Amedisys to Host Conference Call Today At 10:00 A.M. ET
BATON ROUGE, La.--(BUSINESS WIRE)--
Amedisys, Inc. (NASDAQ: AMED), a leading home health and hospice
company, today reported its financial results for the third quarter
ended September 30, 2012.
Three-Month Periods Ended September 30, 2012 and
2011
• After adding back $574.1 million ($434.6 million, net of income tax)
or $15.10 per diluted share for the goodwill and other intangibles
impairment charge in 2011, the following would have been our adjusted
results:
• Net service revenue of $375.6 million compared to $370.3 million in
2011, an increase of $5.3 million or 1.4%.
• Net income from continuing operations attributable to Amedisys, Inc.,
of $10.0 million compared to $12.3 million in 2011, a decrease of 19.2%.
• Net income from continuing operations attributable to Amedisys, Inc.
per diluted share of $0.33 compared to $0.42 per diluted share in 2011,
a decrease of 21.4%.
• Earnings before interest, taxes, depreciation and amortization
attributable to continuing operations (“EBITDA”) of $24.9 million
compared to $29.0 million in 2011, a decrease of 14.0%.
Nine-Month Periods Ended September 30, 2012 and
2011
• After adding back $574.1 million ($434.6 million, net of income tax)
or $15.18 per diluted share for the goodwill and other intangibles
impairment charge in 2011, the following would have been our adjusted
results:
• Net service revenue of $1,124.9 million compared to $1,098.0 million
in 2011, an increase of $26.9 million or 2.5%.
• Net income from continuing operations attributable to Amedisys, Inc.,
of $24.4 million compared to $52.2 million in 2011, a decrease of 53.2%.
• Net income from continuing operations attributable to Amedisys, Inc.
per diluted share of $0.81 compared to $1.80 per diluted share in 2011,
a decrease of 55.0%.
• EBITDA of $73.8 million compared to $118.0 million in 2011, a decrease
of 37.5%.
William F. Borne, Chief Executive Officer stated, “Overall, we were
pleased with bottom line results for the quarter and remain on pace to
meet our earnings plans for the year. Job and investment tax credits
benefitted quarterly results. Operationally, we displayed our second
consecutive quarter of positive year-over-year episodic admissions
growth, continued to grow our managed care business and our hospice
average census was up considerably. Our focus remains on providing
excellent care to our patients, growing our business and achieving
greater efficiencies as we navigate reimbursement pressures.”
2012 Guidance
• Net service revenue is anticipated to be in the range of $1.485
billion to $1.505 billion.
• Diluted earnings per share is expected to be in the range of $1.00 to
$1.06 based on an estimated 30.2 million shares outstanding.
This guidance excludes the effects of any future acquisitions, if any
are made, any costs associated with the closing of our new credit
agreement or any severance related charges.
We urge caution in considering the current trends and 2012 guidance
disclosed in this press release. The home health and hospice industry is
highly competitive and subject to intensive regulations, and trends and
guidance 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, 2011, 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.
Earnings Call and Webcast Information
To participate in the conference call, please dial (877) 490-9717 (Toll
free) or (704) 385-4855 (Toll) a few minutes before 10:00 a.m. ET on
Tuesday, November 6, 2012. A replay of the conference call will be
available through November 13, 2012. The replay dial in number is
(855) 859-2056 (Toll free) or (404) 537-3406 (Toll). The replay pin
number is 43473527.
The call will also be available through our website and for seven days
thereafter at the following web address: http://www.amedisys.com/investors.
