
Amedisys Reports Second Quarter 2025 Financial Results
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Amedisys Reports Second Quarter 2025 Financial Results
Amedisys, Inc. (NASDAQ: AMED) today reported financial results for the three and six-month periods ended June 30, 2025. In light of the pending merger of the Company with UnitedHealth Group Incorporated, AmedisYS will not conduct a quarterly earnings call to discuss the second quarter results. 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 supplemental slides provided in connection with the second Quarter 2025 earnings release can be found on the Investor Relations page of our website. The company is focused on delivering the care that is best for our patients, whether that is home-based recovery and rehabilitation after an operation, or post-acute care at the end of life or palliative care in hospital or skilled nursing facility. For more information, visit the company’s website at www.medys.com.
The supplemental slides provided in connection with the second quarter 2025 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 second quarter results.
* See pages 2 and 8 – 9 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.
Adjusted net income attributable to Amedisys, Inc. per diluted share of $2.80 compared to $2.35 in 2024.
Adjusted net income attributable to Amedisys, Inc. of $93.0 million compared to $77.5 million in 2024.
Net income attributable to Amedisys, Inc. per diluted share of $2.68 compared to $1.42 in 2024.
Net income attributable to Amedisys, Inc. of $89.1 million, which is inclusive of merger-related expenses totaling $43.0 million ($42.7 million, net of tax) and a $48.1 million gain on an equity method investment ($35.6 million, net of tax), compared to net income attributable to Amedisys, Inc. of $46.7 million, which is inclusive of merger-related expenses totaling $32.6 million ($31.3 million, net of tax) in 2024.
Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.54 compared to $1.32 in 2024.
Adjusted net income attributable to Amedisys, Inc. of $51.4 million compared to $43.5 million in 2024.
Net income attributable to Amedisys, Inc. per diluted share of $0.84 compared to $0.98 in 2024.
Net income attributable to Amedisys, Inc. of $28.1 million, which is inclusive of merger-related expenses totaling $26.3 million ($26.1 million, net of tax), compared to net income attributable to Amedisys, Inc. of $32.3 million, which is inclusive of merger-related expenses totaling $11.9 million ($11.5 million, net of tax) in 2024.
BATON ROUGE, La., July 29, 2025 (GLOBE NEWSWIRE) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and six-month periods ended June 30, 2025.
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Additional Information
Amedisys, Inc. (the “Company”) is a leading healthcare services company, delivering personalized home health, hospice and high acuity care services in the home. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based recovery and rehabilitation after an operation or injury, care focused on empowering our patients to manage a chronic disease, hospice care at the end of life or in-patient hospital, palliative and skilled nursing facility (“SNF”) care in their homes. More than 3,300 hospitals and 114,000 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 19,000 employees in 519 care centers within 38 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 499,000 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 or by the end of the waiver period under the merger agreement; 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 transaction; 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, including among other things, the action by the Department of Justice to block the 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; the impact of new or increased tariffs; uncertainty around, and disruption from, new and emerging technologies, including the adoption and utilization of artificial intelligence (“AI”) and generative AI 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 IR@amedisys.com kendra.kimmons@amedisys.com
AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED INCOME STATEMENTS (Amounts in thousands, except per share data) For the Three-Month
Periods Ended June 30, For the Six-Month
