8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): February 21, 2024

Commission File Number: 0-24260

AMEDISYS, INC.

(Exact Name of Registrant as specified in its Charter)   

Delaware	11-3131700
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3854 American Way, Suite A, Baton Rouge, LA 70816

(Address of principal executive offices, including zip code)

(225) 292-2031 or (800) 467-2662

(Registrant’s telephone number, including area code) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	AMED	The NASDAQ Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

SECTION 2 — FINANCIAL INFORMATION

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 21, 2024, Amedisys, Inc. ("we," "us," "our," or "the Company") issued a press release (the "Press Release") announcing its financial results for the fourth quarter and year ended December 31, 2023. A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information presented in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless we specifically state that the information is to be considered “filed” under the Exchange Act or specifically incorporate it by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

SECTION 7 – REGULATION FD

ITEM 7.01. REGULATION FD DISCLOSURE

Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference.

In addition, a copy of the Company's fourth quarter supplemental slides are attached to this report as Exhibit 99.2 and incorporated herein by reference.

The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibits 99.1 and 99.2 hereto) is being "furnished" and shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of Section 18, nor shall it be incorporated by reference into a filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibits 99.1 and 99.2 hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

99.1	Press release dated February 21, 2024 announcing the Company’s financial results for the fourth quarter and year ended December 31, 2023 (furnished only)
99.2	Supplemental slides provided in connection with the fourth quarter 2023 earnings release (furnished only)
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 

AMEDISYS, INC.

(Registrant)

By:    /s/ Scott G. Ginn

    Scott G. Ginn

    Chief Operating Officer, Executive Vice President and Chief Financial Officer

    (Principal Financial Officer)

DATE: February 21, 2024

EX-99.1

Exhibit 99.1

AMEDISYS REPORTS FOURTH QUARTER AND YEAR-END 2023 FINANCIAL RESULTS

BATON ROUGE, Louisiana (February 21, 2024) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three-month period and year ended December 31, 2023.

Three-Month Periods Ended December 31, 2023 and 2022

◦Net service revenue increased $8.8 million to $570.8 million compared to $562.0 million in 2022. Prior year included $15.9 million of net service revenue from our personal care business which was divested on March 31, 2023.

◦Net income attributable to Amedisys, Inc. of $19.3 million, which is inclusive of $11.5 million in costs associated with with our merger transactions, compared to $31.7 million in 2022.

◦Net income attributable to Amedisys, Inc. per diluted share of $0.59 compared to $0.97 in 2022.

Adjusted Quarterly Results*

•Adjusted EBITDA of $56.7 million compared to $59.9 million in 2022.

•Adjusted net service revenue of $570.8 million compared to $562.0 million in 2022. Prior year included $15.9 million of net service revenue from our personal care business which was divested on March 31, 2023.

•Adjusted net income attributable to Amedisys, Inc. of $30.8 million compared to $38.0 million in 2022.

•Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.94 compared to $1.16 in 2022.

Years Ended December 31, 2023 and 2022

◦Net service revenue increased $13.2 million to $2,236.4 million compared to $2,223.2 million in 2022. Prior year included $61.4 million of net service revenue from our personal care business which was divested on March 31, 2023 compared to $15.0 million in 2023.

◦Net loss attributable to Amedisys, Inc. of $9.7 million, which is inclusive of $142.7 million in costs associated with our merger transactions, compared to net income attributable to Amedisys, Inc. of $118.6 million in 2022.

◦Net loss attributable to Amedisys, Inc. per diluted share of $0.30 compared to net income attributable to Amedisys, Inc. per diluted share of $3.63 in 2022.

Adjusted Year End Results*

•Adjusted EBITDA of $247.0 million compared to $262.1 million in 2022.

•Adjusted net service revenue of $2,236.4 million compared to $2,232.5 million in 2022. Prior year included $61.4 million of net service revenue from our personal care business which was divested on March 31, 2023 compared to $15.0 million in 2023.

•Adjusted net income attributable to Amedisys, Inc. of $140.6 million compared to $163.4 million in 2022.

•Adjusted net income attributable to Amedisys, Inc. per diluted share of $4.30 compared to $5.01 in 2022.

* See pages 2 and 14-16 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

The supplemental slides provided in connection with the fourth quarter and year ended December 31, 2023 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 fourth quarter and year ended December 31, 2023 results.

1

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 (loss) attributable to Amedisys, Inc. before net interest expense, provision for income taxes and depreciation and amortization, excluding certain items; (2) adjusted net service revenue, defined as net service revenue excluding certain items; (3) adjusted net income attributable to Amedisys, Inc., defined as net income (loss) attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items; and (4) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income (loss) 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 19,000 employees in 521 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,” “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 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; 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

2

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.comkendra.kimmons@amedisys.com

3

AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

	For the Three-Month  Periods Ended December 31,				For the Years Ended December 31,
	2023		2022		2023		2022
	(Unaudited)
Net service revenue	$	570,788	$	562,064	$	2,236,382	$	2,223,199
Operating expenses:
Cost of service, inclusive of depreciation	321,416		317,167		1,245,509		1,260,425
General and administrative expenses:
Salaries and benefits	140,603		132,003		521,529		508,791
Non-cash compensation	7,114		570		26,082		16,560
Merger-related expenses	11,521		—		36,672		—
Depreciation and amortization	4,143		5,230		17,747		24,935
Investment impairment	—		—		—		3,009
Other	51,982		60,856		232,449		228,707
Total operating expenses	536,779		515,826		2,079,988		2,042,427
Operating income	34,009		46,238		156,394		180,772
Other income (expense):
Interest income	818		70		3,270		178
Interest expense	(8,234)		(5,781)		(31,274)		(22,228)
Equity in earnings (loss) from equity method investments	1,394		397		10,760		(45)
Merger termination fee	—		—		(106,000)		—
Miscellaneous, net	1,211		412		6,473		1,567
Total other expense, net	(4,811)		(4,902)		(116,771)		(20,528)
Income before income taxes	29,198		41,336		39,623		160,244
Income tax expense	(10,178)		(9,790)		(50,559)		(42,545)
Net income (loss)	19,020		31,546		(10,936)		117,699
Net loss attributable to noncontrolling interests	302		171		1,189		910
Net income (loss) attributable to Amedisys, Inc.	$	19,322	$	31,717	$	(9,747)	$	118,609
Basic earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders	$	0.59	$	0.98	$	(0.30)	$	3.65
Weighted average shares outstanding	32,635		32,511		32,599		32,517
Diluted earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders	$	0.59	$	0.97	$	(0.30)	$	3.63
Weighted average shares outstanding	32,913		32,602		32,599		32,653

