8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): FEBRUARY 28, 2017

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 February 28, 2017, Amedisys, Inc. (“we,” “us,” “our” or the “Company”) issued a press release announcing our financial results for the fourth quarter and year ended December 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 (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 Wednesday, March 1, 2017 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 February 28, 2017, announcing the Company’s financial results for the fourth quarter and year ended December 31, 2016 (furnished only)
99.2	Supplemental slides provided in connection with the fourth 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
	Chief Accounting Officer
	(Principal Accounting Officer)

DATE: February 28, 2017

Exhibit Index

Exhibit	Description
99.1	Press release dated February 28, 2017, announcing the Company’s financial results for the fourth quarter and year ended December 31, 2016 (furnished only)
99.2	Supplemental slides provided in connection with the fourth quarter 2016 earnings call of the Company (furnished only)

EX-99.1

Exhibit 99.1

AMEDISYS REPORTS FOURTH QUARTER AND YEAR END 2016 FINANCIAL RESULTS

BATON ROUGE, Louisiana (February 28, 2017) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three month period and year ended December 31, 2016.

Three Month Periods Ended December 31, 2016 and 2015

• Net service revenue increased $27.9 million to $366.3 million compared to $338.4 million in 2015.

• Net income attributable to Amedisys, Inc. of $8.9 million compared to $12.9 million in 2015.

• Net income attributable to Amedisys, Inc. per diluted share of $0.26 per diluted share compared to $0.38 in 2015.

Adjusted Quarterly Results*

• Adjusted net service revenue increased $27.8 million to $365.1 million compared to $337.3 million in 2015.

• Adjusted EBITDA of $30.5 million compared to $27.6 million in 2015.

• Adjusted net income attributable to Amedisys, Inc. of $15.0 million compared to $13.4 million in 2015.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.44 compared to $0.40 in 2015.

Years Ended December 31, 2016 and 2015

• Net service revenue increased $156.9 million to $1,437.4 million compared to $1,280.5 million in 2015.

• Net income attributable to Amedisys, Inc. of $37.3 million compared to $3.0 million net loss in 2015.

• Net income attributable to Amedisys, Inc. per diluted share of $1.10 compared to $0.09 net loss per diluted share in 2015.

Adjusted Year End Results*

• Adjusted net service revenue increased $157.8 million to $1,437.3 million compared to $1,279.5 million in 2015.

• Adjusted EBITDA of $109.9 million compared to $112.0 million in 2015.

• Adjusted net income attributable to Amedisys, Inc. of $52.2 million compared to $48.9 million in 2015.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.55 compared to $1.48 in 2015.

* See pages 12 and 13 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

Paul B. Kusserow, President and Chief Executive Officer stated, “I am extremely pleased with the results that our team delivered during 2016 and the fourth quarter, ahead of consensus estimates on EBITDA and earnings per share. Having completed our Homecare Homebase software implementation and rounding out our management team, we are already delivering a portion of the efficiencies that we promised to our stakeholders in early 2016. While the last few years have introduced quite a bit of change to the organization, our team has performed well across the board. Entering 2017, our primary goal for improvement is to return to consistent mid-single digit organic growth in home health. As a result of our efforts in the last few years, we have a solid and stable platform to build on, including a strong balance sheet that allows us to be opportunistic as we look to consolidate a fragmented industry.”

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, 2016, 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.

Earnings Call and Webcast Information

Amedisys will host a conference call on Wednesday, March 1, 2017, at 11:00 ET to discuss its fourth quarter and year end results. 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 April 1, 2017 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13654607.

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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.

Non-GAAP Financial Measures

This press release includes reconciliations of the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) to non-GAAP financial measures. The non-GAAP financial measures as defined under SEC rules are as follows: (1) Adjusted EBITDA, defined as net income (loss) attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items; (2) adjusted net service revenue, defined as net service revenue excluding certain items; (3) adjusted net income attributable to Amedisys, Inc., defined as net income (loss) attributable to Amedisys, Inc. excluding certain items; and (4) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share excluding certain items. Management believes that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, are useful gauges of our current performance and are also included in internal management reporting. These non-GAAP financial measures should be considered in addition to, and not more meaningful than or as an alternative to the GAAP financial measures presented in this earnings release and the company’s financial statements. Non-GAAP measures as presented herein may not be comparable to similarly titled measures reported by other companies since not all companies calculate these non-GAAP measures consistently.

Additional information

Amedisys, Inc. (the “Company”) is a leading healthcare at home Company delivering personalized home health, hospice and personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering them to manage a chronic disease; or hospice care at the end of life. More than 2,200 hospitals and 61,900 physicians nationwide have chosen Amedisys as a partner in post-acute care. Founded in 1982, headquartered in Baton Rouge, LA with an executive office in Nashville, TN, Amedisys is a publicly held company. With approximately 16,000 employees, in 420 care centers in 34 states, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 385,000 patients in need every year. For more information about the Company, please visit: www.amedisys.com.

We use our website as a channel of distribution for important company information. Important information, including press releases, financial presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled “Investors” on our website home page. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website.

Forward-Looking Statements

When included in this press release, words like “believes,” “belief,” “expects,” “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 healthcare industry, our ability to integrate our personal care segment into our business efficiently, 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, 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, manage and keep our information systems secure, 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.

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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

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AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

(Amounts in thousands, except share data)

(Unaudited)

	December 31, 2016			December 31, 2015
ASSETS
Current assets:
Cash and cash equivalents	$	30,197		$	27,502
Patient accounts receivable, net of allowance for doubtful accounts of $17,716 and $16,526		166,056			125,010
Prepaid expenses		7,397			8,110
Other current assets		11,260			14,641
Total current assets		214,910			175,263
Property and equipment, net of accumulated depreciation of $138,650 and $141,793		36,999			42,695
Goodwill		288,957			261,663
Intangible assets, net of accumulated amortization of $27,864 and $25,386		46,755			44,047
Deferred income taxes		107,940			125,245
Other assets, net		38,468			32,802
Total assets	$	734,029		$	681,715
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	30,358		$	25,682
Payroll and employee benefits		82,480			72,546
Accrued expenses		63,290			71,965
Current portion of long-term obligations		5,220			5,000
Total current liabilities		181,348			175,193
Long-term obligations, less current portion		87,809			91,630
Other long-term obligations		3,730			4,456
Total liabilities		272,887			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; 35,253,577 and 34,786,966 shares issued; and 33,597,215 and 33,607,282 shares outstanding		35			35
Additional paid-in capital		537,472			504,290
Treasury stock at cost, 1,656,362 and 1,179,684 shares of common stock		(46,774	)		(26,966	)
Accumulated other comprehensive income		15			15
Retained earnings		(30,545	)		(67,806	)
Total Amedisys, Inc. stockholders’ equity		460,203			409,568
Noncontrolling interests		939			868
Total equity		461,142			410,436
Total liabilities and equity	$	734,029		$	681,715

