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): JULY 26, 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 July 26, 2017, Amedisys, Inc. (“we,” “us,” “our” or the “Company”) issued a press release announcing our financial results for the three and six-month periods ended June 30, 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 Thursday, July 27, 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 July 26, 2017, announcing the Company’s financial results for the three and six-month periods ended June 30, 2017 (furnished only)
99.2	Supplemental slides provided in connection with the second 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: July 26, 2017

Exhibit Index

Exhibit No.	Description
99.1	Press release dated July 26, 2017, announcing the Company’s financial results for the three and six-month periods ended June 30, 2017 (furnished only)
99.2	Supplemental slides provided in connection with the second quarter 2017 earnings call of the Company (furnished only)

EX-99.1

Exhibit 99.1

AMEDISYS REPORTS SECOND QUARTER 2017 FINANCIAL RESULTS

BATON ROUGE, Louisiana (July 26, 2017) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and six-month periods ended June 30, 2017.

Three Month Periods Ended June 30, 2017 and 2016

• Net service revenue increased $18.1 million to $378.8 million compared to $360.7 million in 2016.

• Net income attributable to Amedisys, Inc. of $4.5 million compared to $10.7 million in 2016.

• Net income attributable to Amedisys, Inc. per diluted share of $0.13 compared to $0.32 in 2016.

Adjusted Quarterly Results*

• Adjusted EBITDA of $36.1 million compared to $29.8 million in 2016.

• Adjusted net service revenue of $378.8 million compared to $361.7 million in 2016.

• Adjusted net income attributable to Amedisys, Inc. of $21.4 million compared to $14.1 million in 2016.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.62 compared to $0.42 in 2016.

Six Month Periods Ended June 30, 2017 and 2016

• Net service revenue increased $39.7 million to $749.3 million compared to $709.6 million in 2016.

• Net income attributable to Amedisys, Inc. of $19.6 million compared to $16.9 million in 2016.

• Net income attributable to Amedisys, Inc. per diluted share of $0.57 compared to $0.50 in 2016.

Adjusted Year to Date Results*

• Adjusted EBITDA of $68.1 million compared to $53.8 million in 2016.

• Adjusted net service revenue of $749.3 million compared to $710.5 million in 2016.

• Adjusted net income attributable to Amedisys, Inc. of $37.4 million compared to $25.0 million in 2016.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.09 compared to $0.74 in 2016.

* 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, “Overall, I am satisfied with our second quarter results. Our hospice segment continues to exceed expectations and our personal care segment is progressing well as they continue to integrate acquisitions and scale up. We have also made early progress with our strategies to recruit, retain, train and properly incentivize our home health business development staff. While home health volume was expectedly soft, we have identified the issues driving this trend and are executing upon the solutions. In home health, we anticipate returning to organic episodic admission growth in the third quarter. Most importantly, our clinical and outcomes metrics continued to improve across the board as we pursue our goal of clinical distinction to bring value to our patients, their families, our referral sources and payors. Finally, the operational efficiencies we have targeted are being reflected in increased adjusted EBITDA margins and strong cash flow, providing us with a flexible balance sheet to take advantage of strategic, inorganic opportunities. Thanks to our tremendous team, over 16,000 strong, for their continued dedication to serving our patients.”

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 Thursday, July 27, 2017, at 11:00 a.m. ET to discuss its second 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 August 27, 2017 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13666366.

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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 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 attributable to Amedisys, Inc. excluding certain items; and (4) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income 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 426 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, investor 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.