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, changes in or
developments with respect to any litigation or investigations relating
to the Company, including the SEC investigation and the U.S. Department
of Justice Civil Investigative Demand 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 from continuing
operations attributable to Amedisys, Inc. before provision for income
taxes, net interest expense and depreciation and amortization, adjusted
EBITDA, defined as EBITDA plus the goodwill and other intangibles
impairment charge, adjusted net income from continuing operations
attributable to Amedisys, Inc., defined as net income (loss) from
continuing operations attributable to Amedisys, Inc. plus the goodwill
and other intangibles impairment charge and adjusted net income 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 plus the earnings
per share effect of the goodwill and other intangibles impairment
charge. 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 |
| | |
| | |
|
| | September 30, 2012 | December 31, 2011 |
| ASSETS | | | |
|
Current assets:
| | | |
|
Cash and cash equivalents
| |
$
|
39,106
| |
$
|
48,004
| |
|
Patient accounts receivable, net of allowance for doubtful accounts
of $20,447 and $17,438 | | |
163,461
| | |
148,061
| |
|
Prepaid expenses
| | |
10,646
| | |
11,321
| |
|
Other current assets
| |
|
20,635
|
|
|
24,630
|
|
| | |
|
|
Total current assets
| | |
233,848
| | |
232,016
| |
|
Property and equipment, net of accumulated depreciation of $105,157,
and $94,266 | | |
150,947
| | |
148,536
| |
|
Goodwill
| | |
367,495
| | |
334,695
| |
|
Intangible assets, net of accumulated amortization of $22,745 and
$20,611 | | |
51,959
| | |
50,067
| |
|
Deferred tax asset
| | |
54,512
| | |
68,649
| |
|
Other assets, net
| |
|
16,963
|
|
|
24,322
|
|
| | |
|
|
Total assets
| |
$
|
875,724
|
|
$
|
858,285
|
|
| | |
|
| LIABILITIES AND EQUITY | | | |
|
Current Liabilities:
| | | |
|
Accounts payable
| |
$
|
21,690
| |
$
|
25,475
| |
|
Payroll and employee benefits
| | |
81,751
| | |
82,130
| |
|
Accrued expenses
| | |
64,460
| | |
68,493
| |
|
Current portion of long-term obligations
| | |
54,307
| | |
33,888
| |
|
Current portion of deferred income taxes
| |
|
9,249
|
|
|
11,748
|
|
| | |
|
|
Total current liabilities
| | |
231,457
| | |
221,734
| |
|
Long-term obligations, less current portion
| | |
67,856
| | |
111,551
| |
|
Other long-term obligations
| |
|
4,431
|
|
|
4,852
|
|
| | |
|
|
Total liabilities
| |
|
303,744
|
|
|
338,137
|
|
| | |
|
|
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;
32,423,585 and 31,017,363 share issued; and 31,640,832 and
30,328,549 share outstanding
| | |
32
| | |
30
| |
|
Additional paid-in capital
| | |
446,233
| | |
432,390
| |
|
Treasury stock at cost, 782,753 and 688,814 shares of common stock
| | |
(17,034
|
)
| |
(15,770
|
)
|
|
Accumulated other comprehensive income
| | |
15
| | |
13
| |
|
Retained earnings
| |
|
125,429
|
|
|
102,205
|
|
| | |
|
|
Total Amedisys, Inc. stockholders’ equity
| | |
554,675
| | |
518,868
| |
|
Noncontrolling interests
| |
|
17,305
|
|
|
1,280
|
|
| | |
|
|
Total equity
| |
|
571,980
|
|
|
520,148
|
|
| | |
|
|
Total liabilities and equity
| |
$
|
875,724
|
|
$
|
858,285
|
|
Statement of Operations Information |
|
| | |
| | |
| | For the Three-Month Periods Ended
September 30, | | For the Nine-Month Periods Ended
September 30, |
| | | 2012 | | | 2011 | | | | 2012 | | | 2011 | |
|
Net service revenue
| |
$
|
375,625
| |
$
|
370,288
| | |
$
|
1,124,956
| |
$
|
1,098,026
| |
|
Cost of service, excluding depreciation and amortization
| | |
214,131
| | |
202,093
| | | |
634,903
| | |
578,823
| |
|
General and administrative expenses:
| | | | | | |
|
Salaries and benefits
