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): NOVEMBER 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.)

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))

SECTION 2 — FINANCIAL INFORMATION

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On November 3, 2016, Amedisys, Inc. (“we,” “us,” “our” or the “Company”) issued a press release announcing our financial results for the three and nine-month periods ended September 30, 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 (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 supplemental slides which will be discussed during the Company’s earnings call at 11:00 a.m. ET on Friday, November 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 or the Exchange Act.

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

99.1	Press release dated November 3, 2016, announcing the Company’s financial results for the three and nine-month periods ended September 30, 2016 (furnished only)
99.2	Supplemental slides provided in connection with the third quarter 2016 earnings call of the Company (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
	(Principal Accounting Officer)

DATE: November 3, 2016

Exhibit Index

Exhibit No.	Description
99.1	Press release dated November 3, 2016, announcing the Company’s financial results for the three and nine-month periods ended September 30, 2016 (furnished only)
99.2	Supplemental slides provided in connection with the third quarter 2016 earnings call of the Company (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 THIRD QUARTER FINANCIAL RESULTS

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

BATON ROUGE, Louisiana (November 3, 2016) — Amedisys, Inc. (NASDAQ: AMED), a leading home health and hospice company, today reported its financial results for the three and nine-month periods ended September 30, 2016.

Three-Month Periods Ended September 30, 2016 and 2015

• Net service revenue increased $35.2 million to $361.6 million compared to $326.4 million in 2015.

• Net income attributable to Amedisys, Inc. of $11.4 million compared to $8.4 million in 2015.

• Net income attributable to Amedisys, Inc. per diluted share of $0.34 per diluted share compared to $0.25 in 2015.

Adjusted Results*

• Adjusted net service revenue of $361.6 million compared to $326.4 million in 2015.

• Adjusted net income attributable to Amedisys, Inc. of $12.1 million compared to $11.5 million in 2015.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.36 compared to $0.34 in 2015.

• Adjusted EBITDA (defined as net income (loss) attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization excluding certain items) of $25.6 million compared to $26.4 million in 2015.

Nine-Month Periods Ended September 30, 2016 and 2015

• Net service revenue increased $129.0 million to $1,071.2 million compared to $942.2 million in 2015.

• Net income attributable to Amedisys, Inc. of $28.3 million compared to $15.9 million net loss in 2015.

• Net income attributable to Amedisys, Inc. per diluted share increased $1.32 to $0.84 compared to $0.48 net loss per diluted share in 2015.

Adjusted Results*

• Adjusted net service revenue of $1,072.1 million compared to $942.2 million in 2015.

• Adjusted net income attributable to Amedisys, Inc. of $37.2 million compared to $35.8 million in 2015.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.10 compared to $1.09 in 2015.

• Adjusted EBITDA of $79.4 million compared to $84.4 million in 2015.

* See pages 10 and 11 for the reconciliations of non-GAAP financial measures to GAAP measures.

Paul B. Kusserow, President and Chief Executive Officer stated, “I am extremely proud of our organization for their dedication to delivering high-quality, low-cost care to our patients while the company continues to undergo a significant transition. Our employees delivered solid results across all three business segments. As outlined in our earnings preannouncement last week, we did encounter some challenges in home health volumes as well as increased health insurance and bad debt expenses. However, as of October 31, our last group of care centers is live on HomeCare HomeBase, an effort that involved training over 11,000 employees over the course of only 15 months. We are focused on continued growth and delivering on the operational efficiencies we have promised our shareholders. At the same time, we are actively pursuing opportunities to reinvest in our business and deploy capital toward accretive acquisitions. We are extremely excited about the opportunities in front of us as we continue to execute on our strategy.”

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.

1

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 December 3, 2016 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13648537.

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”.

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: (1) EBITDA, defined as net income (loss) attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization; (2) adjusted EBITDA, defined as EBITDA excluding certain items; (3) adjusted net service revenue, defined as net service revenue excluding certain items; (4) adjusted net income attributable to Amedisys, Inc., defined as net income (loss) attributable to Amedisys, Inc. excluding certain items; and (5) 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 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.

