Amedisys reports 19.2% increase in fourth-quarter net service revenue

Feb 23 2010

Amedisys, Inc. (NASDAQ: AMED), one of America’s leading home health nursing companies, today reported its financial results for the three months and year ended December 31, 2009. We posted record financial performance with net service revenue and net income attributable to Amedisys, Inc., increasing 19.2% and 43.5%, respectively, over the three month period ended December 31, 2008.

“During the past quarter we made tremendous progress in positioning Amedisys for future growth by hiring strong executive leadership, strengthening clinical resources in the field, and continuing to invest in technology.”

Three-Month Periods Ended December 31, 2009 and 2008

• Net service revenue increased $65.4 million or 19.2% to $405.5 million compared to $340.1 million in 2008, with $52.7 million of the increase related to growth through base/start-up agencies.
• Net income attributable to Amedisys, Inc. increased $11.5 million or 43.5% to $37.8 million compared to $26.3 million in 2008
• Diluted earnings per share increased 39.2% to $1.35 compared to $0.97 per diluted share in 2008. The weighted average number of diluted shares outstanding increased to approximately 28.1 million compared to 27.1 million in 2008.
• Earnings before interest, taxes, depreciation and amortization (“EBITDA”) increased 38.8% to $71.3 million compared to $51.4 million in 2008.

Years Ended December 31, 2009 and 2008

• Net service revenue increased $326.1 million or 27.5% to $1.5 billion compared to $1.2 billion in 2008, with $206.0 million of the increase related to growth through base/start-up agencies.
• Net income attributable to Amedisys, Inc. increased $49.1 million or 56.7% to $135.8 million compared to $86.7 million in 2008
• Diluted earnings per share increased 51.9% to $4.89 compared to $3.22 per diluted share in 2008. The weighted average number of diluted shares outstanding increased to approximately 27.7 million compared to 26.9 million in 2008.
• EBITDA increased 47.5% to $261.8 million compared to $177.4 million in 2008.

“We had outstanding results for the fourth quarter and full year ending 2009. This marks the seventh consecutive year in which we have increased our earnings per share in excess of 20%,” stated William F. Borne, Chief Executive Officer of Amedisys, Inc. “During the past quarter we made tremendous progress in positioning Amedisys for future growth by hiring strong executive leadership, strengthening clinical resources in the field, and continuing to invest in technology.”

2010 Guidance

• Net service revenue is anticipated to be in the range of $1.700 billion to $1.750 billion, excluding the effects of future acquisitions, if any are made.
• Diluted earnings per share is expected to be in the range of $5.40 to $5.60 based on an estimated 28.8 million shares outstanding, also excluding the effects of future acquisitions, if any are made.