8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MAY 2, 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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

SECTION 2 — FINANCIAL INFORMATION

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On May 2, 2017, Amedisys, Inc. (“we,” “us,” “our” or the “Company”) issued a press release announcing our financial results for the first quarter ended March 31, 2017. 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, May 3, 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 8 – OTHER EVENTS

ITEM 8.01. OTHER EVENTS

On May 1, 2017, the Company closed the previously announced acquisition of certain home health and hospice operations of Tenet Healthcare in Arizona, Illinois, Massachusetts and Texas.

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

99.1	Press release dated May 2, 2017, announcing the Company’s financial results for the first quarter ended March 31, 2017 (furnished only)
99.2	Supplemental slides provided in connection with the first quarter 2017 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: May 2, 2017

Exhibit Index

Exhibit	Description
99.1	Press release dated May 2, 2017, announcing the Company’s financial results for the first quarter ended March 31, 2017 (furnished only)
99.2	Supplemental slides provided in connection with the first quarter 2017 earnings call of the Company (furnished only)

EX-99.1

Exhibit 99.1

AMEDISYS REPORTS FIRST QUARTER 2017 FINANCIAL RESULTS

ANNOUNCES CLOSURE OF ACQUISITION OF HOME HEALTH AND HOSPICE CARE CENTERS FROM TENET HEALTHCARE

BATON ROUGE, Louisiana (May 2, 2017) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three month period ended March 31, 2017.

Three Month Periods Ended March 31, 2017 and 2016

• Net income attributable to Amedisys, Inc. of $15.1 million compared to $6.2 million in 2016.

• Net income attributable to Amedisys, Inc. per diluted share of $0.44 per diluted share compared to $0.19 in 2016.

Adjusted Quarterly Results*

• Adjusted EBITDA of $32.0 million compared to $23.9 million in 2016.

• Adjusted net income attributable to Amedisys, Inc. of $16.0 million compared to $10.9 million in 2016.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.47 compared to $0.33 in 2016.

* See pages 8 and 9 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

Tenet Healthcare Acquisition

On May 1, 2017, Amedisys closed on its previously announced acquisition of Tenet Healthcare’s (NYSE: THC) home health and hospice operations in Arizona, Illinois, Massachusetts and Texas, for a purchase price of $20.5 million.

Paul B. Kusserow, President and Chief Executive Officer stated, “I am pleased with our first quarter results as we continued to make progress in all four key areas of our strategy. While we did see softer volumes than anticipated in home health, continued strong performance from our hospice segment as well as disciplined cost control helped to deliver significant increases in revenue, EBITDA, earnings per share and cash flow from operations compared to the first quarter of 2016. Our primary focus as a company for the remainder of 2017 will be on organic admissions growth in home health, and we have developed detailed market-by-market plans to reach our organic growth goals in the second half of this year. In addition, our M&A pipeline is strong and we have a flexible balance sheet that will allow us to capitalize on attractive opportunities. We remain focused on continuing to deliver value to our patients, referral sources, and, ultimately, our shareholders.”

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.

Earnings Call and Webcast Information

Amedisys will host a conference call on Wednesday, May 3, 2017, at 11:00 a.m. ET to discuss its first quarter results. To participate on the conference call, please call before 11:00 a.m. ET to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through June 3, 2017 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13660189.

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 attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items; (2) adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. excluding certain items; and (3) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income attributable to Amedisys, Inc. common stockholders per

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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 421 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 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.

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

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AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(Amounts in thousands, except per share data)

(Unaudited)

	For the Three Month Period Ended March 31,
	2017			2016
Net service revenue	$	370,458		$	348,817
Cost of service, excluding depreciation and amortization		215,785			201,837
General and administrative expenses:
Salaries and benefits		74,459			76,717
Non-cash compensation		3,874			4,070
Other		40,417			46,717
Provision for doubtful accounts		6,341			3,940
Depreciation and amortization		4,417			4,473
Operating expenses		345,293			337,754
Operating income		25,165			11,063
Other expense:
Interest income		19			22
Interest expense		(1,068	)		(1,112	)
Equity in loss from equity method investments		(106	)		(5	)
Miscellaneous, net		1,112			735
Total other expense, net		(43	)		(360	)
Income before income taxes		25,122			10,703
Income tax expense		(9,923	)		(4,388	)
Net income		15,199			6,315
Net income attributable to noncontrolling interests		(69	)		(102	)
Net income attributable to Amedisys, Inc.	$	15,130		$	6,213
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.45		$	0.19
Weighted average shares outstanding		33,443			32,920
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.44		$	0.19
Weighted average shares outstanding		34,073			33,508

