Amedisys Reports Second Quarter 2025 Financial Results

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.

Three-Month Periods Ended June 30, 2025 and 2024

Net service revenue increased $30.7 million to $621.9 million compared to $591.2 million 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.
Net income attributable to Amedisys, Inc. per diluted share of $0.84 compared to $0.98 in 2024.

Adjusted Quarterly Results*

Adjusted EBITDA of $80.8 million compared to $73.2 million in 2024.
Adjusted net income attributable to Amedisys, Inc. of $51.4 million compared to $43.5 million in 2024.
Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.54 compared to $1.32 in 2024.

Six-Month Periods Ended June 30, 2025 and 2024

Net service revenue increased $54.0 million to $1,216.6 million compared to $1,162.6 million 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.
Net income attributable to Amedisys, Inc. per diluted share of $2.68 compared to $1.42 in 2024.

Adjusted Year to Date Results*

Adjusted EBITDA of $149.6 million compared to $133.0 million in 2024.
Adjusted net income attributable to Amedisys, Inc. of $93.0 million compared to $77.5 million in 2024.
Adjusted net income attributable to Amedisys, Inc. per diluted share of $2.80 compared to $2.35 in 2024.

* See pages 2 and 8 - 9 for the definition and reconciliations of non-GAAP financial measures to GAAP 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. 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.

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. Certain items include merger-related expenses, impairment charges, unusual or non-recurring expenses and certain non-operational 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 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.

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