8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): NOVEMBER 7, 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 November 7, 2017, Amedisys, Inc. (“we,” “us,” “our” or the “Company”) issued a press release announcing our financial results for the three and nine-month periods ended September 30, 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, November 8, 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 November 7, 2017, announcing the Company’s financial results for the three and nine-month periods ended September 30, 2017 (furnished only)
99.2	Supplemental slides provided in connection with the third 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 Financial Officer
	(Principal Accounting Officer)

DATE: November 7, 2017

EX-99.1

Exhibit 99.1

AMEDISYS REPORTS THIRD QUARTER 2017 FINANCIAL RESULTS

BATON ROUGE, Louisiana (November 7, 2017) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and nine-month periods ended September 30, 2017.

Three Month Periods Ended September 30, 2017 and 2016

• Net service revenue increased $18.6 million to $380.2 million compared to $361.6 million in 2016.

• Net income attributable to Amedisys, Inc. of $14.6 million compared to $11.4 million in 2016.

• Net income attributable to Amedisys, Inc. per diluted share of $0.42 compared to $0.34 in 2016.

Adjusted Quarterly Results*

• Adjusted EBITDA of $36.9 million compared to $25.6 million in 2016.

• Adjusted net service revenue of $386.7 million compared to $361.6 million in 2016.

• Adjusted net income attributable to Amedisys, Inc. of $19.2 million compared to $12.1 million in 2016.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.56 compared to $0.36 in 2016.

Nine Month Periods Ended September 30, 2017 and 2016

• Net service revenue increased $58.3 million to $1,129.4 million compared to $1,071.1 million in 2016.

• Net income attributable to Amedisys, Inc. of $34.1 million compared to $28.3 million in 2016.

• Net income attributable to Amedisys, Inc. per diluted share of $1.00 compared to $0.84 in 2016.

Adjusted Year to Date Results*

• Adjusted EBITDA of $105.0 million compared to $79.4 million in 2016.

• Adjusted net service revenue of $1,135.9 million compared to $1,072.1 million in 2016.

• Adjusted net income attributable to Amedisys, Inc. of $56.5 million compared to $37.2 million in 2016.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.65 compared to $1.10 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, “I am proud of our third quarter results and the strong execution of our team. We are pleased with the growth trends we are seeing in home health, after experiencing some obstacles in the last few quarters. Our strategies around home health business development hiring, retention and training are delivering the desired results, and now we must continue that momentum. Our hospice segment continues its stellar performance, with 18% revenue growth compared to the third quarter of 2016. Our personal care segment has built out an impressive platform for growth in under two years and has integrated tuck-in acquisitions to fill out its footprint in Massachusetts. Most importantly, our clinical and outcomes metrics continue to improve as we pursue the goal of clinical distinction for our patients, referral sources and payors. On the regulatory side, we are pleased with the CMS decision not to finalize the home health groupings model. While we are supportive of payment reform in home health, we must ensure that any reform is designed such that patient access to home health services is not negatively impacted. Finally, thanks to our team of over 17,000 employees for continuing to provide excellent care to 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 Wednesday, November 8, 2017, at 11:00 a.m. ET to discuss its third 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 December 8, 2017 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13672018.

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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 more than 17,000 employees, in 425 care centers in 34 states and the District of Columbia, 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 September 30,						For the Nine Month Period Ended September 30,
	2017			2016			2017			2016
Net service revenue	$	380,163		$	361,595		$	1,129,442		$	1,071,158
Cost of service, excluding depreciation and amortization		226,642			212,124			662,192			620,466
General and administrative expenses:
Salaries and benefits		77,130			77,019			226,532			231,079
Non-cash compensation		3,558			4,750			11,788			12,556
Other		38,189			42,658			120,223			134,951
Provision for doubtful accounts		7,086			5,471			18,078			13,664
Depreciation and amortization		4,185			5,214			13,139			14,662
Securities Class Action Lawsuit settlement, net		—			—			28,712			—
Operating expenses		356,790			347,236			1,080,664			1,027,378
Operating income		23,373			14,359			48,778			43,780
Other income (expense):
Interest income		44			14			104			45
Interest expense		(1,335	)		(1,136	)		(3,600	)		(3,551	)
Equity in earnings from equity method investments		900			3,244			3,149			3,602
Miscellaneous, net		1,043			1,713			3,282			3,106
Total other income, net		652			3,835			2,935			3,202
Income before income taxes		24,025			18,194			51,713			46,982
Income tax expense		(9,364	)		(6,693	)		(17,324	)		(18,323	)
Net income		14,661			11,501			34,389			28,659
Net income attributable to noncontrolling interests		(103	)		(66	)		(240	)		(315	)
Net income attributable to Amedisys, Inc.	$	14,558		$	11,435		$	34,149		$	28,344
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.43		$	0.34		$	1.02		$	0.86
Weighted average shares outstanding		33,838			33,309			33,640			33,142
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.42		$	0.34		$	1.00		$	0.84
Weighted average shares outstanding		34,363			33,823			34,255			33,699