Periods Ended June 30, 2025 2024 2025 2024 Net service revenue $ 621,861 $ 591,187 $ 1,216,642 $ 1,162,601 Operating expenses: Cost of service, inclusive of depreciation 348,470 326,933 682,520 648,470 General and administrative expenses: Salaries and benefits 130,322 129,323 262,290 257,269 Non-cash compensation 7,266 7,828 13,489 15,261 Merger-related expenses 26,277 11,901 43,046 32,568 Depreciation and amortization 4,372 4,386 8,819 8,657 Impairment 883 — 883 — Other 58,693 58,602 116,658 116,543 Total operating expenses 576,283 538,973 1,127,705 1,078,768 Operating income 45,578 52,214 88,937 83,833 Other income (expense): Interest income 3,016 1,617 5,889 3,344 Interest expense (6,415 ) (7,895 ) (12,837 ) (16,014 ) Equity in earnings from equity method investments 1,641 1,515 3,435 2,425 Gain on equity method investment — — 48,093 — Miscellaneous, net 4,506 1,779 6,014 2,869 Total other income (expense), net 2,748 (2,984 ) 50,594 (7,376 ) Income before income taxes 48,326 49,230 139,531 76,457 Income tax expense (19,274 ) (16,657 ) (48,658 ) (29,290 ) Net income 29,052 32,573 90,873 47,167 Net income attributable to noncontrolling interests (968 ) (272 ) (1,777 ) (466 ) Net income attributable to Amedisys, Inc. $ 28,084 $ 32,301 $ 89,096 $ 46,701 Basic earnings per common share: Net income attributable to Amedisys, Inc. common stockholders $ 0.85 $ 0.99 $ 2.71 $ 1.43 Weighted average shares outstanding 32,849 32,706 32,822 32,688 Diluted earnings per common share: Net income attributable to Amedisys, Inc. common stockholders $ 0.84 $ 0.98 $ 2.68 $ 1.42 Weighted average shares outstanding 33,289 33,047 33,231 32,992
AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data) June 30, 2025 December 31,
2024 ASSETS Current assets: Cash and cash equivalents $ 337,304 $ 303,242 Patient accounts receivable 295,521 296,075 Prepaid expenses 18,282 13,072 Other current assets 11,091 19,694 Total current assets 662,198 632,083 Property and equipment, net of accumulated depreciation of $104,613 and $100,890 38,273 42,108 Operating lease right of use assets 86,614 81,500 Goodwill 1,213,888 1,213,888 Intangible assets, net of accumulated amortization of $21,134 and $18,787 79,243 81,155 Other assets 135,169 87,980 Total assets $ 2,215,385 $ 2,138,714 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 29,789 $ 39,956 Payroll and employee benefits 138,515 151,995 Accrued expenses 150,379 152,564 Termination fee paid by UnitedHealth Group 106,000 106,000 Current portion of long-term obligations 36,799 37,968 Current portion of operating lease liabilities 26,879 25,909 Total current liabilities 488,361 514,392 Long-term obligations, less current portion 326,425 339,313 Operating lease liabilities, less current portion 60,404 56,111 Deferred income tax liabilities 64,445 48,051 Other long-term obligations 847 882 Total liabilities 940,482 958,749 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; 38,476,503 and 38,307,521 shares issued; 32,881,262 and 32,776,148 shares outstanding 38 38 Additional paid-in capital 833,099 818,201 Treasury stock, at cost, 5,595,241 and 5,531,373 shares of common stock (480,859 ) (474,854 ) Retained earnings 880,252 791,156 Total Amedisys, Inc. stockholders’ equity 1,232,530 1,134,541 Noncontrolling interests 42,373 45,424 Total equity 1,274,903 1,179,965 Total liabilities and equity $ 2,215,385 $ 2,138,714
AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING (Amounts in thousands, except statistical information) For the Three-Month
Periods Ended June 30, For the Six-Month
Periods Ended June 30, 2025
2024
2025
2024
Cash Flows from Operating Activities: Net income $ 29,052 $ 32,573 $ 90,873 $ 47,167 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization (inclusive of depreciation included in cost of service) 6,701 6,358 13,488 12,496 Non-cash compensation 7,905 8,298 14,749 16,184 Amortization and impairment of operating lease right of use assets 8,750 8,534 17,395 17,100 Gain on disposal of property and equipment (11 ) (23 ) (45 ) (19 ) Gain on equity method investment — — (48,093 ) — Gain on termination of joint venture (3,568 ) — (3,568 ) — Deferred income taxes 6,414 3,983 16,395 6,577 Equity in earnings from equity method investments (1,641 ) (1,515 ) (3,435 ) (2,425 ) Amortization of deferred debt issuance costs 194 247 442 495 Return on equity method investments 1,059 548 3,379 718 Impairment 883 — 883 — Changes in operating assets and liabilities: Patient accounts receivable 24,118 2,449 554 (44,357 ) Other current assets 96 4,823 3,576 3,127 Operating lease right of use assets (1,178 ) (1,027 ) (2,364 ) (2,069 ) Other assets (40 ) 215 48 370 Accounts payable 1,108 (10,345 ) (9,805 ) (1,693 ) Accrued expenses (5,008 ) 4,066 (15,666 ) 7,095 Other long-term obligations — 18 (34 ) (573 ) Operating lease liabilities (7,623 ) (6,897 ) (15,248 ) (14,429 ) Net cash provided by operating activities 67,211 52,305 63,524 45,764 Cash Flows from Investing Activities: Proceeds from the sale of deferred compensation plan assets — — 27 21 Proceeds from the sale of property and equipment 4 — 19 — Purchases of property and equipment (700 ) (1,385 ) (1,915 ) (4,055 ) Investments in technology assets (225 ) (186 ) (426 ) (409 ) Investment in equity method investee — — — (196 ) Net cash used in investing activities (921 ) (1,571 ) (2,295 ) (4,639 ) Cash Flows from Financing Activities: Proceeds from issuance of stock upon exercise of stock options 56 — 149 — Shares withheld to pay taxes on non-cash compensation (3,141 ) (3,578 ) (6,005 ) (4,195 ) Noncontrolling interest contributions — 147 — 1,911 Noncontrolling interest distributions (475 ) (1,208 ) (1,260 ) (1,964 ) Principal payments of long-term obligations (9,808 ) (9,441 ) (19,552 ) (18,382 ) Debt issuance costs (499 ) — (499 ) — Net cash used in financing activities (13,867 ) (14,080 ) (27,167 ) (22,630 ) Net increase in cash, cash equivalents and restricted cash 52,423 36,654 34,062 18,495 Cash, cash equivalents and restricted cash at beginning of period 284,881 120,704 303,242 138,863 Cash, cash equivalents and restricted cash at end of period $ 337,304 $ 157,358 $ 337,304 $ 157,358 Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ 6,182 $ 7,319 $ 12,359 $ 15,507 Cash paid for income taxes, net of refunds received $ 24,423 $ 17,565 $ 25,330 $ 18,393 Cash paid for operating lease liabilities $ 8,801 $ 7,924 $ 17,612 $ 16,498 Cash paid for finance lease liabilities $ 4,181 $ 4,875 $ 8,302 $ 7,111 For the Three-Month