4

AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	As of December 31,
	2023		2022
ASSETS
Current assets:
Cash and cash equivalents	$	126,450	$	40,540
Restricted cash	12,413		13,593
Patient accounts receivable	313,373		296,785
Prepaid expenses	14,639		11,628
Other current assets	30,060		26,415
Total current assets	496,935		388,961
Property and equipment, net of accumulated depreciation of $92,422 and $101,364	41,845		16,026
Operating lease right of use assets	88,939		102,856
Goodwill	1,244,679		1,287,399
Intangible assets, net of accumulated amortization of $14,008 and $14,604	102,675		101,167
Other assets	85,097		79,836
Total assets	$	2,060,170	$	1,976,245
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	28,237	$	43,735
Payroll and employee benefits	136,835		125,387
Accrued expenses	140,049		137,390
Termination fee paid by UnitedHealth Group	106,000		—
Current portion of long-term obligations	36,314		15,496
Current portion of operating lease liabilities	26,286		33,521
Total current liabilities	473,721		355,529
Long-term obligations, less current portion	361,862		419,420
Operating lease liabilities, less current portion	62,751		69,504
Deferred income tax liabilities	40,635		20,411
Other long-term obligations	1,418		4,808
Total liabilities	940,387		869,672
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; 38,131,478 and 37,891,186 shares issued; and 32,667,631 and 32,511,465 shares outstanding	38		38
Additional paid-in capital	787,177		755,063
Treasury stock at cost, 5,463,847 and 5,379,721 shares of common stock	(468,626)		(461,200)
Retained earnings	747,925		757,672
Total Amedisys, Inc. stockholders’ equity	1,066,514		1,051,573
Noncontrolling interests	53,269		55,000
Total equity	1,119,783		1,106,573
Total liabilities and equity	$	2,060,170	$	1,976,245

5

AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING

(Amounts in thousands, except statistical information)

	For the Three-Month  Periods Ended December 31,				For the Years Ended December 31,
	2023		2022		2023		2022
	(Unaudited)
Cash Flows from Operating Activities:
Net income (loss)	$	19,020	$	31,546	$	(10,936)	$	117,699
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (inclusive of depreciation included in cost of service)	5,891		5,230		23,847		24,935
Non-cash compensation	9,400		570		29,024		16,560
Amortization and impairment of operating lease right of use assets	8,569		11,247		33,996		46,029
(Gain) loss on disposal of property and equipment	(27)		12		319		519
Deferred income taxes	5,238		4,346		20,655		23,377
Loss on personal care divestiture	—		—		2,186		—
Merger termination fee	—		—		106,000		—
Equity in (earnings) loss from equity method investments	(1,394)		(397)		(10,760)		45
Amortization of deferred debt issuance costs	248		248		991		991
Return on equity method investments	764		1,365		5,073		5,163
Investment impairment	—		—		—		3,009
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable	6,207		4,036		(26,727)		(14,230)
Other current assets	8,796		16,404		(6,638)		(3,525)
Operating lease right of use assets	(983)		(919)		(3,786)		(3,242)
Other assets	(84)		155		189		438
Accounts payable	(6,977)		(992)		(15,816)		4,894
Accrued expenses	13,354		(12,592)		23,694		(39,382)
Other long-term obligations	(234)		(9,065)		(3,390)		(8,822)
Operating lease liabilities	(7,477)		(10,311)		(30,733)		(41,175)
Net cash provided by operating activities	60,311		40,883		137,188		133,283
Cash Flows from Investing Activities:
Proceeds from the sale of deferred compensation plan assets	29		163		54		252
Proceeds from the sale of property and equipment	36		—		136		66
Purchases of property and equipment	(1,892)		(1,827)		(5,620)		(6,165)
Investments in technology assets	(212)		(202)		(7,093)		(1,050)
Investment in equity method investee	—		—		—		(637)
Purchase of cost method investment	—		—		—		(15,000)
Return of investment	—		—		150		—
Proceeds from personal care divestiture	—		—		47,787		—
Acquisitions of businesses, net of cash acquired	—		—		(350)		(71,952)
Net cash (used in) provided by investing activities	(2,039)		(1,866)		35,064		(94,486)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options	—		1,226		100		2,304
Proceeds from issuance of stock to employee stock purchase plan	—		991		2,602		3,848
Shares withheld to pay taxes on non-cash compensation	(2,116)		(32)		(6,529)		(7,981)
Noncontrolling interest contributions	220		1,401		1,452		3,501
Noncontrolling interest distributions	(259)		(136)		(1,873)		(1,561)
Proceeds from sale of noncontrolling interest	—		1,876		—		5,817
Purchase of noncontrolling interest	—		—		(800)		—
Proceeds from borrowings under revolving line of credit	—		50,500		23,000		534,500
Repayments of borrowings under revolving line of credit	—		(69,000)		(23,000)		(534,500)
Principal payments of long-term obligations	(8,900)		(3,170)		(76,013)		(13,296)
Purchase of company stock	—		—		—		(17,351)
Payment of accrued contingent consideration	(2,370)		—		(6,461)		(5,714)
Net cash used in financing activities	(13,425)		(16,344)		(87,522)		(30,433)
Net increase in cash, cash equivalents and restricted cash	44,847		22,673		84,730		8,364
Cash, cash equivalents and restricted cash at beginning of period	94,016		31,460		54,133		45,769
Cash, cash equivalents and restricted cash at end of period	$	138,863	$	54,133	$	138,863	$	54,133

6

	For the Three-Month  Periods Ended December 31,				For the Years Ended December 31,
	2023		2022		2023		2022
	(Unaudited)
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	7,888	$	5,786	$	29,766	$	14,939
Cash paid for Infinity ZPIC interest	$	—	$	1,211	$	—	$	12,755
Cash paid for income taxes, net of refunds received	$	4,809	$	431	$	29,127	$	24,013
Supplemental Disclosures of Non-Cash Activity:
Accrued contingent consideration	$	—	$	—	$	—	$	19,195
Noncontrolling interest contribution	$	—	$	—	$	—	$	8,900
Days revenue outstanding (1)	47.7		46.1		47.7		46.1

(1) Our calculation of days revenue outstanding at December 31, 2023 and 2022 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended December 31, 2023 and 2022, respectively.

