(Source: Business Wire)
Amedisys, Inc. (NASDAQ: AMED), one of America's leading home health nursing companies, today reported its financial results for the three and six-month periods ended June30, 2009. We posted record financial performance with net service revenue and net income attributable to Amedisys, Inc., increasing 20.9% and 72.1%, respectively over the three-month period ended June30, 2008.
Three-Month Periods Ended June30, 2009 and 2008
Net service revenue increased $65.2 million or 20.9% to $377.9 million compared to $312.7 million in 2008, with $54.0 million of the increase related to growth through base/start-up agencies.
Net income attributable to Amedisys, Inc. increased $14.7 million or 72.1% to $35.1 million compared to $20.4 million in 2008
Diluted earnings per share increased 67.1% to $1.27 compared to $0.76 per diluted share in 2008. The weighted average number of diluted shares outstanding increased to approximately 27.5million compared to 26.8million in 2008.
Earnings before interest, taxes, depreciation and amortization ("EBITDA") increased 52.0% to $67.4 million compared to $44.3 million in 2008.
Six-Month Periods Ended June30, 2009 and 2008
Net service revenue increased $194.0 million or 36.9% to $719.7 million compared to $525.8 million in 2008, with $100.0 million of the increase related to growth through base/start-up agencies.
Net income attributable to Amedisys, Inc. increased $25.3 million or 68.5% to $62.1 million compared to $36.8 million in 2008
Diluted earnings per share increased 63.8% to $2.26 compared to $1.38 per diluted share in 2008. The weighted average number of diluted shares outstanding increased to approximately 27.4million compared to 26.7million in 2008.
EBITDA increased 58.3% to $121.3 million compared to $76.6 million in 2008.
"The continued focus of our three pronged business strategy of providing superior clinical services, growing our business aggressively and becoming as operationally efficient as possible is evident in the record revenue and earnings that we are reporting today," stated William F. Borne, Chief Executive Officer. "We continue to believe that the effective use of home health will provide high-quality, outcome driven care to the chronically ill Medicare patient population for the lowest cost."
Updated 2009 Guidance
Net service revenue is anticipated to be in the range of $1.475 billion to $1.500 billion, excluding the effects of future acquisitions, if any are made.
Diluted earnings per share is expected to be in the range of $4.75 to $4.90 based on an estimated 27.8million shares outstanding, also excluding the effects of future acquisitions, if any are made.
We urge caution in considering the current trends and 2009 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 influences, 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 December31, 2008, 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 or guidance.
Earnings Call and Webcast Information
To participate in the conference call, please dial (888)228-5293 (Domestic) or (913)312-1266 (International) a few minutes before 10:00 a.m. ET on Tuesday, July28, 2009. A replay of the conference call will be available beginning at 1:00 p.m. ET on July28, 2009 through August4, 2009. The replay dial in number is (888)203-1112 (Domestic) or (719)457-0820 (International). The replay pin number is 1019049.
The call will also be available on the internet live 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, which we use 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 agencies, acquire additional agencies and integrate and operate these agencies 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 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 Measure
This press release includes the following non-GAAP financial measure as defined under SEC rules: EBITDA, defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization. In accordance with SEC rules, we have provided herein a reconciliation of this non-GAAP financial measure to the most directly comparable measure under generally accepted accounting principles ("GAAP"). Management believes that EBITDA is a useful gauge of our performance and is a common measure used in our industry to assess relative financial performance among companies.
AMEDISYS, INC. AND SUBSIDIARIES SELECT CONSOLIDATED FINANCIAL STATEMENT DATA (Amounts in thousands, except per share data) (Unaudited) Balance Sheet Information June 30, 2009 December 31, 2008 Current assets $ 173,196 $ 194,350 Total assets 1,083,398 1,070,194 Total current liabilities 217,263 204,627 Total other long-term liabilities 223,293 303,449 Total equity 642,842 562,118 -------------------------------------------------------------------------------
Income Statement Information For the three-month periods ended June 30, For the six-month periods ended June 30, 2009 2008 2009 2008 Net service revenue $ 377,892 $ 312,671 $ 719,731 $ 525,758 Cost of service, excluding depreciation and amortization 178,437 148,754 343,477 249,522 General and administrative and other expenses 139,915 125,164 269,795 209,645 Operating expenses 318,352 273,918 613,272 459,167 Operating income 59,540 38,753 106,459 66,591 Other expense (1,963 ) (5,030 ) (4,558 ) (5,659 ) Income before income taxes 57,577 33,723 101,901 60,932 Income tax expense (22,455 ) (13,337 ) (39,741 ) (24,109 ) Net income 35,122 20,386 62,160 36,823 Net (income) loss attributable to noncontrolling interests (39 ) (2 ) (55 ) 25 Net income attributable to Amedisys, Inc. $ 35,083 $ 20,384 $ 62,105 $ 36,848 Net income attributable to Amedisys, Inc.