2

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

	September 30, 2016			December 31, 2015
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	8,915		$	27,502
Patient accounts receivable, net of allowance for doubtful accounts of $16,710 and $16,526		162,500			125,010
Prepaid expenses		9,948			8,110
Other current assets		12,070			14,641
Total current assets		193,433			175,263
Property and equipment, net of accumulated depreciation of $144,055 and $141,793		42,960			42,695
Goodwill		284,552			261,663
Intangible assets, net of accumulated amortization of $27,180 and $25,386		47,249			44,047
Deferred income taxes		113,797			125,245
Other assets, net		39,741			32,802
Total assets	$	721,732		$	681,715
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	33,088		$	25,682
Payroll and employee benefits		78,754			72,546
Accrued expenses		65,112			71,965
Current portion of long-term obligations		5,220			5,000
Total current liabilities		182,174			175,193
Long-term obligations, less current portion		88,874			91,630
Other long-term obligations		4,306			4,456
Total liabilities		275,354			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; 35,195,655 and 34,786,966 shares issued; and 33,551,441 and 33,607,282 shares outstanding		35			35
Additional paid-in capital		531,112			504,290
Treasury stock at cost, 1,644,214 and 1,179,684 shares of common stock		(46,253	)		(26,966	)
Accumulated other comprehensive income		15			15
Retained earnings		(39,462	)		(67,806	)
Total Amedisys, Inc. stockholders’ equity		445,447			409,568
Noncontrolling interests		931			868
Total equity		446,378			410,436
Total liabilities and equity	$	721,732		$	681,715

3

Statement of Operations Information (Unaudited)

	For the Three-Month Periods Ended September 30,						For the Nine-Month Periods Ended September 30,
	2016			2015			2016			2015
Net service revenue	$	361,595		$	326,450		$	1,071,158		$	942,174
Cost of service, excluding depreciation and amortization		212,124			186,772			620,466			533,432
General and administrative expenses:
Salaries and benefits		77,019			69,993			231,079			209,797
Non-cash compensation		4,750			3,060			12,556			7,637
Other		42,658			39,551			134,951			114,734
Provision for doubtful accounts		5,471			3,638			13,664			9,370
Depreciation and amortization		5,214			4,646			14,662			15,798
Asset impairment charge		—			2,075			—			77,268
Operating expenses		347,236			309,735			1,027,378			968,036
Operating income (loss)		14,359			16,715			43,780			(25,862	)
Other income (expense):
Interest income		14			7			45			33
Interest expense		(1,136	)		(4,936	)		(3,551	)		(9,778	)
Equity in earnings from equity method investments		3,244			1,924			3,602			8,701
Miscellaneous, net		1,713			1,330			3,106			3,962
Total other income (expense), net		3,835			(1,675	)		3,202			2,918
Income (loss) before income taxes		18,194			15,040			46,982			(22,944	)
Income tax (expense) benefit		(6,693	)		(6,465	)		(18,323	)		7,560
Net income (loss)		11,501			8,575			28,659			(15,384	)
Net income attributable to noncontrolling interests		(66	)		(135	)		(315	)		(548	)
Net income (loss) attributable to Amedisys, Inc.	$	11,435		$	8,440		$	28,344		$	(15,932	)
Basic earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders	$	0.34		$	0.25		$	0.86		$	(0.48	)
Weighted average shares outstanding		33,309			33,128			33,142			32,957
Diluted earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders	$	0.34		$	0.25		$	0.84		$	(0.48	)
Weighted average shares outstanding		33,823			33,631			33,699			32,957

4

Cash Flow and Days Revenue Outstanding, Net Information (Unaudited)

	For the Three-Month Periods Ended September 30,						For the Nine-Month Periods Ended September 30,
	2016			2015			2016			2015
Net cash provided by operating activities	$	6,803		$	30,704		$	33,698		$	87,741
Net cash used in investing activities		(7,649	)		(8,037	)		(45,400	)		(19,859	)
Net cash (used in) provided by financing activities		(207	)		1,183			(6,885	)		(18,863	)
Net (decrease) increase in cash and cash equivalents		(1,053	)		23,850			(18,587	)		49,019
Cash and cash equivalents at beginning of period		9,968			33,201			27,502			8,032
Cash and cash equivalents at end of period	$	8,915		$	57,051		$	8,915		$	57,051
Days revenue outstanding, net (1)		40.0			33.1			40.0			33.1

(1) Our calculation of days revenue outstanding, net at September 30, 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 period ended September 30, 2016 and 2015, respectively.