4

AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(Amounts in thousands, except per share data)

(Unaudited)

	For the Three Month Period Ended December 31,						For the Year Ended December 31,
	2016			2015			2016			2015
Net service revenue	$	366,296		$	338,367		$	1,437,454		$	1,280,541
Cost of service, excluding depreciation and amortization		212,589			192,483			833,055			725,915
General and administrative expenses:
Salaries and benefits		75,902			69,628			306,981			279,425
Non-cash compensation		3,845			4,187			16,401			11,824
Other		45,097			46,452			180,048			161,186
Provision for doubtful accounts		5,855			4,683			19,519			14,053
Depreciation and amortization		5,016			4,238			19,678			20,036
Asset impairment charge		4,432			—			4,432			77,268
Operating expenses		352,736			321,671			1,380,114			1,289,707
Operating income (loss)		13,560			16,696			57,340			(9,166	)
Other income (expense):
Interest income		30			38			75			71
Interest expense		(1,613	)		(1,005	)		(5,164	)		(10,783	)
Equity in earnings from equity method investments		1,986			1,122			5,588			9,823
Miscellaneous, net		621			5,785			3,727			9,747
Total other income		1,024			5,940			4,226			8,858
Income (loss) before income taxes		14,584			22,636			61,566			(308	)
Income tax expense		(5,612	)		(9,564	)		(23,935	)		(2,004	)
Net income (loss)		8,972			13,072			37,631			(2,312	)
Net income attributable to noncontrolling interests		(55	)		(161	)		(370	)		(709	)
Net income (loss) attributable to Amedisys, Inc.	$	8,917		$	12,911		$	37,261		$	(3,021	)
Basic earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders	$	0.27		$	0.39		$	1.12		$	(0.09	)
Weighted average shares outstanding		33,365			33,202			33,198			33,018
Diluted earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders	$	0.26		$	0.38		$	1.10		$	(0.09	)
Weighted average shares outstanding		33,866			33,743			33,741			33,018

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AMEDISYS, INC. AND SUBSIDIARIES

SELECT CONSOLIDATED FINANCIAL STATEMENT INFORMATION AND SEGMENT INFORMATION

(Amounts in thousands, except statistical information)

(Unaudited)

	For the Three Month Period Ended December 31,						For the Year Ended December 31,
	2016			2015			2016			2015
Net cash provided by operating activities	$	28,561		$	20,044		$	62,259		$	107,785
Net cash used in investing activities		(6,649	)		(47,562	)		(52,049	)		(67,421	)
Net cash used in financing activities		(630	)		(2,031	)		(7,515	)		(20,894	)
Net increase (decrease) in cash and cash equivalents		21,282			(29,549	)		2,695			19,470
Cash and cash equivalents at beginning of period		8,915			57,051			27,502			8,032
Cash and cash equivalents at end of period	$	30,197		$	27,502		$	30,197		$	27,502
Days revenue outstanding, net (1)		40.2			31.9			40.2			31.9

(1) Our calculation of days revenue outstanding, net at December 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 period ended December 31, 2016 and 2015, respectively.

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Segment Information - Home Health

	For the Three Month Period Ended December 31,
	2016			2015
Financial Information (in millions):
Medicare	$	203.2		$	195.7
Non-Medicare		65.1			66.9
Net service revenue		268.3			262.6
Cost of service		160.1			153.2
Gross margin		108.2			109.4
Other operating expenses		72.7			76.6
Operating income	$	35.5		$	32.8
Key Statistical Data:
Medicare:
Same Store (1):
Revenue		(1	%)		5	%
Admissions		2	%		3	%
Recertifications		(2	%)		3	%
Total (2):
Admissions		47,637			44,253
Recertifications		25,628			25,376
Completed episodes		71,855			68,926
Visits		1,230,434			1,216,983
Average revenue per completed episode (3)	$	2,851		$	2,855
Visits per completed episode (4)		17.2			17.7
Non-Medicare:
Same Store (1):
Revenue		(2	%)		25	%
Admissions		(3	%)		15	%
Recertifications		(1	%)		16	%
Total (2):
Admissions		24,309			25,201
Recertifications		9,673			9,798
Visits		501,215			529,948
Total (2):
Visiting Clinician Cost per Visit	$	83.46		$	79.24
Clinical Manager Cost per Visit	$	9.01		$	8.47
Total Cost per Visit	$	92.47		$	87.71
Visits		1,731,649			1,746,931

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	For the Year Ended December 31,
	2016			2015
Financial Information (in millions):
Medicare	$	822.4		$	761.4
Non-Medicare		263.1			243.7
Net service revenue		1,085.5			1,005.1
Cost of service		643.7			584.2
Gross margin		441.8			420.9
Other operating expenses		303.2			280.6
Operating income	$	138.6		$	140.3
Key Statistical Data:
Medicare:
Same Store (1):
Revenue		2	%		3	%
Admissions		3	%		3	%
Recertifications		0	%		(1	%)
Total (2):
Admissions		194,662			178,226
Recertifications		103,193			99,762
Completed episodes		289,862			269,227
Visits		5,124,002			4,797,734
Average revenue per completed episode (3)	$	2,839		$	2,825
Visits per completed episode (4)		17.5			17.5
Non-Medicare:
Same Store (1):
Revenue		8	%		21	%
Admissions		2	%		18	%
Recertifications		8	%		14	%
Total (2):
Admissions		98,448			96,934
Recertifications		38,618			35,870
Visits		2,050,975			1,954,543
Total (2):
Visiting Clinician Cost per Visit	$	81.18		$	78.23
Clinical Manager Cost per Visit	$	8.53		$	8.29
Total Cost per Visit	$	89.71		$	86.52
Visits		7,174,977			6,752,277

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

(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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Segment Information - Hospice