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AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

(Amounts in thousands, except share data)

	September 30, 2017
	(Unaudited)			December 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	66,114		$	30,197
Patient accounts receivable, net of allowance for doubtful accounts of $19,933 and $17,716		177,402			166,056
Prepaid expenses		9,770			7,397
Other current assets		14,904			11,260
Total current assets		268,190			214,910
Property and equipment, net of accumulated depreciation of $148,301 and $138,650		32,695			36,999
Goodwill		313,663			288,957
Intangible assets, net of accumulated amortization of $29,932 and $27,864		44,845			46,755
Deferred income taxes		91,160			107,940
Other assets, net		48,976			38,468
Total assets	$	799,529		$	734,029
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	22,815		$	30,358
Payroll and employee benefits		86,139			82,480
Accrued expenses		83,516			63,290
Current portion of long-term obligations		9,387			5,220
Total current liabilities		201,857			181,348
Long-term obligations, less current portion		80,523			87,809
Other long-term obligations		3,930			3,730
Total liabilities		286,310			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; 35,687,068 and 35,253,577 shares issued; and 33,913,558 and 33,597,215 shares outstanding		36			35
Additional paid-in capital		561,380			537,472
Treasury stock at cost, 1,773,510 and 1,656,362 shares of common stock		(53,228	)		(46,774	)
Accumulated other comprehensive income		15			15
Retained earnings (deficit)		4,053			(30,545	)
Total Amedisys, Inc. stockholders’ equity		512,256			460,203
Noncontrolling interests		963			939
Total equity		513,219			461,142
Total liabilities and equity	$	799,529		$	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 September 30,						For the Nine Month Period Ended September 30,
	2017			2016			2017			2016
Cash Flows from Operating Activities:
Net income	$	14,661		$	11,501		$	34,389		$	28,659
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,185			5,214			13,139			14,662
Provision for doubtful accounts		7,086			5,471			18,078			13,664
Non-cash compensation		3,558			4,750			11,788			12,556
401(k) employer match		2,180			1,694			6,547			5,134
(Gain) loss on disposal of property and equipment		(169	)		34			(22	)		556
Deferred income taxes		9,646			7,327			17,228			18,689
Equity in earnings from equity method investments		(900	)		(3,244	)		(3,149	)		(3,602	)
Amortization of deferred debt issuance costs		185			185			555			555
Return on equity investment		1,240			1,551			4,656			1,913
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		(11,099	)		(15,758	)		(28,924	)		(46,107	)
Other current assets		996			(4,681	)		(5,896	)		870
Other assets		(11,054	)		34			(12,202	)		(11,909	)
Accounts payable		(6,523	)		(1,300	)		(5,430	)		7,308
Securities Class Action Lawsuit settlement accrual, net		(28,712	)		—			—			—
Accrued expenses		25,327			(6,289	)		22,584			(9,100	)
Other long-term obligations		(406	)		314			201			(150	)
Net cash provided by operating activities		10,201			6,803			73,542			33,698
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets		57			—			622			230
Purchase of investment		—			(318	)		(436	)		(750	)
Purchases of property and equipment		(1,625	)		(3,587	)		(9,074	)		(13,502	)
Proceeds from sale of property and equipment		118			—			118			—
Acquisitions of businesses, net of cash acquired		—			(3,744	)		(24,128	)		(31,378	)
Net cash used in investing activities		(1,450	)		(7,649	)		(32,898	)		(45,400	)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options and warrants		11			—			4,214			—
Proceeds from issuance of stock to employee stock purchase plan		611			611			1,798			1,818
Shares withheld upon stock vesting		(728	)		—			(6,454	)		—
Tax benefit from stock options exercised and restricted stock vesting		—			111			—			7,241
Non-controlling interest distribution		(126	)		(84	)		(216	)		(284	)
Sale of non-controlling interest		—			405			—			405
Proceeds from revolving line of credit		—			44,500			—			128,500
Repayments of revolving line of credit		—			(44,500	)		—			(128,500	)
Principal payments of long-term obligations		(1,569	)		(1,250	)		(4,069	)		(3,750	)
Purchase of company stock		—			—			—			(12,315	)
Net cash used in financing activities		(1,801	)		(207	)		(4,727	)		(6,885	)
Net increase (decrease) in cash and cash equivalents		6,950			(1,053	)		35,917			(18,587	)
Cash and cash equivalents at beginning of period		59,164			9,968			30,197			27,502
Cash and cash equivalents at end of period	$	66,114		$	8,915		$	66,114		$	8,915
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	1,016		$	917		$	2,188		$	2,276
Cash paid for income taxes, net of refunds received	$	31		$	(67	)	$	315		$	758
Days revenue outstanding, net (1)		40.7			40.0			40.7			40.0