5

Supplemental Information - Home Health

	For the Three-Month Periods Ended September 30,
	2016			2015
Financial Information (in millions):
Medicare	$	203.9		$	190.2
Non-Medicare		65.0			63.2
Net service revenue		268.9			253.4
Cost of service		162.4			150.0
Gross margin		106.5			103.4
Other operating expenses		77.4			70.0
Operating income	$	29.1		$	33.4
Key Statistical Data:
Medicare:
Same Store Volume (1):
Revenue		1	%		3	%
Admissions		1	%		4	%
Recertifications		(3	%)		0	%
Total (2):
Admissions		47,625			44,434
Recertifications		25,522			25,420
Completed episodes		71,948			67,288
Visits		1,266,780			1,208,853
Average revenue per completed episode (3)	$	2,841		$	2,821
Visits per completed episode (4)		17.5			17.5
Non-Medicare:
Same Store Volume (1):
Revenue		4	%		22	%
Admissions		(1	%)		21	%
Recertifications		1	%		15	%
Total (2):
Admissions		24,335			24,792
Recertifications		9,479			9,447
Visits		506,729			504,441
Total (2):
Cost per Visit	$	91.58		$	87.54
Visits		1,773,509			1,713,294

6

	For the Nine-Month Periods Ended September 30,
	2016			2015
Financial Information (in millions):
Medicare	$	619.2		$	565.8
Non-Medicare		198.0			176.8
Net service revenue		817.2			742.6
Cost of service		483.6			431.0
Gross margin		333.6			311.6
Other operating expenses		230.5			204.0
Operating income	$	103.1		$	107.6
Key Statistical Data:
Medicare:
Same Store Volume (1):
Revenue		3	%		2	%
Admissions		3	%		2	%
Recertifications		1	%		(2	%)
Total (2):
Admissions		147,025			133,973
Recertifications		77,565			74,386
Completed episodes		218,007			200,301
Visits		3,893,568			3,580,751
Average revenue per completed episode (3)	$	2,835		$	2,816
Visits per completed episode (4)		17.5			17.4
Non-Medicare:
Same Store Volume (1):
Revenue		12	%		19	%
Admissions		4	%		17	%
Recertifications		11	%		13	%
Total (2):
Admissions		74,139			71,733
Recertifications		28,945			26,072
Visits		1,549,760			1,424,595
Total (2):
Cost per Visit	$	88.83		$	86.10
Visits		5,443,328			5,005,346

(1) Same store Medicare and Non-Medicare revenue, admissions or recertifications growth (decline) 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) Total 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.

7

Supplemental Information - Hospice

	For the Three-Month Periods Ended September 30,
	2016			2015
Financial Information (in millions):
Medicare	$	77.0		$	68.6
Non-Medicare		5.0			4.4
Net service revenue		82.0			73.0
Cost of service		41.9			36.8
Gross margin		40.1			36.2
Other operating expenses		19.3			16.9
Operating income	$	20.8		$	19.3
Key Statistical Data:
Same Store Volume (1):
Medicare revenue		12	%		17	%
Non-Medicare revenue		14	%		14	%
Hospice admissions		16	%		26	%
Average daily census		14	%		17	%
Total (2):
Hospice admissions		5,751			4,962
Average daily census		6,087			5,346
Revenue per day, net	$	146.49		$	148.47
Cost of service per day	$	74.77		$	74.82
Average length of stay		92			92

	For the Nine-Month Periods Ended September 30,
	2016			2015
Financial Information (in millions):
Medicare	$	217.0		$	187.6
Non-Medicare		13.8			12.0
Net service revenue		230.8			199.6
Cost of service		120.1			102.4
Gross margin		110.7			97.2
Other operating expenses		55.6			48.2
Operating income	$	55.1		$	49.0
Key Statistical Data:
Same Store Volume (1):
Medicare revenue		16	%		10	%
Non-Medicare revenue		15	%		11	%
Hospice admissions		18	%		14	%
Average daily census		17	%		8	%
Total (2):
Hospice admissions		16,757			14,239
Average daily census		5,776			4,947
Revenue per day, net	$	145.86		$	147.79
Cost of service per day	$	75.89		$	75.87
Average length of stay		94			90

(1) Same store Medicare and Non-Medicare revenue, Hospice admissions or average daily census growth (decline) 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) Total includes acquisitions.