	For the Three Month Period Ended December 31,
	2016			2015
Financial Information (in millions):
Medicare	$	80.7		$	70.9
Non-Medicare		4.5			4.9
Net service revenue		85.2			75.8
Cost of service		43.0			39.3
Gross margin		42.2			36.5
Other operating expenses		21.4			17.8
Operating income	$	20.8		$	18.7
Key Statistical Data:
Same Store (1):
Medicare revenue		14	%		24	%
Non-Medicare revenue		(7	%)		40	%
Hospice admissions		16	%		21	%
Average daily census		13	%		24	%
Total (2):
Hospice admissions		5,769			4,966
Average daily census		6,318			5,576
Revenue per day, net	$	146.56		$	147.75
Cost of service per day	$	73.91		$	76.54
Average discharge length of stay		99			98
	For the Year Ended December 31,
	2016			2015
Financial Information (in millions):
Medicare	$	297.7		$	258.5
Non-Medicare		18.3			16.9
Net service revenue		316.0			275.4
Cost of service		163.1			141.7
Gross margin		152.9			133.7
Other operating expenses		77.0			66.0
Operating income	$	75.9		$	67.7
Key Statistical Data:
Same Store (1):
Medicare revenue		15	%		13	%
Non-Medicare revenue		9	%		18	%
Hospice admissions		17	%		16	%
Average daily census		16	%		12	%
Total (2):
Hospice admissions		22,526			19,205
Average daily census		5,912			5,105
Revenue per day, net	$	146.05		$	147.78
Cost of service per day	$	75.36		$	76.06
Average discharge length of stay		96			92

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

(2) Total includes acquisitions.

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Segment Information - Personal Care

	For the Three Month Period Ended December 31,
	2016		2015
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		12.7		—
Net service revenue		12.7		—
Cost of service		9.5		—
Gross margin		3.2		—
Other operating expenses		2.9		—
Operating income	$	0.3	$	—
Key Statistical Data:
Billable hours		548,703		—
Clients served		19,569		—
	For the Year Ended December 31,
	2016		2015
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		35.9		—
Net service revenue		35.9		—
Cost of service		26.3		—
Gross margin		9.6		—
Other operating expenses		8.1		—
Operating income	$	1.5	$	—
Key Statistical Data:
Billable hours		1,539,093		—
Clients served		51,520		—

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Segment Information - Corporate

	For the Three Month Period Ended December 31,
	2016		2015
Financial Information (in millions):
Other operating expenses	$	35.5	$	32.2
Depreciation and amortization		3.1		2.6
Total operating expenses before asset impairment charge		38.6		34.8
Asset impairment charge		4.4		—
Total operating expenses	$	43.0	$	34.8
	For the Year Ended December 31,
	2016		2015
Financial Information (in millions):
Other operating expenses	$	141.9	$	126.5
Depreciation and amortization		12.4		13.4
Total operating expenses before asset impairment charge		154.3		139.9
Asset impairment charge		4.4		77.3
Total operating expenses	$	158.7	$	217.2

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AMEDISYS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES

(Amounts in thousands)

(Unaudited)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”):
	For the Three Month Period Ended December 31,						For the Year Ended December 31,
	2016			2015			2016			2015
Net income (loss) attributable to Amedisys, Inc.	$	8,917		$	12,911		$	37,261		$	(3,021	)
Add:
Income tax expense		5,612			9,564			23,935			2,004
Interest expense, net		1,583			967			5,089			10,712
Depreciation and amortization		5,016			4,238			19,678			20,036
Certain items (1)		9,999			(120	)		24,559			85,447
Interest component of certain items (1)		(625	)		—			(625	)		(3,212	)
Adjusted EBITDA (2) (6)	$	30,502		$	27,560		$	109,897		$	111,966
Adjusted Net Service Revenue Reconciliation:
	For the Three Month Period Ended December 31,						For the Year Ended December 31,
	2016			2015			2016			2015
Net service revenue	$	366,296		$	338,367		$	1,437,454		$	1,280,541
Add:
Certain items (1)		(1,149	)		(1,059	)		(201	)		(1,059	)
Adjusted net service revenue (3) (6)	$	365,147		$	337,308		$	1,437,253		$	1,279,482
Adjusted Net Income Attributable to Amedisys, Inc. Reconciliation:
	For the Three Month Period Ended December 31,						For the Year Ended December 31,
	2016			2015			2016			2015
Net income (loss) attributable to Amedisys, Inc.	$	8,917		$	12,911		$	37,261		$	(3,021	)
Add:
Certain items (1)		6,114			543			14,923			51,898
Adjusted net income attributable to Amedisys, Inc. (4) (6)	$	15,031		$	13,454		$	52,184		$	48,877
Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share:
	For the Three Month Period Ended December 31,						For the Year Ended December 31,
	2016			2015			2016			2015
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share	$	0.26		$	0.38		$	1.10		$	(0.09	)
Add:
Certain items (1)		0.18			0.02			0.44			1.57
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)	$	0.44		$	0.40		$	1.55		$	1.48

(1) The following details the certain items for the three month periods and years ended December 31, 2016 and 2015:

12

Certain Items:

	For the Three Month Period Ended December 31, 2016			For the Year Ended December 31, 2016
	(Income) Expense			(Income) Expense
Certain Items Impacting Net Service Revenue:
Reduction of cost report reserve	$	(1,149	)	$	(1,149	)
Third party audit reserve		—			948
Certain Items Impacting Operating Expenses:
HCHB implementation		1,345			8,371
Acquisition costs		876			3,384
Legal fees - non-routine		543			1,992
Frontier litigation		2,479			2,979
Wage and Hour litigation		(119	)		282
Asset impairment		4,432			4,432
Restructuring activity		1,976			7,645
Sales/use tax audit reserve		460			460
Disaster relief		129			467
Certain Items Impacting Total Other Income (Expense):
Sales/use tax audit reserve		625			625
Legal settlements		(280	)		(2,328	)
Miscellaneous, other (income) expense, net		(1,318	)		(3,549	)
Total	$	9,999		$	24,559
Net of tax	$	6,114		$	14,923
Diluted EPS	$	0.18		$	0.44
	For the Three Month Period Ended December 31, 2015			For the Year Ended December 31, 2015
	(Income) Expense			(Income) Expense
Certain Items Impacting Net Service Revenue:
Reduction of cost report reserve	$	(1,059	)	$	(1,059	)
Certain Items Impacting Operating Expenses:
HCHB implementation		2,383			4,431
Acquisition costs		1,046			1,046
Legal fees - non-routine		459			745
OIG Self-Disclosure		4,674			4,674
Inventory and Data Security Reporting		—			2,121
Wage and Hour litigation		(2,309	)		5,691
Asset impairment		—			77,268
Restructuring activity		—			2,735
Certain Items Impacting Total Other Income (Expense):
Debt refinance costs		—			3,212
Legal settlements		(5,314	)		(7,453	)
Miscellaneous, other (income) expense, net		—			(7,964	)
Total	$	(120	)	$	85,447
Net of tax	$	543		$	51,898
Diluted EPS	$	0.02		$	1.57

(2) Adjusted EBITDA is defined as net income (loss) attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items as described in footnote 1.