7

AMEDISYS, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(Amounts in millions, except statistical information)

(Unaudited)

Segment Information - Home Health

	For the Three-Month Periods Ended December 31,
	2023			2022
Financial Information(in millions)(6):
Medicare	$	221.1		$	224.8
Non-Medicare	137.8			120.1
Net service revenue	358.9			344.9
Cost of service, inclusive of depreciation	208.0			197.3
Gross margin	150.9			147.6
General and administrative expenses	92.8			90.0
Depreciation and amortization	1.9			0.7
Operating income	$	56.2		$	56.9
Same Store Growth(1):
Medicare revenue	(1		%)	(6		%)
Non-Medicare revenue	15		%	8		%
Total admissions	7		%	5		%
Total volume(2)	5		%	1		%
Key Statistical Data - Total(3)(6):
Admissions	101,809			95,006
Recertifications	44,893			44,670
Total volume	146,702			139,676
Medicare completed episodes	73,892			76,357
Average Medicare revenue per completed episode(4)	$	2,997		$	2,995
Medicare visits per completed episode(5)	12.2			12.6
Visiting clinician cost per visit	$	108.64		$	104.12
Clinical manager cost per visit	12.12			11.77
Total cost per visit	$	120.76		$	115.89
Visits	1,721,985			1,702,334

8

	For the Years Ended December 31,
	2023			2022
Financial Information(in millions)(6):
Medicare	$	874.2		$	896.5
Non-Medicare	529.4			465.2
Net service revenue	1,403.6			1,361.7
Cost of service, inclusive of depreciation	801.1			773.9
Gross margin	602.5			587.8
General and administrative expenses	363.5			351.1
Depreciation and amortization	6.0			4.0
Operating income	$	233.0		$	232.7
Same Store Growth(1):
Medicare revenue	(3		%)	(5		%)
Non-Medicare revenue	13		%	2		%
Total admissions	6		%	3		%
Total volume(2)	4		%	—		%
Key Statistical Data - Total(3)(6):
Admissions	399,752			376,399
Recertifications	179,719			178,445
Total volume	579,471			554,844
Medicare completed episodes	295,017			305,455
Average Medicare revenue per completed episode(4)	$	2,998		$	3,013
Medicare visits per completed episode(5)	12.4			12.9
Visiting clinician cost per visit	$	103.31		$	100.03
Clinical manager cost per visit	11.58			11.19
Total cost per visit	$	114.89		$	111.22
Visits	6,972,929			6,958,541

(1)Same store information represents the percent change in our Medicare, Non-Medicare and Total revenue, admissions or volume for the period as a percent of the Medicare, Non-Medicare and Total revenue, admissions or volume of the prior period. Same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center.

(2)Total volume includes all admissions and recertifications.

(3)Total includes acquisitions, start-ups and de novos.

(4)Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care. Average Medicare revenue per completed episode reflects the suspension of sequestration for the period May 1, 2020 through March 31, 2022 and the reinstatement of sequestration at 1% effective April 1, 2022 and at 2% effective July 1, 2022.

(5)Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period.

(6)Prior year has been recast to conform to the current year presentation.

9

Segment Information - Hospice

	For the Three-Month Periods Ended December 31,
	2023			2022
Financial Information(in millions):
Medicare	$	194.2		$	186.3
Non-Medicare	11.8			11.3
Net service revenue	206.0			197.6
Cost of service, inclusive of depreciation	107.8			103.3
Gross margin	98.2			94.3
General and administrative expenses	48.9			51.3
Depreciation and amortization	0.9			0.6
Operating income	$	48.4		$	42.4
Same Store Growth(1):
Medicare revenue	4		%	(4		%)
Hospice admissions	(3		%)	(8		%)
Average daily census	—		%	(2		%)
Key Statistical Data - Total(2):
Hospice admissions	12,226			12,629
Average daily census	12,859			12,878
Revenue per day, net	$	174.10		$	166.82
Cost of service per day	$	91.18		$	87.21
Average discharge length of stay	97			94

	For the Years Ended December 31,
	2023			2022
Financial Information(in millions):
Medicare	$	754.0		$	744.1
Non-Medicare	44.8			43.7
Net service revenue	798.8			787.8
Cost of service, inclusive of depreciation	412.2			426.5
Gross margin	386.6			361.3
General and administrative expenses	193.1			203.3
Depreciation and amortization	3.0			2.3
Operating income	$	190.5		$	155.7
Same Store Growth(1):
Medicare revenue	1		%	(1		%)
Hospice admissions	(5		%)	(1		%)
Average daily census	(1		%)	(1		%)
Key Statistical Data - Total(2):
Hospice admissions	49,587			52,656
Average daily census	12,863			13,091
Revenue per day, net	$	170.14		$	164.88
Cost of service per day	$	87.80		$	89.26
Average discharge length of stay	93			91

(1)Same store information represents the percent change in our Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare revenue, Hospice admissions or average daily census of the prior period. Same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center.

(2)Total includes acquisitions and de novos.

