a definitive purchase agreement to acquire
the assets of a home health and community-based service provider in the CON
state of North Carolina. Annual combined revenue for the two transactions is
approximately $2 million.
LHC Group acquired St. Joseph Hospital Home Health and Hospice located in
Buckhannon, West Virginia, effective April 1, 2014. The service area includes
seven counties for home health and six counties for hospice. The Home Health
services division is now known as "West Virginia Home Health" and Hospice
continues to be known as "St. Joseph's Hospice."
LHC Group has also signed a definitive purchase agreement to acquire the
assets of Professional Nursing Services, which is expected to close on May 1,
2014, subject to customary closing conditions. The acquisition comprises a
home health provider and four community-based service providers located near
Raleigh, North Carolina. The service area includes nine counties for home
health and four counties for community-based services. Upon closing of the
transaction, the Home Health services division will be known as "North
Carolina Home Health" and the Community-Based services division will continue
to be known as "Professional Nursing Services."
Keith G. Myers, LHC Group chairman and CEO, said, "It is with great pleasure
that I welcome the healthcare professionals from St. Joseph Hospital Home
Health and Hospice and Professional Nursing Services into our growing LHC
Group family. We are proud to be part of these communities and look forward to
collaborating with St. Joseph's Hospital and local clinicians to deliver
high-quality healthcare that allows patients to safely remain in the comfort
of their homes."
Mr. Myers added, "These acquisitions fit perfectly into our strategy to
increase our service area through the acquisition of small, underdeveloped
providers located in CON states.We look forward to continuing this strategy
throughout 2014 and being able to offer home health, hospice and
community-based services to the patients and families in these communities."
About LHC Group, Inc.
LHC Group, Inc. (LHCGroup.com) is a national provider of post-acute healthcare
services, providing quality, cost-effective healthcare to patients within the
comfort and privacy of their home or place of residence.LHC Group provides a
comprehensive array of healthcare services through home health, hospice and
community-based services agencies in its home-based division and long-term
acute care hospitals in its facility-based division.
Certain matters discussed in this press release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995, such as statements about the Company's future financial performance
and the strength of the Company's operations.Such forward-looking statements
may be identified by words such as "continue," "expect," and similar
expressions.Forward-looking statements involve a number of risks and
uncertainties that may cause actual results to differ materially from those
expressed or implied by such forward-looking statements, including changes in
reimbursement, changes in government regulations, changes in LHC Group's
relationships with referral sources, increased competition for LHC Group's
services, increased competition for joint venture and acquisition candidates,
changes in the interpretation of government regulations and other risks set
forth in Item 1A. Risk Factors in LHC Group's Annual Report on Form 10-K for
the year ended December 31, 2013, filed with the Securities and Exchange
Commission.LHC Group undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
CONTACT: Eric Elliott
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