| | |
81,627
| | |
85,092
| | | |
255,203
| | |
247,175
| |
|
Non-cash compensation
| | |
1,285
| | |
3,150
| | | |
6,065
| | |
8,265
| |
|
Other
| | |
48,261
| | |
46,711
| | | |
139,941
| | |
136,228
| |
|
Provision for doubtful accounts
| | |
5,677
| | |
4,354
| | | |
16,235
| | |
9,734
| |
|
Depreciation and amortization
| | |
9,963
| | |
9,659
| | | |
29,922
| | |
28,389
| |
|
Goodwill and other intangibles impairment charge
| |
|
—
|
|
|
574,114
|
| |
|
—
|
|
|
574,114
|
|
| | | | | |
|
|
Operating expenses
| |
|
360,944
|
|
|
925,173
|
| |
|
1,082,269
|
|
|
1,582,728
|
|
| | | | | |
|
|
Operating income (loss)
| | |
14,681
| | |
(554,885
|
)
| | |
42,687
| | |
(484,702
|
)
|
|
Other (expense) income:
| | | | | | |
|
Interest income
| | |
10
| | |
18
| | | |
52
| | |
225
| |
|
Interest expense
| | |
(1,982
|
)
| |
(2,187
|
)
| | |
(6,058
|
)
| |
(6,693
|
)
|
|
Equity in earnings from equity investments
| | |
390
| | |
325
| | | |
1,091
| | |
1,114
| |
|
Miscellaneous, net
| |
|
(14
|
)
|
|
(172
|
)
| |
|
281
|
|
|
(843
|
)
|
| | | | | |
|
|
Total other expense, net
| |
|
(1,596
|
)
|
|
(2,016
|
)
| |
|
(4,634
|
)
|
|
(6,197
|
)
|
| | | | | |
|
|
Income (loss) before income taxes
| | |
13,085
| | |
(556,901
|
)
| | |
38,053
| | |
(490,899
|
)
|
|
Income tax (expense) benefit
| |
|
(3,049
|
)
|
|
134,686
|
| |
|
(13,411
|
)
|
|
108,631
|
|
| | | | | |
|
|
Income (loss) from continuing operations
| | |
10,036
| | |
(422,215
|
)
| | |
24,642
| | |
(382,268
|
)
|
|
Discontinued operations, net of tax
| |
|
(41
|
)
|
|
(1,482
|
)
| |
|
(1,218
|
)
|
|
(4,394
|
)
|
| | | | | |
|
|
Net income (loss)
| | |
9,995
| | |
(423,697
|
)
| | |
23,424
| | |
(386,662
|
)
|
|
Net income attributable to noncontrolling interests
| |
|
(73
|
)
|
|
(25
|
)
| |
|
(200
|
)
|
|
(116
|
)
|
| | | | | |
|
|
Net income (loss) attributable to Amedisys, Inc. | |
$
|
9,922
|
|
$
|
(423,722
|
)$
| |
|
23,224
|
|
$
|
(386,778
|
)
|
| | | | | |
|
|
Basic earnings per common share:
| | | | | | |
|
Income (loss) from continuing operations attributable to Amedisys,
Inc. common stockholders
| |
$
|
0.33
| |
$
|
(14.68
|
)
| |
$
|
0.82
| |
$
|
(13.38
|
)
|
|
Discontinued operations, net of tax
| |
|
—
|
|
|
(0.05
|
)
| |
|
(0.04
|
)
|
|
(0.15
|
)
|
| | | | | |
|
|
Net income (loss) attributable to Amedisys, Inc. common stockholders
| |
$
|
0.33
|
|
$
|
(14.73
|
)
| |
$
|
0.78
|
|
$
|
(13.53
|
)
|
| | | | | |
|
|
Weighted average shares outstanding
| |
|
30,055
|
|
|
28,770
|
| |
|
29,741
|
|
|
28,587
|
|
| | | | | |
|
|
Diluted earnings per common share:
| | | | | | |
|
Income (loss) from continuing operations attributable to Amedisys,
Inc. common stockholders
| |
$
|
0.33
| |
$
|
(14.68
|
)
| |
$
|
0.81
| |
$
|
(13.38
|
)
|
|
Discontinued operations, net of tax
| |
|
—
|
|
|
(0.05
|
)
| |
|
(0.04
|
)
|
|
(0.15
|
)
|
| | | | | |
|
|
Net income (loss) attributable to Amedisys, Inc. common stockholders
| |
$
|
0.33
|
|
$
|
(14.73
|
)
| |
$
|
0.77
|
|
$
|
(13.53
|
)
|
| | | | | |
|
|
Weighted average shares outstanding
| |
|
30,423
|
|
|
28,770
|
| |
|
30,068
|
|
|
28,587
|
|
| | | | | |
|
|
Amounts attributable to Amedisys, Inc. common stockholders:
| | | | | | |
|
Income (loss) from continuing operations
| |
$
|
9,963
| |
$
|
(422,240
|
)
| |
$
|
24,442
| |
$
|
(382,384
|
)
|
|
Discontinued operations, net of tax
| |
|
(41
|
)
|
|
(1,482
|
)
| |
|
(1,218
|
)
|
|
(4,394
|
)
|
| | | | | |
|
|
Net income (loss)
| |
$
|
9,922
|
|
$
|
(423,722
|
)
| |
$
|
23,224
|
|
$
|
(386,778
|
)
|
Cash Flow Information |
|
| | |
| | |
| | For the Three-Month Periods ended
September 30, | | For the Nine-Month Periods ended
September 30, |
| | | 2012 | | | 2011 | | | | 2012 | | | 2011 | |
|
Net cash provided by operating activities
