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): MAY 14, 2014

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.)

5959 S. Sherwood Forest Blvd., 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)

(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))

SECTION  7 – REGULATION FD

ITEM 7.01. REGULATION FD DISCLOSURE

As of May 14, 2014, representatives of Amedisys, Inc. (the “Company”) will begin making presentations at investor conferences using slides containing the information attached to this Current Report on Form 8-K as Exhibit 99.1. The Company expects to use these slides, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others during 2014.

By filing this report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.

The information contained in the slides is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements that it may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

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 Act of 1933, as amended, except as previously set forth by specific reference in such a filing.

Use of our Website to Distribute Material Company Information

Our company website address is www.amedisys.com. We use our website as a channel of distribution for important company information. Important information, including press releases, analyst 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. We also use our website to expedite public access to time-critical information regarding our company in advance of or in lieu of distributing a press release or a filing with the SEC disclosing the same information. Therefore, investors should look to the Investor Relations subpage of our website for important and time-critical information. 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.

Certain Forward-Looking Statements

When included in this press release, words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “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: changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, our ability to divest care centers currently held for sale, 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, competition in the home health industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to attract and retain qualified personnel, changes in payments and covered services due to the economic downturn and deficit spending by Federal and State governments, future cost containment initiatives undertaken by third-party payors, our access to financing due to the volatility and disruption of the capital and credit markets, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate and manage our information systems, our ability to fund required settlement payments in the manner agreed upon in our settlement agreement to resolve both the U.S. Department of Justice investigation and the Stark Law Self-Referral matter, our ability to comply with requirements stipulated in our corporate integrity agreement and changes in law or developments with respect to any litigation or investigations relating the Company, including the SEC investigation, the OIG Self-Disclosure issues and 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.

2

SECTION  9 – FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

99.1 Investor Relations Slide Show in use beginning May 14, 2014

3

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
	Senior Vice President of Accounting and Controller (Principal Accounting Officer)

DATE: May 14, 2014

4

Exhibit Index

Exhibit No.	Description
99.1	Investor Relations Slide Show in use beginning May 14, 2014

5

EX-99.1

Amedisys Investor Presentation

May 2014

Exhibit 99.1

2

Forward-looking Statements

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 and

clinical operations and control

processes, and SEC filings.

We intend to use our website to

expedite public access to time-critical

information regarding the Company in

advance of or in lieu of distributing a

press release or a filing with the SEC

disclosing the same information.

3

Amedisys Snapshot

Overview

•

Founded in 1982,

publicly listed 1994

•

396 care centers in 34

states

•

Over 13,500 employees

•

Over 60,000 patients

cared for on a daily basis

•

2013 revenue of

approximately $1.25

billion

Amedisys Home Health Care Centers (316 locations)

Amedisys Hospice Care Centers (80 locations)

4

Business Overview

Business

$ (in millions)  /

% of Revenue

Revenue per

Visit / Revenue

per Day

Gross Margin %

Reimbursement

Type

Home Health

Medicare

$189 / 63%

$157

42.4%

60-day episode of care

Non-Medicare Episodic

$20 / 7%

$154

41.5%

60-day episode of care

Non-Medicare Per Visit

$28 / 9%

$108

16.5%

Per visit

Total Home Health

$237 / 79%

Hospice

$62 / 21%

$146

46.7%

99% routine care; daily rate

Total

$299 / 100%

Based

on

1Q14

financials.

Gross

margin

computed

by

subtracting

cost

per

visit

from

revenue

per

visit

in

home

health

and

cost

per

day

from

hospice

revenue

per

day

5

Favorable Long Term Trends

•

Compelling demographics

•

Patient preference

•

Increased payer and hospital focus

•

Low cost of care delivery

Inpatient

Hospital

LTAC

IRF

SNF

Hospice

Home

Health

Average cost of stay

$12,000

$39,493

$17,995

$10,392

$11,852

$5,294

Average length of stay

5 days

26 days

13 days

27 days

88 days

120 days

Average per diem cost

$2,448

$1,507

$1,395

$399

$135

$44

Source:

MedPAC

March

2014

report

and

Amedisys

estimates;

hospital

information

is

for

inpatient

facilities

only

and

is

estimated

based

on

patient

discharges

6

($ in millions, except per share data)

2012

(1)

2013

(1)

Net Revenue

$1,441

$ 1,249

Gross Margin %

43.7%

42.5%

Adjusted EBITDA

$106

$ 54

Adjusted EBITDA Margin

7.3%

4.4%

Adjusted EPS

$1.15

$0.27

1.

The

financial

results

for

2012

and

2013

are

adjusted

for

certain

items

incurred

in

both

years

and

should

be

considered

non-GAAP

financial

measures.

A

reconciliation

of

these

non-GAAP

financial

measures

is

included

as

Exhibit

99.2

to

our

Form

8-K

filed

with

the

Securities

and

Exchange

Commission

on

March

12,

2014.

Summary Financials

7

Summary Financials –

Quarterly

($ in millions, except per share data)

1Q13

(1)

4Q13

(2)

1Q14

(1)

Net Revenue

$329

$304

$299

Adj. Gross Margin %

43.5%

40.9%

41.0%

Adjusted EBITDA

$18

$8

$6

Adjusted EBITDA Margin

5.6%

2.5%

1.8%

Adjusted EPS

$0.15

($0.05)

($0.07)

1.