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Contact:	Investor Contact:	Media Contact:
	Amedisys, Inc.	Amedisys, Inc.
	David Castille	Kendra Kimmons
	Managing Director, Treasury/Finance	Vice President, Marketing & Communications
	855-259-2046	(225) 299-3720
	IR@amedisys.com	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 June 30,						For the Six Month Period Ended June 30,
	2017			2016			2017			2016
Net service revenue	$	378,821		$	360,746		$	749,279		$	709,563
Cost of service, excluding depreciation and amortization		219,765			206,505			435,550			408,342
General and administrative expenses:
Salaries and benefits		74,943			77,343			149,402			154,060
Non-cash compensation		4,356			3,736			8,230			7,806
Other		41,617			45,576			82,034			92,293
Provision for doubtful accounts		4,651			4,253			10,992			8,193
Depreciation and amortization		4,537			4,975			8,954			9,448
Securities Class Action Lawsuit settlement, net		28,712			—			28,712			—
Operating expenses		378,581			342,388			723,874			680,142
Operating income		240			18,358			25,405			29,421
Other income (expense):
Interest income		41			9			60			31
Interest expense		(1,197	)		(1,303	)		(2,265	)		(2,415	)
Equity in earnings from equity method investments		2,355			363			2,249			358
Miscellaneous, net		1,127			658			2,239			1,393
Total other income (expense), net		2,326			(273	)		2,283			(633	)
Income before income taxes		2,566			18,085			27,688			28,788
Income tax benefit (expense)		1,963			(7,242	)		(7,960	)		(11,630	)
Net income		4,529			10,843			19,728			17,158
Net income attributable to noncontrolling interests		(68	)		(147	)		(137	)		(249	)
Net income attributable to Amedisys, Inc.	$	4,461		$	10,696		$	19,591		$	16,909
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.13		$	0.32		$	0.58		$	0.51
Weighted average shares outstanding		33,637			33,197			33,540			33,059
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.13		$	0.32		$	0.57		$	0.50
Weighted average shares outstanding		34,329			33,708			34,203			33,641

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AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

(Amounts in thousands, except share data)

	June 30, 2017			December 31, 2016
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	59,164		$	30,197
Patient accounts receivable, net of allowance for doubtful accounts of $17,865 and $17,716		173,388			166,056
Prepaid expenses		8,800			7,397
Other current assets		31,789			11,260
Total current assets		273,141			214,910
Property and equipment, net of accumulated depreciation of $144,708 and $138,650		34,420			36,999
Goodwill		313,663			288,957
Intangible assets, net of accumulated amortization of $29,254 and $27,864		45,523			46,755
Deferred income taxes		100,806			107,940
Other assets, net		38,320			38,468
Total assets	$	805,873		$	734,029
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	29,119		$	30,358
Payroll and employee benefits		81,331			82,480
Accrued charge related to Securities Class Action Lawsuit settlement		43,750			—
Accrued expenses		62,981			63,290
Current portion of long-term obligations		8,137			5,220
Total current liabilities		225,318			181,348
Long-term obligations, less current portion		83,157			87,809
Other long-term obligations		4,337			3,730
Total liabilities		312,812			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; 35,609,934 and 35,253,577 shares issued; and 33,850,633 and 33,597,215 shares outstanding		36			35
Additional paid-in capital		555,029			537,472
Treasury stock at cost, 1,759,301 and 1,656,362 shares of common stock		(52,500	)		(46,774	)
Accumulated other comprehensive income		15			15
Retained deficit		(10,505	)		(30,545	)
Total Amedisys, Inc. stockholders’ equity		492,075			460,203
Noncontrolling interests		986			939
Total equity		493,061			461,142
Total liabilities and equity	$	805,873		$	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 June 30,						For the Six Month Period Ended June 30,
	2017			2016			2017			2016
Cash Flows from Operating Activities:
Net income	$	4,529		$	10,843		$	19,728		$	17,158
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,537			4,975			8,954			9,448
Provision for doubtful accounts		4,651			4,253			10,992			8,193
Non-cash compensation		4,356			3,736			8,230			7,806
401(k) employer match		2,140			1,703			4,367			3,440
Loss on disposal of property and equipment		163			162			147			522
Deferred income taxes		(1,863	)		7,324			7,582			11,362
Equity in earnings from equity method investments		(2,355	)		(363	)		(2,249	)		(358	)
Amortization of deferred debt issuance costs		185			185			370			370
Return on equity investment		3,266			—			3,416			362
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		(5,332	)		(2,660	)		(17,825	)		(30,349	)
Other current assets		(3,489	)		(2,294	)		(6,892	)		5,551
Other assets		(158	)		(9,168	)		(1,148	)		(11,943	)
Accounts payable		1,000			(490	)		1,093			8,608
Securities Class Action Lawsuit settlement accrual, net		28,712			—			28,712			—
Accrued expenses		(4,129	)		(3,612	)		(2,743	)		(2,811	)
Other long-term obligations		31			57			607			(464	)
Net cash provided by operating activities		36,244			14,651			63,341			26,895
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets		—			—			565			230
Purchase of investment		(180	)		(432	)		(436	)		(432	)
Purchases of property and equipment		(3,064	)		(3,213	)		(7,449	)		(9,915	)
Acquisitions of businesses, net of cash acquired		(20,029	)		48			(24,128	)		(27,634	)
Net cash used in investing activities		(23,273	)		(3,597	)		(31,448	)		(37,751	)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options and warrants		3,550			—			4,203			—
Proceeds from issuance of stock to employee stock purchase plan		575			569			1,187			1,207
Shares withheld upon stock vesting		(4,968	)		—			(5,726	)		—
Tax benefit from stock options exercised and restricted stock vesting		—			6,971			—			7,130
Non-controlling interest distribution		(48	)		(200	)		(90	)		(200	)
Proceeds from revolving line of credit		—			43,500			—			84,000
Repayments of revolving line of credit		—			(58,500	)		—			(84,000	)
Principal payments of long-term obligations		(1,250	)		(1,250	)		(2,500	)		(2,500	)
Purchase of company stock		—			—			—			(12,315	)
Net cash used in financing activities		(2,141	)		(8,910	)		(2,926	)		(6,678	)
Net increase (decrease) in cash and cash equivalents		10,830			2,144			28,967			(17,534	)
Cash and cash equivalents at beginning of period		48,334			7,824			30,197			27,502
Cash and cash equivalents at end of period	$	59,164		$	9,968		$	59,164		$	9,968
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	466		$	711		$	1,172		$	1,359
Cash paid for income taxes, net of refunds received	$	—		$	832		$	284		$	825
Days revenue outstanding, net (1)		40.2			37.2			40.2			37.2

