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 3, 2016

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 2 — FINANCIAL INFORMATION

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On May 3, 2016, Amedisys, Inc. (“we,” “us,” “our” or the “Company”) issued a press release announcing our financial results for the three-month period ended March 31, 2016. 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, 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 supplemental slides which will be discussed during the Company’s earnings call at 11:00 a.m. ET on Wednesday, May 4, 2016 is attached to this report as Exhibit 99.2 and incorporated herein by reference.

The information presented in Item 7.01 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of 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, or the Exchange Act.

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

99.1	Press release dated May 3, 2016, announcing the Company’s financial results for the three-month period ended March 31, 2016 (furnished only)
99.2	Supplemental slides provided in connection with the first quarter 2016 earnings call of Amedisys, Inc. (furnished only)

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 Finance and Accounting and Controller
	(Principal Accounting Officer)

DATE: May 3, 2016

Exhibit Index

Exhibit	Description
99.1	Press release dated May 3, 2016, announcing the Company’s financial results for the three-month period ended March 31, 2016 (furnished only)
99.2	Supplemental slides provided in connection with the first quarter 2016 earnings call of Amedisys, Inc. (furnished only)

EX-99.1

Exhibit 99.1

Contact:	Investor Contact:	Media Contact:
	Amedisys, Inc.	Amedisys, Inc.
	David Castille	Kendra Kimmons
	Managing Director, Treasury/Finance	Managing Director, Marketing & Communications
	(225) 299-3391	(225) 299-3720
	david.castille@amedisys.com	kendra.kimmons@amedisys.com

AMEDISYS REPORTS FIRST QUARTER FINANCIAL RESULTS

AMEDISYS TO HOST CONFERENCE CALL MAY 4, 2016 AT 11:00 A.M. ET

BATON ROUGE, Louisiana (May 3, 2016) — Amedisys, Inc. (NASDAQ: AMED), a leading home health and hospice company, today reported its financial results for the three-month period ended March 31, 2016.

Three-Month Periods Ended March 31, 2016 and 2015

• Net service revenue increased $47.2 million or 15.6% to $348.8 million compared to $301.6 million in 2015.

• Net income attributable to Amedisys, Inc. increased $41.2 million or 117.7% to $6.2 million compared to $35.0 million net loss attributable to Amedisys, Inc. in 2015.

• Net income attributable to Amedisys, Inc. per diluted share increased $1.26 or 117.8% to $0.19 compared to $1.07 net loss attributable to Amedisys, Inc. per diluted share in 2015.

Adjusted Results*

• Adjusted net income attributable to Amedisys, Inc. of $10.9 million compared to adjusted net income attributable to Amedisys, Inc. of $9.8 million in 2015.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.33 compared to adjusted net income attributable to Amedisys, Inc. per diluted share of $0.30 in 2015.

• Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) of $23.9 million compared to $26.4 million in 2015.

Paul B. Kusserow, President and Chief Executive Officer stated, “We are very pleased with our first quarter results and the progress we have made executing on our strategy. We generated strong organic growth across home health and hospice and closed on our first acquisition of a personal care company – Associated Home Care. We also remain focused on clinical distinction, becoming an employer of choice and operational excellence, and are confident in our ability to deliver on the efficiencies outlined in our plan and promised to our investors.”

We urge caution in considering the current trends disclosed in this press release. The home health and hospice industry is highly competitive and subject to intensive regulations, and trends are subject to numerous factors, risks, and uncertainties, some of which are referenced in the cautionary language below and others that are described more fully in our reports filed with the Securities and Exchange Commission (“SEC”) including our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com. We disclaim any obligations to update disclosed information on trends.

* See pages 8 & 9 for explanation of certain items and the reconciliations of non-GAAP financial measures to GAAP measures.

Earnings Call and Webcast Information

To participate on the conference call, please call a few minutes before 11:00 a.m. ET to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through June 1, 2016 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13635831.

A live webcast of the call will be accessible through our website on our Investor Relations section at the following web address: http://investors.amedisys.com.