(3) Adjusted net service revenue is defined as net service revenue calculated in accordance with GAAP plus certain items as described in footnote 1.

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

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

(6) Adjusted EBITDA, adjusted net service revenue, adjusted net income attributable to Amedisys, Inc. and adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share should not be considered as an alternative to, or more meaningful than, income before income taxes or other measure calculated in accordance with GAAP. These calculations may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate these non-GAAP financial measures in the same manner.

13

EX-99.2

Amedisys 4Q16 Earnings Call Supplemental Materials March 1, 2017 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.

Post 1Q’17, HCHB disruption should no longer impact operations HCHB 2.0 training will focus on optimization of the platform aimed at driving improved clinical outcomes and additional margin improvement Work on HCHB back office scale opportunities Home Health: Coming out of 2016 HCHB implementation, a return to above industry growth rates is expected and achievable by 2H’17 Hospice: Continued growth at high single / low double, digit pace Personal Care: Added locations in geographies where we have strong Home Health and Hospice to provide an integrated solution 2016 focus on clinical distinction has resulted in over 75% of our care centers at or above 4.0 STARs Clinical distinction remains a focus in 2017 as we continually work to be best-in-class Clinical distinction and quality help to drive volume / growth 1 2 5 HCHB Disruption Organic Growth Clinical Distinction Increased operational and execution bench strength Experienced management team in place to guide the company post HCHB implementation particularly in areas of home health growth and driving operational excellence Analyst uniformly suggest we wait until new team has time to opine on 2017 performance prior to issuing guidance 6 Management Team HCHB implementation has helped to free clinician capacity. We will focus on leveraging this to help drive efficiency and growth We have also developed and are rolling out a proprietary productivity tool which optimizes clinician productivity 4 Impact of Capacity Strategic and disciplined deployment of capital in Hospice, Home Health, and Personal Care Strong, unlevered balance sheet gives us access to capital Build out of De Novo capabilities on-going 3 M&A What Investors Want Themes from the investor and analyst community that we will address and deliver on in 2017 7 Regulatory The first six weeks of the Trump Administration has produced positive signs the regulatory burden could be lessened With the new approach to regulations, industry stakeholders should be able to communicate concerns about burdensome regulations before they become effective

Highlights and Summary Financial Results (Adjusted) – 4Q 2016 and Year End 2016 (1) Amedisys Consolidated Revenue Growth: +8% EBITDA: $31M EBITDA Margin: 8.4% EPS: $0.44 Amedisys Highlights Same Store Admissions: Medicare FFS: +2% Total Episodic: +4% Non-Episodic: (9%) Other Statistics: Medicare recert rate (3): 36% Total cost per visit: +5% Home Health Growth Metrics (4): Billable hours/quarter: +22% Clients served: +17% Personal Care Same Store Volume: Admissions: +16% ADC: +13% Other Statistics: Cost per day: (3%) Hospice Net debt: $66M Leverage ratio: 0.6x (net) CFFO bef. WC change (2) : $37M Free cash flow (2) : $27M Balance Sheet and Cash Flow Adjusted Financial Results The financial results for the three-month periods and years ended December 31, 2015 and December 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. 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% Includes acquisitions. Sequential growth metrics (3Q’16 to 4Q’16) 4Q’16 4Q’16 4Q’16 4Q’16 4Q’16 4Q’16 For the Three-Month Periods Ending For the Years Ended Dec. 31, Variance $ in Millions, except EPS 4Q15 4Q16 2015 2016 Y/Y Home Health 261.5 267.2 1,004.1 1,084.5 5.6999999999999886 0.77527423658464267 0.77527423658464267 0.0% #REF! Hospice 75.8 85.2 275.39999999999998 316.8 9.4000000000000057 0.22472576341535724 0.22472576341535724 0.0% #REF! Personal Care 0 12.7 0 35.9 12.7 Total Revenue $337.3 $365.09999999999997 $1,279.5 $1,437.2 $27.799999999999994 8.2% #REF! Gross Margin % 0.42899999999999999 0.41799999999999998 0.433 0.42099999999999999 -1.1% Adjusted EBITDA 27.6 30.5 112 109.9 2.8999999999999986 0.0% 8.1826267418% 8.3538756505% 8.7534193044% 7.646813248% .1712489087% Adjusted EPS $0.4 $0.44 $1.48 $1.55 $3.999999999999998E-2 9.9999999999999867 Free cash flow (2) $18.5 $27.2 $80.400000000000006 $50.5 8.6999999999999993 Outstanding Debt and Liquidity 42460 Credit Facility - Total 300 Term Loan 98.75 Outstanding Revolver 15 Letters of Credit 24.7 Available Revolver 160.30000000000001 Cash Balance 7.8 Available liquidity (4) 168.10000000000002

Home Health and Hospice Segment (Adjusted) – 4Q 2016 and Year End 2016 (1) Medicare same store admissions growth positive for 4Q16 (+2%); revenue mix holding steady (76% Medicare FFS) Non-Medicare per visit admissions declined 9% during 4Q16 compared to prior year CPV increase anticipated due to planned salary increases and health care costs Home Health Highlights Seventh straight quarter of double digit same store admissions growth; 12% y/y revenue increase in Q4 Gross revenue per day down 0.8% y/y; gross margin expanded 130 basis points Cost per day down 3%; segment EBITDA contribution up 13% Hospice Highlights The financial results for the three-month periods and years ended December 31, 2015 and December 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. Segment EBITDA does not include any corporate G&A expenses Recert Rate excluding Infinity impact and HCHB disruption: 37% (3) HOME HEALTH Year Ended Dec. 31, Variance $ in Millions 4Q15 4Q16 2015 2016 Y/Y Medicare 194.6 202.1 760.4 821.4 #REF! #REF! 0.74416826003824088 0.75636227544910184 #REF! 0.74416826003824088 Non-Medicare 66.900000000000006 65.099999999999994 243.7 263.10000000000002 #REF! #REF! 0.25583173996175912 0.24363772455089819 Home Health Revenue $261.5 $267.2 $1,004.999999999999 $1,084.5 #REF! #REF! 1 1 Gross Margin % 0.41399999999999998 0.40100000000000002 0.41799999999999998 0.40600000000000003 #REF! Segment EBITDA (2) 38.1 36.6 150.6 147.30000000000001 #REF! #REF! #REF! 0.14569789674952199 0.13697604790419163 0.14998506124887961 0.13582295988934995 #REF! Operating Statistics Medicare admit growth - same store 0.03 0.02 0.03 0.03 Medicare recertification rate 0.37 0.36 0.37 0.36 Medicare admits 44253 47637 178226 194662 Medicare recertifications 25376 25628 99762 103193 Non-Medicare admit growth - same store 0.15 (3%) 0.18 0.02 Non-Medicare admits 25201 24309 96934 98448 Total Cost per visit $87.71 $92.47 $86.52 $89.71 #REF! #REF! $4.7600000000000051