| |
$
|
21,882
| |
$
|
27,780
| | |
$
|
56,904
| |
$
|
104,293
| |
|
Net cash used in investing activities
| | |
(12,318
|
)
| |
(17,128
|
)
| | |
(40,249
|
)
| |
(168,663
|
)
|
|
Net cash used in financing activities
| |
|
(7,616
|
)
|
|
(9,322
|
)
| |
|
(25,553
|
)
|
|
(26,463
|
)
|
| | | | | |
|
|
Net increase (decrease) in cash and cash equivalents
| | |
1,948
| | |
1,330
| | | |
(8,898
|
)
| |
(90,833
|
)
|
|
Cash and cash equivalents at beginning of period
| |
|
37,158
|
|
|
28,132
|
| |
|
48,004
|
|
|
120,295
|
|
| | | | | |
|
|
Cash and cash equivalents at end of period
| |
$
|
39,106
|
|
$
|
29,462
|
| |
$
|
39,106
|
|
$
|
29,462
|
|
Supplemental Information—Home Health |
|
| |
| |
| |
| |
| | |
| | For the Three-Month Periods Ended September 30, |
| | 2012 |
| | 2011 |
| | Same Store | | Start-ups/
Acquisitions | | Total | | Same Store | | Other (1) | Total |
| Financial Information (in millions): | | | | | | | | | | | |
|
Episodic-based revenue
| |
$
|
270.0
| | |
$
|
1.3
| | | $ | 271.3 | | |
$
|
282.7
| |
$
|
4.4
| | $ | 287.1 |
|
Non-episodic revenue
| |
|
29.3
|
| |
|
0.5
|
| |
| 29.8 |
| |
|
18.8
| |
|
0.1
|
|
| 18.9 |
| | | | | | | | | | |
|
|
Net service revenue
| | |
299.3
| | | |
1.8
| | | | 301.1 | | | |
301.5
| | |
4.5
| | | 306.0 |
| Episodic-based revenue growth (2) | |
| (4 | %) | | | |
| (6 | %) | | | | | |
| | | | | | | | | | |
|
|
Cost of service
| |
|
174.8
|
| |
|
1.1
|
| |
| 175.9 |
| |
|
164.1
| |
|
3.1
|
|
| 167.2 |
| | | | | | | | | | |
|
|
Gross margin
| | |
124.5
| | | |
0.7
| | | | 125.2 | | | |
137.4
| | |
1.4
| | | 138.8 |
|
Other operating expenses
| |
|
77.3
|
| |
|
0.8
|
| |
| 78.1 |
| |
|
76.1
| |
|
2.9
|
|
| 79.0 |
| | | | | | | | | | |
|
Operating income before
impairment (5)
| |
$
|
47.2
|
| |
$
|
(0.1
|
)
| | $ | 47.1 |
| |
$
|
61.3
| |
$
|
(1.5
|
)
| $ | 59.8 |
| | | | | | | | | | |
|
| Key Statistical Data: | | | | | | | | | | | |
| Admissions: | | | | | | | | | | | |
|
Episodic-based
| | |
57,660
| | | |
327
| | | | 57,987 | | | |
56,309
| | |
903
| | | 57,212 |
|
Non-episodic
| |
|
15,539
|
| |
|
31
|
| |
| 15,570 |
| |
|
10,802
| |
|
128
|
|
| 10,930 |
| | | | | | | | | | |
|
|
Total admissions
| |
|
73,199
|
| |
|
358
|
| |
| 73,557 |
| |
|
67,111
| |
|
1,031
|
|
| 68,142 |
| | | | | | | | | | |
|
Episodic-based admission
growth (2) | |
| 2 | % | | | |
| 1 | % | | | | | |
| | | | | | | | | | |
|
| Recertifications: | | | | | | | | | | | |
|
Episodic-based
| | |
40,385
| | | |
149
| | | | 40,534 | | | |
42,757
| | |
570
| | | 43,327 |
|
Non-episodic
| |
|
6,233
|
| |
|
5
|
| |
| 6,238 |
| |
|
4,239
| |
|
38
|
|
| 4,277 |
| | | | | | | | | | |
|
|
Total recertifications
| |
|
46,618
|
| |
|
154
|
| |
| 46,772 |
| |
|
46,996
| |
|
608
|
|
| 47,604 |
| | | | | | | | | | |
|
Episodic-based recertification
growth (2) | |
| (6 | %) | | | |
| (6 | %) | | | | | |
| | | | | | | | | | |
|
| Completed Episodes: | | | | | | | | | | | |
|
Episodic-based
| |
|
94,284
|
| |
|
433
|
| |
| 94,717 |
| |
|
95,075
| |
|
1,600
|
|
| 96,675 |
| | | | | | | | | | |
|
| Visits: | | | | | | | | | | | |
|
Episodic-based
| | |
1,814,367
| | | |
8,373
| | | | 1,822,740 | | | |
1,852,942
| | |
28,094
| | | 1,881,036 |
|
Non-episodic
| |
|
297,766
|
| |
|
758
|
| |
| 298,524 |
| |
|
201,889
| |
|
1,778
|
|
| 203,667 |
| | | | | | | | | | |
|
|
Total visits
| |
|
2,112,133
|
| |
|
9,131
|
| |
| 2,121,264 |
| |
|
2,054,831
| |
|
29,872
|
|
| 2,084,703 |
| | | | | | | | | | |
|
| Cost per Visit | |
$
|
82.72
|
| |
$
|
123.89
|
| | $ | 82.90 |
| |
$
|
79.95
| |
$
|
100.30
|
| $ | 80.24 |
| | | | | | | | | | |
|
| Average episodic-based revenue per completed episode (3) | |
$
|
2,834
|
| |
$
|
3,002
|
| | $ | 2,835 |
| |
$
|
2,972
| |
$
|
3,083
|
