Amedisys Reports Second Quarter Financial Results

Amedisys Reports Second Quarter Financial Results  Amedisys to Host Conference Call Today at 10:00 a.m. ET  BATON ROUGE, La., July 30, 2014 (GLOBE NEWSWIRE) -- Amedisys, Inc. (Nasdaq:AMED), a leading home health and hospice company, today reported its financial results for the three and six-month periods ended June 30, 2014.  Three-Month Periods Ended June 30, 2014 and 2013    *After adding back for the 2014 period, $0.8 million ($0.5 million, net of     income tax ) or $0.02 per diluted share and for the 2013 period $6.1     million ($3.8 million, net of income tax) or $0.12 per diluted share for     certain items*, our adjusted results from continuing operations were as     follows:         *Net service revenue of $305.0 million compared to $316.0 million in          2013.        *Net income from continuing operations attributable to Amedisys, Inc.          of $8.0 million compared to net income from continuing operations of          $5.8 million in 2013. (Net income from continuing operations          attributable to Amedisys, Inc. of $7.6 million compared to net income          from continuing operations attributable to Amedisys, Inc. of $2.0          million in 2013 on a GAAP basis.)        *Net income from continuing operations attributable to Amedisys, Inc.          per diluted share of $0.25 compared to net income from continuing          operations attributable to Amedisys, Inc. of $0.18 per diluted share          in 2013. (Net income from continuing operations attributable to          Amedisys, Inc. per diluted share $0.23 compared to net income from          continuing operations attributable to Amedisys Inc. per diluted share          of $0.06 per diluted share in 2013 on a GAAP basis.)        *Earnings before interest, taxes, depreciation and amortization          attributable to continuing operations ("EBITDA") of $22.1 million          compared to $19.6 million in 2013.  Six-Month Periods Ended June 30, 2014 and 2013    *After adding back for the 2014 period, $16.9 million ($10.4 million, net     of income tax ) or $0.32 per diluted share and for the 2013 period $8.2     million ($5.0 million, net of income tax) or $0.16 per diluted share for     certain items*, our adjusted results from continuing operations were as     follows:         *Net service revenue of $603.7 million compared to $644.6 million in          2013.        *Net income from continuing operations attributable to Amedisys, Inc.          of $5.8 million compared to net income from continuing operations of          $10.4 million in 2013. (Net loss from continuing operations          attributable to Amedisys, Inc. of $4.6 million compared to net income          from continuing operations attributable to Amedisys, Inc. of $5.4          million in 2013 on a GAAP basis.)        *Net income from continuing operations attributable to Amedisys, Inc.          per diluted share of $0.18 compared to net income from continuing          operations attributable to Amedisys, Inc. of $0.33 per diluted share          in 2013. (Net loss from continuing operations attributable to          Amedisys, Inc. per diluted share $0.14 compared to net income from          continuing operations attributable to Amedisys Inc. per diluted share          of $0.17 per diluted share in 2013 on a GAAP basis.)        *EBITDA of $27.6 million compared to $37.9 million in 2013.  Ronald A. LaBorde, Interim Chief Executive Officer stated, "While much work remains, our progress in this quarter reflects the focus of our entire Amedisys team. We believe we have reestablished a solid foundation which will allow us to concentrate on further improving our core business."  We urge caution in considering the current trends disclosed in this press release. The home health and hospice industry is 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, 2013, 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. We disclaim any obligations to update disclosed information on trends.  * See the Reconciliation of Non-GAAP Financial Measures to GAAP Financial Statements table below for explanation of these certain items and the reconciliations of non-GAAP financial measures.  Earnings Call and Webcast Information  To participate in the conference call, please call a few minutes before 10:00 a.m. ET on Wednesday, July 30, 2014, to either (877) 512-9171 (Toll free) or (815) 573-0979 (Toll), use conference ID #77505164. A replay of the conference call will be available through August 30, 2014. The replay dial in number is (855) 859-2056 (Toll free) or (404) 537-3406 (Toll), use conference ID #77505164.  The call will also be available through our website and for seven days thereafter at the following web address: http://investors.amedisys.com.  We are headquartered in Baton Rouge, Louisiana. Our common stock trades on the NASDAQ Global Select Market under the symbol "AMED."  Additional information  Our company website address is www.amedisys.com. We use our website as a channel of distribution for important company information. Important information, including press releases, analyst 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. We also use our website to expedite public access to time-critical information regarding our company in advance of or in lieu of distributing a press release or a filing with the SEC disclosing the same information. Therefore, investors should look to the Investor Relations subpage of our website for important and time-critical information. 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," "plans," "anticipates," "intends," "projects," "estimates," "may," "might," "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: 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, 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, competition in the home health 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 attract and retain qualified personnel, changes in payments and covered services due to the economic downturn and deficit spending by Federal and State governments, future cost containment initiatives undertaken by third-party payors, our access to financing due to the volatility and disruption of the capital and credit markets, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate and manage our information systems, our ability to fund required settlement payments in the manner agreed upon in our settlement agreement to resolve both the U.S. Department of Justice investigation and the Stark Law Self-Referral matter, our ability to comply with requirements stipulated in our corporate integrity agreement and changes in law or developments with respect to any litigation or investigations relating the Company, including the OIG Self-Disclosure issues and 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.  