BATON ROUGE, La., April 24, 2024 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ:AMED) today reported its financial results for the three-month period ended March 31, 2024. Three-Month Periods Ended March 31, 2024 and 2023 Net service revenue increased $15.0 million to $571.4 million compared to $556.4 million in 2023. Prior year included $15.0 million of net service revenue from our personal care business which was divested on March 31, 2023. Net income attributable to Amedisys, Inc. of $14.4 million, which is inclusive of merger-related expenses totaling $20.7 million ($19.8 million, net of tax), compared to $25.2 million in 2023. Net income attributable to Amedisys, Inc. per diluted share of $0.44 compared to $0.77 in 2023. Adjusted Quarterly Results* Adjusted EBITDA of $59.9 million compared to $57.8 million in 2023. Adjusted net income attributable to Amedisys, Inc. of $33.9 million compared to $32.7 million in 2023. Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.03 compared to $1.00 in 2023. * See pages 11 - 12 for the definition and reconciliations of non-GAAP financial measures to GAAP measures. The supplemental slides provided in connection with the first quarter 2024 earnings release can be found on the Investor Relations page of our website. In light of the pending merger of the Company with UnitedHealth Group Incorporated, Amedisys will not conduct a quarterly earnings call to discuss the first quarter results. Non-GAAP Financial Measures This press release includes reconciliations of the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. ("GAAP") to non-GAAP financial measures. The non-GAAP financial measures as defined under SEC rules are as follows: (1) adjusted EBITDA, defined as net income attributable to Amedisys, Inc. before net interest expense, provision for income taxes and depreciation and amortization, excluding certain items; (2) adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items; and (3) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income attributable to Amedisys, Inc. common stockholders per diluted share calculated in accordance with GAAP excluding certain items. Management believes that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, are useful gauges of our current performance and are also included in internal management reporting. These non-GAAP financial measures should be considered in addition to, and not more meaningful than or as an alternative to, the GAAP financial measures presented in this earnings release and the company's financial statements. Non-GAAP measures as presented herein may not be comparable to similarly titled measures reported by other companies since not all companies calculate these non-GAAP measures consistently. Additional Information Amedisys, Inc. (the "Company") is a leading healthcare at home company delivering personalized home health, hospice and high acuity care services. Amedisys is focused on delivering the care that is best for our patients, whether that is in-patient hospital, palliative and skilled nursing facility ("SNF") care in their homes, home-based recovery and rehabilitation after an operation or injury, care focused on empowering our patients to manage a chronic disease or hospice care at the end of life. More than 3,000 hospitals and 110,000 physicians nationwide have chosen Amedisys as a partner in post-acute care. Founded in 1982, headquartered in Baton Rouge, LA with an executive office in Nashville, TN, Amedisys is a publicly held company. With approximately 18,700 employees in 520 care centers within 37 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 469,000 patients every year. For more information about the Company, please visit: www.amedisys.com. We use our website as a channel of distribution for important company information. Important information, including press releases, investor 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. 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," "strategy," "plans," "anticipates," "intends," "projects," "estimates," "may," "might," "will," "could," "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: disruption from the proposed merger with UnitedHealth Group with patient, payor, provider, referral source, supplier or management and employee relationships; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with UnitedHealth Group or the inability to complete the proposed transaction on the anticipated terms and timetable; the risk that necessary regulatory approvals for the proposed merger with UnitedHealth Group are delayed, are not obtained or are obtained subject to conditions that are not anticipated; the failure of the conditions to the proposed merger to be satisfied; the costs related to the proposed merger; the diversion of management time on merger-related issues; the risk that termination fees may be payable by the Company in the event that the merger agreement is terminated under certain circumstances; reputational risk related to the proposed merger; the risk of litigation or regulatory action related to the proposed merger; changes in Medicare and other medical payment levels; changes in payments and covered services by federal and state