Amedisys, Inc. (the “Company”) is headquartered in Baton Rouge, Louisiana and our common stock trades on the NASDAQ Global Select Market under the symbol “AMED”.

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Additional 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.

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, 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 comply with requirements stipulated in our corporate integrity agreement and changes in law 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.

Non-GAAP Financial Measures

This press release includes the following non-GAAP financial measures as defined under SEC rules: EBITDA, defined as net income (loss) attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, adjusted EBITDA, defined as EBITDA excluding certain other items, adjusted net income attributable to Amedisys, Inc., defined as net income (loss) attributable to Amedisys, Inc. excluding certain other items, and adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share excluding certain other items. In accordance with SEC rules, we have provided herein a reconciliation of these non-GAAP financial measures to the most directly comparable measures under GAAP. Management believes that these are useful gauges of our performance and are common measures used in our industry to assess relative financial performance among companies.

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AMEDISYS, INC. AND SUBSIDIARIES

SELECT CONSOLIDATED FINANCIAL STATEMENT DATA AND SUPPLEMENTAL INFORMATION

(Amounts in thousands, except share, per share data and statistical information)

Balance Sheet Information

	March 31, 2016			December 31, 2015
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	7,824		$	27,502
Patient accounts receivable, net of allowance for doubtful accounts of $16,751 and $16,526		153,860			125,010
Prepaid expenses		9,086			8,110
Other current assets		5,959			14,641
Total current assets		176,729			175,263
Property and equipment, net of accumulated depreciation of $143,277 and $141,793		43,963			42,695
Goodwill		285,124			261,663
Intangible assets, net of accumulated amortization of $25,885 and $25,386		43,548			44,047
Deferred income taxes		121,367			125,245
Other assets, net		34,914			32,802
Total assets	$	705,645		$	681,715
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable	$	33,627		$	25,682
Payroll and employee benefits		82,837			72,546
Accrued expenses		63,903			71,965
Current portion of long-term obligations		20,000			5,000
Total current liabilities		200,367			175,193
Long-term obligations, less current portion		90,565			91,630
Other long-term obligations		3,934			4,456
Total liabilities		294,866			271,279
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; 34,849,466 and 34,786,966 shares issued; and 33,340,512 and 33,607,282 shares outstanding		35			35
Additional paid-in capital		510,881			504,290
Treasury stock at cost, 1,508,954 and 1,179,684 shares of common stock		(39,529	)		(26,966	)
Accumulated other comprehensive income		15			15
Retained earnings		(61,593	)		(67,806	)
Total Amedisys, Inc. stockholders’ equity		409,809			409,568
Noncontrolling interests		970			868
Total equity		410,779			410,436
Total liabilities and equity	$	705,645		$	681,715

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Statement of Operations Information (unaudited)

	For the Three-Month Periods Ended March 31,
	2016			2015
Net service revenue	$	348,817		$	301,572
Cost of service, excluding depreciation and amortization		201,837			170,961
General and administrative expenses:
Salaries and benefits		76,717			68,555
Non-cash compensation		4,070			2,384
Other		46,717			33,070
Provision for doubtful accounts		3,940			2,976
Depreciation and amortization		4,473			6,537
Asset impairment charge		—			75,193
Operating expenses		337,754			359,676
Operating income (loss)		11,063			(58,104	)
Other (expense) income:
Interest income		22			22
Interest expense		(1,112	)		(2,426	)
Equity in (loss) earnings from equity method investments		(5	)		1,951
Miscellaneous, net		735			2,134
Total other (expense) income, net		(360	)		1,681
Income (loss) before income taxes		10,703			(56,423	)
Income tax (expense) benefit		(4,388	)		21,591
Net income (loss)		6,315			(34,832	)
Net income attributable to noncontrolling interests		(102	)		(177	)
Net income (loss) attributable to Amedisys, Inc.	$	6,213		$	(35,009	)
Basic earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders	$	0.19		$	(1.07	)
Weighted average shares outstanding		32,920			32,739
Diluted earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders	$	0.19		$	(1.07	)
Weighted average shares outstanding		33,508			32,739