Non-GAAP Financial Measures  This press release includes the following non-GAAP financial measures as defined under SEC rules: EBITDA, defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, adjusted EBITDA, defined as EBITDA excluding certain other items, adjusted net income (loss) from continuing operations attributable to Amedisys, Inc., defined as net income (loss) from continuing operations attributable to Amedisys, Inc. excluding certain other items, and adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. per diluted share, defined as net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share excluding certain other items. In accordance with SEC rules, we have provided herein a reconciliation of these non-GAAP financial measures to the most directly comparable measures under GAAP. Management believes that these are useful gauges of our performance and are common measures used in our industry to assess relative financial performance among companies.                                                              AMEDISYS, INC. AND SUBSIDIARIES SELECT CONSOLIDATED FINANCIAL STATEMENT DATA AND SUPPLEMENTAL INFORMATION (Amounts in thousands, except share, per share data and statistical information) (Unaudited)                                                             Balance Sheet Information                                               June30,2014 December31,2013 ASSETS                                                       Current assets:                                              Cash and cash equivalents                     $11,225      $17,303 Patient accounts receivable, net of allowance  110,934      111,133 for doubtful accounts of $14,956 and $14,231 Prepaid expenses                               10,855       10,669 Deferred income taxes                         10,712       55,329 Other current assets                          15,185       10,785 Assets held for sale                          —           60                                                             Total current assets                          158,911      205,279                                                             Property and equipment, net of accumulated     148,346      159,025 depreciation of $140,705 and $129,89                                                             Goodwill                                       205,587      208,915 Intangible assets, net of accumulated          34,112       36,690 amortization of $25,354 and $25,133 Deferred income taxes                         134,442      90,214 Other assets, net                             28,898       26,283                                                             Total assets                                  $710,296     $726,406                                                             LIABILITIES AND EQUITY                                       Current Liabilities:                                         Accounts payable                              $18,886      $20,139 Accrued charge related to U.S. Department of   35,000       150,000 Justice settlement Payroll and employee benefits                 72,861       70,801 Accrued expenses                              61,712       57,572 Current portion of long-term obligations      12,277       13,904                                                             Total current liabilities                     200,736      312,416 Long-term obligations, less current portion   132,000      33,000 Other long-term obligations                   6,518        8,511                                                             Total liabilities                             339,254      353,927                                                             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; 34,153,969 and 33,413,970   34           33 shares issued; and 33,195,927 and 32,538,971 shares outstanding Additional paid-in capital                    473,634      467,890 Treasury stock at cost, 958,042 and 874,999    (19,464)     (18,176) shares of common stock Accumulated other comprehensive income        15           15 Retained earnings                             (82,359)     (77,561)                                                             Total Amedisys, Inc. stockholders' equity     371,860      372,201 Noncontrolling interests                      (818)        278                                                             Total equity                                  371,042      372,479                                                             Total liabilities and equity                   $710,296     $726,406                                                                                                          Statement of Operations Information                                                                             FortheThree-MonthPeriods FortheSix-MonthPeriods                          Ended June30,              Ended June30,                         2014          2013          2014          2013 Net service revenue     $305,006    $315,960    $603,745     $644,562 Cost of service, excluding depreciation   172,520     177,760     349,527      363,427 and amortization General and                                                      administrative expenses: Salaries and benefits   71,400      75,012      154,571      154,852 Non-cash compensation   1,069       1,224       1,500        3,280 Other                   35,522      41,378      78,222       83,226 Provision for doubtful   4,242       4,639       9,135        8,493 accounts Depreciation and         7,692       9,411       15,594       19,381 amortization Other intangibles        —          2,286       2,208        2,286 impairment charge                                                                 Operating expenses      292,445     311,710     610,757      634,945                                                                 Operating income (loss) 12,561      4,250       (7,012 )     9,617 Other income (expense):                                          Interest income         16          11          22           22 Interest expense        (1,352)      (714)        (2,613)      (1,806) Equity in earnings from  885         337         1,671        700 equity investments Miscellaneous, net      243         (537)        434          (478)                                                                 Total other expense,     (208)        (903)        (486)        (1,562) net                                                                 Income (loss) before     12,353      3,347       (7,498 )     8,055 income taxes Income tax (expense)     (4,743)      (1,342)      2,875        (3,193) benefit                                                                 Income (loss) from       7,610       2,005       (4,623 )     4,862 continuing operations Discontinued operations, 61          (157)       (216)        (882) net of tax                                                                 Net income (loss)        7,671       1,848       (4,839 )     3,980 Net (income) loss attributable to          (52)         (7)         41           539 noncontrolling interests                                                                 Net income (loss) attributable to          $7,619      $1,841      $(4,798)     $4,519 Amedisys, Inc.                                                                 