(1) Our calculation of days revenue outstanding, net at June 30, 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 periods ended June 30, 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 June 30,
	2017			2016
Financial Information (in millions):
Medicare	$	198.3		$	208.4
Non-Medicare		75.4			67.1
Net service revenue		273.7			275.5
Cost of service		164.8			160.3
Gross margin		108.9			115.2
Other operating expenses		73.3			77.4
Operating income	$	35.6		$	37.8
Same Store Growth (1):
Medicare revenue		(5	%)		4	%
Non-Medicare revenue		12	%		13	%
Medicare admissions		(4	%)		4	%
Total Episodic admissions		(1	%)		5	%
Total admissions		—	%		3	%
Key Statistical Data - Total (2):
Medicare:
Admissions		47,260			48,982
Recertifications		26,839			26,020
Completed episodes		73,872			74,027
Visits		1,271,747			1,315,417
Average revenue per completed episode (3)	$	2,829		$	2,850
Visits per completed episode (4)		17.5			17.7
Non-Medicare:
Admissions		26,225			24,237
Recertifications		11,462			9,640
Visits		579,328			515,062
Visiting Clinician Cost per Visit	$	80.61		$	79.44
Clinical Manager Cost per Visit	$	8.44		$	8.12
Total Cost per Visit	$	89.05		$	87.56
Visits		1,851,075			1,830,479