Periods Ended June 30, For the Six-Month
Periods Ended June 30, 2025
2024
2025
2024
Supplemental Disclosures of Non-Cash Activity: Right of use assets obtained in exchange for operating lease liabilities $ 13,375 $ 3,774 $ 20,381 $ 10,947 Right of use assets obtained in exchange for finance lease liabilities $ 3,081 $ 5,691 $ 6,239 $ 10,017 Reductions to right of use assets resulting from reductions to operating lease liabilities $ — $ — $ 75 $ 168 Reductions to right of use assets resulting from reductions to finance lease liabilities $ 273 $ 623 $ 688 $ 1,119 Days revenue outstanding (1) 40.9 52.1 40.9 52.1
(1) Our calculation of days revenue outstanding at June 30, 2025 and 2024 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended June 30, 2025 and 2024, respectively.
AMEDISYS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (Amounts in thousands, except per share data) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) Reconciliation: For the Three-Month
Periods Ended June 30, For the Six-Month
Periods Ended June 30, 2025 2024 2025 2024 Net income attributable to Amedisys, Inc. $ 28,084 $ 32,301 $ 89,096 $ 46,701 Add: Income tax expense 19,274 16,657 48,658 29,290 Interest expense, net 3,399 6,278 6,948 12,670 Depreciation and amortization 6,701 6,358 13,488 12,496 Certain items(1) 23,338 11,566 (8,565 ) 31,862 Adjusted EBITDA(2)(5) $ 80,796 $ 73,160 $ 149,625 $ 133,019
Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:
For the Three-Month
Periods Ended June 30, For the Six-Month
Periods Ended June 30, 2025 2024 2025 2024 Net income attributable to Amedisys, Inc. $ 28,084 $ 32,301 $ 89,096 $ 46,701 Add: Certain items(1) 23,285 11,240 3,855 30,788 Adjusted net income attributable to Amedisys, Inc.(3)(5) $ 51,369 $ 43,541 $ 92,951 $ 77,489
Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation:
For the Three-Month
Periods Ended June 30, For the Six-Month
Periods Ended June 30, 2025 2024 2025 2024 Net income attributable to Amedisys, Inc. common stockholders per diluted share $ 0.84 $ 0.98 $ 2.68 $ 1.42 Add: Certain items(1) 0.70 0.34 0.12 0.93 Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share(4)(5) $ 1.54 $ 1.32 $ 2.80 $ 2.35
(1) The following details the certain items for the three and six-month periods ended June 30, 2025 and 2024:
Certain Items (in thousands):
For the Three-Month
Period Ended June 30, 2025 For the Six-Month
Period Ended June 30, 2025 (Income) Expense (Income) Expense Certain Items Impacting General and Administrative Expenses: Merger-related expenses $ 26,277 $ 43,046 Impairment 883 883 Certain Items Impacting Total Other Income (Expense): Other (income) expense, net (includes $48,093 gain on equity method investment during the six-month period ended June 30, 2025) (3,822 ) (52,494 ) Total $ 23,338 $ (8,565 ) Net of tax $ 23,285 $ 3,855 Diluted EPS $ 0.70 $ 0.12
For the Three-Month
Period Ended June 30, 2024 For the Six-Month
Period Ended June 30, 2024 (Income) Expense (Income) Expense Certain Items Impacting General and Administrative Expenses: Merger-related expenses 11,901 32,568 Certain Items Impacting Total Other Income (Expense): Other (income) expense, net (335 ) (706 ) Total $ 11,566 $ 31,862 Net of tax $ 11,240 $ 30,788 Diluted EPS $ 0.34 $ 0.93
(2) Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before net interest expense, provision for income taxes and depreciation and amortization, excluding certain items as described in footnote 1.
(3) Adjusted net income attributable to Amedisys, Inc. is defined as net income attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items as described in footnote 1.
(4) Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income per share calculated in accordance with GAAP excluding the earnings per share effect of certain items as described in footnote 1.
(5) Adjusted EBITDA, adjusted net income attributable to Amedisys, Inc. and adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share should not be considered as an alternative to, or more meaningful than, income before income taxes or other measures calculated in accordance with GAAP. These calculations may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate these non-GAAP financial measures in the same manner.
Source: https://finance.yahoo.com/news/amedisys-reports-second-quarter-2025-204500951.html