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AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

(Amounts in thousands, except share data)

	March 31, 2017			December 31, 2016
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	48,334		$	30,197
Patient accounts receivable, net of allowance for doubtful accounts of $19,249 and $17,716		172,707			166,056
Prepaid expenses		10,097			7,397
Other current assets		11,964			11,260
Total current assets		243,102			214,910
Property and equipment, net of accumulated depreciation of $142,185 and $138,650		36,676			36,999
Goodwill		292,793			288,957
Intangible assets, net of accumulated amortization of $28,557 and $27,864		46,220			46,755
Deferred income taxes		98,943			107,940
Other assets, net		38,894			38,468
Total assets	$	756,628		$	734,029
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	29,444		$	30,358
Payroll and employee benefits		81,909			82,480
Accrued expenses		65,663			63,290
Current portion of long-term obligations		6,888			5,220
Total current liabilities		183,904			181,348
Long-term obligations, less current portion		85,472			87,809
Other long-term obligations		4,306			3,730
Total liabilities		273,682			272,887
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; 35,364,752 and 35,253,577 shares issued; and 33,693,027 and 33,597,215 shares outstanding		35			35
Additional paid-in capital		544,428			537,472
Treasury stock at cost, 1,671,725 and 1,656,362 shares of common stock		(47,531	)		(46,774	)
Accumulated other comprehensive income		15			15
Retained earnings		(14,967	)		(30,545	)
Total Amedisys, Inc. stockholders’ equity		481,980			460,203
Noncontrolling interests		966			939
Total equity		482,946			461,142
Total liabilities and equity	$	756,628		$	734,029

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AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING, NET

(Amounts in thousands, except statistical information)

(Unaudited)

	For the Three Month Period Ended March 31,
	2017			2016
Cash Flows from Operating Activities:
Net income	$	15,199		$	6,315
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,417			4,473
Provision for doubtful accounts		6,341			3,940
Non-cash compensation		3,874			4,070
401(k) employer match		2,227			1,737
(Gain) loss on disposal of property and equipment		(16	)		360
Deferred income taxes		9,445			4,038
Equity in loss from equity method investments		106			5
Amortization of deferred debt issuance costs		185			185
Return on equity investment		150			362
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		(12,493	)		(27,689	)
Other current assets		(3,403	)		7,845
Other assets		(990	)		(2,775	)
Accounts payable		93			9,098
Accrued expenses		1,386			801
Other long-term obligations		576			(521	)
Net cash provided by operating activities		27,097			12,244
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets		565			230
Purchase of investment		(256	)		—
Purchases of property and equipment		(4,385	)		(6,702	)
Acquisitions of businesses, net of cash acquired		(4,099	)		(27,682	)
Net cash used in investing activities		(8,175	)		(34,154	)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options and warrants		653			—
Proceeds from issuance of stock to employee stock purchase plan		612			638
Shares withheld upon stock vesting		(758	)		—
Tax benefit from stock options exercised and restricted stock vesting		—			159
Non-controlling interest distribution		(42	)		—
Proceeds from revolving line of credit		—			40,500
Repayments of revolving line of credit		—			(25,500	)
Principal payments of long-term obligations		(1,250	)		(1,250	)
Purchase of company stock		—			(12,315	)
Net cash (used in) provided by financing activities		(785	)		2,232
Net increase (decrease) in cash and cash equivalents		18,137			(19,678	)
Cash and cash equivalents at beginning of period		30,197			27,502
Cash and cash equivalents at end of period	$	48,334		$	7,824
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	706		$	648
Cash paid for income taxes, net of refunds received	$	284		$	(7	)
Days revenue outstanding, net (1)		40.5			38.9
(1)    Our calculation of days revenue outstanding, net at March 31, 2017 and 2016 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 March 31, 2017 and 2016, respectively.