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	For the Six Month Period Ended June 30,
	2017			2016
Financial Information (in millions):
Medicare	$	397.0		$	415.2
Non-Medicare		148.0			133.0
Net service revenue		545.0			548.2
Cost of service		327.8			321.1
Gross margin		217.2			227.1
Other operating expenses		145.9			153.1
Operating income	$	71.3		$	74.0
Same Store Growth (1):
Medicare revenue		(4	%)		4	%
Non-Medicare revenue		12	%		17	%
Medicare admissions		(2	%)		4	%
Total Episodic admissions		1	%		5	%
Total admissions		1	%		5	%
Key Statistical Data - Total (2):
Medicare:
Admissions		96,888			99,400
Recertifications		51,882			52,043
Completed episodes		145,736			146,059
Visits		2,534,845			2,626,788
Average revenue per completed episode (3)	$	2,750		$	2,831
Visits per completed episode (4)		17.2			17.6
Non-Medicare:
Admissions		53,558			49,804
Recertifications		21,686			19,466
Visits		1,134,876			1,043,031
Visiting Clinician Cost per Visit	$	80.84		$	79.29
Clinical Manager Cost per Visit	$	8.49		$	8.22
Total Cost per Visit	$	89.33		$	87.51
Visits		3,669,721			3,669,819

(1) Same store information represents the percent increase (decrease) in our Medicare and Non-Medicare revenue or admissions for the period as a percent of the Medicare and Non-Medicare revenue or admissions 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 June 30,
	2017			2016
Financial Information (in millions):
Medicare	$	85.8		$	71.3
Non-Medicare		4.9			4.5
Net service revenue		90.7			75.8
Cost of service		44.7			39.4
Gross margin		46.0			36.4
Other operating expenses		20.4			18.4
Operating income	$	25.6		$	18.0
Same Store Growth (1):
Medicare revenue		19	%		14	%
Non-Medicare revenue		8	%		15	%
Hospice admissions		11	%		18	%
Average daily census		16	%		16	%
Key Statistical Data - Total (2):
Hospice admissions		6,248			5,576
Average daily census		6,717			5,730
Revenue per day, net	$	148.39		$	145.40
Cost of service per day	$	73.08		$	75.69
Average discharge length of stay		89			94
	For the Six Month Period Ended June 30,
	2017			2016
Financial Information (in millions):
Medicare	$	166.5		$	140.0
Non-Medicare		9.8			8.8
Net service revenue		176.3			148.8
Cost of service		87.1			78.2
Gross margin		89.2			70.6
Other operating expenses		41.2			36.3
Operating income	$	48.0		$	34.3
Same Store Growth (1):
Medicare revenue		18	%		18	%
Non-Medicare revenue		11	%		15	%
Hospice admissions		15	%		19	%
Average daily census		16	%		19	%
Key Statistical Data - Total (2):
Hospice admissions		12,753			11,006
Average daily census		6,542			5,618
Revenue per day, net	$	148.88		$	145.52
Cost of service per day	$	73.56		$	76.51
Average discharge length of stay		90			95

(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.

9

Segment Information - Personal Care

	For the Three Month Period Ended June 30,
	2017		2016
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		14.4		9.4
Net service revenue		14.4		9.4
Cost of service		10.3		6.8
Gross margin		4.1		2.6
Other operating expenses		3.1		2.3
Operating income	$	1.0	$	0.3
Key Statistical Data:
Billable hours		618,401		404,374
Clients served		8,470		5,940
	For the Six Month Period Ended June 30,
	2017		2016
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		28.0		12.5
Net service revenue		28.0		12.5
Cost of service		20.7		9.0
Gross margin		7.3		3.5
Other operating expenses		6.5		2.7
Operating income	$	0.8	$	0.8
Key Statistical Data:
Billable hours		1,206,618		542,257
Clients served		10,169		6,866

10

Segment Information - Corporate

	For the Three Month Period Ended June 30,
	2017		2016
Financial Information (in millions):
Other operating expenses	$	30.0	$	34.7
Depreciation and amortization		3.3		3.1
Total operating expenses before Securities Class Action Lawsuit settlement, net		33.3		37.8
Securities Class Action Lawsuit settlement, net		28.7		—
Total operating expenses	$	62.0	$	37.8
	For the Six Month Period Ended June 30,
	2017		2016
Financial Information (in millions):
Other operating expenses	$	59.5	$	73.7
Depreciation and amortization		6.5		6.0
Total operating expenses before Securities Class Action Lawsuit settlement, net		66.0		79.7
Securities Class Action Lawsuit settlement, net		28.7		—
Total operating expenses	$	94.7	$	79.7