| $ | 2,974 |
| | | | | | | | | | |
|
| Episodic-based visits per completed episode (4) | |
|
18.8
|
| |
|
18.3
|
| |
| 18.8 |
| |
|
18.7
| |
|
18.7
|
|
| 18.7 |
| |
| |
| |
| |
| |
| |
| |
| | | For the Nine-Month Periods Ended September 30, |
| | | 2012 | | 2011 |
| | | Same Store | | Start-ups/
Acquisitions | | Total | | Same Store | | Other (1) | | Total |
| Financial Information (in millions): | | | | | | | | | | | | |
|
Episodic-based revenue
| |
$
|
820.4
| | |
$
|
4.2
| | | $ | 824.6 | | |
$
|
876.3
| |
$
|
16.6
| | | $ | 892.9 |
|
Non-episodic revenue
| |
|
82.0
|
| |
|
0.7
|
| |
| 82.7 |
| |
|
55.1
| |
|
0.4
|
| |
| 55.5 |
|
Net service revenue
| | |
902.4
| | | |
4.9
| | | | 907.3 | | | |
931.4
| | |
17.0
| | | | 948.4 |
| Episodic-based revenue
growth (2) | |
| (6 | %) | | | |
| (8 | %) | | | | | | |
| | | | | | | | | | | | |
|
|
Cost of service
| |
|
519.0
|
| |
|
3.2
|
| |
| 522.2 |
| |
|
488.0
| |
|
10.5
|
| |
| 498.5 |
| | | | | | | | | | | | |
|
|
Gross margin
| | |
383.4
| | | |
1.7
| | | | 385.1 | | | |
443.4
| | |
6.5
| | | | 449.9 |
|
Other operating expenses
| |
|
230.2
|
| |
|
2.4
|
| |
| 232.6 |
| |
|
224.2
| |
|
10.8
|
| |
| 235.0 |
| | | | | | | | | | | | |
|
|
Operating income before impairment (5)
| |
$
|
153.2
|
| |
$
|
(0.7
|
)
| | $ | 152.5 |
| |
$
|
219.2
| |
$
|
(4.3
|
)
| | $ | 214.9 |
| | | | | | | | | | | | |
|
| Key Statistical Data: | | | | | | | | | | | | |
| Admissions: | | | | | | | | | | | | |
|
Episodic-based
| | |
175,843
| | | |
1,086
| | | | 176,929 | | | |
172,880
| | |
3,634
| | | | 176,514 |
|
Non-episodic
| |
|
45,136
|
| |
|
153
|
| |
| 45,289 |
| |
|
31,528
| |
|
404
|
| |
| 31,932 |
| | | | | | | | | | | | |
|
|
Total admissions
| |
|
220,979
|
| |
|
1,239
|
| |
| 222,218 |
| |
|
204,408
| |
|
4,038
|
| |
| 208,446 |
| | | | | | | | | | | | |
|
| Episodic-based admission growth (2) | |
| 2 | % | | | |
| 0 | % | | | | | | |
| | | | | | | | | | | | |
|
| Recertifications: | | | | | | | | | | | | |
|
Episodic-based
| | |
121,411
| | | |
432
| | | | 121,843 | | | |
128,464
| | |
1,916
| | | | 130,380 |
|
Non-episodic
| |
|
16,489
|
| |
|
35
|
| |
| 16,524 |
| |
|
12,782
| |
|
116
|
| |
| 12,898 |
| | | | | | | | | | | | |
|
|
Total recertifications
| |
|
137,900
|
| |
|
467
|
| |
| 138,367 |
| |
|
141,246
| |
|
2,032
|
| |
| 143,278 |
| | | | | | | | | | | | |
|
| Episodic-based recertification
growth (2) | |
| (5 | %) | | | |
| (7 | %) | | | | | | |
| | | | | | | | | | | | |
|
| Completed Episodes: | | | | | | | | | | | | |
|
Episodic-based
| |
|
284,497
|
| |
|
1,239
|
| |
| 285,736 |
| |
|
288,432
| |
|
5,860
|
| |
| 294,292 |
| | | | | | | | | | | | |
|
| Visits: | | | | | | | | | | | | |
|
Episodic-based
| | |
5,549,303
| | | |
27,158
| | | | 5,576,461 | | | |
5,589,759
| | |
104,520
| | | | 5,694,279 |
|
Non-episodic
| |
|
834,128
|
| |
|
2,778
|
| |
| 836,906 |
| |
|
596,961
| |
|
5,596
|
| |
| 602,557 |
| | | | | | | | | | | | |
|
|
Total visits
| |
|
6,383,431
|
| |
|
29,936
|
| |
| 6,413,367 |
| |
|
6,186,720
| |
|
110,116
|
| |
| 6,296,836 |
| | | | | | | | | | | | |
|
| Cost per Visit | |
$
|
81.29
|
| |
$
|
108.19
|
| | $ | 81.42 |
| |
$
|
78.89
| |
$
|
95.08
|
| | $ | 79.17 |
| | | | | | | | | | | | |
|
| Average episodic-based
revenue per completed episode
(3) | |
$
|
2,849
|
| |
$
|
3,040
|
| | $ | 2,849 |
| |
$
|
3,009
| |
$
|
3,121
|
| | $ | 3,012 |
| | | | | | | | | | | | |
|
| Episodic-based visits per completed episode (4) | |
|
18.9
|
| |
|
18.0
|
| |
| 18.9 |
| |
|
18.7
| |
|
18.8
|
| |
| 18.7 |
| | | | | | | | | | | | | | | | | | | | | | |
|
(1)
|
Care centers for the prior period which are not considered same
store care centers (i.e., care centers consolidated in prior
period or unopened startups).