(1) Our calculation of days revenue outstanding, net at September 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 September 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 September 30,
	2017			2016
Financial Information (in millions):
Medicare	$	191.4		$	203.9
Non-Medicare		78.1			65.0
Net service revenue		269.5			268.9
Cost of service		168.2			162.4
Gross margin		101.3			106.5
Other operating expenses		77.2			77.4
Operating income	$	24.1		$	29.1
Same Store Growth (1):
Medicare revenue		(7	%)		1	%
Non-Medicare revenue		19	%		4	%
Medicare admissions		(3	%)		1	%
Total Episodic admissions		1	%		3	%
Total admissions		1	%		—	%
Key Statistical Data - Total (2):
Medicare:
Admissions		46,823			47,625
Recertifications		26,996			25,522
Total volume		73,819			73,147
Completed episodes		71,454			71,948
Visits		1,259,156			1,266,780
Average revenue per completed episode (3)	$	2,820		$	2,841
Visits per completed episode (4)		17.4			17.5
Non-Medicare:
Admissions		26,686			24,335
Recertifications		12,263			9,479
Visits		592,742			506,729
Visiting Clinician Cost per Visit	$	82.53		$	82.86
Clinical Manager Cost per Visit	$	8.30		$	8.72
Total Cost per Visit	$	90.83		$	91.58
Visits		1,851,898			1,773,509

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	For the Nine Month Period Ended September 30,
	2017			2016
Financial Information (in millions):
Medicare	$	588.4		$	619.2
Non-Medicare		226.1			198.0
Net service revenue		814.5			817.2
Cost of service		496.1			483.6
Gross margin		318.4			333.6
Other operating expenses		223.0			230.5
Operating income	$	95.4		$	103.1
Same Store Growth (1):
Medicare revenue		(5	%)		3	%
Non-Medicare revenue		14	%		12	%
Medicare admissions		(3	%)		3	%
Total Episodic admissions		1	%		4	%
Total admissions		1	%		3	%
Key Statistical Data - Total (2):
Medicare:
Admissions		143,711			147,025
Recertifications		78,878			77,565
Total volume		222,589			224,590
Completed episodes		217,190			218,007
Visits		3,794,001			3,893,568
Average revenue per completed episode (3)	$	2,811		$	2,835
Visits per completed episode (4)		17.3			17.5
Non-Medicare:
Admissions		80,244			74,139
Recertifications		33,949			28,945
Visits		1,727,618			1,549,760
Visiting Clinician Cost per Visit	$	81.41		$	80.52
Clinical Manager Cost per Visit	$	8.42		$	8.31
Total Cost per Visit	$	89.83		$	88.83
Visits		5,521,619			5,443,328

