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): 08/01/2006

Amedisys, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 0-24260

Delaware	11-3131700
(State or other jurisdiction of incorporation)	(IRS Employer Identification No.)

11100 Mead Road

Suite 300

Baton Rouge, LA 70816

(Address of principal executive offices, including zip code)

(225) 292-2031

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

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))

Information to be included in the report

Item 2.02. Results of Operations and Financial Condition

On August 1, 2006, Amedisys, Inc. (the “Company”) issued a press release announcing its earnings for the second quarter ended June 30, 2006. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

In accordance with General Instruction B.2 of this Current Report on Form 8-K, the information presented herein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended, except as previously set forth by specific reference in such a filing.

When included in this Current Report on Form 8-K, the words “intends,” “anticipates,” “believes,” “estimates” and analogous expressions are intended to identify forward-looking statements. Such statements inherently are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, among others, general economic and business conditions, current cash flows and operating deficits, debt service needs, adverse changes in federal and state laws relating to the health care industry, competition, regulatory initiatives and compliance with governmental regulations, patient preferences and various other matters, many of which are beyond the Company’s control. These forward-looking statements speak only as of the date of this Current Report on Form 8-K. The Company expressly disclaims any obligation or undertaking to release publicly any updates or any changes in the Company’s expectations with regard thereto or any changes in events, conditions or circumstances on which any statement is based.

Item 9.01. Financial Statements and Exhibits

(a) Financial Statements of Business Acquired.

Not applicable

(b) Pro Forma Financial Information.

Not applicable

(c) Exhibits

99.1 Press release dated August 1, 2006, announcing the Company’s operating results for the second quarter ended June 30, 2006

Signature(s)

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.
Date: August 2, 2006	By:	/s/ Donald Loverich, Jr.
		Donald Loverich, Jr.
		Principal Financial Officer

Exhibit Index

Exhibit No.	Description
EX-99.1	Press release dated August 1, 2006, announcing the Company’s earnings for the second quarter ended June 30, 2006

EX-99.1

Exhibit 99.1

Contact:	Amedisys, Inc.
	Donald Loverich, Jr.
	Principal Financial Officer
	(225) 292-2031
	dloverich@amedisys.com
	Noonan Russo
	Investor Relations
	Brian Ritchie (212) 845-4269
	brian.ritchie@eurorscg.com

AMEDISYS REPORTS RECORD SECOND QUARTER 2006

RESULTS

COMPANY TO HOST CONFERENCE CALL

TODAY AT 10:00 AM ET

BATON ROUGE, Louisiana (August 1, 2006) – Amedisys, Inc. (NasdaqNM: “AMED”, “Amedisys” or “the Company”), one of America’s leading home health nursing companies, today reported its financial results for the second quarter ended June 30, 2006.

For the quarter ended June 30, 2006, the Company reported record quarterly net income of $9.1 million, or $0.55 per diluted share, on record quarterly net service revenue of $132.9 million. Net service revenue increased by 66 percent when compared with the $80.1 million reported for the comparable period in the prior year. Amedisys reported net income of $7.9 million, or $0.50 per diluted share, for the quarter ended June 30, 2005. The diluted weighted average number of shares outstanding approximated 16.3 million for the quarter ended June 30, 2006 and 15.8 million for the comparable period of 2005.

For the six-month period ended June 30, 2006, the Company reported year-to-date net income of $16.3 million, or $1.00 per diluted share, on year-to-date net service revenue of $260.1 million. Net service revenue increased by 73 percent when compared with the $150.5 million reported for the comparable period in the prior year. Amedisys reported net income of $15.0 million, or $0.95 per diluted share, for the six-month period ended June 30, 2005. The diluted weighted average number of shares outstanding approximated 16.3 million for the six-month period ended June 30, 2006 and 15.8 million for the comparable period of 2005.

“These results represent significant progress toward restoring our operating margins,” said William F. Borne, Chief Executive Officer of Amedisys. “We are continuing to experience strong revenue growth from both our organic properties and our acquisitions. We are achieving positive momentum from changes related to the final stages of the integration plan for our 2005 acquisitions. As a result, we are more efficient and our metrics continue to improve.”

“We are pleased with our internal growth rate of Medicare admissions of 14 percent in the second quarter,” added Mr. Borne. “Also, our cash flow continues to be very strong, and we have repaid the $10.0 million borrowed against our revolver. In addition, our accounts receivable days sales outstanding has been reduced to 49 days as of June 30, 2006, from 55 days at March 31, 2006.”