11

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 June 30,					For the Six Month Period Ended June 30,
	2017			2016		2017		2016
Net income attributable to Amedisys, Inc.	$	4,461		$	10,696	$	19,591	$	16,909
Add:
Income tax (benefit) expense		(1,963	)		7,242		7,960		11,630
Interest expense, net		1,156			1,294		2,205		2,384
Depreciation and amortization		4,537			4,975		8,954		9,448
Certain items (1)		27,958			5,636		29,424		13,402
Adjusted EBITDA (2) (6)	$	36,149		$	29,843	$	68,134	$	53,773
Adjusted Net Service Revenue Reconciliation:
	For the Three Month Period Ended June 30,					For the Six Month Period Ended June 30,
	2017			2016		2017		2016
Net service revenue	$	378,821		$	360,746	$	749,279	$	709,563
Add:
Certain items (1)		—			948		—		948
Adjusted net service revenue (3) (6)	$	378,821		$	361,694	$	749,279	$	710,511
Adjusted Net Income Attributable to Amedisys, Inc. Reconciliation:
	For the Three Month Period Ended June 30,					For the Six Month Period Ended June 30,
	2017			2016		2017		2016
Net income attributable to Amedisys, Inc.	$	4,461		$	10,696	$	19,591	$	16,909
Add:
Certain items (1)		16,915			3,410		17,802		8,108
Adjusted net income attributable to Amedisys, Inc. (4) (6)	$	21,376		$	14,106	$	37,393	$	25,017
Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share:
	For the Three Month Period Ended June 30,					For the Six Month Period Ended June 30,
	2017			2016		2017		2016
Net income attributable to Amedisys, Inc. common stockholders per diluted share	$	0.13		$	0.32	$	0.57	$	0.50
Add:
Certain items (1)		0.49			0.10		0.52		0.24
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)	$	0.62		$	0.42	$	1.09	$	0.74

12

(1) The following details the certain items for the three and six month periods ended June 30, 2017 and 2016:

Certain Items:

	For the Three Month Period Ended June 30, 2017			For the Six Month Period Ended June 30, 2017
	(Income) Expense			(Income) Expense
Certain Items Impacting Operating Expenses:
Acquisition costs		294			976
Legal fees - non-routine		1,111			1,234
Securities Class Action Lawsuit settlement accrual, net		28,712			28,712
Data center relocation		226			940
Certain Items Impacting Total Other Income (Expense):
Legal settlements		(693	)		(1,367	)
Miscellaneous, other (income) expense, net		(1,692	)		(1,071	)
Total	$	27,958		$	29,424
Net of tax	$	16,915		$	17,802
Diluted EPS	$	0.49		$	0.52
	For the Three Month Period Ended June 30, 2016			For the Six Month Period Ended June 30, 2016
	(Income) Expense			(Income) Expense
Certain Items Impacting Net Service Revenue:
Third party audit reserve	$	948		$	948
Certain Items Impacting Operating Expenses:
HCHB implementation		2,593			5,033
Acquisition costs		337			2,042
Legal fees - non-routine		459			1,976
Restructuring activity		1,485			3,247
Data center relocation		9			456
Certain Items Impacting Total Other Income (Expense):
Legal settlements		(265	)		(806	)
Miscellaneous, other (income) expense, net		70			506
Total	$	5,636		$	13,402
Net of tax	$	3,410		$	8,108
Diluted EPS	$	0.10		$	0.24

(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 service revenue is defined as net service revenue plus certain items as described in footnote 1.

(4) 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.

(5) 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.