General & Administrative Expenses – Adjusted (1,2) Highlights Year over year total G&A as a percentage of revenue decreased 150 basis points despite inclusion of roughly $8M related to acquisitions Home health segment G&A: 10 bps y/y increase as % of revenue; mainly driven acquired G&A from Infinity acquisition (segment G&A down $3M excluding acquisitions) Hospice segment G&A: 130 bps decrease y/y as % of revenue Corporate G&A: 120 bps decrease y/y as % of total revenue The financial results for the three-month periods ended December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016, and December 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. Adjusted G&A expenses do not include bad debt expense or depreciation and amortization. $ in Millions 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 $ in Millions 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Corporate Expense Detail (excl. Acquisitions and HCHB Fees) Home Health Segment 65.700000000000017 66 65.5 67 66.400000000000006 63.1 Salary and Benefits 15.8 12.8 12.200000000000001 12.8 13.200000000000001 13.3 Acquisitions - 4.9000000000000004 4.3 4.3 4.3 Other 10.9 13.7 13.3 11.6 11 10.8 Home Health Segment - Total 65.700000000000017 66 70.400000000000006 71.3 70.7 67.400000000000006 Subtotal 26.700000000000003 26.5 25.5 24.4 24.200000000000003 24.1 % of Home Health Revenue 0.25900000000000001 0.251 0.25800000000000001 0.25900000000000001 0.26300000000000001 0.252 Non-cash compensation 3 3.1 3.1 2.6 3.8 Total Corporate Expense 29.5 28.6 27.5 26.800000000000004 27.900000000000002 Hospice Segment 16.100000000000001 17 16.900000000000002 17.3 17.399999999999999 18 % of Hospice Revenue 0.22 0.22427440633245382 0.23100000000000001 0.22600000000000001 0.21199999999999999 0.21099999999999999 Personal Care Segment 0.35769999999999996 2.2999999999999998 2.2000000000000002 2.9 % of Personal Care Revenue 0.127 0.245 0.20599999999999999 0.22800000000000001 Corporate Expenses 26.7 29.5 28.6 27.5 26.8 27.9 Acq. Corporate Exp. + HCHB Fees 1.7 1.4 3.3 3.7 2.2000000000000002 1 Total Corporate 28.4 30.9 31.900000000000002 31.2 29 28.9 % of Total Revenue 8.7% 9.0999999999999998 9.0999999999999998 8.6% 8.1% 7.9% Total 110.20000000000002 113.9 119.55770000000001 122.1 119.3 117.20000000000002 % of Total Revenue 0.33757083780058206 0.33600000000000002 0.34300000000000003 0.33800000000000002 0.33 0.32100000000000001 #REF! #REF! #REF! 0.35769999999999996 #REF! #REF! Corporate G&A Detail Salary and Benefits 15.8 15.8 15.348000000000001 Other 9.2000000000000011 12.3 9.9469999999999992 Subtotal 25 28.1 25.295000000000002 HCHB Maint. & Hosting Fees 1.7 1.4 1.2 Acquisition-related G&A 0 0 2.105 Total 26.7 29.5 28.6 Corporate G&A Detail Salary and Benefits 15.8 15.8 15.348000000000001 Outsourced Services 1.9 4.2 3.7 HCHB Maint. & Hosting Fees 1.7 1.4 1.2 Acquisition-related G&A 0 0 2.105 Other 7.3000000000000007 8.1000000000000014 6.2469999999999999 Total 26.7 29.5 28.6 Corp. G&A Less Outsourcing / Acq. 23.1 23.9 21.594999999999999 7.8% 7.6% 6.2% 13.7 Total Revenue 326.45 338.37 348.8 335.1 HH Revenue 253.4 262.5 272.7 HSP Revenue 73 75.8 73 Acq. Related Salaries and Wages Infinity 1,475 AHC 277 Total 1,752 Other G&A 353 Total Acquisition Related G&A 2,105 Total G&A Reconciliation GAAP 3Q15 4Q15 1Q16 SW&B 76,717 Non-cash compensation 4,070 Other 47,567 Total G&A 0 0 ,128,354 Adjustments SW&B -1,651 Non-cash compensation 0 Other -6,220 Total Adjusted 0 0 -7,871 Adjustments SW&B 0 0 75,066 Non-cash compensation 0 0 4,070 Other 0 0 41,347 Total G&A 0 0 ,120,483

Amedisys Strategy: Four Areas of Focus Updated 4Q 2016 Clinicians Patient Health Clinicians Patient Health Outstanding Outcomes for Our Patients In Their Homes Amedisys Care Centers & Clinical Teams Current: HCHB implementation complete (disruption roll off by 2/28) Tracking towards full achievement of stated $46M saving initiatives HCHB 2.0 – platform optimization training for the field to drive efficiency Current: Quality of Patient care score: 4.03 for April 2017 preview 75% of centers at 4.0+ STARs in new preview data Patient Survey score: 3.80 (Jan’17 release), 4% above industry average Future Goals: All HH care centers at 4.0+ STARs at end of 2017 – analysis of impact of new methodology underway Top of Hospice quality measures Current: HH: 4Q16 same store Medicare admissions growth +2%, episodic +4%, non-episodic (9%) HH: Medicare mix: 76% of revenue HOSP: 4Q16 same store admissions growth 16% Inorganic: Acquired HomeStaff (PC) from Fallon (Feb. 2017) Future Goal: HH targeting 4-6% annual organic growth through redesign and productivity of sales force (2H’17) Strong M&A pipeline ($100M+ EBITDA) Current: FY 2016 full-time employee voluntary turnover was 18.0% down from 18.7%; total turnover of 22.0% down from 24.5% Proprietary productivity tool built and rolled out Future Goals: PRN variable staffing solution piloting 2Q’17 Variable CPV analysis driven by variable staffing models Driving Growth Operational Excellence and Efficiency Employer of Choice Clinical Distinction Outstanding Outcomes for Our Patients In Their Homes Amedisys Care Centers & Clinical Teams Future Goal: Realize HCHB enabled $46M in annualized improvement Proprietary productivity tool implementation and integration will drive more capacity, variable staffing to impact CPV

