Amedisys' first-quarter 2010 net service revenues up 20.8%

Amedisys, Inc.Apr 27 2010

Amedisys, Inc. (NASDAQ: AMED), one of America's leading home health nursing companies, today reported its financial results for the three-month period ended March 31, 2010. We posted record financial performance with net service revenue and net income attributable to Amedisys, Inc., increasing 20.8% and 35.6%, respectively, over the three-month period ended March 31, 2009.

“We are pleased with the results from the past quarter. With the passage of healthcare reform, our industry now has rate clarity for several years. This clarity will allow us to continue our growth both internally and externally through strategic acquisitions”

Three-Month Periods Ended March 31, 2010 and 2009

• Net service revenue increased $71.2 million or 20.8% to $413.0 million compared to $341.8 million in 2009, with $58.7 million of the increase related to growth through base/start-up agencies.
• Net income attributable to Amedisys, Inc. increased $9.6 million or 35.6% to $36.6 million compared to $27.0 million in 2009.
• Diluted earnings per share increased 30.3% to $1.29 compared to $0.99 per diluted share in 2009. The weighted average number of diluted shares outstanding increased to approximately 28.4 million compared to 27.3 million in 2009.
• Earnings before interest, taxes, depreciation and amortization ("EBITDA") increased 31.0% to $70.7 million compared to $54.0 million in 2009.

"We are pleased with the results from the past quarter. With the passage of healthcare reform, our industry now has rate clarity for several years. This clarity will allow us to continue our growth both internally and externally through strategic acquisitions," stated William F. Borne, Chief Executive Officer of Amedisys, Inc. "The recent investments that we made in hiring strong senior leadership, strengthening clinical resources in the field and improving our industry leading technology will help propel the company to greater heights. These investments demonstrate our commitment to provide the highest quality of care to our patients, their families and the communities that we serve, while being cost-efficient in the process."

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 $5.50 to $5.70 based on an estimated 28.8 million shares outstanding, also excluding the effects of future acquisitions, if any are made.