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LHC Group Announces First Quarter 2009 Results
Wednesday, May 06, 2009 6:56 PM


(Source: Business Wire)trackingLHC Group, Inc. (NASDAQ: LHCG):

First Quarter Highlights:

Net service revenue increases 49.3% to $124.6 million;

Net income increases 108% to $11.1 million; and

Diluted earnings per share increases 107% to $0.62.

LHC Group, Inc. (NASDAQ: LHCG), one of the largest providers of home nursing services in the United States, announced today its financial results for the first quarter ended March 31, 2009.

Financial Results for the First Quarter

Net service revenue for the first quarter of 2009 increased 49.3% to $124.6 million compared with $83.5 million for the same period in 2008.

Home-based net service revenue for the first quarter of 2009 increased 60% to $109.3 million compared with $68.4 million for the same period in 2008.

Net income for the first quarter of 2009 totaled $11.1 million, or $0.62 per diluted share, compared with net income of $5.3 million, or $0.30 per diluted share, for the first quarter of 2008.

Days sales outstanding, or DSO, for the three months ended March 31, 2009, was 47 days as compared with 74 days for the same three-month period in 2008.

Home-based commercial and managed care net revenue per commercial and managed care patient day increased 55.7% in the first quarter of 2009 to $49.74 as compared with $31.94 in the first quarter of 2008. Home-based Medicare net revenue per Medicare patient day in the first quarter of 2009 is $48.15.

In commenting on the results, Keith G. Myers, Chief Executive Officer of LHC Group, said, "We continue to be very pleased with the overall performance of our company. All credit goes to the hard working, caring and dedicated employees of the LHC Group Family. The long-term commitment to excellence that is ingrained in our culture and in every member of our team is a key element of our continued success. Our long-term commitment to delivering cost-effective, high-quality healthcare services to the patients, families and communities we serve is at the heart of everything we do and every decision we make."

Guidance

The Company also announced that it is increasing its guidance for full-year 2009. Full-year net service revenue is expected to be in the range of $500 million to $510 million as compared with the previous guidance of $480 million to $500 million. Fully diluted earnings per share is expected to be in the range of $2.15 to $2.25 as compared with the previous guidance of $2.00 to $2.10. This guidance takes into consideration certain investments in infrastructure to be made in 2009, which will be discussed on our earnings call, but does not take into account the impact of any future acquisitions or de novo locations.

Conference Call

LHC Group will conduct a conference call on Thursday, May 7, 2009, beginning at 11:00 a.m. Eastern time. Speakers on the call will include key members of the LHC Group Senior Management Team. The toll-free number to call for this interactive teleconference is (877) 718-5101 (international callers should call 719-325-4760). A telephonic replay of the conference call will be available through midnight on Thursday, May 14, 2009, by dialing (888) 203-1112 (international callers should call 719-457-0820) and entering confirmation number 4207762.

A live broadcast of LHC Group's conference call will be available under the Investor Relations section of the Company's website, www.lhcgroup.com, or at www.opencompany.info. An online replay of the conference call will also be available on the Company's website for one year, beginning approximately an hour following the conclusion of the live broadcast.

About LHC Group, Inc.

LHC Group, Inc. is one of the largest providers of home nursing services in the United States providing quality cost effective healthcare services to patients within the comfort and privacy of their home or place of residence.

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, 2008, 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.

                                                                                                                                                                                                           LHC GROUP, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(dollars in thousands, except share data)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      March 31, 2009   Dec.


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