“We are reaffirming the previously provided guidance of $2.25 to $2.35 cents per diluted share for fiscal 2006,” added Mr. Borne. “Fully diluted shares for 2006 are expected to be approximately 16.4 million. Also, this guidance reflects the Company’s 2006 estimated income tax rate of approximately 38.8 percent. Annual revenue is expected to exceed $520 million.”

The Company will provide further information today on these results during a teleconference call that is scheduled for 10:00 a.m. ET today. To access this call, please dial 888-694-4702 (domestic) or 1-973-582-2741 (international). A replay of the conference call will be available until August 8, 2006, by dialing 877-519-4471 (domestic) or 973-341-3080 (international). The replay pin number is 7633729.

Amedisys, Inc., a leading provider of home health nursing services, is headquartered in Baton Rouge, Louisiana. Its common stock trades on The Nasdaq Stock Market under the symbol “AMED”.

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe”, “estimate”, “project”, “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s services in the marketplace, competitive factors, changes in government reimbursement procedures, dependence upon third-party vendors, and other risks discussed in the Company’s periodic filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Additional information on the Company can be found on the World Wide Web

http://www.amedisys.com

AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

As of June 30, 2006 and December 31, 2005

(Dollar amounts in thousands, except share data)

	As of
	June 30, 2006 (Unaudited)			December 31, 2005
ASSETS
Current assets:
Cash and cash equivalents	$	7,957		$	17,231
Patient accounts receivable, net of allowance for doubtful accounts of $7,626 at June 30, 2006 and $12,387 at December 31, 2005		63,814			68,139
Prepaid expenses		4,286			2,693
Other current assets		5,912			4,277
Total current assets		81,969			92,340
Property and equipment, net		36,700			27,389
Goodwill		207,775			197,002
Intangible assets, net of accumulated amortization of $4,169 at June 30, 2006 and $3,108 at December 31, 2005		14,199			11,447
Other assets, net		7,037			11,819
Total assets	$	347,680		$	339,997
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	13,527		$	29,922
Accrued expenses		51,672			45,165
Obligations due Medicare		7,873			10,551
Current portion of long-term obligations		11,194			10,144
Current portion of deferred income taxes		4,473			4,173
Total current liabilities		88,739			99,955
Long-term obligations, less current portions		39,217			43,063
Deferred income taxes		2,680			3,556
Other long-term obligations		1,184			824
Total liabilities		131,820			147,398
Stockholders’ equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized; none issued and outstanding		—			—
Common stock, $.001 par value, 30,000,000 shares authorized; 16,066,071 and 15,881,691 shares issued at June 30, 2006 and December 31, 2005, respectively, and 16,061,188 and 15,877,524 shares outstanding at June 30, 2006 and December 31, 2005, respectively		16			16
Additional paid-in capital		153,007			146,684
Treasury stock at cost, 4,883 and 4,167 shares held at June 30, 2006 and December 31, 2005, respectively		(52	)		(25	)
Unearned compensation		—			(628	)
Retained earnings		62,889			46,552
Total stockholders’ equity		215,860			192,599
Total liabilities and stockholders’ equity	$	347,680		$	339,997

AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

For the three and six-month periods ended June 30, 2006 and 2005

(Dollars amounts in thousands, except per share data)

(Unaudited)

	Three-month period ended						Six-month period ended
	June 30, 2006			June 30, 2005			June 30, 2006			June 30, 2005
Net service revenue	$	132,910		$	80,061		$	260,097		$	150,498
Cost of service, excluding depreciation and amortization		56,664			33,044			112,434			61,505
General and administrative expenses:
Salaries and benefits		34,025			18,792			66,170			36,712
Non-cash compensation		597			65			1,193			150
Other		23,458			13,916			47,041			25,042
Depreciation and amortization		2,477			1,523			4,850			2,856
Operating expense		117,221			67,340			231,688			126,265
Operating income		15,689			12,721			28,409			24,233
Other (expense) income:
Interest income		220			519			426			900
Interest expense		(1,122	)		(142	)		(2,246	)		(287	)
Miscellaneous, net		5			(12	)		105			(27	)
Total other (expense) income		(897	)		365			(1,715	)		586
Income before income taxes		14,792			13,086			26,694			24,819
Income tax expense		5,739			5,156			10,357			9,779
Net income	$	9,053		$	7,930		$	16,337		$	15,040
Net income per common share:
Basic	$	0.57		$	0.51		$	1.03		$	0.97
Diluted	$	0.55		$	0.50		$	1.00		$	0.95
Weighted average common shares outstanding:
Basic		15,976			15,509			15,926			15,450
Diluted		16,326			15,837			16,291			15,789