10

Segment Information - Personal Care(1)

	For the Three-Month Periods Ended December 31,
	2023		2022
Financial Information(in millions):
Medicare	$	—	$	—
Non-Medicare	—		15.9
Net service revenue	—		15.9
Cost of service, inclusive of depreciation	—		12.3
Gross margin	—		3.6
General and administrative expenses	—		2.3
Depreciation and amortization	—		—
Operating income	$	—	$	1.3
Key Statistical Data - Total:
Billable hours	—		453,644
Clients served	—		7,720
Shifts	—		193,220
Revenue per hour	$	—	$	35.07
Revenue per shift	$	—	$	82.34
Hours per shift	—		2.3

	For the Years Ended December 31,
	2023		2022
Financial Information(in millions):
Medicare	$	—	$	—
Non-Medicare	15.0		61.4
Net service revenue	15.0		61.4
Cost of service, inclusive of depreciation	11.1		46.7
Gross margin	3.9		14.7
General and administrative expenses	2.3		9.2
Depreciation and amortization	—		0.1
Operating income	$	1.6	$	5.4
Key Statistical Data - Total:
Billable hours	440,464		1,851,563
Clients served	7,892		10,448
Shifts	191,379		791,596
Revenue per hour	$	33.97	$	33.15
Revenue per shift	$	78.19	$	77.55
Hours per shift	2.3		2.3

(1)We completed the sale of our personal care business on March 31, 2023.

11

Segment Information - High Acuity Care

	For the Three-Month Periods Ended December 31,
	2023		2022
Financial Information(in millions)(1):
Medicare	$	—	$	—
Non-Medicare	5.9		3.6
Net service revenue	5.9		3.6
Cost of service, inclusive of depreciation	5.6		4.3
Gross margin	0.3		(0.7)
General and administrative expenses	5.4		5.0
Depreciation and amortization	0.8		0.9
Operating loss	$	(5.9)	$	(6.6)
Key Statistical Data - Total:
Full risk admissions	105		108
Limited risk admissions	600		374
Total admissions	705		482
Full risk revenue per episode	$	10,919	$	12,282
Limited risk revenue per episode	$	6,901	$	5,545
Number of admitting joint ventures	10		8

	For the Years Ended December 31,
	2023		2022
Financial Information (in millions)(1):
Medicare	$	—	$	—
Non-Medicare	19.0		12.3
Net service revenue	19.0		12.3
Cost of service, inclusive of depreciation	21.1		13.3
Gross margin	(2.1)		(1.0)
General and administrative expenses	20.4		19.7
Depreciation and amortization	3.1		3.3
Investment impairment	—		3.0
Operating loss	$	(25.6)	$	(27.0)
Key Statistical Data - Total:
Full risk admissions	648		448
Limited risk admissions	1,804		1,142
Total admissions	2,452		1,590
Full risk revenue per episode	$	10,565	$	11,273
Limited risk revenue per episode	$	6,187	$	5,553
Number of admitting joint ventures	10		8

(1)Prior year has been recast to conform to the current year presentation.

12

Segment Information - Corporate

	For the Three-Month Periods Ended December 31,
	2023		2022
Financial Information(in millions)(1):
General and administrative expenses	$	64.1	$	44.7
Depreciation and amortization	0.6		3.0
Total operating expenses	$	64.7	$	47.7

	For the Years Ended December 31,
	2023		2022
Financial Information(in millions)(1):
General and administrative expenses	$	237.5	$	170.8
Depreciation and amortization	5.6		15.2
Total operating expenses	$	243.1	$	186.0

(1)Prior year has been recast to conform to the current year presentation.

13

AMEDISYS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES

(Amounts in thousands)

(Unaudited)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") Reconciliation:

	For the Three-Month Periods Ended December 31,				For the Years Ended December 31,
	2023		2022		2023		2022
Net income (loss) attributable to Amedisys, Inc.	$	19,322	$	31,717	$	(9,747)	$	118,609
Add:
Income tax expense	10,178		9,790		50,559		42,545
Interest expense, net	7,416		5,711		28,004		22,050
Depreciation and amortization	5,891		5,230		23,847		24,935
Certain items(1)	13,846		7,441		154,344		58,361
Interest component of certain items(1)	—		—		—		(4,445)
Adjusted EBITDA(2)(6)	$	56,653	$	59,889	$	247,007	$	262,055

Adjusted Net Service Revenue Reconciliation:

	For the Three-Month Periods Ended December 31,				For the Years Ended December 31,
	2023		2022		2023		2022
Net service revenue	$	570,788	$	562,064	$	2,236,382	$	2,223,199
Add:
Certain items(1)	—		—		—		9,305
Adjusted net service revenue(3)(6)	$	570,788	$	562,064	$	2,236,382	$	2,232,504

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

	For the Three-Month Periods Ended December 31,				For the Years Ended December 31,
	2023		2022		2023		2022
Net income (loss) attributable to Amedisys, Inc.	$	19,322	$	31,717	$	(9,747)	$	118,609
Add:
Certain items(1)	11,500		6,251		150,384		44,838
Adjusted net income attributable to Amedisys, Inc.(4)(6)	$	30,822	$	37,968	$	140,637	$	163,447

Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation:

	For the Three-Month Periods Ended December 31,				For the Years Ended December 31,
	2023		2022		2023		2022
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share	$	0.59	$	0.97	$	(0.30)	$	3.63
Add:
Certain items(1)	0.35		0.19		4.60		1.37
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share(5)(6)	$	0.94	$	1.16	$	4.30	$	5.01

14

(1) The following details the certain items for the three-month periods and years ended December 31, 2023 and 2022:

Certain Items:

	For the Three-Month Period Ended December 31, 2023		For the Year Ended December 31, 2023
	(Income) Expense		(Income) Expense
Certain Items Impacting Cost of Service, Inclusive of Depreciation:
Clinical optimization and reorganization costs	199		595
Certain Items Impacting General and Administrative Expenses:
Acquisition and integration costs	180		3,286
CEO transition	661		5,940
Merger-related expenses	11,521		36,672
Clinical optimization and reorganization costs	1,819		6,022
Personal care divestiture	—		525
Certain Items Impacting Total Other Income (Expense):
Other (income) expense, net*	(534)		101,304
Total	$	13,846	$	154,344
Net of tax	$	11,500	$	150,384
Diluted EPS	$	0.35	$	4.60

*Includes $106,000 merger termination fee for the year ended December 31, 2023

	For the Three-Month Period Ended December 31, 2022		For the Year Ended December 31, 2022
	(Income) Expense		(Income) Expense
Certain Items Impacting Net Service Revenue:
Contingency accrual	$	—	$	9,305
Certain Items Impacting Cost of Service:
COVID-19 costs	1,510		8,747
Clinical optimization and reorganization costs	33		1,382
Fuel supplement	261		3,576
Integration costs	—		1,712
Certain Items Impacting General and Administrative Expenses:
Acquisition and integration costs	1,443		11,298
COVID-19 costs	107		503
CEO transition	—		3,500
Severance	993		993
Legal fees - non-routine	—		241
Clinical optimization and reorganization costs	2,247		5,792
Legal settlement	—		(1,058)
Fuel supplement	33		251
Investment impairment	—		3,009
Certain Items Impacting Total Other Income (Expense):
Interest component of certain items	—		4,445
Other expense, net	814		4,665
Total	$	7,441	$	58,361
Net of tax	$	6,251	$	44,838
Diluted EPS	$	0.19	$	1.37

15

(2)    Adjusted EBITDA is defined as net income (loss) 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 service revenue is defined as net service revenue excluding certain items as described in footnote 1.