(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 September 30,
	2017			2016
Financial Information (in millions):
Medicare	$	91.4		$	77.0
Non-Medicare		5.1			5.0
Net service revenue		96.5			82.0
Cost of service		47.8			41.9
Gross margin		48.7			40.1
Other operating expenses		20.4			19.3
Operating income	$	28.3		$	20.8
Same Store Growth (1):
Medicare revenue		17	%		12	%
Non-Medicare revenue		(2	%)		14	%
Hospice admissions		7	%		16	%
Average daily census		14	%		14	%
Key Statistical Data - Total (2):
Hospice admissions		6,257			5,751
Average daily census		7,026			6,087
Revenue per day, net	$	149.25		$	146.49
Cost of service per day	$	73.99		$	74.77
Average discharge length of stay		95			92
	For the Nine Month Period Ended September 30,
	2017			2016
Financial Information (in millions):
Medicare	$	257.9		$	217.0
Non-Medicare		14.9			13.8
Net service revenue		272.8			230.8
Cost of service		134.9			120.1
Gross margin		137.9			110.7
Other operating expenses		61.7			55.6
Operating income	$	76.2		$	55.1
Same Store Growth (1):
Medicare revenue		18	%		16	%
Non-Medicare revenue		7	%		15	%
Hospice admissions		13	%		18	%
Average daily census		15	%		17	%
Key Statistical Data -Total (2):
Hospice admissions		19,010			16,757
Average daily census		6,705			5,776
Revenue per day, net	$	149.01		$	145.86
Cost of service per day	$	73.72		$	75.89
Average discharge length of stay		92			94

(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 September 30,
	2017		2016
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		14.2		10.7
Net service revenue		14.2		10.7
Cost of service		10.6		7.8
Gross margin		3.6		2.9
Other operating expenses		3.6		2.4
Operating income	$	—	$	0.5
Key Statistical Data:
Billable hours		616,036		448,133
Clients served		8,145		7,132
Shifts		281,904		203,465
Revenue per hour	$	23.00	$	23.70
Revenue per shift	$	50.26	$	52.19
Hours per shift		2.2		2.2
	For the Nine Month Period Ended September 30,
	2017		2016
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		42.1		23.2
Net service revenue		42.1		23.2
Cost of service		31.2		16.8
Gross margin		10.9		6.4
Other operating expenses		10.0		5.1
Operating income	$	0.9	$	1.3
Key Statistical Data:
Billable hours		1,822,653		990,389
Clients served		11,372		8,969
Shifts		830,151		451,421
Revenue per hour	$	23.13	$	23.41
Revenue per shift	$	50.77	$	51.36
Hours per shift		2.2		2.2

10

Segment Information - Corporate

	For the Three Month Period Ended September 30,
	2017		2016
Financial Information (in millions):
Other operating expenses	$	25.9	$	32.7
Depreciation and amortization		3.1		3.3
Total operating expenses	$	29.0	$	36.0
	For the Nine Month Period Ended September 30,
	2017		2016
Financial Information (in millions):
Other operating expenses	$	85.4	$	106.4
Depreciation and amortization		9.6		9.3
Total operating expenses before Securities Class Action Lawsuit settlement, net		95.0		115.7
Securities Class Action Lawsuit settlement, net		28.7		—
Total operating expenses	$	123.7	$	115.7

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 September 30,					For the Nine Month Period Ended September 30,
	2017			2016		2017			2016
Net income attributable to Amedisys, Inc.	$	14,558		$	11,435	$	34,149		$	28,344
Add:
Income tax expense		9,364			6,693		17,324			18,323
Interest expense, net		1,291			1,122		3,496			3,506
Depreciation and amortization		4,185			5,214		13,139			14,662
Certain items (1)		7,590			1,158		37,014			14,560
Interest component of certain items (1)		(95	)		—		(95	)		—
Adjusted EBITDA (2) (6)	$	36,893		$	25,622	$	105,027		$	79,395
Adjusted Net Service Revenue Reconciliation:
	For the Three Month Period Ended September 30,					For the Nine Month Period Ended September 30,
	2017			2016		2017			2016
Net service revenue	$	380,163		$	361,595	$	1,129,442		$	1,071,158
Add:
Certain items (1)		6,506			—		6,506			948
Adjusted net service revenue (3) (6)	$	386,669		$	361,595	$	1,135,948		$	1,072,106
Adjusted Net Income Attributable to Amedisys, Inc. Reconciliation:
	For the Three Month Period Ended September 30,					For the Nine Month Period Ended September 30,
	2017			2016		2017			2016
Net income attributable to Amedisys, Inc.	$	14,558		$	11,435	$	34,149		$	28,344
Add:
Certain items (1)		4,592			700		22,394			8,809
Adjusted net income attributable to Amedisys, Inc. (4) (6)	$	19,150		$	12,135	$	56,543		$	37,153
Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share:
	For the Three Month Period Ended September 30,					For the Nine Month Period Ended September 30,
	2017			2016		2017			2016
Net income attributable to Amedisys, Inc. common stockholders per diluted share	$	0.42		$	0.34	$	1.00		$	0.84
Add:
Certain items (1)		0.13			0.02		0.65			0.26
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)	$	0.56		$	0.36	$	1.65		$	1.10