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AMEDISYS, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(Amounts in millions, except statistical information)

(Unaudited)

Segment Information - Home Health

	For the Three Month Period Ended March 31,
	2017			2016
Financial Information (in millions):
Medicare	$	198.7		$	206.8
Non-Medicare		72.6			65.9
Net service revenue		271.3			272.7
Cost of service		163.0			160.8
Gross margin		108.3			111.9
Other operating expenses		72.6			75.7
Operating income	$	35.7		$	36.2
Key Statistical Data:
Medicare:
Same Store (1):
Revenue		(3	%)		4	%
Admissions		(1	%)		4	%
Recertifications		(3	%)		4	%
Total (2):
Admissions		49,628			50,418
Recertifications		25,043			26,023
Completed episodes		71,864			72,032
Visits		1,263,098			1,311,371
Average revenue per completed episode (3)	$	2,782		$	2,812
Visits per completed episode (4)		16.9			17.4
Non-Medicare:
Same Store (1):
Revenue		11	%		22	%
Admissions:
Episodic		35	%		11	%
Non-Episodic		(1	%)		10	%
Recertifications		5	%		23	%
Total (2):
Admissions		27,333			25,567
Recertifications		10,224			9,826
Visits		555,548			527,969
Total (2):
Visiting Clinician Cost per Visit	$	81.08		$	79.14
Clinical Manager Cost per Visit	$	8.53		$	8.31
Total Cost per Visit	$	89.61		$	87.45
Visits		1,818,646			1,839,340

(1) Same store information represents 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.

(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 March 31,
	2017			2016
Financial Information (in millions):
Medicare	$	80.7		$	68.7
Non-Medicare		4.9			4.3
Net service revenue		85.6			73.0
Cost of service		42.4			38.8
Gross margin		43.2			34.2
Other operating expenses		20.8			17.9
Operating income	$	22.4		$	16.3
Key Statistical Data:
Same Store (1):
Medicare revenue		17	%		22	%
Non-Medicare revenue		15	%		16	%
Hospice admissions		20	%		19	%
Average daily census		16	%		22	%
Total (2):
Hospice admissions		6,505			5,430
Average daily census		6,365			5,507
Revenue per day, net	$	149.41		$	145.65
Cost of service per day	$	74.08		$	77.36
Average discharge length of stay		92			96

(1) Same store information represents 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.

Segment Information - Personal Care

	For the Three Month Period Ended March 31,
	2017			2016
Financial Information (in millions):
Medicare	$	—		$	—
Non-Medicare		13.6			3.1
Net service revenue		13.6			3.1
Cost of service		10.4			2.2
Gross margin		3.2			0.9
Other operating expenses		3.4			0.4
Operating (loss) income	$	(0.2	)	$	0.5
Key Statistical Data:
Billable hours		588,216			137,883
Clients served		8,822			5,017

Segment Information - Corporate

	For the Three Month Period Ended March 31,
	2017		2016
Financial Information (in millions):
Other operating expenses	$	29.5	$	39.0
Depreciation and amortization		3.2		2.9
Total operating expenses	$	32.7	$	41.9

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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 March 31,
	2017		2016
Net income attributable to Amedisys, Inc.	$	15,130	$	6,213
Add:
Income tax expense		9,923		4,388
Interest expense, net		1,049		1,090
Depreciation and amortization		4,417		4,473
Certain items (1)		1,466		7,766
Adjusted EBITDA (2) (5)	$	31,985	$	23,930

Adjusted Net Income Attributable to Amedisys, Inc. Reconciliation:

	For the Three Month Period Ended March 31,
	2017		2016
Net income attributable to Amedisys, Inc.	$	15,130	$	6,213
Add:
Certain items (1)		887		4,698
Adjusted net income attributable to Amedisys, Inc. (3) (5)	$	16,017	$	10,911

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

	For the Three Month Period Ended March 31,
	2017		2016
Net income attributable to Amedisys, Inc. common stockholders per diluted share	$	0.44	$	0.19
Add:
Certain items (1)		0.03		0.14
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (4) (5)	$	0.47	$	0.33

(1) The following details the certain items for the three month periods ended March 31, 2017 and 2016:

Certain Items:    

	For the Three Month Period Ended March 31, 2017			For the Three Month Period Ended March 31, 2016
	(Income) Expense			(Income) Expense
Certain Items Impacting Operating Expenses:
HCHB implementation	$	—		$	2,440
Acquisition costs		682			1,704
Legal fees - non-routine		123			1,517
Restructuring activity		—			1,762
Data center relocation		714			448
Certain Items Impacting Total Other Income (Expense):
Legal settlements		(674	)		(541	)
Miscellaneous, other (income) expense, net		621			436
Total	$	1,466		$	7,766
Net of tax	$	887		$	4,698
Diluted EPS	$	0.03		$	0.14

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

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

(5) Adjusted EBITDA, 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.