(4)    Adjusted net income attributable to Amedisys, Inc. is defined as net income (loss) attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items as described in footnote 1.

(5)    Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income (loss) per share calculated in accordance with GAAP excluding the earnings per share effect of certain items as described in footnote 1.

(6)    Adjusted EBITDA, adjusted net service revenue, 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.

16

EX-99.2

1 Amedisys Fourth Quarter 2023 Earnings Release Supplemental Slides February 21st, 2024 Exhibit 99.2

2 This presentation may include forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon current expectations and assumptions about our business that are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those described in this presentation. You should not rely on forward-looking statements as a prediction of future events. Additional information regarding factors that could cause actual results to differ materially from those discussed in any forward-looking statements are described in reports and registration statements we file with the SEC, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, copies of which are available on the Amedisys internet website http://www.amedisys.com or by contacting the Amedisys Investor Relations department at (225) 292-2031. We disclaim any obligation to update any 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. www.amedisys.com NASDAQ: AMED We encourage everyone to visit the Investors Section of our website at www.amedisys.com, where we have posted additional important information such as press releases, profiles concerning our business, clinical operations and control processes and SEC filings. FORWARD-LOOKING STATEMENTS Exhibit 99.2

3 OUR KEY AREAS OF FOCUS Strategic areas of focus and progress made during Q4’23 • Home Health: Total same store admissions +7% • Hospice: Total same store ADC flat • High Acuity Care: Admissions +46% over prior year 1 Organic Growth • Quality: Amedisys Apr’24 preview STARS score of 4.35 • 96% of care centers at 4+ Stars based on Apr’24 preview • 36 Amedisys care centers rated at 5 Stars in the Apr’24 preview • Hospice quality – outperforming industry average in all hospice item set (HIS) categories 3 Clinical Initiatives • Focusing on optimizing RN / LPN & PT / PTA staffing ratios. • Current LPN Ratio: 47.1% (vs. 47.7% in 4Q’22) • Current PTA Ratio: 54.7% (vs. 53.9% in 4Q’22) 4 Capacity and Productivity • Pending merger with UnitedHealth Group Inc. • Completed divestiture of Personal Care business Q1’23 5 M&A 2 Recruiting / Retention • Targeting industry leading employee retention amongst all employee categories • Q4’23 Voluntary Turnover 18.6% 2023 Reimbursement • Final Hospice industry rule – Amedisys impact +3.8% increase (effective 10/1/22) • Final Home Health industry rule – Amedisys impact flat (effective 1/1/23) 2024 Reimbursement • Final Hospice industry rule – Amedisys estimated impact +3.1% increase (effective 10/1/23) • Final Home Health industry rule – Amedisys estimated impact +0.8% increase (effective 1/1/24) 6 Regulatory Exhibit 99.2

4 HIGHLIGHTS AND SUMMARY FINANCIAL RESULTS (ADJUSTED): 4Q 2023(1) Excluding the sale of our personal care segment, our revenue increased $25 million over prior year. EBITDA is down $3 million; however, our results were impacted by increases in incentive compensation costs and the divestiture of our personal care line of business. The EBITDA impact of these items totaled $5 million. 1. The financial results for the three-month periods and years ended December 31, 2022 and December 31, 2023 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. 2. Same Store volume – Includes admissions and recertifications. 3. Same Store is defined as care centers that we have operated for at least the last 12 months and startups that are an expansion of a same store care center. 4. Free cash flow is defined as cash flow from operations less routine capital expenditures and required debt repayments. Growth Metrics: • Total Admissions: 705 • Number of admitting JV markets: 11 Other Statistics: • Patient Satisfaction: 87% High Acuity Care Adjusted Financial Results • Divested personal care business on 3/31/2023 Personal Care Same Store Volume (3): • Admissions: -3% • ADC: Flat Other Statistics: • Revenue per Day(5): $174.10 (+4.4%) • Cost per day: $90.73 (+4.3%) HospiceHome Health Same Store (2)(3) : • Total Admissions: +7% • Total Volume: +5% Other Statistics: • Revenue per Episode: $2,997 (+0.1%) • Visiting Clinician Cost per Visit: $107.82 (+4.5%) Amedisys Consolidated • Revenue: +4.5% (excluding Personal Care) • EBITDA: $57M • EBITDA Margin: 9.9% • EPS: $0.94 Amedisys Consolidated Amedisys Consolidated Balance Sheet & Cash Flow • Net debt: $261.9M • Net Leverage ratio: 1.1x • Revolver availability: $518.9M • CFFO: $60.3M ($137.2M FY 2023) • Free cash flow (4): $50.5M • DSO: 47.7 (vs. Q4’22 of 46.1 and down 2.1 days since Q3) $ in Millions, except EPS 4Q22 4Q23 FY 2022 FY 2023 Home Health 344.9$ 358.9$ 1,371.0$ 1,403.6$ Hospice 197.6 206.0 787.8 798.8 Personal Care 15.9 - 61.4 15.0 High Acuity Care 3.6 5.9 12.3 19.0 Total Revenue 562.0$ 570.8$ 2,232.5$ 2,236.4$ Gross Margin % 43.9% 44.0% 44.2% 44.6% Adjusted EBITDA 59.9$ 56.7$ 262.1$ 247.0$ 10.7% 9.9% 11.7% 11.0% Adjusted EPS 1.16$ 0.94$ 5.01$ 4.30$ Free cash flow(4) 36.2$ 50.5$ 114.5$ 107.9$ Exhibit 99.2