(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 Second Quarter 2017 Earnings Call Supplemental Slides July 27, 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

Our Key Areas of Focus Strategic areas of focus for the second half of 2017 and beyond Home Health: HCHB disruption in the rear view mirror. BD FTE ramp up will drive 3Q total episodic growth of 2-3% and 4Q total episodic growth of 4-6% Hospice: Continued growth at high single / low double digit pace (Admissions +11%, ADC +16%) Personal Care: Double digit growth and strong margin growth (billable hours / quarter +53%). Added locations in geographies where we have strong Home Health and Hospice overlap to provide integrated solutions 1 Organic Growth Amedisys improves to 4.13 Stars in the July 2017 HHC preview with 82% of providers at 4+ Stars STAR score improvement for the ninth consecutive quarter (from initial July’15 release to Jul’17 preview) Ten Amedisys providers rated at 5-Stars in the July 2017 Preview 3 Clinical Distinction Continued training on productivity tool optimization will help to impact RN / LPN & PT / PTA ratio and give field leaders better insight into capacity by clinician providing more clarity around staffing needs Skilled Nursing productivity increased 5% from Feb – May 4 Impact Capacity and Productivity Preference to acquire assets in: Hospice; Personal Care tuck-in’s, and opportunistic regional acquisitions in Home Health Unlevered balance sheet (0.3x) and strong free cash flow ($34M) profile gives us access to capital and lots of options Pipeline strong but price expectations challenging 5 M&A 2 BD Recruiting / Retention Focus on BD recruiting and retention pay-off as BD FTEs at the end of Jul’17 (750) projected to be above Jul’16 (746) BD turnover down 33% month over moth for the last 3 months New BD onboarding and training helping to drive better initial productivity – BD hires over the last three months averaging 2 admits / month more than target 6 Regulatory AMED actively working with industry organizations, leadership at CMS and Congress on regulatory issues impacting home health and hospice

Highlights and Summary Financial Results (Adjusted): 2Q 2017(1) Hospice (+11% same store admissions) and Personal Care (+53% billable hours) continue their strong growth. Same store Home Health episodic admissions down slightly (-1%). Cost containment initiatives performing very well driving 2Q EBITDA, EPS and cash flows Amedisys Consolidated Revenue Growth: +5% EBITDA: $36M (+21%) EBITDA Margin: 9.5% EPS: $0.62 2Q’17 Net debt: $34M Leverage ratio: 0.3x (net) CFFO: $36M Free cash flow (3) : $34M Balance Sheet & Cash Flow 2Q’17 Same Store Admissions: Medicare: (4%) Episodic(2): (1%) Non-Episodic: +2% Other Statistics: Medicare recert rate: 36% Total cost per visit: +2% Home Health Growth Metrics (4): Billable hours/quarter: +53% Clients served: +43% Realizing synergies from HomeStaff acquisition Largest provider of personal care services in Mass. Footprint also includes TN and FL Personal Care Same Store Volume: Admissions: +11% ADC: +16% Other Statistics: Cost per day: (3%) Hospice 2Q’17 2Q’17 2Q’17 Adjusted Financial Results 2Q’17 The financial results for the three-month periods ended June 30, 2016 and June 30, 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. Episodic admission – Includes Medicare and non-Medicare payors that bill on a 60-day episode of care basis Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments. Includes acquisitions and full 2Q’16 impact of AHC (deal closed in March 2016)

Home Health and Hospice Segment (Adjusted) – 2Q 2017(1) Overall same store episodic admits (-1%) driven by decline in Medicare same store admissions (-4%) offset by non-Medicare episodic admits (+25%) Expected total episodic admissions growth in 3Q: 2-3% CPV increase due to health care costs Home Health Highlights Ninth straight quarter of double digit same store admissions growth Net revenue per day up 2% y/y; gross margin expanded 210 basis points Cost per day down 3%; segment EBITDA contribution up 34% Only two providers over cap as of 6/30/17, total cap liability of $1.3M (2013 – 2017 cap years) Hospice Highlights The financial results for the three-month periods ended June 30, 2016 and June 30, 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 same store episodic volume slightly down; hospice continues to outperform

General & Administrative Expenses – Adjusted (1,2) Notes: Year over year total G&A as a percentage of revenue decreased 230 basis points Home health segment G&A: 70 bps y/y decrease as % of revenue Hospice segment G&A: 170 bps decrease y/y as % of revenue Personal Care segment G&A: 370 bps decrease y/y as % of revenue Corporate G&A: 110 bps decrease y/y as % of total revenue G&A has decreased ~$3M in 2Q17 vs. 2Q16 The financial results for the three-month periods ended June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017 and June 30, 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