12

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

Certain Items:

	For the Three Month Period Ended September 30, 2017			For the Nine Month Period Ended September 30, 2017
	(Income) Expense			(Income) Expense
Certain Items Impacting Net Service Revenue:
Florida ZPIC audit	$	6,506		$	6,506
Certain Items Impacting Operating Expenses:
Acquisition costs		—			976
Legal fees - non-routine		176			1,410
Securities Class Action Lawsuit settlement accrual, net		—			28,712
Restructuring activity		1,670			1,670
Data center relocation		—			940
Certain Items Impacting Total Other Income (Expense):
Legal settlements		(647	)		(2,014	)
Miscellaneous, other (income) expense, net		(115	)		(1,186	)
Total	$	7,590		$	37,014
Net of tax	$	4,592		$	22,394
Diluted EPS	$	0.13		$	0.65

	For the Three Month Period Ended September 30, 2016			For the Nine Month Period Ended September 30, 2016
	(Income) Expense			(Income) Expense
Certain Items Impacting Net Service Revenue:
Third party audit reserve	$	—		$	948
Certain Items Impacting Operating Expenses:
HCHB implementation		1,993			7,025
Acquisition costs		467			2,509
Legal fees - non-routine		374			2,350
Restructuring activity		1,965			5,213
Data center relocation		—			456
Disaster relief		338			338
Certain Items Impacting Total Other Income (Expense):
Legal settlements		(1,242	)		(2,048	)
Miscellaneous, other (income) expense, net		(2,737	)		(2,231	)
Total	$	1,158		$	14,560
Net of tax	$	700		$	8,809
Diluted EPS	$	0.02		$	0.26

(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 Third Quarter 2017 Earnings Call Supplemental Slides November 8th, 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

3 Our Key Areas of Focus Strategic areas of focus for the second half of 2017 and beyond Home Health: Rebuild of BD staff continues. BD FTE ramp helped us achieve our 3Q total episodic admit growth (+3% ex FL closures and hurricane). On track to achieve 4Q total episodic admit growth rate (ex. FL closures) of 4-6%. Same store episodic volume growth +5% Hospice: Continued growth at high single / low double digit pace (Admissions +7%, ADC +14%) Personal Care: Double digit growth in billable hours / quarter +37% 1 Organic Growth Amedisys improves STARS scores to 4.21 (Jan’18 preview) with 88% of providers at 4+ STAR rating STAR score improvement for the tenth consecutive quarter (from initial July’15 release to Jan’18 preview) 19 Amedisys providers (representing 29 care centers) rated at 5-Stars in the Jan’18 Preview Readmissions & clinical turnover Palliative care programs 3 Clinical Initiatives 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 Since Jan. 1, 2017, clinician productivity has increased in the range of 5% (partially due to increased volume being available) – helping to drive down CPV 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 (0.2x) 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 payoff as BD FTEs at the end of Sept. at 770 projected to be 775 by 4Q’17 (increase of 58 FTEs vs. 4Q16) BD vacancy rate at end of September: 1.1%, down from 8.6% in April Targeting industry leading employee retention amongst all employee categories 6 Regulatory Home Health 2018 rule finalized on 11/1 HHGM not included for implementation Working through details of final rule; final rule impacts AMED by (1.4%), half of this cut is due to rural add-on expiration 2018 Hospice rate increase of 1% effective 10/1/17 Work with CMS on future payment reform