5 61.6%12.0% 26.4% Home Health Revenue Medicare FFS Private Episodic Per Visit 62.9% 36.1% 1.0% Amedisys Consolidated Revenue Home Health Hospice High Acuity Care • Medicare FFS: Reimbursed for a 30-day period of care • Private Episodic: MA and Commercial plans who reimburse us for a 30-day period of care or 60-day episode of care, majority of which range from 90% - 100% of Medicare rates • Per Visit: Managed care, Medicaid and private payors who reimburse us per visit performed 94.3% 5.7% Hospice Revenue Medicare FFS Private Hospice Per Day Reimbursement: • Routine Care: Patient at home with symptoms controlled, ~97% of the Hospice care provided • Continuous Care: Patient at home with uncontrolled symptoms • Inpatient Care: Patient in facility with uncontrolled symptoms • Respite Care: Patient at facility with symptoms controlled • Home Health: 346 care centers; 34 states & D.C. • Hospice: 165 care centers; 31 states • Personal Care: We divested our personal care business on March 31, 2023. • High Acuity Care: 10 admitting joint ventures, which operate in 11 markets; 9 states; 35 referring hospitals • Total: 521 care centers/joint ventures; 37 states and D.C. OUR REVENUE SOURCES: 4Q’23 Exhibit 99.2

6 HOME HEALTH AND HOSPICE SEGMENT (ADJUSTED) – Q4 2023(1) • Medicare revenue per episode up 0.1%; reimbursement is flat year over year. • Y/Y Total CPV up $4.96 (+4.3%) primarily due to raises, wage inflation, an increase in new hire pay and higher contractor costs. The reduction in VPE on our episodic revenue partially offset the increase in cost per visit. • EBITDA margin decreased 50 basis points on a 70 basis point decrease in gross margin driven by a shift in volume mix and higher labor costs. Home Health Highlights • Net revenue per day +4.4% primarily due to the +3.1% Hospice rate update effective 10/1/2023 as well as a reduction in our revenue adjustments. • Total ADC decline is due to lower admissions. • Cost per day up $3.74 (+4.3%) primarily due to raises, wage inflation and an increase in RN hires partially offset by clinical optimization and reorganization initiatives and a new pharmacy contract. • EBITDA margin up 230 basis points due to the 2024 rate increase (effective 10/1/2023), a new pharmacy contract and clinical optimization and reorganization initiatives. Hospice Highlights 1. The financial results for the three-month periods and years ended December 31, 2022 and December 31, 2023 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. 2. Pre-Corporate EBITDA does not include any corporate G&A expenses. 3. Same Store information represents the percent change in volume, admissions or ADC for the period as a percent of the volume, admissions or ADC of the prior period. 4. Same Store is defined as care centers that we have operated for at least the last 12 months and startups that are an expansion of a same store care center. 5. Prior year amounts have been recast to conform to the current year presentation. $ in Millions 4Q22(5) 4Q23 2022(5) 2023 Medicare 224.8$ 221.1$ 905.8$ 874.2$ Non-Medicare 120.1 137.8 465.2 529.4 Home Health Revenue $344.9 $358.9 $1,371.0 $1,403.6 Gross Margin % 43.2% 42.5% 44.3% 43.3% Pre-Corporate EBITDA(2) $59.2 $59.9 $259.2 $245.6 17.2% 16.7% 18.9% 17.5% Operating Statistics Same Store Growth(3)(4) Total admissions 5% 7% 3% 6% Total volume 1% 5% 0% 4% Medicare revenue per episode $2,995 $2,997 $3,013 $2,998 Medicare recert rate 33.1% 32.0% 33.6% 32.8% Total cost per visit $114.98 $119.94 $109.65 $114.19 HOME HEALTH Year Ended $ in Millions 4Q22 4Q23 2022 2023 Medicare 186.3$ 194.2$ 744.1$ 754.0$ Non-Medicare 11.3 11.8 43.7 44.8 Hospice Revenue $197.6 $206.0 $787.8 $798.8 Gross Margin % 47.9% 47.9% 46.4% 48.6% Pre-Corporate EBITDA(2) $44.4 $50.9 $166.3 $198.3 22.4% 24.7% 21.1% 24.8% Operating Statistics Admit growth - same store(3)(4) -8% -3% -1% -5% ADC growth - same store(3)(4) -2% 0% -1% -1% ADC 12,878 12,859 13,091 12,863 Avg. discharge length of stay 94 97 91 93 Revenue per day (net)(5) $166.82 $174.10 $164.88 $170.14 Cost per day $86.99 $90.73 $88.32 $87.41 HOSPICE Year Ended Exhibit 99.2

7 $ in Millions 4Q22 1Q23 2Q23 3Q23 4Q23 Home Health Segment - Total 89.9$ 89.0$ 90.1$ 91.3$ 92.7$ % of HH Revenue 26.1% 25.9% 25.8% 26.0% 25.8% Hospice Segment - Total 50.8 47.9 47.9 48.4 48.6 % of HSP Revenue 25.7% 24.8% 24.0% 24.2% 23.6% Personal Care Segment - Total 2.4 2.2 - - - % of PC Revenue 14.9% 14.9% - - - High Acuity Care Segment - Total 5.1 4.4 5.2 5.2 5.4 % of HAC Revenue 141.3% 94.6% 131.1% 119.2% 91.4% Total Corporate Expenses 40.4 44.2 45.2 46.2 50.3 % of Total Revenue 7.2% 7.9% 8.2% 8.3% 8.8% Total 188.6$ 187.7$ 188.4$ 191.1$ 197.0$ % of Total Revenue 33.6% 33.7% 34.1% 34.4% 34.5% GENERAL & ADMINISTRATIVE EXPENSES – ADJUSTED (1,2,3) Notes: • Year over year total G&A as a percentage of revenue increased 90 basis points ($8 million) • Increase in total G&A is primarily due to planned wage increases, higher incentive compensation costs, higher IT fees, higher legal and professional fees and a change in the presentation of gains on the sale of fleet vehicles partially offset by clinical optimization and reorganization initiatives, lower staffing levels, lower travel spend and the divestiture of our personal care line of business • Total G&A increased ~$6 million sequentially primarily due to planned wage increases, higher incentive compensation costs and a seasonality driven increase in health insurance costs 1. The financial results for the three-month periods ended December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. 2. Adjusted G&A expenses do not include depreciation and amortization. 3. Prior periods have been recast to conform to the current year presentation. Impacted by raises and incentive compensation costs 33.6% 33.7% 34.1% 34.4% 34.5% 32.0% 34.0% 36.0% 4Q22 1Q23 2Q23 3Q23 4Q23 Total G&A as a Percent of Revenue G&A as a Percent of Revenue 4Q22 1Q23 2Q23 3Q23 4Q23 Salary and Benefits 25.5 26.3 26.5 27.7 29.4 Other 12.5 15.5 15.1 14.9 16.9 Corp. G&A Subtotal 38.0 41.8 41.6 42.6 46.3 Non-cash comp 2.4 2.4 3.6 3.6 4.0 Adjusted Corporate G&A 40.4 44.2 45.2 46.2 50.3 Exhibit 99.2