8

Supplemental Information - Corporate

	For the Three-Month Periods Ended September 30,
	2016		2015
Financial Information (in millions):
Other operating expenses	$	32.7	$	30.8
Depreciation and amortization		3.3		3.1
Total before impairment (1)	$	36.0	$	33.9

	For the Nine-Month Periods Ended September 30,
	2016		2015
Financial Information (in millions):
Other operating expenses	$	106.4	$	94.3
Depreciation and amortization		9.3		10.8
Total before impairment (1)	$	115.7	$	105.1

(1) Total of $36.0 million on a GAAP basis for the three-month period ended September 30, 2015 (including $2.1 million asset impairment charge). Total of $182.4 million on a GAAP basis for the nine-month period ended September 30, 2015 (including $77.3 million asset impairment charge).

9

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 September 30,					For the Nine-Month Periods Ended September 30,
	2016		2015			2016		2015
Net income (loss) attributable to Amedisys, Inc.	$	11,435	$	8,440		$	28,344	$	(15,932	)
Add:
Income tax expense (benefit)		6,693		6,465			18,323		(7,560	)
Interest expense, net		1,122		4,929			3,506		9,745
Depreciation and amortization		5,214		4,646			14,662		15,798
EBITDA (1) (7)		24,464		24,480			64,835		2,051
Add:
Certain items (2)		1,158		5,100			14,560		85,567
Debt refinance costs (2)		—		(3,212	)		—		(3,212	)
Adjusted EBITDA (3) (7)	$	25,622	$	26,368		$	79,395	$	84,406

Adjusted Net Service Revenue Reconciliation:

	For the Three-Month Periods Ended September 30,				For the Nine-Month Periods Ended September 30,
	2016		2015		2016		2015
Net service revenue	$	361,595	$	326,450	$	1,071,158	$	942,174
Add:
Certain items (2)		—		—		948		—
Adjusted net service revenue (4) (7)	$	361,595	$	326,450	$	1,072,106	$	942,174

Adjusted Net Income Attributable to Amedisys, Inc. Reconciliation:

	For the Three-Month Periods Ended September 30,				For the Nine-Month Periods Ended September 30,
	2016		2015		2016		2015
Net income (loss) attributable to Amedisys, Inc.	$	11,435	$	8,440	$	28,344	$	(15,932	)
Add:
Certain items (2)		700		3,086		8,809		51,768
Adjusted net income attributable to Amedisys, Inc. (5) (7)	$	12,135	$	11,526	$	37,153	$	35,836

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

	For the Three-Month Periods Ended September 30,				For the Nine-Month Periods Ended September 30,
	2016		2015		2016		2015
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share	$	0.34	$	0.25	$	0.84	$	(0.48	)
Add:
Certain items (2)		0.02		0.09		0.26		1.57
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (6) (7)	$	0.36	$	0.34	$	1.10	$	1.09

(1) EBITDA is defined as net income (loss) attributable to Amedisys, Inc. before provision for income taxes, net interest expense, and depreciation and amortization.

10

(2) The following details the certain items for the three and nine-month periods ended September 30, 2016 and 2015:

	For the Three-Month Period Ended September 30, 2016			For the Nine-Month Period Ended September 30, 2016
	(Income) Expense			(Income) Expense
HCHB implementation	$	1,993		$	7,025
Acquisition costs		467			2,509
Legal fees - non-routine		374			2,350
Legal settlements		(1,242	)		(2,048	)
Restructuring activity		1,965			5,669
Third party audit reserve		—			948
Disaster relief		338			338
Miscellaneous, other (income) expense, net		(2,737	)		(2,231	)
Total	$	1,158		$	14,560
Net of tax		700			8,809
Diluted EPS		0.02			0.26

	For the Three-Month Period Ended September 30, 2015			For the Nine-Month Period Ended September 30, 2015
	(Income) Expense			(Income) Expense
Wage and Hour litigation	$	—		$	8,000
HCHB implementation		2,048			2,048
Legal fees - non-routine		286			286
Legal settlements		(1,014	)		(2,139	)
Inventory and Data Security Reporting		—			2,121
Asset impairment		2,075			77,268
Restructuring activity		56			2,735
Debt refinance costs		3,212			3,212
Miscellaneous, other (income) expense, net		(1,563	)		(7,964	)
Total	$	5,100		$	85,567
Net of tax	$	3,086		$	51,768
Diluted EPS	$	0.09		$	1.57

(3) Adjusted EBITDA is defined as EBITDA, as defined in footnote 1, excluding certain items as described in footnote 2.