The

financial

results

for

the

three-month

period

ended

March

31,

2013

and

March

31,

2014

are

adjusted

for

certain

items

and

should

be

considered

a

non-

GAAP

financial

measure.

A

reconciliation

of

this

non-GAAP

financial

measure

is

included

as

Exhibit

99.2

to

our

Form

8-K

filed

with

the

Securities

and

Exchange

Commission

on

May

8,

2014

2.

The

financial

results

for

the

three-month

period

ended

December

31,

2013

are

adjusted

for

certain

items

and

should

be

considered

a

non-GAAP

financial

measure.

A

reconciliation

of

this

non-GAAP

financial

measure

is

included

as

Exhibit

99.2

to

our

Form

8-K

filed

with

the

Securities

and

Exchange

Commission

on

March

12,

2014

8

($ in millions)

1Q13

(1)

4Q13

(2)

1Q14

(1)

Net Revenue

$262

$238

$237

Adj. Gross Margin %

42.6%

39.4%

39.5%

Key Operating Statistics

Medicare admissions

50,007

45,405

46,527

Revenue per episode

$2,778

$2,840

$2,778

Medicare recert rate

37.8%

37.1%

38.2%

Cost per visit

$83.89

$90.21

$90.28

Home Health Segment

1.

The

financial

results

for

the

three-month

period

ended

March

31,

2013

and

March

31,

2014

are

adjusted

for

certain

items

and

should

be

considered

a

non-

GAAP

financial

measure.

A

reconciliation

of

this

non-GAAP

financial

measure

is

included

as

Exhibit

99.2

to

our

Form

8-K

filed

with

the

Securities

and

Exchange

Commission

on

May

8,

2014

2.

The

financial

results

for

the

three-month

period

ended

December

31,

2013

are

adjusted

for

certain

items

and

should

be

considered

a

non-GAAP

financial

measure.

A

reconciliation

of

this

non-GAAP

financial

measure

is

included

as

Exhibit

99.2

to

our

Form

8-K

filed

with

the

Securities

and

Exchange

Commission

on

March

12,

2014

9

($ in millions)

1Q13

(1)

4Q13

(2)

1Q14

(1)

Net Revenue

$67

$65

$62

Adj. Gross Margin %

47.1%

46.5%

46.8%

Key Operating Statistics

Average daily census

5,071

4,866

4,721

Admissions

4,957

4,371

4,595

Revenue per day

$145.98

$145.60

$145.95

Cost per day

$77.04

$77.63

$77.47

Hospice Segment

1.

The

financial

results

for

the

three-month

period

ended

March

31,

2013

and

March

31,

2014

are

adjusted

for

certain

items

and

should

be

considered

a

non-

GAAP

financial

measure.

A

reconciliation

of

this

non-GAAP

financial

measure

is

included

as

Exhibit

99.2

to

our

Form

8-K

filed

with

the

Securities

and

Exchange

Commission

on

May

8,

2014

2.

The

financial

results

for

the

three-month

period

ended

December

31,

2013

are

adjusted

for

certain

items

and

should

be

considered

a

non-GAAP

financial

measure.

A

reconciliation

of

this

non-GAAP

financial

measure

is

included

as

Exhibit

99.2

to

our

Form

8-K

filed

with

the

Securities

and

Exchange

Commission

on

March

12,

2014

10

Summary Balance Sheet

Assets ($ in MM)

12/31/12

12/31/13

3/31/14

Cash

$15

$17

$3

Accounts Receivable, net

169

111

115

Property and Equipment

157

159

157

Goodwill

210

209

209

Other

180

230

243

Total Assets

731

726

727

Liabilities and Equity

Other Liabilities

$176

$157

$171

Debt

103

47

43

DOJ Settlement Reserve

--

150

150

Equity

452

372

363

Total Liabilities and Equity

731

726

727

Leverage Ratio

1.1x

2.9x

3.2x

Days Sales Outstanding

42

32

34

11

1Q14 Restructuring –

Impact on Results

Portfolio Rationalization

•

54 care centers closed or consolidated

•

This group, in addition to previous closures, reduced EBITDA by $4 million in 1Q14

•

10 care centers sold in April

•

16 lower volume care centers retained

•

396 core care centers generate ~$3M in average annual revenue

G&A Expense Reduction

•

Reduced G&A levels appropriate for reduced size and geographic footprint

•

G&A review is ongoing

•

Full run rate of reductions ($2.5 million/quarter) beginning in 3Q14

•

Full run rate of EBITDA improvement in 3Q14

12

Amedisys Turnaround –

Focus Areas

Continuing to deliver clinical excellence

•

Trend of clinical outcomes improving

Driving consistent organic growth

•

Seeing positive volume trends from core group of care centers

Getting “back to basics”

on core operations

•

Focus on managing direct costs

Capital allocation strategy

•

Clear ROI for shareholders

13

Contact Information

Dale Redman

Interim Chief Financial Officer

dale.redman@amedisys.com

David Castille

Director, Treasury/Finance

david.castille@amedisys.com

Amedisys, Inc.

5959 S. Sherwood Forest Blvd.

Baton Rouge, LA 70816

Office: 225.292.2031