8 $45.00 $75.00 $105.00 4Q22 3Q23 4Q23 Cost Per Visit (CPV) Salaries Contractors Benefits Transportation OPERATIONAL EXCELLENCE: HOME HEALTH COST PER VISIT (CPV)-ADJUSTED YOY Total CPV impacted by higher labor costs. *Note: Direct comparison with industry competitors CPV calculation ** Note: In 4Q’22, the addback of COVID costs reduced Visiting Clinician CPV by $0.81. Accordingly, our YOY increase is $3.80 or 3.7% $103.21 $104.23 $107.82 Components 4Q’22(1) 3Q’23 4Q’23 YoY Variance Detail Initiatives Salaries $74.25 $76.16 $77.48 $3.23 YoY increase due to planned wage increases (+3.3%), wage inflation, an increase in new hire pay and visit mix Sequential increase due to planned wage increases (effective 8/1) and new hire pay Staffing mix optimization, productivity and scheduling improvement initiatives in place to help overcome salary increases Contractors $5.60 $5.59 $5.88 $0.28 YoY variance due to higher rates partially offset by lower utilization. Prior year benefited from COVID rate-related add- backs totaling $0.75 Focused efforts on filling positions with full-time clinicians Benefits $15.64 $14.91 $16.85 $1.21 YoY variance due to higher payroll taxes on the salary increases described above and higher health insurance costs Sequential increase due to an increase in health insurance costs due to the seasonality of claims Focus on cost containment and spend optimization with specific focus on high-cost claims Transportation & Supplies $7.72 $7.57 $7.61 ($0.11) YoY variance due to the capitalization of fleet vehicle leases effective 1Q’23 partially offset by higher supply costs due to increases in wound care patients and rate increases for freight *Visiting Clinician CPV $103.21 $104.23 $107.82 $4.61** Clinical Managers $11.77 $11.97 $12.12 $0.35 Fixed cost associated with non-visiting clinicians YoY and Sequential variances due to planned wage increases Unit cost reduced as volume increases Total CPV $114.98 $116.20 $119.94 $4.96 1. Prior year amounts have been recast to conform to the current year presentation. Exhibit 99.2

9 DRIVING TOP LINE GROWTH 1% 5% 3% 3% 5% 5% 8% 4% 4% 7% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 50,000 100,000 150,000 4Q22 1Q23 2Q23 3Q23 4Q23 Volume SS Volume Growth SS Admit Growth Home Health Growth Hospice Growth -2% -1% -2% -2% 0% -2.5% -1.5% -0.5% 0.5% 12,500 12,750 13,000 4Q22 1Q23 2Q23 3Q23 4Q23 ADC SS ADC Growth Both segments exiting 2023 with momentum Exhibit 99.2

10 INDUSTRY LEADING QUALITY SCORES Quality of Patient Care (QPC) Patient Satisfaction (PS) • Amedisys maintains a 4-Star average in the Apr 2024 HHC Preview with 95% of our providers (representing 96% of care centers) at 4+ Stars and 65% of our providers (representing 73% of care centers) at 4.5+ Stars. •18 Amedisys providers (representing 36 care centers) rated at 5 Stars. Notes: (1) CMS did not provide QPC Star and PS performance releases in 2021 due to COVID-19 PHE. (2) Apr 2024 QPC Star Preview performance period = Jul 2022 – Jun 2023 (ACH = CY 2022). (3) Jan 2024 PS Release performance period = Jul 2022 – Jun 2023. (4) QPC Star and PS Results for Amedisys Legacy providers only. (5) Only currently active care centers included in care center results. Metric Jul 23 Release Oct 23 Release Jan 24 Release Apr 24 Preview Quality of Patient Care 4.47 4.44 4.41 4.35 Entities at 4+ Stars 99% 98% 96% 95% Metric Apr 23 Release Jul 23 Release Oct 23 Release Jan 24 Release Patient Satisfaction Star 3.66 3.76 3.73 3.61 Performance Over Industry +1% +2% +2% +3% 3.00 3.50 4.00 4.50 QPC Industry Performance Amedisys QPC Industry Avg QPC Top Competitor CMS Blind Period 3.00 3.50 4.00 4.50 PS Industry Performance Amedisys QPC Industry Avg QPC Top Competitor CMS Blind Period Exhibit 99.2

11 HOSPICE QUALITY: AMEDISYS HOSPICE CONTINUES TO MOVE TOWARDS BEST-IN-CLASS Hospice Quality Notes: Included in the above analysis are only active providers. Exhibit 99.2

12 DEBT AND LIQUIDITY METRICS Net leverage ~1.1x 1. Net debt defined as total debt outstanding ($400.8M) less cash ($138.9M). 2. Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($247.0M). 3. Liquidity defined as the sum of cash balance and available revolving line of credit. Outstanding Revolver -$ Outstanding Term Loan 371.9 Promissory Notes - Finance Leases 28.9 Total Debt Outstanding 400.8 Less: Deferred Debt Issuance Costs (2.6) Total Debt - Balance Sheet 398.2 Total Debt Outstanding 400.8 Less Cash (138.9) Net Debt (1) 261.9$ Leverage Ratio (net) (2) 1.1 Term Loan 450.00$ Revolver Size 550.0 Borrowing Capacity 1,000.0 Revolver Size 550.0 Outstanding Revolver - Letters of Credit (31.1) Available Revolver 518.9 Plus Cash 138.9 Total Liquidity (3) 657.8$ As of: 12/31/23 Credit Facility Outstanding Debt As of: 12/31/23 Exhibit 99.2