Status Category Update Ongoing Initiative STARS / Quality Amedisys maintains above a 4-Star average (4.13) in the July 2017 HHC preview with 82% of providers at 4+ Stars 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 BD Staffing Our original goal was to hire an additional 50 BD FTE’s by 2H’17. 750 BD FTEs projected by end of July. Our new goal is to reach 775 BD FTE’s by 4Q’17 BD Turnover BD vacancy rate at 4.8% (end of June) below our goal of 6%. We have seen a drop in BD turnover each of the last three months as our hiring and retention efforts are taking hold 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. DSO excluding impact of FL ZPIC was 38.7. Expect to reduce DSO to more normalized levels by end of year. Home Health Same store episodic admissions slightly down (1%), softness in Medicare (4%) growth continues. Impact of BD FTE ramp up will impact 2H’17 growth. Hospice Hospice performance continues to be stellar. SS Hospice admissions +11%. 9th consecutive quarter of double digit growth Personal Care Billable hours/quarter: +53%. Highly efficient integration process. Realizing synergies from HomeStaff acquisition. Targeting additional acquisitions and efficiency as platform is built out. M&A Valuations remain high. Continue focus on Hospice, Personal Care and strategic Home Health acquisitions but will remain disciplined. Pipeline full Reimbursement Impact of rate cut ~$4M in 2Q’17, offset by $2M due to patient acuity levels. Working collaboratively with CMS on Home Health Groupings Model and other regulatory issues impacting Home Health and Hospice 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 Rolled out new heart failure program with additional protocol driven programs underway. Continued focus on readmissions Continued focus on retention through engagement and development opportunities. Increased emphasis on HH BD staffing and retention paying dividends. Clinical focus continues Home Health to realize impact of new BD FTE’s in 3Q’17 Targeting total episodic growth of 2-3% in 3Q and 4-6% in 4Q Focusing M&A efforts on hospice and personal care, while maintaining multiple discipline Working with industry partners and CMS to address HHGM. If HHGM is part of the proposed rule, we will oppose it Focus of 2H’17 has shifted to HCHB 2.0 training – proof will be in productivity gains 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 9th consecutive quarter of QPC STAR score improvement; 82% of providers at 4 stars or better. Additional focus now on readmissions improvement Metric Jan 17 Release Apr 17 Release Jul 17 Release Quality of Patient Care 3.91 4.03 4.13 Entities at 4+ Stars 65% 75% 82% Metric Jan 17 Release Apr 17 Release Jul 17 Release Patient Satisfaction Star 3.80 3.82 4.08 Performance Over Industry +4% +5% +8% 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 improves to 4.13 Stars in the July 2017 HHC release with 82% of providers at 4+ Stars Ten Amedisys providers rated at 5-Stars in the July 2017 Preview (represents 15 care centers) Patient Satisfaction (HHCAHPS) improving against industry average Star score improvement for the ninth consecutive quarter (from initial July’15 release to Jul’17 release)

Our original goal was to hire and additional 50 BD FTE’s by 2H’17. As of 7/19, we have 741 BD FTEs (750 projected July month end) and have lowered our vacancy rate to ~5% (below our target). Our new goal is to reach 775 BD FTE’s by 4Q’17 On Target to Reach 750 BD FTEs by End of July End of July 2017 will be the first time we have had more BD feet on the street than 2016 Vacancy Rate goal of 6% by YE 2017 achieved and surpassed BD recruiting SWAT team responsible for the significant ramp in BD FTEs BD turnover, 33% improvement month over month Impact of new feet on the street will be realized in 3Q’17