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Cash Flow and Days Revenue Outstanding, Net Information

	For the Three-Month Periods Ended March 31,
	2016			2015
Net cash provided by operating activities	$	12,244		$	14,483
Net cash used in investing activities		(34,154	)		(2,068	)
Net cash provided by (used in) financing activities		2,232			(17,315	)
Net decrease in cash and cash equivalents		(19,678	)		(4,900	)
Cash and cash equivalents at beginning of period		27,502			8,032
Cash and cash equivalents at end of period	$	7,824		$	3,132
Days revenue outstanding, net (1)		38.9			32.1

(1) Our calculation of days revenue outstanding, net at March 31, 2016 and 2015 is derived by dividing our ending patient accounts receivable (i.e., net of estimated revenue adjustments and allowance for doubtful accounts) by our average daily net patient revenue for the three-month periods ended March 31, 2016 and 2015, respectively.

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Supplemental Information - Home Health

	For the Three-Month Periods Ended March 31,
	2016			2015
Financial Information (in millions):
Medicare	$	206.8		$	187.3
Non-Medicare		65.9			54.1
Net service revenue		272.7			241.4
Cost of service		160.8			138.7
Gross margin		111.9			102.7
Other operating expenses		75.7			66.9
Operating income	$	36.2		$	35.8
Key Statistical Data:
Medicare:
Same Store Volume (1):
Revenue		4	%		6	%
Admissions		4	%		3	%
Recertifications		4	%		(1	%)
Total (2):
Admissions		50,418			45,351
Recertifications		26,023			24,359
Completed episodes		72,032			65,311
Visits		1,311,371			1,168,250
Average revenue per completed episode (3)	$	2,812		$	2,794
Visits per completed episode (4)		17.4			17.2
Non-Medicare:
Same Store Volume (1):
Revenue		22	%		20	%
Admissions		10	%		17	%
Recertifications		23	%		15	%
Total (2):
Admissions		25,567			23,149
Recertifications		9,826			7,988
Visits		527,969			437,465
Total (2):
Cost per Visit	$	87.45		$	86.33
Visits		1,839,340			1,605,715

(1) Same store Medicare and Non-Medicare revenue, admissions or recertifications growth is the percent increase (decrease) in our Medicare and Non-Medicare revenue, admissions or recertifications for the period as a percent of the Medicare and Non-Medicare revenue, admissions or recertifications of the prior period.

(2) Based on continuing operations for all periods presented, which includes acquisitions.

(3) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care which includes the impact of sequestration.

(4) 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.

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Supplemental Information - Hospice

	For the Three-Month Periods Ended March 31,
	2016			2015
Financial Information (in millions):
Medicare revenue	$	68.7		$	56.5
Non-Medicare revenue		4.3			3.7
Net service revenue		73.0			60.2
Cost of service		38.8			32.3
Gross margin		34.2			27.9
Other operating expenses		17.9			15.2
Operating income	$	16.3		$	12.7
Key Statistical Data:
Same Store Volume (1):
Medicare revenue		22	%		2	%
Non-Medicare revenue		16	%		13	%
Hospice admissions		19	%		7	%
Average daily census		22	%		1	%
Total (2):
Hospice admissions		5,430			4,564
Average daily census		5,507			4,542
Revenue per day, net	$	145.65		$	147.26
Cost of service per day	$	77.36		$	79.12
Average length of stay		96			91

(1) Same store Medicare and Non-Medicare revenue, Hospice admissions or average daily census growth is the percent increase (decrease) in our Medicare and Non-Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare and Non-Medicare revenue, Hospice admissions or average daily census of the prior period.

(2) Based on continuing operations for all periods presented, which includes acquisitions.