13 CASH FLOW STATEMENT HIGHLIGHTS (1) Total cash flow from operations for Q4-23 impacted by the timing of the payment of accrued expenses and the collection of accounts receivable. 1. Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments. $ in Millions 4Q22 1Q23 2Q23 3Q23 4Q23 GAAP net income (loss) 31 .5$ 24.9$ (80.5)$ 25.6$ 1 9.0$ Changes in working capital 6.9 (1 4.3) 23 .9 (56.4) 21 .4 Depreciation and amortization 5.2 5.7 6.2 6.1 5.9 Non-cash compensation 0.6 3 .3 9.1 7 .2 9.4 Deferred income taxes 4.3 2 .8 5.3 7 .3 5.2 Merger termination fee - - 1 06.0 - - Other (7 .6) 3 .6 (9.3) 0.4 (0.6) Cash flow from operations 40.9 26.0 60.7 (9.8) 60.3 Capital expenditures - routine (1 .5) (1 .0) (0.9) (0.5) (0.9) Required debt repay ments (3.2) (5.3) (5.7 ) (6.1 ) (8.9) Free cash flow 36.2$ 19.7$ 54.1$ (16.4)$ 50.5$ Capital Deployment Acquisitions -$ (0.4)$ -$ -$ -$ Share Repurchases - - - - - Total -$ (0.4)$ -$ -$ -$ Exhibit 99.2

14 INCOME STATEMENT ADJUSTMENTS (1) 1. The financial results for the three-month periods ended December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. 2. Other (income) expense, net includes a $2.2 million loss related to our Personal Care divestiture in 1Q23 and the $106.0 million Option Care termination fee in 2Q23. Q4 adjustments primarily related to costs associated with pending merger. $000s Income Statement Line Item 4Q22 1Q23 2Q23 3Q23 4Q23 Cost of Service Clinical optimization and reorganization costs Cost of Serv ice, Inclusiv e of Depreciation 33$ 1 1 4$ -$ 282$ 1 99$ COVID-1 9 costs Cost of Serv ice, Inclusiv e of Depreciation 1 ,51 0 - - - - Fuel supplement Cost of Serv ice, Inclusiv e of Depreciation 261 - - - - G&A Acquisition and integration costs General and Administrativ e Expenses 1 ,443 1 ,667 1 ,1 01 338 1 80 Clinical optimization and reorganization costs General and Administrativ e Expenses 2,247 3 ,1 7 0 567 466 1 ,81 9 Merger-related expenses General and Administrativ e Expenses - 7 20 1 9,451 4,980 1 1 ,521 Personal Care div estiture General and Administrativ e Expenses - 51 4 1 1 - - COVID-1 9 costs General and Administrativ e Expenses 1 07 - - - - CEO transition General and Administrativ e Expenses - 7 50 3 ,435 1 ,094 661 Sev erance General and Administrativ e Expenses 993 - - - - Fuel supplement General and Administrativ e Expenses 33 - - - - Other Items Other (income) expense, net (2) Total Other (Expense) Income, Net 81 4 3 ,052 99,1 39 (353) (534) Total 7,441$ 9,987$ 123,704$ 6,807$ 13,846$ EPS Impact 0.19$ 0.22$ 3.83$ 0.19$ 0.35$ EBITDA Impact 7,441$ 9,987$ 123,704$ 6,807$ 13,846$ Exhibit 99.2

15 Environmental, Social, Governance (E.S.G.) Considerations Exhibit 99.2

16 ENVIRONMENTAL, SOCIAL, GOVERNANCE (E.S.G.) CONSIDERATIONS Sustainable, high-quality, patient focused, home-based care model E n vi ro nmental, Social, Govern an ce Environmental • Amedisys is dedicated to the sustainability of our business and the communities in which we serve • Environmental health has a strong correlation with physical health • A greener fleet – newer vehicles, in circulation for a shorter time, optimize fuel usage. Sophisticated scheduling practices reduce our clinicians’ driving time and fuel usage helping to minimize our carbon footprint • Virtual care centers, along with flexible working schedules and locations, have created fewer emissions Social • Amedisys strives to create an organizational culture and climate in which every individual is valued, all team members have a sense of belonging with one another and to the organization and feel empowered to do their best work • Provider of Home Health and Hospice services to frail, elderly patients in their most preferred care location – their homes • Highest quality Home Health company as measured by Quality of Patient Care Star scores (4.35 Stars) • The Amedisys Foundation was formed to provide support to our patients and employees. The Amedisys Foundation has two funds: the Patients’ Special Needs Fund and the Amedisys Employees 1st Fund. The Patients’ Special Needs Fund provides financial assistance to our home health, hospice and high acuity care patients during a difficult time Governance • Amedisys has a culture of compliance starting with oversight from the Board of Directors and cascading down to the care center level • Our Board of Directors operates several sub-committees including: • Quality of Care Committee • Compliance & Ethics Committee • Audit Committee • Compensation Committee • Nominating & Corporate Governance Committee • Nominating and Corporate Governance Committee oversees our strategy on corporate social responsibility, including evaluating the impact of Company practices on communities and individuals, and develops and recommends to our Board of Directors for approval matters relating to the Company’s corporate social responsibility and ESG considerations Exhibit 99.2

XML

Cover Page Cover Page	Feb. 21, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 21, 2024
Entity File Number	0-24260
Entity Registrant Name	AMEDISYS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-3131700
Entity Address, Address Line One	3854 American Way
Entity Address, Address Line Two	Suite A
Entity Address, City	Baton Rouge
Entity Address, State	LA
Entity Address, Postal Zip Code	70816
City Area Code	225
Local Phone Number	292-2031
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AMED
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000896262
Amendment Flag	false