|
(2)
|
Episodic-based revenue, admissions or recertifications growth is
the percent increase in our episodic-based revenue, admissions or
recertifications for the period as a percent of the episodic-based
revenue, admissions or recertifications of the prior period.
|
(3)
|
Average episodic-based revenue per completed episode is the
average episodic-based revenue earned for each episodic-based
completed episode of care.
|
(4)
|
Episodic-based visits per completed episode are the home health
episodic-based visits on completed episodes divided by the home
health episodic-based episodes completed during the period.
|
(5)
|
Operating loss of $514.3 million and $359.2 million on a GAAP
basis for the three and nine-month periods ended September 30,
2011, respectively.
|
| Supplemental Information—Hospice |
| |
| For the Three-Month Periods Ended September 30, |
| | | 2012 |
|
| 2011 |
| | | Same Store |
| Start-ups/
Acquisitions |
| Total | | Same Store |
| Other (1) |
| Total |
| Financial Information (in millions): | | | | | | | | | | | | |
| Medicare revenue
| |
$
|
67.6
| | |
$
|
3.0
| | | $ | 70.6 | | |
$
|
59.7
| |
$
|
0.7
| | | $ | 60.4 |
|
Non-Medicare revenue
| |
|
3.8
|
| |
|
0.1
|
| |
| 3.9 |
| |
|
3.9
| |
|
—
|
| |
| 3.9 |
| | | | | | | | | | | | |
|
|
Net service revenue
| | |
71.4
| | | |
3.1
| | | | 74.5 | | | |
63.6
| | |
0.7
| | | | 64.3 |
| Medicare revenue growth (2) | |
| 13 | % | | | |
| 17 | % | | | | | | |
| | | | | | | | | | | | |
|
|
Cost of service
| |
|
36.1
|
| |
|
2.1
|
| |
| 38.2 |
| |
|
34.3
| |
|
0.6
|
| |
| 34.9 |
| | | | | | | | | | | | |
|
|
Gross margin
| | |
35.3
| | | |
1.0
| | | | 36.3 | | | |
29.3
| | |
0.1
| | | | 29.4 |
|
Other operating expenses
| |
|
14.5
|
| |
|
1.2
|
| |
| 15.7 |
| |
|
12.6
| |
|
0.7
|
| |
| 13.3 |
| | | | | | | | | | | | |
|
|
Operating income
| |
$
|
20.8
|
| |
$
|
(0.2
|
)
| | $ | 20.6 |
| |
$
|
16.7
| |
$
|
(0.6
|
)
| | $ | 16.1 |
| | | | | | | | | | | | |
|
| Key Statistical Data: | | | | | | | | | | | | |
|
Hospice admits
| | |
4,479
| | | |
227
| | | | 4,706 | | | |
4,537
| | |
52
| | | | 4,589 |
|
Hospice days
| | |
494,570
| | | |
21,983
| | | | 516,553 | | | |
444,126
| | |
4,785
| | | | 448,911 |
|
Average daily census
| | |
5,376
| | | |
239
| | | | 5,615 | | | |
4,827
| | |
52
| | | | 4,879 |
|
Revenue per day
| |
$
|
144.27
| | |
$
|
141.77
| | | $ | 144.17 | | |
$
|
143.10
| |
$
|
149.13
| | | $ | 143.17 |
|
Cost of service per day
| |
$
|
72.96
| | |
$
|
98.26
| | | $ | 74.03 | | |
$
|
76.78
| |
$
|
127.13
| | | $ | 77.32 |
|
Average length of stay
| | |
88
| | | |
57
| | | | 87 | | | |
86
| | |
98
| | | | 86 |
| | |
|
| | | For the Nine-Month Periods Ended September 30, |
| | | 2012 |
| | 2011 |
| | | Same Store | | Start-ups/
Acquisitions | | Total | | Same Store | | Other (1) | | Total |
| Financial Information
(in millions): | | | | | | | | | | | | |
| Medicare revenue
| |
$
|
162.4
| | |
$
|
43.3