Supplemental Information - Corporate

	For the Three-Month Periods Ended March 31,
	2016		2015
Financial Information (in millions):
Other operating expenses	$	39.0	$	26.8
Depreciation and amortization		2.9		4.6
Total before impairment (1)	$	41.9	$	31.4

(1) Total of $106.6 million on a GAAP basis for the three-month period ended March 31, 2015.

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AMEDISYS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL STATEMENTS

(Amounts in thousands)

(Unaudited)

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA

	For the Three-Month Periods Ended March 31,
	2016		2015
Net income (loss) attributable to Amedisys, Inc.	$	6,213	$	(35,009	)
Add:
Income tax expense (benefit)		4,388		(21,591	)
Interest expense, net		1,090		2,404
Depreciation and amortization		4,473		6,537
EBITDA (1)		16,164		(47,659	)
Add:
Certain items (2)		7,766		74,040
Adjusted EBITDA (3)	$	23,930	$	26,381

Adjusted Net Income Attributable to Amedisys, Inc. Reconciliation:

	For the Three-Month Periods Ended March 31,
	2016		2015
Net income (loss) attributable to Amedisys, Inc.		6,213		(35,009	)
Add:
Certain items (2)		4,698		44,794
Adjusted net income attributable to Amedisys, Inc. (4)	$	10,911	$	9,785

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

	For the Three-Month Periods Ended March 31,
	2016		2015
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share		0.19		(1.07	)
Add:
Certain items (2)		0.14		1.37
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5)	$	0.33	$	0.30

(1) EBITDA is defined as net income (loss) attributable to Amedisys, Inc. before provision for income taxes, net interest expense, and depreciation and amortization. EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

(2) The following details the certain other items for the three-month periods ended March 31, 2016 and 2015:

	For the Three-Month Periods Ended March 31,
	2016 (Income) Expense			2015 (Income) Expense
HCHB implementation	$	2,440		$	—
Acquisition costs		1,704			—
Legal fees—non-routine		1,517			—
Legal settlements		(541	)		(818	)
Inventory and Data Security Reporting		—			2,121
Asset impairment		—			75,193
Restructuring activity		2,210			—
Miscellaneous, other (income) expense, net		436			(2,456	)
Total	$	7,766		$	74,040
Net of tax	$	4,698		$	44,794
Diluted EPS	$	0.14		$	1.37

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(3) Adjusted EBITDA is defined as net income (loss) attributable to Amedisys, Inc. before provision for income taxes, net interest expense, depreciation and amortization excluding certain other items as described in footnote 2. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

(4) Adjusted net income attributable to Amedisys, Inc. is defined as net income (loss) attributable to Amedisys, Inc. excluding certain other items as described in footnote 2. Adjusted net income attributable to Amedisys, Inc. should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted net income attributable to Amedisys, Inc. may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP measure in the same manner.

(5) Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income (loss) per share excluding the earnings per share effect of certain other items as described in footnote 2. Adjusted net income attributable to Amedisys, Inc. should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted net income attributable to Amedisys, Inc. may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP measure in the same manner.

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EX-99.2

Amedisys Earnings Call Supplemental Materials May 4, 2016 Exhibit 99.2

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.

Highlights and Summary Financial Results (Adjusted) – 1Q 2016 (1) Amedisys Consolidated Revenue Growth: +16% EBITDA: $24M EBITDA Margin: 6.9% EPS: $0.33 Amedisys Highlights SS Medicare Admissions: +4% SS Non-Medicare Admissions: +10% Medicare recert rate (2): 37% Cost per visit: +1% Home Health Outstanding debt: $114M Cash balance: $8M Net debt: $106M Leverage ratio:1.0x (net) Closed Associated Home Care ($28M) on 3/1 Repurchased 324K shares: $12.3M Balance Sheet Capital Deployment SS Admissions: +19% SS ADC: +22% Cost per day: (2.2%) Hospice Cash flow from Ops: $12M Free cash flow (3) : $8M Cash Flow Year-over-Year Comparison Adjusted Financial Results