(4) Adjusted net service revenue is defined as net service revenue plus certain items as described in footnote 2.

(5) Adjusted net income attributable to Amedisys, Inc. is defined as net income (loss) attributable to Amedisys, Inc. excluding certain items as described in footnote 2.

(6) 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 items as described in footnote 2.

(7) EBITDA, 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, cash flow from operating activities, or other traditional indicators of operating performance. These calculations may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate these non-GAAP financial measures in the same manner.

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EX-99.2

Amedisys 3Q16 Earnings Call Supplemental Materials November 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) – 3Q 2016 (1) Amedisys Consolidated Revenue Growth: +11% EBITDA: $26M EBITDA Margin: 7.1% EPS: $0.36 Amedisys Highlights Same Store Admissions: Medicare FFS: +1% Total Episodic: +3% Non-episodic: (7%) Other Statistics: Medicare recert rate (3): 35% Cost per visit: +5% Home Health Same Store Metrics: Billable hours/quarter: +8% Clients served: +11% Personal Care Same Store Volume: Admissions: +16% ADC: +14% Other Statistics: Cost per day: 0% Hospice Net debt: $88M Leverage ratio: 0.8x (net) CFFO bef. WC change (2) : $35M Free cash flow (2) : $4M Balance Sheet and Cash Flow Adjusted Financial Results The financial results for the three-month periods ended September 30, 2015 and September 30, 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. CFFO before working capital change defined as cash flow from operations before working capital changes. Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments. Recert Rate excluding Infinity impact and HCHB disruption: 37%

Home Health and Hospice Segment (Adjusted) – 3Q 2016 (1) Medicare same store growth positive but below plan (+1%); revenue mix holding steady (76% Medicare FFS) Non-Medicare per visit admissions declined 7% during 3Q16 compared to prior year CPV increase driven by planned salary increases, HCHB disruption and health insurance expenses (75% of y/y increase) Home Health Highlights Sixth straight quarter of double digit same store admissions growth; 12% y/y revenue increase Gross revenue per day down 1% y/y; gross margin contracted 70 basis points Cost per day flat Hospice Highlights The financial results for the three-month periods ended September 30, 2015 and September 30, 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. Segment EBITDA does not include any corporate G&A expenses Recert Rate excluding Infinity impact and HCHB disruption: 37% (3)

General & Administrative Expenses – Adjusted (1,2) Highlights Year over year total G&A as a percentage of revenue decreased of 80 basis points despite inclusion of roughly $7M related to acquisitions; declined 130 bps since high point in 1Q16 Home health segment G&A: 40 bps y/y increase as % of revenue; mainly driven by health insurance increases and HCHB fees being allocated to the segment as implementation progresses Hospice segment G&A: 80 bps decrease y/y as % of revenue Corporate G&A: 70 bps decrease y/y and 110 bps since 1Q16 as % of total revenue The financial results for the three-month periods ended September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016, and September 30, 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. Adjusted G&A expenses do not include bad debt expense or depreciation and amortization.

Amedisys Strategy: Four Areas of Focus Updated 3Q 2016 Clinicians Patient Health Clinicians Patient Health Outstanding Outcomes for Our Patients In Their Homes Amedisys Care Centers & Clinical Teams Current: All centers went live on HCHB Oct. 31, 2016 Over 90% of savings initiatives currently underway HCHB 2.0 – platform optimization training for the field Future Goal: Realize HCHB enabled $46M in annualized improvement Current: Quality of Patient care score: 3.74 based on October release 50% of centers at 4.0+ STARs in new preview data Patient Survey score: 3.76 Future Goals: All HH care centers at 4.0+ STARs at end of 2017 Top of Hospice quality measures Current: HH: 3Q16 same store Medicare admissions growth +1%, episodic +3%, non-episodic (7%) HH: Medicare mix: 76% of revenue HOSP: 3Q16 same store admissions growth 16% Inorganic: TTM deployed $100M in capital on M&A Future Goal: HH targeting 5-6% annual organic growth through redesign and productivity of sales force Current: September full-time employee voluntary turnover was 18.0% down from 18.7%; total turnover of 22.8% down from 23.7% Productivity tool build and being piloted Future Goals: Overall turnover target of 22% by year end 2016 10% productivity improvement by year end 2017 Driving Growth Operational Excellence and Efficiency Employer of Choice Clinical Distinction Outstanding Outcomes for Our Patients In Their Homes Amedisys Care Centers & Clinical Teams