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EX-99.2

Amedisys First Quarter 2017 Earnings Call Supplemental Slides May 3, 2017 Exhibit 99.2

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. Forward-looking statements

What Investors Want Themes from the investor and analyst community that we will address and deliver on in 2017 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 mid-single digit growth rates 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 overlap to provide integrated solutions Amedisys maintains above a 4-Star average (4.13) in the July 2017 HHC preview with 82% of providers at 4+ Stars STAR score improvement for the seventh consecutive quarter (from initial July’15 release to Jul’17 preview) Ten Amedisys providers rated at 5-Stars in the July 2017 Preview Next focus: hospital readmissions 1 2 5 HCHB Disruption Dissipates 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 & standardization 6 Management Team HCHB implementation has helped to free clinician capacity. We will focus on leveraging this to help drive productivity and organic growth We have also developed and are rolling out a proprietary productivity tool which predicts and optimizes clinician productivity 4 Impact of Capacity Strategic and disciplined deployment of capital with a preference to acquire assets in: Hospice, Personal Care tuck-in’s, and opportunistic regional acquisitions in Home Health Unlevered balance sheet gives us access to capital and lots of options Small capital allocation for capabilities building hospital at home, discharge planning, Palliative care and care coordination 3 M&A 7 Regulatory Amedisys and The Partnership for Quality Home Healthcare (PQHH) worked collaboratively with CMS and others on the Hill to delay further implementation of PCR Continue to work with the new leadership at CMS and Members of Congress on regulatory issues impacting home health and hospice, including the Home Health Groupings Model 8 BD / Sales Restructuring Project Redwood helped us with better targeting and better tools (we know where and who to hunt) Focus is on hiring and retaining the right BD staff Updating incentives to further drive BD productivity and retention Training to drive better productivity

Highlights and Summary Financial Results (Adjusted): 1Q 2017(1) Hospice and Personal Care continue their strong growth. Home Health total episodic admissions up 3% but Medicare FFS down 1%. Cost containment initiatives performing very well driving 1Q EBITDA Amedisys Consolidated Revenue Growth: +6% EBITDA: $32M EBITDA Margin: 8.6% EPS: $0.47 1Q’17 Net debt: $47M Leverage ratio: 0.4x (net) CFFO bef. WC change (2) : $42M Free cash flow (2) : $23M Balance Sheet and Cash Flow 1Q’17 Same Store Admissions: Medicare FFS: (1%) Total Episodic: +3% Non-Episodic: (1%) Other Statistics: Medicare recert rate: 35% Total cost per visit: +2% Home Health Growth Metrics (3): Billable hours/quarter: +53% Clients served: +56% Closed HomeStaff acquisition and signed East TN Personal care Largest provider of personal care services in Mass. Personal Care Same Store Volume: Admissions: +20% ADC: +16% Other Statistics: Cost per day: (4%) Hospice 1Q’17 1Q’17 1Q’17 Adjusted Financial Results 1Q’17 The financial results for the three-month periods ended March 31, 2016 and March 31, 2017 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. Includes acquisitions and full 1Q’16 impact of AHC (deal closed in March 2016)

Home Health and Hospice Segment (Adjusted) – 1Q 2017(1) Overall same store episodic admit growth was solid (+3%) driven by non-Medicare episodic admits (+35%); offset by decline in Medicare same store admissions (-1%) CPV increase anticipated due to planned salary increases and health care costs Home Health Highlights Eighth straight quarter of double digit same store admissions growth Net revenue per day up 3% y/y; gross margin expanded 370 basis points Cost per day down 4%; segment EBITDA contribution up 36% Hospice Highlights The financial results for the three-month periods ended March 31, 2016 and March 31, 2017 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 Home health financial performance steady despite reimbursement cut; hospice continues to outperform