| | | $ | 205.7 | | |
$
|
138.6
| |
$
|
1.6
| | | $ | 140.2 |
|
Non-Medicare revenue
| |
|
9.6
|
| |
|
2.3
|
| |
| 11.9 |
| |
|
9.3
| |
|
0.1
|
| |
| 9.4 |
| | | | | | | | | | | | |
|
|
Net service revenue
| | |
172.0
| | | |
45.6
| | | | 217.6 | | | |
147.9
| | |
1.7
| | | | 149.6 |
| Medicare revenue growth (2) | |
| 17 | % | | | |
| 47 | % | | | | | | |
| | | | | | | | | | | | |
|
|
Cost of service
| |
|
86.8
|
| |
|
25.9
|
| |
| 112.7 |
| |
|
78.7
| |
|
1.6
|
| |
| 80.3 |
| | | | | | | | | | | | |
|
|
Gross margin
| | |
85.2
| | | |
19.7
| | | | 104.9 | | | |
69.2
| | |
0.1
| | | | 69.3 |
|
Other operating expenses
| |
|
33.6
|
| |
|
10.3
|
| |
| 43.9 |
| |
|
28.7
| |
|
2.1
|
| |
| 30.8 |
| | | | | | | | | | | | |
|
|
Operating income
| |
$
|
51.6
|
| |
$
|
9.4
|
| | $ | 61.0 |
| |
$
|
40.5
| |
$
|
(2.0
|
)
| | $ | 38.5 |
| | | | | | | | | | | | |
|
| Key Statistical Data: | | | | | | | | | | | | |
|
Hospice admits
| | |
11,623
| | | |
2,876
| | | | 14,499 | | | |
11,305
| | |
149
| | | | 11,454 |
|
Hospice days
| | |
1,216,117
| | | |
272,911
| | | | 1,489,028 | | | |
1,058,966
| | |
12,109
| | | | 1,071,075 |
|
Average daily census
| | |
4,438
| | | |
996
| | | | 5,434 | | | |
3,879
| | |
44
| | | | 3,923 |
|
Revenue per day
| |
$
|
141.42
| | |
$
|
167.26
| | | $ | 146.16 | | |
$
|
139.64
| |
$
|
141.51
| | | $ | 139.66 |
|
Cost of service per day
| |
$
|
71.24
| | |
$
|
95.03
| | | $ | 75.59 | | |
$
|
74.16
| |
$
|
133.97
| | | $ | 74.83 |
|
Average length of stay
| | |
92
| | | |
88
| | | | 91 | | | |
86
| | |
77
| | | | 86 |
| | | | | | | | | | | | | | | | | | | | | | |
|
(1)
|
Care centers for the prior period which are not considered same
store care centers (i.e. care centers consolidated in prior period
or unopened startups).
|
(2)
|
Medicare revenue growth is the percent increase in our Medicare
revenue for the period as a percent of the Medicare revenue of the
prior period.
|
| AMEDISYS, INC. AND SUBSIDIARIES SELECT CONSOLIDATED KEY STATISTICAL DATA AND RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL
STATEMENTS (Amounts in thousands, except key statistical data) (Unaudited) |
| | | | |
|
| | For the Three-Month Periods Ended
September 30, | For the Nine-Month Periods Ended
September 30, |
| | 2012 | 2011 | 2012 | 2011 |
| Key Statistical Data: | | | | |
| General | | | | |
|
Number of home health care centers
|
436
|
482
|
436
|
482
|
|
Number of hospice care centers
|
97
|
90
|
97
|
90
|
|
Number of care centers acquired (1)
|
5
|
—
|
11
|
22
|
|
Number of care centers opened as
start-up locations (1)
|
1
|
2
|
3
|
10
|
|
Days revenue outstanding, net (2)
|
38.7
|
35.9
|
38.7
|
35.9
|
| | | | |
|
| | | | |
|
(1)
|
Includes both home health and hospice care centers.
|
(2)
|
Our calculation of days revenue outstanding, net at September 30,
2012 and 2011 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 September 30, 2012 and
2011, respectively.