How We’re Tracking Clinical Distinction Employer of Choice Operational Excellence & Efficiency Driving Growth Outstanding Outcomes for Our Patients In Their Homes Care Centers & Clinical Teams Status Category Update Ongoing Initiative STARS Good progress on QPC Stars with January 17 preview score of 3.91 vs. 3.50 from previous year VBP Value Based Purchasing (VBP) has seen strong performance in internal reporting, and we expect to be a net receiver of funds in 2018 Protocols / Clinical Standardization Create innovative industry-leading, clinical programs and define, develop and implement standardized care protocols at point of care Turnover Overall turnover dropped to 22.8% with full time turnover down to 18% Productivity Proprietary productivity and staffing tool being piloted – tool will optimize clinical capacity while allowing clinicians to work “at the top of their license” HCHB Rollout & Disruption Last 32 care centers rolled-out HCHB Oct. 31st. Completed installation in 15 month. Choppiness is deeper, than originally predicated, but will wind down in 1Q’17 HCHB 2.0 Re-training the field to become system “super-users” or drive out more efficiencies Cost Initiatives Achieved ~$4.7M of cost initiatives in 3Q 2016 – we continue to be on pace to deliver targeted savings by 4Q’17 Accounts Receivable DSO increased 3 days from 2Q 2016 to 40 by end of 3Q 2016. Expected to return to normal during 1Q’17 Home Health Growth below expectations for quarter - over 50% of census in some stage of HCHB implementation in 3Q’16. Initial 2017 growth projections strong, regulatory headwinds impactful Hospice SS Hospice admissions +16%. 6th consecutive quarter of double digit growth Personal Care Billable hours/quarter: +8%, Clients served: +11%. Integration process best-in-class M&A $100M in capital deployed in last 12 months. Pipeline remains strong, maintaining pricing discipline. Reimbursement Home Health final rule announced. Changes in scoring being evaluated internally. PCR delayed Clinical leadership developing protocols for 2017 rollout. Will use to drive care standardization and deliver resources at site of care Continued focus on People through engagement planning and development opportunities Productivity and staffing tool has been developed and is being piloted in the field will drive capacity Piloting Home Health Sales Reorg initiatives - results are encouraging, with 2% incremental Medicare growth driven by increased staff productivity. Targeting 5-6% annual organic growth rate Focusing M&A efforts across all business lines, while maintain multiple discipline Reimbursement headwinds in Home Health and tailwinds in Hospice in 2017 Disruption of ~$18,000 per care center will wind down in early 2017 at which time focus will shift to HCHB 2.0 training A/R increase related to process changes from HCHB implementation (billing from two systems until AMS2 wind down). HCHB 2.0 training and AMS2 sunset will improve A/R

Clinical Distinction: Improvements in Stars Metric Jul 16 Release Oct 16 Release Jan 17 Preview Quality of Patient Care 3.59 3.74 3.91 Entities at 4+ Stars 36% 50% 65% Quality of Patient Care (QPC) Value Based Purchasing QPC Star Average PS Star Average Amedisys VBP State Avg 3.83 3.64 Large Cohort VBP Comp Avg1 3.51 3.50 January 2017 Quality of Patient Care Average will be the biggest period-to-period increase of star performance to date with 65% of Amedisys providers at 4+ Stars Four Amedisys providers rated at 5-Stars in the January 2017 Preview Patient Satisfaction (HHCAHPS) results remain stronger than overall industry average Currently TWO care centers below 3-Stars, down from TEN at the start of 2016 and FOUR in previous release. Goal is ZERO by April 2017 Performance in VBP States Relative to Industry Metric Apr 16 Release Jul 16 Release Oct 16 Release Patient Satisfaction Star 3.90 3.88 3.76 Performance Over Industry +7% +6% +5% Patient Satisfaction (PS) 1Large cohort VBP Comp Avg the QPC average of all non-AMED providers with HHCAHPS Stars results in VBP states Internal analysis suggests that we will be a net receiver of funds in 2018 though reimbursement methodology makes +3% achievement challenged QPC Industry Performance PS Industry Performance Note: Top Competitor Avg weighted by CCN count and include LHC, Kindred, AFAM, HLS and BKD Scoring methodology changed dropped entire industry’s PS STAR scores