General & Administrative Expenses – Adjusted (1,2) Notes: Year over year total G&A as a percentage of revenue decreased 270 basis points Home health segment G&A: 70 bps y/y decrease as % of revenue Hospice segment G&A: 210 bps decrease y/y as % of revenue Corporate G&A: 160 bps decrease y/y as % of total revenue Excluding G&A from our new personal care segment; G&A has decreased over $5M in 1Q17 vs. 1Q16 The financial results for the three-month periods ended March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016, and March 31, 2017 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. Impact of G&A cost control materializing as operational efficiencies are realized

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 / Quality Amedisys maintains a 4-Star average in the July 2017 HHC release with 82% of providers at 4 stars or better. Industry leading quality in hospice 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 was 22.3% with full time turnover at 18.6%. Customized voluntary turnover goals rolled out to each organization aimed at maintaining turnover targets 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 – no expected impact beyond 1Q’17. Working on clean-up of 2016 impacts (A/R) HCHB 2.0 Re-training the field to become system “super-users” or drive more efficiencies and organizational standardization. Cost Initiatives Execution on cost containment initiatives has been successful to date– we continue to be on pace to deliver targeted savings by 4Q’17 Accounts Receivable DSO remained steady at 40 from 4Q 2016 to 1Q 2017. Expect to be normalized by 3Q’17 Home Health Achieved 3% total episodic growth with slightly negative Medicare FFS growth. BD reorg efforts underway, still target mid-single digit growth in 2H’17 Hospice Hospice performance continues to be stellar. SS Hospice admissions +20%. 8th consecutive quarter of double digit growth Personal Care Billable hours/quarter: +53%, Clients served: +56%. Integration process highly efficient. Targeting acquisitions M&A Closed HomeStafff and signed Tenet and East TN Personal Care deals in 1Q. Pipeline remains strong ($100M+ EBITDA), maintaining pricing discipline and focusing on Hospice acquisitions Reimbursement PCR pilot in Florida delayed. Focus now turned to working collaboratively with CMS on Home Health Groupings Model and other regulatory issues impacting Home Health and Hospice Rolled out new heart failure program with additional protocol driven programs underway. Continued focus on retention through engagement and development opportunities. Increased emphasis on HH BD turnover. Implementing Home Health Sales / BD Reorg initiatives Targeting 4-6% annual organic growth rate in Home Health in 2H17 Focusing M&A efforts on hospice and personal care, while maintaining multiple discipline Positive outcome with the further delay of PCR in FL. HHGM next to address Post 1Q’17, no additional expected HCHB disruption Focus shifted to HCHB 2.0 training A/R increase related to process changes from HCHB implementation (billing from two systems until AMS2 wind down). Goal to drive DSO number down to mid 30’s by 2H’17

Clinical Distinction: Improvements in STARS 7th consecutive quarter of QPC STAR score improvement; 82% of providers at 4 stars or better Metric Jan 17 Release Apr 17 Release Jul 17 Preview Quality of Patient Care 3.91 4.03 4.13 Entities at 4+ Stars 65% 75% 82% Metric Oct 16 Release Jan 17 Release Apr 17 Release Patient Satisfaction Star 3.76 3.80 3.82 Performance Over Industry +5% +4% +5% Quality of Patient Care (QPC) Patient Satisfaction (PS) QPC Industry Performance PS Industry Performance Scoring methodology changed dropped entire industry’s PS STAR scores Amedisys maintains a 4-Star average in the July 2017 HHC release with 82% of providers at 4+ Stars STAR score improvement for the seventh consecutive quarter (from initial July’15 release to Jul’17 preview) Ten Amedisys providers rated at 5-Stars in the July 2017 Preview (represents15 care centers) Patient Satisfaction (HHCAHPS) results remain stronger than overall industry average Value Based Purchasing QPC PS Amedisys VBP State Avg 4.09 3.69 Large Cohort VBP Comp Avg1 3.61 3.55 Performance in VBP States Relative to Industry VBP: Internal analysis suggests that we will be a net receiver of funds in 2018 Note: Top Competitor Avg weighted by CCN count and include LHC, Kindred, AFAM, HLS and BKD Stars and Growth* At the Overall Star Rating level, we continue to see our highest rated agencies grow at a faster pace than lower rated agencies. For this time period Amedisys had 0 agencies rated below 3.5 Stars APR 17 Provider Rating Provider #’s Growth ≤★★★★ 103 (60%) 1.7% ★★★★½ /★★★★★ 70 (40%) 5.4% FY 2015 vs. FY 2016