governments; future cost containment initiatives undertaken by third-party payors; changes in the episodic versus non-episodic mix of our payors, the case mix of our patients and payment methodologies; staffing shortages driven by the competitive labor market; our ability to attract and retain qualified personnel; competition in the healthcare industry; our ability to maintain or establish new patient referral sources; 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; changes in estimates and judgments associated with critical accounting policies; our ability to consistently provide high-quality care; our ability to keep our patients and employees safe; our access to financing; our ability to meet debt service requirements and comply with covenants in debt agreements; business disruptions due to natural or man-made disasters, climate change or acts of terrorism, widespread protests or civil unrest; our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively; our ability to realize the anticipated benefits of acquisitions, investments and joint ventures; our ability to integrate, manage and keep our information systems secure; the impact of inflation; and changes in laws or developments with respect to any litigation relating to the Company, including 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. Contact: Investor Contact: Media Contact:   Amedisys, Inc. Amedisys, Inc.   Nick Muscato Kendra Kimmons   Chief Strategy Officer Vice President, Marketing & Communications   (615) 928- 5452 (225) 299-3720         AMEDISYS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED INCOME STATEMENTS(Amounts in thousands, except per share data)(Unaudited)     For the Three-Month Periods Ended March 31,     2024       2023   Net service revenue $ 571,414     $ 556,389   Operating expenses:       Cost of service, inclusive of depreciation   321,537       315,010   General and administrative expenses:       Salaries and benefits   127,946       126,339   Non-cash compensation   7,433       3,273   Merger-related expenses   20,667       720   Depreciation and amortization   4,271       4,443   Other   57,941       64,225   Total operating expenses   539,795       514,010   Operating income   31,619       42,379   Other income (expense):       Interest income   1,727       406   Interest expense   (8,119 )     (7,517 ) Equity in earnings from equity method investments   910       123   Miscellaneous, net   1,090       (682 ) Total other expense, net   (4,392 )     (7,670 ) Income before income taxes   27,227       34,709   Income tax expense   (12,633 )     (9,800 ) Net income   14,594       24,909   Net (income) loss attributable to noncontrolling interests   (194 )     337   Net income attributable to Amedisys, Inc. $ 14,400     $ 25,246   Basic earnings per common share:       Net income attributable to Amedisys, Inc. common stockholders $ 0.44     $ 0.78   Weighted average shares outstanding   32,670       32,558   Diluted earnings per common share:       Net income attributable to Amedisys, Inc. common stockholders $ 0.44     $ 0.77   Weighted average shares outstanding   32,979       32,643                   AMEDISYS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands, except share data)     March 31, 2024 (unaudited)   December 31, 2023 ASSETS       Current assets:       Cash and cash equivalents $ 108,234     $ 126,450   Restricted cash   12,470       12,413   Patient accounts receivable   359,359       313,373   Prepaid expenses   20,332       14,639   Other current assets   26,053       30,060   Total current assets   526,448       496,935   Property and equipment, net of accumulated depreciation of $96,056 and $92,422   42,684       41,845   Operating lease right of use assets   88,425       88,939   Goodwill   1,244,679       1,244,679   Intangible assets, net of accumulated amortization of $15,128 and $14,008   101,778       102,675   Other assets   85,857       85,097   Total assets $ 2,089,871     $ 2,060,170   LIABILITIES AND EQUITY       Current liabilities:       Accounts payable $ 36,249     $ 28,237   Payroll and employee benefits   131,631       136,835   Accrued expenses   147,464       140,049   Termination fee paid by UnitedHealth Group   106,000       106,000   Current portion of long-term obligations   37,232       36,314   Current portion of operating lease liabilities   26,284       26,286   Total current liabilities   484,860       473,721   Long-term obligations, less current portion   356,080       361,862   Operating lease liabilities, less current portion   62,220       62,751   Deferred income tax liabilities   43,229       40,635   Other long-term obligations   828       1,418   Total liabilities   947,217       940,387   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; 38,146,546 and 38,131,478 shares issued; 32,676,115 and 32,667,631 shares outstanding   38       38   Additional paid-in capital   795,063       787,177   Treasury stock, at cost, 5,470,431 and 5,463,847 shares of common stock   (469,243 )     (468,626 ) Retained earnings   762,325       747,925   Total Amedisys, Inc. stockholders' equity   1,088,183       1,066,514   Noncontrolling interests   54,471       53,269   Total equity