Quality Correlations – Growth and Turnover Investment in quality to drive clinical distinction shows correlation with growth and turnover General trend is accelerating growth for 4+ STAR rated agencies (6% overall) Similar trend for turnover Correlation between STAR ratings and growth is statistically significant Conclusion: Agencies that perform better on STARs results tended to see better growth/turnover numbers during this period. Summary Summary Star Rating Y/Y Growth Voluntary Turnover 2.5 (11%) N/A 3.0 (4%) 35% 3.5 3% 27% 4.0 6% 23% 4.5 6% 19% 5.0 14% 18%

Becoming Employer of Choice: Improving Return on Human Capital Total voluntary turnover continues to decline, closing in on goal of 22% by end of 2016 Corporate and two regions have achieved annual goal Implementation of HCHB allowing for increase in productivity targets Piloting proprietary resource allocation and productivity tool to maximize visiting clinician’s capacity to achieve growth targets Voluntary Turnover Total Voluntary Turnover Full-Time Voluntary Turnover 3Q’16 Turnover 2Q’16 Turnover 1Q’16 Turnover 83% of visits 5% of visits 10% of visits 2% of visits *Trailing 12 months *

Operational Excellence: Roadmap to EBITDA Improvement HCHB disruption cost deeper than originally estimated but still contained to 2016 Disruption ($M) Incremental disruption driven by: recert rate impact, increased: OT pay, wireless, mileage, and other back office costs Revised Disruption: ~$18,000 per care center plus ~$600,000 of incremental corporate expense per quarter Minimal to no impact in early 2017 *1Q’16 updated from original estimate of ($0.4)

$46M in annualized savings identified - increased visibility into efficiency initiatives *Run rate: $46.4M Efficiencies and Disruption ($M) Operational Excellence: Roadmap to EBITDA Improvement All centers officially on HCHB Nov. 1. Disruption costs have been deeper than originally estimated but contained and return to normal 60-90 days post-implementation. 2/28/17 last post-implementation day for final care center cohort. Tracking towards projected $46M annualized savings by YE 2017 15

Operational Excellence: HCHB Implementation Timeline During 3Q 2016 ~50% of our patient census were in some phase of HCHB implementation. Note: Since rollout started, 1 Hospice and 2 Home Health centers closed Clinician adoption to new workflow Reporting and clinical excellence classes have been effective in driving quality Staffing model savings are being realized Field leaders own implementation process What’s Going Well 6 of 9 regions have experienced recert disruption related to HCHB implementation Have seen temporary increases in wireless, OT/Admin, mileage and help desk costs Incremental increases return to normal with 60-90 days (post HCHB implementation) Implementation Disruption and Impact Update Care Centers Census Total Care Centers in any phase of implementation: 15 74 115 163 174 97 68 0

$82.86 $79.01 Components 3Q’15 3Q’16 Variance Detail Mitigation Plan Salaries $60.12 $62.34 $2.22 $1.00 driven by salary increases $0.50 HCHB disruption due to Admin/OT $0.40 clinician mix Expect normal levels post HCHB. Will reduce as rollout is completed Initiative focused on optimizing clinician mix (RN / LPN, PT / PTA) Contractors $2.48 $2.61 $0.13 Trend down since 1Q16 and sequentially; ~$0.40/visit in total Contractor utilization decreases as clinician capacity increases post HCHB Benefits $9.93 $10.94 $1.01 Health insurance driving ~$1.00 of increase Focused on cost containment and spend optimization Transportation & Supplies $6.48 $6.97 $0.49 HCHB-driven duplicative transportation costs Return to normal levels post HCHB *Visiting Staff CPV $79.01 $82.86 $3.85 Clinical Managers $8.53 $8.72 $0.19 Fixed cost associated with non-visiting clinicians Unit cost reduced as volume increases Total CPV $87.54 $91.58 $4.04 Operational Excellence: Cost Per Visit (CPV) CPV increase driven by planned raises, health insurance costs, and HCHB disruption *Note: Direct comparison with industry competitors CPV calculation

Driving Top Line Growth: Positive Metrics Across Business Segments We continue to grow across all lines of business 234 Opportunities Prospected 45 Opportunities Under Review 13 Active Processes * Includes 3,792 (Q1), 3,958 (Q2) and 3,608 (Q3) completed episodes from Infinity acquisition 7% Growth 14% Growth Personal Care Total Hours / Quarter 37% Growth * Includes 19,000 (3Q15), 60,000 (4Q15), 62,000 (1Q16), 63,000 (2Q16) and 114,000 (3Q16) hours related to acquired assets

