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LHC Group Announces Second Quarter 2009 Results
Tuesday, August 04, 2009 5:52 PM


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

Second Quarter Highlights:

Net service revenue increases 47.1% to $132.6 million;

Net income attributable to LHC Group increases 62.0% to $10.3 million; and

Diluted earnings per share increases 62.9% to $0.57.

LHC Group, Inc. (NASDAQ: LHCG), one of the largest providers of home health services in the United States, announced today its financial results for the second quarter and six months ended June 30, 2009.

Financial Results for the Second Quarter

Net service revenue for the second quarter of 2009 increased 47.1% to $132.6 million compared with $90.1 million for the same period in 2008.

Home-based net service revenue for the second quarter of 2009 increased 53.9% to $117.6 million compared with $76.4 million for the same period in 2008.

Net income attributable to LHC Group for the second quarter of 2009 totaled $10.3 million, or $0.57 per diluted share, compared with net income of $6.3 million, or $0.35 per diluted share, for the second quarter of 2008.

Days sales outstanding, or DSO, for the three months ended June 30, 2009, was 45 days as compared with 60 days for the same three-month period in 2008.

In commenting on the results, Keith G. Myers, Chief Executive Officer of LHC Group, said, "We are pleased to report another fundamentally strong quarter. All credit goes to the hard working, caring and dedicated employees of the LHC Group family. We remain focused on our long-term goals and objectives and are constantly reevaluating and reinventing ourselves by making the necessary investments in people and technology to become even more efficient and deliver even higher quality outcomes to every patient we serve. 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."

Financial Results for the Six Months

Net service revenue for the six months ended June 30, 2009, increased 48.2% to $257.2 million compared with $173.6 million for the same period in 2008.

Home-based net service revenue for the six months ended June 30, 2009, increased 56.8% to $227.0 million compared with $144.8 million for the same period in 2008.

Net income attributable to LHC Group for the six months ended June 30, 2009, totaled $21.3 million, or $1.19 per diluted share, compared with net income of $11.7 million, or $0.65 per diluted share, for the same period in 2008.

Guidance

The Company is reaffirming its guidance issued on May 6, 2009, of full-year net service revenue in the range of $500 million to $510 million and fully diluted earnings per share in the range of $2.15 to $2.25. This guidance does not take into account the impact of any future acquisitions, if made, or de novo locations, if opened.

Conference Call

LHC Group will conduct a conference call on Wednesday, August 5, 2009, beginning at 10:00 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) 681-3378 (international callers should call 719-325-4816). A telephonic replay of the conference call will be available through midnight on Wednesday, August 12, 2009, by dialing (888) 203-1112 (international callers should call 719-457-0820) and entering confirmation number 3146340.

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. (www.LHCGroup.com) is one of the largest providers of home health 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 SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  June 30, 2009   Dec.


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