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 Amedisys achieves a 4-Star average in the April 2017 HHC release with 75% of providers at 4+ Star Protocols / Clinical Standardization Create innovative industry-leading, clinical programs and define, develop and implement standardized care protocols at point of care. Heart program rolled out in Feb. 2017, COPD on-track Turnover Overall turnover dropped to 22.0% with full time turnover down to 18% achieving full year 2016 turnover target of 22.0% Productivity Proprietary productivity & staffing tool has rolled out. The tool will help drive increased capacity, higher productivity, and optimize professional mix to help manage cost per visit (CPV) HCHB Rollout & Disruption Completed installation in 15 months. Choppiness winding down 1Q’17 HCHB 2.0 Re-training the field to become system “super-users” or drive more efficiencies Cost Initiatives Achieved targeted cost initiatives in 4Q’16 – we continue to be on pace to deliver targeted savings by 4Q’17 Accounts Receivable DSO remained steady at 40 from 3Q 2016 to 4Q 2016. Expect to be normalized by 3Q’17 Home Health Achieved 2.0% same store Medicare FFS growth in 4Q. Initial 2017 growth projections strong, regulatory headwinds impactful Hospice SS Hospice admissions +16%. 7th consecutive quarter of double digit growth Personal Care Billable hours/quarter: +22%, Clients served: +17%. Integration process highly efficient. Targeting acquisitions M&A HomeStaff (Personal Care) asset acquired in Feb. from Fallon. Pipeline remains strong ($100M+ EBITDA), maintaining pricing discipline. Reimbursement Home Health final rule announced – better than expected. PCR pilot in Florida scheduled for 4/1/17. Groupings rules a concern Rolled out new Heart program with additional protocol driven programs underway. Will use to drive care standardization and deliver resources at site of care Continued focus on retention through engagement and development opportunities Implementing Home Health Sales Reorg initiatives Targeting 4-6% annual organic growth rate in Home Health Focusing M&A efforts across all business lines, while maintaining multiple discipline Reimbursement headwinds in Home Health less than anticipated. Reimbursement tailwinds for Hospice 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 Value Based Purchasing QPC Star Average PS Star Average Amedisys VBP State Avg 4.03 3.67 Large Cohort VBP Comp Avg1 3.53 3.54 Performance in VBP States Relative to Industry Internal analysis suggests that we will be a net receiver of funds in 2018 Metric Oct 16 Release Jan 17 Release Apr 17 Preview Quality of Patient Care 3.74 3.91 4.03 Entities at 4+ Stars 50% 65% 75% Quality of Patient Care (QPC) Amedisys achieves a 4-Star average in the April 2017 HHC release with 75% of providers at 4+ Stars STAR score improvement for the sixth consecutive quarter (from initial July’15 release to Apr’17 preview) Five Amedisys providers rated at 5-Stars in the January 2017 Preview Patient Satisfaction (HHCAHPS) results remain stronger than overall industry average Metric Jul 16 Release Oct 16 Release Jan 17 Release Patient Satisfaction Star 3.88 3.76 3.80 Performance Over Industry +6% +5% +4% Patient Satisfaction (PS) 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 Stars and Growth APR 17 Provider Rating Provider #’s Growth ★★½ / ★★★ 7 -5% ★★★½ 38 -1% ★★★★ 75 4% ★★★★½ /★★★★★ 53 6% At the Overall Star Rating level, general trend is that the total admit growth of 4+ Star agencies was better than growth for those less than 4 In aggregate, agencies that perform better on Stars metrics tend to perform better on growth metrics 4Q14-3Q15 v 4Q15-3Q16 Admits

Becoming Employer of Choice: Improving Return on Human Capital Total voluntary turnover continues to decline, achieving year end 2016 goal of 22.0% Full-time clinician turnover (who are accountable for 83% of total visits) has dropped to 18% Implementing proprietary productivity tool to maximize visiting clinician’s capacity – achievement will support 2017 growth targets Voluntary Turnover Total Voluntary Turnover Full-Time Voluntary Turnover *Trailing 12 months *