Home Health and Hospice Segment (Adjusted) – 1Q 2016 (1) Organic growth continuing in Medicare admissions; revenue mix improving (76% Medicare) +2% vs 4Q 2015 Non-Medicare continues to decline – 24% of revenue in 1Q 2016 vs 26% of revenue in 4Q 2015 *Recert rate drop due in large part to Infinity inclusion in 1Q results Home Health Highlights Fourth straight quarter of double digit same store admissions growth Revenue per day slightly impacted by change in reimbursement; cost per day y/y comparison continued to benefit from drop in pharmacy costs beginning in 2Q15 Hospice Highlights

General & Administrative Expenses – Adjusted (1,4) Highlights G&A in business segments as a percentage of revenue relatively constant over the time period Corporate G&A cost increases driven by increase in outsourced services and HCHB maintenance costs that will be reduced and allocated out to the segments once rollout is complete Cost savings plan details IT G&A run-rate improvement of $2.0M by 4Q16 and additional $3.2M by 4Q17 1Q16 should represent highest level of corporate G&A spend during HCHB transition 4

Amedisys Strategy: Four Areas of Focus Updated 1Q 2016 Clinicians Patient Health Clinicians Patient Health Clinical Distinction Employer of Choice Operational Excellence and Efficiency Driving Growth Outstanding Outcomes for Our Patients In Their Homes Amedisys Care Centers & Clinical Teams Current: 225 centers currently on HomeCare HomeBase including all Hospice centers All centers will be live on HCHB Nov 1, 2016 Rollout progress easier Phase out of AMS3 in 6/16 Future: Realize $40M - $50M in savings from IT and HCHB efficiencies by end of 2017 Current: Patient Survey score: 3.90 and Quality of Patient care score: 3.50 based on April data 1Q16 32% of centers at 4.0+ STARs VBP states higher than AMED average STAR scores Hospice focus on quality Future: Goal: All HH care centers at 4.0+ STARs at end of 2017 Top of Hospice quality measures Current: 1Q16 same store Medicare admissions growth of 4% 1Q16 same store hospice admissions growth 19% 13 active M&A processes representing ~$75M in EBITDA Medicare: 76% of revenue Future: Continued HH Medicare and Hospice Growth, strong cash generation, and inorganic opportunities Current: 1Q16 TTM full-time employee turnover was 18.8% flat from 2015 and down from 2014 of 21.1% Reduction of inactive PRN’s Future: Productivity increase to 29.7 visits per week Improved employee engagement and retention Turnover rate <25% by end of 4Q 2016

Amedisys 1Q 2016 Report Card Category Grade Comments Growth Strong organic volume growth quarter by quarter in home health and hospice. Quality Good progress on STARS and VBP. Analytics in place to drive numbers real time, moving clinical organization to regions to better problem solve. Hospice quality just starting. Building tracking tools. Mix Improving home health revenue mix (76/24 Medicare/Non-Medicare). Improving back office, particularly billing and collections, of managed care business. HCHB Installation Strong adoption in regions. Rollout efficiency improving. Learning to control issues that arise with each rollout. M&A Pipeline Good pipeline but tough landscape; many deals overpriced. Focus on tuck-ins in across business segments. Large hospice valuations are steep. Focus on proactive sourcing; auctions hard work. BD Reorg (new) Focus on reallocating sales / BD efforts. Objective is less reps and more growth. Very early stages. Turnover Segmented employees: Full-Time stable, early stages for PRN’s and weekend employees – program being developed to utilize them more efficiently. G&A Continued elevated G&A for 1Q 2016 and 2Q 2016 supporting faster volume growth and IT transformation. Back to normal by end of 2016, post-HCHB rollout in November. A/R Build Anticipated spike as HCHB rollout volume increases. Expect normal rate of collections by end of 2Q 2016. CJR (new) TBD 7 hospital partnerships and 50 targets identified currently. Early stages and payment mechanisms / economics still shaking out.