|
Earnings From Continuing Operations Before Interest, Taxes,
Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA |
|
| |
| |
| |
| |
| | For the Three-Month Periods Ended
September 30, | | For the Nine-Month Periods Ended
September 30, |
| | | 2012 | | | 2011 | | | | 2012 | | | 2011 | |
Net income (loss) from continuing operations
attributable to
Amedisys, Inc. | |
$
|
9,963
| |
$
|
(422,240
|
)
| |
$
|
24,442
| |
$
|
(382,384
|
)
|
|
Add:
| | | | | | | | |
|
Provision for income taxes
| | |
3,049
| | |
(134,686
|
)
| | |
13,411
| | |
(108,631
|
)
|
|
Interest expense, net
| | |
1,972
| | |
2,169
| | | |
6,006
| | |
6,468
| |
|
Depreciation and amortization
| |
|
9,963
| |
|
9,659
|
| |
|
29,922
| |
|
28,389
|
|
| | | | | | | |
|
|
EBITDA (1)
| |
$
|
24,947
| |
$
|
(545,098
|
)
| |
$
|
73,781
| |
$
|
(456,158
|
)
|
| | | | | | | |
|
|
Add:
| | | | | | | | |
Goodwill and other intangibles
impairment charge (2)
| |
|
—
| |
|
574,114
|
| |
|
—
| |
|
574,114
|
|
| | | | | | | |
|
|
Adjusted EBITDA (3)
| |
$
|
24,947
| |
$
|
29,016
|
| |
$
|
73,781
| |
$
|
117,956
|
|
Adjusted Net Income From Continuing Operations Attributable
to Amedisys, Inc. Reconciliation: |
|
| |
| |
| |
| |
| | For the Three-Month Periods Ended
September 30, | | For the Nine-Month Periods Ended
September 30, |
| | | 2012 | | | 2011 | | | | 2012 | | | 2011 | |
|
Net income (loss) from continuing operations attributable to
Amedisys, Inc. | |
$
|
9,963
| |
$
|
(422,240
|
)
| |
$
|
24,442
| |
$
|
(382,384
|
)
|
|
Add:
| | | | | | | | |
|
Goodwill and other intangibles impairment charge (2)
| |
|
—
| |
|
434,566
|
| |
|
—
| |
|
434,566
|
|
| | | | | | | |
|
|
Adjusted net income from continuing operations attributable to
Amedisys, Inc. (4)
| |
$
|
9,963
| |
$
|
12,326
|
| |
$
|
24,442
| |
$
|
52,182
|
|
| Adjusted Net Income From Continuing Operations Attributable
to Amedisys, Inc. per Diluted Share: |
| |
| |
| |
| |
| |
| | | For the Three-Month Periods Ended
September 30, | | For the Nine-Month Periods Ended
September 30, |
| | | | 2012 | | | 2011 | | | | 2012 | | | 2011 | |
|
Net income (loss) from continuing operations attributable to
Amedisys, Inc. common stockholders per diluted share
| |
$
|
0.33
| |
$
|
(14.68
|
)
| |
$
|
0.81
| |
$
|
(13.38
|
)
|
|
Add:
| | | | | | | | |
|
Goodwill and other intangibles impairment charge (2)
| |
|
—
| |
|
15.10
|
| |
|
—
| |
|
15.18
|
|
| | | | | | | | |
|
|
Adjusted net income from continuing operations attributable to
Amedisys, Inc. common stockholders per diluted share (5)
| |
$
|
0.33
| |
$
|
0.42
|
| |
$
|
0.81
| |
$
|
1.80
|
|
| | | | | | | | | | | | | | |
|
(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)
|
During the three and nine-month periods ended September 30,
2011, we recorded a $574.1 million charge for the impairment of
goodwill and other intangibles.
|
(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
plus the goodwill and other intangibles impairment charge
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 from continuing operations attributable to
Amedisys, Inc. is defined as net income (loss) from continuing
operations attributable to Amedisys, Inc. plus the goodwill and
other intangibles impairment charge described in footnote 2.
Adjusted net income 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 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 from continuing operations attributable to
Amedisys, Inc. per diluted share is defined as diluted earnings
(loss) from continuing operations attributable to Amedisys, Inc.
common stockholders per diluted share plus the earnings per share
effect of the goodwill and other intangibles impairment charge
described in footnote 2. Adjusted net income from continuing
operations attributable to Amedisys, Inc. 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 from continuing operations
attributable to Amedisys, Inc. 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.
|
Amedisys, Inc.
Investor Contact:
Kevin LeBlanc,
225-292-2031
Director of Investor Relations
[email protected]
or
Media
Contact:
Jacqueline Chen Valencia, 225-299-3688
Senior
Vice President – Marketing & Communications
[email protected]
Source: Amedisys, Inc.