Basic earnings per                                               common share: Income (loss) from continuing operations attributable to          $0.24       $0.06       $(0.14)      $0.18 Amedisys, Inc. common stockholders                                                                 Discontinued operations, —          —          (0.01)       (0.03) net of tax                                                                 Net income (loss) attributable to          $0.24       $0.06       $(0.15)      $0.15 Amedisys, Inc. common stockholders                                                                 Weighted average shares  32,251      31,160      32,058       30,900 outstanding                                                                 Diluted earnings per                                             common share: Income (loss) from continuing operations attributable to          $0.23       $0.06       $(0.14)      $0.17 Amedisys, Inc. common stockholders                                                                 Discontinued operations, —          —          (0.01)       (0.03) net of tax                                                                 Net income (loss) attributable to          $0.23       $0.06       $(0.15)      $0.14 Amedisys, Inc. common stockholders                                                                 Weighted average shares  32,594      31,489      32,058       31,298 outstanding                                                                 Amounts attributable to Amedisys, Inc. common                                            stockholders: Income (loss) from       $7,558      $1,998      $(4,582 )    $5,401 continuing operations Discontinued operations, 61          (157)        (216)        (882) net of tax                                                                 Net income (loss)        $7,619      $1,841      $(4,798)     $4,519                                                                                                          Cash Flow and Days Revenue Outstanding, Net Information                                                                    FortheThree-MonthPeriods    FortheSix-MonthPeriods                    Ended June30,                 Ended June30,                   2014            2013           2014           2013                                                               Net cash (used in) provided by        $(89,129)      $33,561      $(95,471)     $65,977 operating activities Net cash used in investing          (4,472)        (7,390)       (9,392)       (24,215) activities Net cash provided by (used in)       101,986       (3,074)       98,785        (26,189) financing activities                                                               Net increase (decrease) in cash 8,385         23,097       (6,078)       15,573 and cash equivalents Cash and cash equivalents at     2,840         7,021        17,303        14,545 beginning of period                                                               Cash and cash equivalents at end $11,225       $30,118      $11,225       $30,118 of period                                                               Days revenue outstanding, net   32.0          33.9         32.0          33.9 (1)                                                               (1)Our calculation of days revenue outstanding, net at June30, 2014 and 2013 is derived by dividing our ending patient accounts receivable (i.e., net of estimated revenue adjustments and allowance for doubtful accounts) by our average daily net patient revenue for the three month-period ended June30, 2014 and 2013, respectively.                                                                                                     Supplemental Information - Home Health                                                                                                For the Three-Month                                                 Periods Ended June30,                                                2014        2013 Financial Information (in millions):                        Medicare                                       $191.5     $204.6 Non-Medicare                                   52.0       45.9 Net service revenue                            243.5      250.5                                                            Cost of service                                139.3      143.2                                                            Gross margin                                   104.2      107.3 Other operating expenses                       73.2       81.7                                                            Operating income before impairment charges (1) $31.0      $25.6                                                            Key Statistical Data:                                       Medicare:                                                   Same Store Volume (2):                                      Revenue                                        2%         (10%) Admissions                                     0%         0% Recertifications                               2%         (18%) Total (3):                                                  Admissions                                     43,974     47,734 Recertifications                               26,283     27,493 Completed episodes                             70,276     75,461 Visits                                         1,225,278   1,323,138 Average revenue per completed episode (4)      $2,845     $2,831 Visits per completed episode (5)               17.5       17.7                                                            Non-Medicare (3):                                           Admissions                                     20,731     18,235 Recertifications                               8,057      7,532 Visits                                         412,481    380,502                                                            Total (3):                                                  Cost per Visit                                 $85.08     $84.09 Visits                                         1,637,759   1,703,640                                                                                                                                               For the Six-Month Periods                                           Ended June30,                                          2014               2013 Financial Information (in millions):                         Medicare                                 $380.2            $417.2 Non-Medicare                             100.0             95.3                                                             Net service revenue                      480.2             512.5 Cost of service                          283.3             293.7                                                             Gross margin                             196.9             218.8 Other operating expenses                 155.8             166.4                                                             Operating income before impairment        $41.1             $52.4 charges (1)                                                             Key Statistical Data:                                        Medicare:                                                    Same Store Volume (2):                                       Revenue                                  (2%)              (9%) Admissions                               (1%)              1% Recertifications                         (2%)              (18%) Total (3):                                                   Admissions                               90,501            97,741 Recertifications                         52,061            56,180 Completed episodes                       137,748           151,345 Visits                                   2,429,817         2,694,022 Average revenue per completed episode     $2,812            $2,804 (4) Visits per completed episode (5)         17.2              17.6                                                             Non-Medicare (3):                                            Admissions                               41,924            39,821 Recertifications                         15,508            15,732 Visits                                   802,621           802,858                                                             Total (3):                                                   Cost per Visit                           $87.65            $83.99 Visits                                   3,232,438         3,496,880                                                             (1)Operating income of $23.3 million on a GAAP basis for the three-month period ended June30, 2013. Operating income of $39.9 million and $50.1 million on a GAAP basis for the six-month periods ended June30, 2014 and 2013, respectively. (2)Medicare revenue, admissions or recertifications same store volume is the percent increase (decrease) in our Medicare revenue, admissions or recertifications for the period as a percent of the Medicare revenue, admissions or recertifications of the prior period. (3) Based on continuing operations for all periods presented. (4)Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care which excludes the impact of sequestration. (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.                                                                                               Supplemental Information - Hospice                                                                                FortheThree-MonthPeriods                                         Ended June30,                                        2014          2013 Financial Information (in millions):                  Medicare revenue                       $57.7       $61.6 Non-Medicare revenue                   3.8         3.8                                                      Net service revenue                    61.5        65.4 Cost of service                        33.2        34.5                                                      Gross margin                           28.3        30.9 Other operating expenses               15.2        18.0                                                      Operating income                       $13.1       $12.9                                                      Key Statistical Data:                                 Same store Medicare revenue growth (2) (3%)         (12%) Hospice admits                         4,350       4,655 Average daily census                   4,649       5,006 Revenue per day                         $145.44     $143.61 Cost of service per day                $78.24      $75.34 Average length of stay                 99          99                                                                                                                                      FortheSix-MonthPeriods                                     Ended June30,                                    2014                  2013 Financial Information (in                                 millions): Medicare revenue                   $116.1               $124.4 Non-Medicare revenue               7.4                  7.6                                                          Net service revenue                123.5                132.0 Cost of service                    66.2                 69.7                                                          Gross margin                       57.3                 62.3 Other operating expenses           32.8                 37.8                                                          Operating income before impairment  $24.5                $24.5 charges (1)                                                          Key Statistical Data:                                     Same store Medicare revenue growth  (4%)                 (8%) (2) Hospice admits                     8,945                9,612 Average daily census               4,685                5,038 Revenue per day                     $ 145.70              $ 144.79 Cost of service per day            $77.86               $76.19 Average length of stay             99                   101                                                          (1) Operating income of $23.5 million on a GAAP basis for the six-month period ended June30, 2014. (2) Same store Medicare revenue volume is the percent increase (decrease) in our Medicare revenue for the period as a percent of the Medicare revenue of the prior period.                                                                                            Supplemental Information - Corporate                                                                          FortheThree-MonthPeriods                                      Ended June30,                                     2014          2013 Financial Information (in millions):               Other operating expenses            $26.7        $25.8 Depreciation and amortization       4.8          6.2                                                   Total                               $31.5        $32.0                                                                                                                               FortheSix-MonthPeriods                                      Ended June30,                                     2014         2013 Financial Information (in millions):              Other operating expenses            $60.8      $52.1 Depreciation and amortization       9.6        12.9                                                  Total                               $70.4      $65.0                                                                                                                                                          AMEDISYS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL STATEMENTS (Amounts in thousands) (Unaudited)                                                     Earnings From Continuing Operations Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA                                                                             FortheThree-MonthPeriods FortheSix-MonthPeriods                          Ended June30,            Ended June30,                         2014          2013          2014         2013 Net income (loss) attributable to          $7,619      $1,841      $(4,798)    $4,519 Amedisys, Inc. Less:                                                           Discontinued operations, 61          (157)        (216)       (882) net of tax                                                                Net income (loss) from continuing operations    7,558       1,998       (4,582)     5,401 attributable to Amedisys, Inc. Add:                                                            Provision for income     4,743       1,342       (2,875)     3,193 taxes Interest expense, net   1,336       703         2,591      1,784 Depreciation and         7,692       9,411       15,594     19,381 amortization                                                                EBITDA (1)              21,329      13,454      10,728     29,759 Add:                                                            Certain items (2)       784         6,133       16,884     8,164                                                                Adjusted EBITDA (3)     $22,113     $19,587     $27,612    $37,923                                                                                                         Adjusted Net Income (Loss) From Continuing Operations Attributable to Amedisys, Inc. Reconciliation:                                                                             FortheThree-MonthPeriods FortheSix-MonthPeriods                          Ended June30,              Ended June30,                         2014          2013          2014         2013 Net income (loss) attributable to          $7,619      $1,841      $(4,798)    $4,519 Amedisys, Inc. Less:                                                           Discontinued Operations, 61          (157)        (216)       (882) net of tax                                                                Net income (loss) from continuing operations    7,558       1,998       (4,582)     5,401 attributable to Amedisys, Inc. Add:                                                            Certain items (2)       482         3,777       10,400     5,028                                                                Adjusted net income (loss) from continuing   $8,040      $5,775      $5,818     $10,429 operations attributable to Amedisys, Inc.(4)                                                                                                                                                                       Adjusted Net Income (Loss) From Continuing Operations Attributable to Amedisys, Inc. per Diluted Share:                                                                    FortheThree-MonthPeriods    FortheSix-MonthPeriods                    Ended June30,               Ended June30,                   2014            2013           2014           2013 Net income (loss) attributable to Amedisys, Inc.     $0.23         $0.06        $(0.15)       $0.14 common stockholders per diluted share Less:                                                          Discontinued operations, net of —            —           (0.01)        (0.03) tax                                                               Net income (loss) from continuing operations attributable to    0.23          0.06         (0.14)        0.17 Amedisys, Inc. common stockholders per diluted share Add:                                                           Certain items (2) 0.02          0.12         0.32         0.16                                                               Adjusted net income (loss) from continuing operations attributable to    $0.25         $0.18        $0.18        $0.33 Amedisys, Inc. common stockholders per diluted share (5)                                                               (1)EBITDA is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense, and depreciation and amortization. EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner. (2)The following details the certain other items for the three and six-month periods ended June30, 2014 and 2013:                                                                                                                              For the Three-Month Period     For the Six-Month Period                     Ended June30, 2014          Ended June30, 2014                    (Income)   Net       Diluted   (Income)  Net      Diluted                     Expense              EPS       Expense          EPS Other intangibles   $—       $—      $—      $2,208   $1,360  $0.04 impairment charge Exit and restructuring       —        —       —       9,954    6,132   0.19 activity costs Relator fees       —        —       —       3,938    2,426   0.07 OIG                 1,450     893      0.03     1,450    893     0.03 self-disclosure Software write-off 1,465     902      0.03     1,465    902     0.03 Gain on sale of     (2,131)   (1,313)  (0.04)   (2,131)  (1,313) (0.04) care centers                                                                  Total              $784      $482     $0.02    $ 16,884  $ 10,400 $0.32                                                                                                                                       For the Three-Month Period     For the Six-Month Period                     Ended June30, 2013            Ended June30, 2013                    (Income)   Net       Diluted   (Income)  Net      Diluted                     Expense              EPS       Expense            EPS Other intangibles   $2,286    $1,408   $0.05    $2,286   $1,408  $0.05 impairment charge Exit and restructuring       1,569     966      0.03     1,569    966     0.03 activity costs Relator fees       —        —       —       —       —      — Legal fees         1,606     989      0.03     3,637    2,240   0.07 Loss on sale of     672       414      0.01     672      414     0.01 care centers                                                                  Total              $6,133    $3,777   $0.12    $8,164   $5,028  $0.16                                                                  (3)Adjusted EBITDA is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense, depreciation and amortization excluding certain other items as described in footnote 2. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner. (4)Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. excluding certain other items as described in footnote 2. Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP measure in the same manner. (5)Adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income (loss) from continuing operations per share excluding the earnings per share effect of certain other items as described in footnote 2. Adjusted net income (loss) from continuing operations 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, cash flow from operating activities, or other traditional indicators or operating performance. This calculation of adjusted net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.  CONTACT:          Investor Contact:          Amedisys, Inc.          David Castille          Director, Treasury/Finance          (225) 299-3391          david.castille@amedisys.com                   Media Contact:          Amedisys, Inc.          Kendra Kimmons          Managing Director, Marketing & Communications          (225) 299-3720          kendra.kimmons@amedisys.com  Amedisys, Inc. logo  
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