Efficiencies and Disruption ($M) Operational Excellence: Roadmap to EBITDA Improvement All patients officially on HCHB Jan. 1. Disruption costs have been deeper than originally estimated but contained and return to normal 60-90 days post-implementation. Tracking towards projected $46M annualized savings by YE 2017 * *Run Rate $46 million Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Efficiencies Estimated Disruption Actual Disruption - 0 3 6 9 12 3 Incremental disruption driven by: recert rate impact, increased: OT pay, wireless, mileage, and other back office costs Actual Disruption: ~$18,000 per care center plus (vs original estimates of ~$8,500) ~$600,000 of incremental corporate expense per quarter Minimal to no impact in early 2017 $46M in annualized savings identified - increased visibility into efficiency initiatives EARNINGS CALL - Original 2016 2017 ($M) Q1 Q2 Q3 Q4 FY 2016 Q1 Q2 Q3 Q4 FY 2017 HCHB Homecare Staffing Model $0 $0 $0.42199999999999999 $1 $1.4219999999999999 $2.1850000000000001 $2.4 $2.4 $2.4 $9.3849999999999998 HCHB Hospice Staffing Model $0 $0 $9.5000000000000001E-2 $0.191 $0.28600000000000003 $0.191 $0.191 $0.191 $0.19166074999999999 $0.76466075 Intake Coordinator Reduction $0 $0 $1.7000000000000001E-2 $0.04 $5.7000000000000002E-2 $8.7999999999999995E-2 $0.11600000000000001 $0.127 $0.12729599999999999 $0.45829600000000004 Office Supplies $0 $0.14199999999999999 $0.26300000000000001 $0.376 $0.78100000000000003 $0.4375 $0.437 $0.437 $0.4375 $1.7490000000000001 COR FTE Productivity $0 $0 $0.14399999999999999 $0.34300000000000003 $0.48699999999999999 $0.749 $1.2 $1.2 $1.2 $4.3490000000000002 Clinician Mix - LPN $0 $0 $1.2 $1.3 $2.5 $1.3 $1.6 $1.6 $1.6 $6.1 Clinician Mix - PTA $0 $0 $0 $0.2 $0.2 $0.2 $0.5 $0.4 $0.4 $1.5 HCHB OT & Admin Time $-0.13600000000000001 $-0.19900000000000001 $-0.187 $-0.1 $-0.622 $0 $0 $0 $0 $0 HCHB RPE Impact $-0.2 $-0.4 $-0.6 $-0.7 $-1.9000000000000001 $0 $0 $0 $0 $0 IT Opex Reduction $0 $0.9 $1.3 $2 $4.2 $3.3 $3.9 $4.7 $5.2 $17.099999999999998 PMO Implementation Team Reduction $0 $0 $0 $0 $0 $0 $0 $0 Other $0 $0 $0 $0 $0 $0 $0 $0 Total HCHB + IT Savings $-0.33600000000000002 $0.44299999999999995 $2.6539999999999999 $4.6500000000000004 $7.4109999999999996 $8.4504999999999999 $10.343999999999999 $11.055 $11.556456749999999 $41.405956750000001 EARNINGS CALL - Current Forecast 2016 2017 ($M) Q1 Q2 Q3 Q4 FY 2016 Q1 Q2 Q3 Q4 FY 2017 HCHB Homecare Staffing Model $5.6000000000000001E-2 $0.30203135818980442 $0.42496916092405534 $1.2786969581268526 $2.0616974772407124 $2.3953126364485309 $2.8437748742107689 $2.8437748742107689 $2.8437748742107689 $10.926637259080838 HCHB Hospice Staffing Model $0 $6.9103250000000005E-2 $0.10595825 $0.14281325 $0.31787474999999998 $0.191 $0.191 $0.191 $0.19166074999999999 $0.76466075 Intake Coordinator Reduction $0 $0 $0 $1.1645000000000001 $1.1645000000000001 $1.5 $1.5 $1.5 $1.5 $6 Office Supplies $0.1 $0.14919778000000009 $0.25 $0.3 $0.79919778000000008 $0.4 $0.4375 $0.4375 $0.4375 $1.7124999999999999 COR FTE Productivity $0 $0 $0 $7.2484999999999994E-2 $7.2484999999999994E-2 $0.17152800000000001 $0.375 $0.6 $0.6 $1.7465280000000001 Clinician Mix - LPN $0.1 $0.2 $0.2 $0.2 $0.7 $0.3 $0.4 $0.5 $0.8 $2 - 2017 assume 36% Q1, 37%,Q2, 38% Q3, 40% Q4 Clinician Mix - PTA $0.2 $0.3 $0.3 $0.3 $1.1000000000000001 $0.4 $0.6 $0.7 $0.7 $2.4 - 2017 assume 36.5% Q1, 37.5%,Q2, 38.5% Q3 and Q4 HCHB OT & Admin Time $-0.32302717723099544 $-0.51146731999999995 $-0.51146731999999995 $-0.25573365999999997 $-1.6016954772309953 $0 $0 $0 $0 $0 HCHB RPE Impact $-6.0049467102124547E-2 $-5.1450659488721483E-2 $-5.1450659488721483E-2 $-2.5725329744360741E-2 $-0.18867611582392824 $0 $0 $0 $0 $0 HCHB Other Disruption Costs $-0.45857721675440305 $-1.0684775243134479 $-1.0684775243134479 $-0.53423876215672395 $-3.1297710275380224 $0 $0 $0 $0 $0 IT Opex Reduction $0 $0.9 $1.3 $2 $4.2 $3.3 $3.9 $4.7 $5.2 $17.099999999999998 PMO Implementation Team Reduction $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total HCHB + IT Savings $-0.38565386108752303 $0.28893688438763532 $0.94953190712188607 $4.6427974562257672 $5.4956123866477666 $8.6578406364485314 $10.247274874210769 $11.472274874210768 $12.272935624210769 $42.650326009080835 HCHB Back Office Disruption -0.79600000000000004 -0.33200000000000002 -0.33200000000000002 Efficiencies and Disruption 2016 2017 (E) ($M) Q1 Q2 Q3 Q4 FY 2016 Q1(E) Q2(E) Q3(E) Q4(E) FY 2017 Efficiencies $0 $1 $3.5 $5.5 $10 $8.5 $10.3 $11.1 $11.6 $41.5 Disruption Estimated $-1.8 $-2.4273955038021695 $-2.4 $-1.8 $-8.4273955038021704 $-0.75 $0 $0 $0 $-0.75 Actual $-1.8 $-2.4 $-2.7 $-1.95 $-8.85 $0 $0 $0 $0 $0 HCHB Efficiencies - Updated Comparison 2016 2017 6.7872428962073572E-2 ($M) Q1 Q2 Q3 Q4 FY 2016 Q1 Q2 Q3 Q4 FY 2017 Original $0 $0.14199999999999999 $2.141 $3.45 $5.7330000000000005 $5.1505000000000001 $6.4439999999999991 $6.3550000000000004 $6.3564567499999995 $24.30595675 Revised $0 $1.0203323881898045 $1.2809274109240554 $3.4584952081268523 $5.7597550072407122 $5.3578406364485316 $6.3472748742107683 $6.7722748742107681 $7.0729356242107686 $25.550326009080838 IT Reduction (unchanged) $0 $0.9 $1.3 $2 $4.2 $3.3 $3.9 $4.7 $5.2 $17.099999999999998 0.18181818181818188 Total Revised HCHB + IT Efficiencies $11,764.8000000026 #NUM! $,201,316.23533100044 #NUM! #NUM! #NUM! #NUM! #NUM! #NUM! #NUM! 0.13860830527497203 Variance from Original $0 #NUM! $-0.8 #NUM! $0.1 #NUM! #NUM! #NUM! #NUM! #NUM! Actual $0.45600000000000002 #NUM! NET IMPACT 2016 2017 (E) ($M) Q1 Q2 Q3 Q4 FY 2016 Q1 Q2 Q3 Q4 FY 2017 Efficiencies (Plan) $0 $1.042 $3.5 $5.45 $9.9920000000000009 $8.4504999999999999 $10.343999999999999 $11.055 $11.556456749999999 $41.405956750000001 Revised Disruption $-1.8 $-2.4273955038021695 $-2.7 $-1.8 $-8.7273955038021693 $-0.75 $0 $0 $0 $-0.75 Net Impact $-1.8 $-1.3853955038021695 $0.79999999999999982 $3.6500000000000004 $1.2646044961978316 $7.7004999999999999 $10.343999999999999 $11.055 $11.556456749999999 $40.655956750000001 Care Center Roll Out Schedule 84 (2015) 115 92 89 30 410