Components 2Q’16 1Q’17 2Q’17 YoY Variance Detail Mitigation Plan Salaries $60.28 $61.48 $60.34 $0.06 $0.06 driven by planned salary increases Staffing mix optimization, productivity and scheduling improvement initiatives in place helped us overcome planned salary increases Contractors $2.87 $2.35 $2.58 ($0.29) Sequential increase due to slight increase in clinician turnover Contractor utilization decreases as clinician capacity increases post HCHB Benefits $9.63 $10.09 $10.83 $1.20 Health insurance driving increase Focused on cost containment and spend optimization Transportation & Supplies $6.66 $7.16 $6.86 $0.20 Increase primarily due to supply costs Initiatives underway have resulted in decrease sequentially ($0.30) *Visiting Staff CPV $79.44 $81.08 $80.61 $1.17 Clinical Managers $8.12 $8.53 $8.44 $0.32 Fixed cost associated with non-visiting clinicians Unit cost reduced as volume increases Total CPV $87.56 $89.61 $89.05 $1.49 Operational Excellence: Cost Per Visit (CPV) CPV increase driven by 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 $79.44 $81.08 $80.61

Driving Top Line Growth: Metrics Across Business Segments Solid growth in hospice and personal care; Medicare revenue percentage 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 - AMED closed AHC acquisition in March of 2016

Driving Top Line Growth: How BD Heads Will Drive Growth We will exit July with 750 BD FTEs. As we continue to ramp BD heads with the goal of reaching a net 775 in 4Q’17, and assuming a normal productivity level, we will achieve our Episodic growth targets of 2-3% in 3Q’17 and 4-6% in 4Q’17 Quarter Episodic Growth Rate 1Q16 4.4% 2Q16 5.3% 3Q16 3.2% 4Q16 3.6% 1Q17 3.2% 2Q17 (1%) 3Q17(P) 2-3% 4Q17(P) 4-6% Assuming a normal level of BD productivity (24.8 – 25.3 admits / BD FTE) and if we continue to hire and retain BD staff, we will achieve between 2-3% episodic growth for 3Q’17 and 4-6% for 4Q’17 Productivity normalization expected as ramp in new BD FTEs continues Dotted lines represent projections Dotted lines represent projections

Debt and Liquidity Metrics Low debt levels (0.3x) and strong free cash flow ($34M in 2Q’17) have improved the flexibility of our balance sheet with ample available liquidity Net debt defined as total debt outstanding ($94M) less cash balance ($59M) Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($124M). 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 of $10M - $12M within projected goal for 2017 The financial results for the three-month periods ended June 30, 2016, September 30, 2016, December 31, 2016 , March 31, 2017 and June 30, 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, excluding legal settlements, have substantially decreased. Trend to continue throughout 2H’17 The financial results for the three-month periods ended June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017 and June 30, 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.

Home Health Groupings Model (HHGM) It is still early and we lack needed data to draw firm conclusions, but here is what we know: What it is / Issues: HHGM is a total payment redesign for Home Health with the stated intent of better aligning resources and outcomes with reimbursement HHGM has an effective date of January 1, 2019 HHGM shifts payment from a 60 day episode to two 30 day periods and eliminates therapy visit thresholds currently used to adjust reimbursement.  This potentially discourages home health providers from taking care of higher acuity patients requiring therapy as part of their treatment HHGM is a product of the Affordable Care Act and the previous administration HHGM was created in a non-budget neutral manner HHGM was crafted and proposed by CMS without meaningful input from home health providers  Providing the industry only 60 days to comment on a total payment redesign, after no prior collaboration with the industry, seems to run counter to the current administration’s goal of transparency and reducing the regulatory burden for clinicians, providers, and patients in a way that increases quality of care and decreases costs Impact of HHGM: We have just seen the proposed rule and are not in a position yet to comment on the impact to Amedisys and our patients as the proposed rule is a complete redesign of the home health payment system We will need a significant amount of information and data from CMS in order to properly model the impact of the proposed rule in our geographies: Our very early review indicates that the reimbursement impact could vary significantly between states and regions Our ask: CMS should partner with home health providers to test HHGM or any payment reform CMS should provide access to the required data to model the impact of HHGM Amedisys remains fully committed to working closely with the Administration and CMS leadership to develop viable solutions that fulfill the goal of aligning reimbursement with resource use without compromising access to high-quality care