CMS Update: Home Health and Hospice Reimbursement Pending detailed claims analysis of Final Rule Home Health Medicare Reimbursement FY16 FY17 Proposed Market basket update 2.3% 2.8% Productivity adjustment (0.4%) (0.5%) Rebasing (2.4%) (2.3%) Nominal case-mix adjustment (1.0%) (1.0%) Net impact – Industry (1.5%) (1.0%) Case mix reweighting / Other Company Specific Impact (0.2%) ~(1.5%) Approximate Impact ($M / %) ($14) / (1.7%) ($20 / (2.5%) Hospice Medicare Reimbursement FY16 FY17 Final Market basket update 2.4% 2.7% Productivity adjustment (0.8%) (0.6%) Routine LOS Reimbursement Change (1.6%) -- Net impact – Industry 0.0% 2.1% Approximate Impact to Amedisys ($M) $0 $6 Annual Pricing Impact – Consolidated ($M) ($14) ($14)

Debt and Liquidity Metrics Net debt defined as total debt outstanding ($97M) less cash balance ($9M). Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($107M). Liquidity defined as the sum of cash balance and available revolving line of credit. Despite deploying over $100M toward acquisitions and share repurchases in the past 15 months, total leverage remains close ~1.0x and stands at 0.8x on a net debt basis Credit facility and cash provide significant dry powder for accretive acquisitions and/or other capital deployment options

Adjusted EBITDA to Free Cash Flow Reconciliation (1,2) The financial results for the three-month periods ended September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016, and September 30, 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. Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments.

Income Statement Adjustments (1) The financial results for the three-month periods ended September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016, and September 30, 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. Income Statement $000s Line Item Q414 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Reduction of cost report reserve Revenue -1059 Third Party Audit reserve Revenue 948 G&A Acquisition costs G&A, Salary and benefits 502 154 101 Restructuring Activity G&A, Salary and benefits 3323 230 1149 1201 2044 HCHB implementation G&A, Salary and benefits -644 307 56 Restructuring Activity G&A, Non-cash compensation -174 -556 -493 Restructuring Activity G&A, Other 1061 849 414 HCHB implementation G&A, Other 2048 2383 2440 2286 1937 Acquisition costs G&A, Other 1046 1202 183 366 Legal fees - non-routine G&A, Other 8000 286 2824 1517 459 374 Disaster Relief G&A, Other 339 Other Items Asset impairment Asset impairment 899 2075 Debt refinance costs Interest expense 3212 Legal settlements Other, Miscellaneous, net -1,113 -307 -1014 -5314 -541 -265 -1242 Miscellaneous, other (income) expense, net Other, Miscellaneous, net -3945 -1563 436 70 -2738 Total -,214 6,427 5,100 -,120 7,766 5,636 1,158 EPS Impact $-0.01 $0.12 $9.1387688013335661E-2 $0.02 $0.14000000000000001 $0.1 $0.02 Home Health Adjustments 3,615 Acquisition related costs 1,046 Exit and restructuring activity costs - HSP #N/A 0 45 0 Department of Justice - legal fees #N/A 0 0 286 459 Inventory and Data Security Reporting Wage and Hour litigation 8,000 Exit and restructuring activity costs #N/A 0 1,646 56 Asset impairment #N/A 899 0 0 DOJ 0 0 0 0 Debt Costs 0 0 0 0 Legal settlement #N/A -1,113 0 -1,014 -,596 Noncontrolling interests impairment charge 0 0 0 0 D&O Proceeds 0 0 0 0 Valley Writeoff 0 0 0 0 Tax Adjustment 0 0 0 0 Gain/loss on sale of care centers #N/A 0 0 -,184 Loss on sale of plane 0 0 0 0 Relator fees Other G&A 0 0 0 Loss on disposal of inpatient facility #N/A 0 0 0 Deferred financing fees #N/A 0 0 3,212 Unrealized gain on investment #N/A 0 -3,945 -1,379 Partial claim recovery Misc, net 0 -,307 0 -4,718 Building write down Asset Impairment 0 0 2,075 HCHB Implementation Other G&A 0 0 2,048 2,383 Life Insurance proceeds Misc, net 0 0 0 Total pre-tax impact -,214 5,439 5,100 2,189 EPS Impact $-0.01 $0.1262119310200544 $9.1387688013335661E-2