$83.46 $79.24 Components 4Q’15 4Q’16 Variance Detail Mitigation Plan Salaries $60.41 $62.94 $2.53 $1.93 driven by salary increases $0.14 HCHB disruption due to Admin/OT $0.46 clinician mix Expect normal levels post HCHB. Will reduce disruption recedes Initiative focused on optimizing clinician mix (RN / LPN, PT / PTA) Contractors $2.75 $2.17 ($0.58) Trend down since 1Q16 and sequentially; ~0.90/visit in total Contractor utilization decreases as clinician capacity increases post HCHB Benefits $9.40 $11.10 $1.70 Health insurance driving increase Focused on cost containment and spend optimization Transportation & Supplies $6.68 $7.25 $0.57 HCHB-driven duplicative transportation costs Return to normal levels post HCHB *Visiting Staff CPV $79.24 $83.46 $4.22 Clinical Managers $8.47 $9.01 $0.54 Fixed cost associated with non-visiting clinicians Unit cost reduced as volume increases Total CPV $87.71 $92.47 $4.76 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) 3,608 (Q3), and 3,569 (Q4) completed episodes from Infinity acquisition 4% Growth 13% Growth Personal Care Total Hours / Quarter* * Includes acquisitions, AHC closed in March 2016 43% Growth

We have expanded our Personal Care segment state wide in Massachusetts overlapping with our strong Home Health and Hospice operations. With the acquisition of Home Staff from Fallon Health in February 2017, we now have a strategic partner that we can pilot with to expand the types of patients we see in the home while leveraging the interplay between Home Health, Hospice, and Personal Care Massachusetts: Integrated Post-Acute Home Care Model

Management Team Post HCHB implementation, our team has evolved adding bench strength in execution and operations, and deep Home Health and Hospice experience New Management Adds Retiring in April Chris Gerard COO Start Date: Jan 2017 20+ years of home health and hospice experience Formerly VP of South Central Region at Kindred Co-Founder of IntegraCare Paul Kusserow CEO David Mikula CDO Start Date: Jan 2017 Business Development and Operations experience across the post acute care continuum Formerly, COO, Kindred Hospital and SNF Division Teonie Aurelio President, HH Start Date: Feb 2017 20+ years of home health operations leadership roles including running large regions at both Kindred and IntegraCare Gary Willis CFO Start Date: Jan 2017 Public company healthcare experience Former CFO of Capella Healthcare and Chief Accounting Officer at Vanguard and LifePoint Susan Sender CCOO Start Date: Sept 2016 30+ years of home health experience Formerly Chief Clinical Officer of Kindred at Home and Loving Care Agency Mike North CIO Start Date: Oct 2016 Formerly SVP, Operations at Amedisys Extensive healthcare services experience in integrations, implementation and information technology Steve Seim CSO Larry Pernosky CHRO Dave Kemmerly GC David Pearce CCO Start Date: Jun 2016 Formerly SVP and Chief Counsel for Kindred at Home Other prior experience includes GC and Chief Compliance Officer for Extendicare Ronnie LaBorde Vice Chairman

CMS Update: Home Health and Hospice Reimbursement Home Health Medicare Reimbursement FY16 FY17 Final Market basket update 2.3% 2.8% Productivity adjustment (0.4%) (0.3%) Rebasing (2.4%) (2.3%) Nominal case-mix adjustment (0.9%) (0.9%) Net impact – Industry (1.4%) (0.7%) Case mix reweighting / Other Company Specific Impact (0.3%) ~(1.3%) Approximate Impact ($M / %) ($14) / (1.7%) ~($17) / ~(2.0%) Hospice Medicare Reimbursement FY16 FY17 Final Market basket update 2.4% 2.7% Productivity and other adjustments (1.3%) (0.6%) Net impact – Industry 1.1% 2.1% Routine LOS Reimbursement Change – Company Specific (1.1%) -- Net impact – AMED ($M / %) $0 / 0.0% $5 / 2.1% Estimated Annual Pricing Impact – Consolidated ($M) ($14) ~($12)

Debt and Liquidity Metrics Net debt defined as total debt outstanding ($96M) less cash balance ($30M). 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. Despite deploying over $100M toward acquisitions and share repurchases in the past 5 quarters, total leverage stands at 0.6x on a net debt basis Credit facility and cash provide significant capital 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 March 31, 2016, June 30, 2016, September 30, 2016, and December 31, 2016 and year ended December 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. 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 March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016, and year-ended December 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. Income Statement $000s Line Item Q414 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 FY 16 Reduction of cost report reserve Revenue -1059 -1149 -1149 Third Party Audit reserve Revenue 948 948 G&A Acquisition costs G&A, Salary and benefits 502 154 101 56 813 Restructuring Activity G&A, Salary and benefits 3323 230 1149 1201 2044 3340 7734 HCHB implementation G&A, Salary and benefits -644 307 56 15 378 Restructuring Activity G&A, Non-cash compensation -174 -556 -493 -1481 -2530 Restructuring Activity G&A, Other 1061 849 414 117 2441 HCHB implementation G&A, Other 2048 2383 2440 2286 1937 1330 7993 Acquisition costs G&A, Other 1046 1202 183 366 820 2571 Legal fees - non-routine G&A, Other 8000 286 2824 616 459 374 543 1992 Frontier Litigation G&A, Other 500 2479 2979 Wage and Hour litigation G&A, Other 401 -119 282 Disaster relief G&A, Other 339 129 467 Sales/use tax audit reserve G&A, Other 460 460 Other Items Asset impairment Asset impairment 899 2075 4432 4432 Legal settlements Other, Miscellaneous, net -1,113 -307 -1014 -5314 -541 -265 -1242 -280 -2328 Sales/use tax audit reserve Other, Miscellaneous, net 625 625 Miscellaneous, other (income) expense, net Other, Miscellaneous, net -3945 -1563 436 70 -2738 -1318 -3549 Total -,214 6,427 5,100 -,120 7,766 5,636 1,158 9,999 24,559 EPS Impact $-0.01 $0.12 $9.1387688013335661E-2 $0.02 $0.14000000000000001 $0.1 $0.02 $0.18 $0.44 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