Driving Growth: Organic and Inorganic 234 Opportunities Prospected 45 Opportunities Under Review 13 Active Processes Inorganic Growth Opportunities Representing ~$75M in EBITDA * Includes 3,792 completed episodes from Infinity 10% Growth 21% Growth

Operational Excellence: HCHB Implementation Timeline We have accelerated our HCHB implementation timeline with a target completion date of November 1, 2016, seven months ahead of our original plan. We are currently at 225 Installs including Infinity. Care Centers 210 Amedisys Installs and 15 Infinity care centers * Note: Since rollout started, 1 Hospice and 1 Home Health center closed Hospice Complete Clinician adoption to new workflow Care Center leadership optimizing system quicker than anticipated Support teams have deep understanding of system Increasing improvement in roll-outs What’s Going Well Identifying and minimizing initial 60 day disruption at a care center level – maintain back office focus (A/R and Clinical recerts) and working capital required before A/R days back to normal Mitigation plans in place and additional pre and post installation training, road shows, coaching meetings being provided to help drive understanding and efficiencies Challenges *Includes 15 Infinity Care Centers

Operational Excellence: Roadmap to EBITDA Improvement IT and HCHB Efficiencies and Disruption ~$12M in savings by 4Q 17 Annualized impact ~$46M

Becoming Employer of Choice: Improving Return on Human Capital Total Voluntary Turnover up slightly from 2015 due to enterprise wide focus on terming inactive PRNs 593 PRNs termed in 1Q 2016 of which 221 were inactive / unproductive 1Q 2016Total Voluntary Turnover without unproductive PRN turnover ~27.7% Full-Time Voluntary Turnover flat from 2015 Full time clinicians perform ~83% of visits Full-Time Voluntary Turnover Goal: 16% by end of 2017 15% 14% 11% 10% 12% 12% 23% 25% 23% 56% 50% Voluntary Turnover Total Voluntary Turnover Full-Time Voluntary Turnover 27.7% Excluding inactive PRN terminations Percentage of Visits Percentage Turnover 10

Clinical Distinction: STARs and Value Based Purchasing Metric Release Amedisys Average* Industry Average Quality of Patient Care April 2016 3.50 3.25 Patient Survey April 2016 3.90 3.64 Quality of Patient Care and Patient Survey Results Value Based Purchasing Entities at 4+ Stars: 32% Internal goal of all care centers 4+ Stars by YE 2017 *Provider number data Year + / - Quality % $’s at risk or reward (based on 2015 revenue) 2018 3% ~$7M 2019 5% ~$12M 2020 6% ~$14M 2021 7% ~$17M 2022 8% ~$19M Amedisys performance and improvement in QPC outpaces industry average (improvement from Jan– Apr 0.39% vs. industry decline of -0.05%) Amedisys outperforms industry average and most competitors in Patient Survey measures July 2016 QPC Preview Score is 3.59 Quality of Patient Care Patient Satisfaction AMED Industry Avg. AMED Industry Avg. VBP State Avg. 3.60 3.41 3.92 3.63 Currently, only 4 care centers are below 3 STARS, down from 10 at the beginning of 2016 – 0 centers below 3 STARS by YE 2016 Of the 24 VBP measures, 8 are direct STAR measures which we can use as a proxy for VBP performance Amedisys QPC and PS scores within VBP states are 3.60 and 3.92 respectively, both higher than industry average and in line with overall Amedisys scores Threshold movement to Patient Survey measures dropped the average of all rated providers nationwide from 4.03 to 3.64 Hospice quality ratings starting to formulate STAR Scores in VBP States Only VBP Opportunity (2015 Revenue in Pilot States: ~$237M)

Debt and Liquidity Metrics

Adjusted EBITDA to Free Cash Flow Reconciliation (1,3)

Income Statement Adjustments (1)

Endnotes The financial results for the three-month periods ended March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016 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. Recert rate excludes contribution from Infinity HomeCare acquisition. Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments. Adjusted G&A expenses do not include bad debt expense or depreciation and amortization Net debt defined as total debt outstanding on credit facility ($114M) less cash balance ($8M). Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($110M). Liquidity defined as the sum of cash balance and available revolving line of credit.