Becoming Employer of Choice: Improving Return on Human Capital Voluntary turnover company-wide has been trending down despite slight increase in Q1’17 Notes: Total voluntary turnover in 1Q’17 increased slightly: Customized voluntary turnover goals rolled out to each organization aimed at maintaining turnover targets Full-time voluntary turnover was 18.6% for 1Q’17 Proprietary productivity tool to maximize visiting clinician’s capacity has been rolled out – achievement will support 2017 growth targets Voluntary Turnover Total Voluntary Turnover Full-Time Voluntary Turnover *Trailing 12 months * *

Operational Excellence: Roadmap to EBITDA Improvement We continue to make progress towards our stated operational efficiencies ($46M annualized improvement vs. 2015 exit run rate) *Run Rate $46 million * Efficiencies and Disruption ($M) - 3 0 3 6 9 12 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Efficiencies Estimated Disruption Actual Disruption 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

$81.08 $79.14 Components 4Q’16 1Q’16 1Q’17 YoY Variance Detail Mitigation Plan Salaries $62.94 $60.48 $61.48 $1.00 $0.68 driven by planned salary increases $0.32 driven by utilization Initiatives in progress to drive down costs by labor mix optimization, productivity improvements and improved scheduling tools Contractors $2.17 $3.10 $2.35 ($0.75) Trend down since 1Q16 Contractor utilization decreases as clinician capacity increases post HCHB Benefits $11.10 $9.09 $10.09 $1.00 Health insurance driving increase Focused on cost containment and spend optimization Transportation & Supplies $7.25 $6.47 $7.16 $0.69 Increase primarily due to supply costs Continues to normalize post HCHB rollout - Supplies costs increased in 4Q’16 *Visiting Staff CPV $83.46 $79.14 $81.08 $1.94 Clinical Managers $9.01 $8.31 $8.53 $0.22 Fixed cost associated with non-visiting clinicians Unit cost reduced as volume increases Total CPV $92.47 $87.45 $89.61 $2.16 Operational Excellence: Cost Per Visit (CPV) CPV increase driven by planned raises and health insurance costs; opportunities for savings through optimized clinician mix and focus on transportation and supply cost *Note: Direct comparison with industry competitors CPV calculation

Driving Top Line Growth: Metrics Across Business Segments Solid growth in hospice and personal care; Medicare revenue decrease due to reimbursement cut and significant growth in private episodic 234 Opportunities Prospected 45 Opportunities Under Review 13 Active Processes Personal Care Total Hours / Quarter* * Includes acquisitions, (384,428 hours represents full 1Q performance – AMED closed AHC acquisition in March of 2016)

Driving Top Line Growth: Business Development Impact Analysis Unintended business development turnover has impacted overall growth in home health; however, productivity has increased. Hospice investment in business development has paid dividends Notes: The Home Health BD reorg (Project Redwood) implemented in 2016 taught us a number of things. We now have better tools and a more analytical approach to account targeting which has translated into a more productive sales force. The increased productivity however, was not enough to offset the unintended BD turnover. As we uncovered this unintended turnover, we have taken measures to add back BD FTE’s, which will have a positive impact on growth The Hospice organization did not experience the same unintended turnover during their BD reorg. As such, Hospice, armed with a fully staffed BD team with better targeting and account management tools, has seen substantial growth *Note: Analysis excludes Infinity Note: Analysis excludes Infinity * *

Driving Top Line Growth: Hospice Success In 2015, we made a concerted effort to improve our Hospice business unit. Since that time, Hospice has enjoyed eight consecutive quarters of top line growth, vast increases in ADC per care center and operating margin improvement via a disciplined approach to G&A 14

Debt and Liquidity Metrics Low debt levels and strong cash flow have improved the flexibility of our balance sheet with ample available liquidity Net debt defined as total debt outstanding ($95M) less cash balance ($48M). Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($118M). Liquidity defined as the sum of cash balance and available revolving line of credit. 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) Reduction in amount of non-GAAP adjustments result in adjusted EBITDA falling through to operating cash flow; looking return DSO to mid-30’s by YE’17. Capex target within projected goal for 2017 The financial results for the three-month periods ended March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016 and March 31, 2017 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) Amount of non-GAAP adjustments through 2016 have substantially decreased in 1Q’17 The financial results for the three-month periods ended March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016, and March 31, 2017 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. 17