Highlights and Summary Financial Results (Adjusted): 3Q 2017(1) Same store Home Health Episodic admissions up (+3%) excluding Florida closures and hurricane impact. Hospice (+7% same store admissions) and Personal Care (+37% billable hours) continue their strong growth. Cost containment initiatives performing very well driving 3Q EBITDA, EPS and cash flows Amedisys Consolidated Revenue Growth: +7% EBITDA: $37M (+44%) EBITDA Margin: 9.5% EPS: $0.56 (+56%) 3Q’17 Net debt: $25.9 Leverage ratio: 0.2x (net) CFFO: $10.2M ($38.9M ex. Legal Settlements) Free cash flow (5) : $8.3M ($37.0M) ex. Legal Settlements) Balance Sheet & Cash Flow 3Q’17 Same Store Admissions (2): Episodic (3): +3% Non-Episodic: +3% Same Store Volume (4): Episodic: +5% Other Statistics: Total cost per visit: (1%) Recert Rate: +300 bps Home Health Growth Metrics (6): Billable hours/quarter: +37% Clients served: +14% Personal Care Same Store Volume: Admissions: +7% ADC: +14% Other Statistics: Cost per day: (1%) Hospice 3Q’17 3Q’17 3Q’17 Adjusted Financial Results 3Q’17 The financial results for the three-month periods ended September 30, 2016 and September 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. Same store admissions exclude 7 closed and consolidated care centers in FL and impact of hurricane. Episodic admissions and volume – Includes Medicare and non-Medicare payors that bill on a 60-day episode of care basis. Same Store Episodic volume – Includes admissions and recertifications (ex. Florida closures and impact of hurricane). Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments. Includes acquisitions and full 3Q’16 impact of AHC (deal closed in March 2016).

Home Health and Hospice Segment (Adjusted) – 3Q 2017(1) Overall same store episodic admissions ex. FL closures and volume impact of hurricane +3% Total same store episodic volume growth +5% (admissions plus recertifications) [ex. Florida closures and hurricane] Expected total episodic admissions growth in 4Q (ex. FL closures): 4-6% Y/Y CPV decrease of (1%) Home Health Highlights Same store average daily census (ADC) up 14% Net revenue per day up 2% y/y; gross margin expanded 160 basis points Cost per day down 1%; segment EBITDA contribution up 13% Only one provider over cap as of Q3’17, less than $200k liability Hospice Highlights The financial results for the three-month periods ended September 30, 2016 and September 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. Same store episodic admissions exclude 7 closed and consolidated care centers in FL and impact of hurricane. Home health same store episodic volume up; 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: 120 bps y/y decrease as % of revenue Hospice segment G&A: 150 bps decrease y/y as % of revenue Personal Care segment G&A: 50 bps increase y/y as % of revenue Corporate G&A: 130 bps decrease y/y as % of total revenue G&A has decreased $2.2M in 3Q17 vs. 3Q16 Home Health restructuring plan will further reduce G&A beginning in Q4’17 The financial results for the three-month periods ended September 30, 2016, December 31, 2016, March 31, 2017, June 30, 2017 and September 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 Quality ratings (Stars & VBP) Amedisys maintains above a 4-Star average (4.21) in the Jan 2018 HHC preview with 88% of providers at 4+ Stars; focusing on readmission reduction; Hospice quality metrics initially released Clinical Initiatives & Readmissions 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 / Turnover We exited September with 770 BD FTE’s and are on pace to reach our next target of 775 BD FTE’s by 4Q’17; significantly slowed turnover of productive staff that was occurring in late 2016 Clinical Staffing & Turnover During the third quarter, we filled over 1,300 clinical positions, building capacity for planned volume growth HCHB 2.0 Re-training the field to become system “super-users” or drive more efficiencies and organizational standardization Cost Initiatives / Margin We will deliver the run rate savings opportunities of $46M by 4Q’17; delivered on margin opportunity despite rate cuts (margin adjusted for rate cuts and Personal Care is ~12% in 3Q’17) Accounts Receivable DSO remained steady at 40.7. DSO excluding impact of FL ZPIC and Tenet acquisition was 38.0. Expect to reduce DSO to more normalized levels by end of year Home Health Same store episodic admissions ex. FL closures and hurricane up +3%. Same store total episodic volume growth +5% (admissions + recertifications) [ex. FL closures and hurricane] Hospice Hospice performance continues to be stellar. Same store Hospice admissions +7% and SS ADC growth +14% Personal Care Billable hours/quarter: +37%. 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 3Q’17, offset by $2M due to patient acuity levels. 2018 reimbursement for AMED (1.4%), half of the impact is due to the expiration of the rural add on (0.7%) 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 Continued focus on driving down 30 and 60 day readmissions rates, key value proposition for Medicare and other payors Continued focus on retention through engagement and development opportunities. Increased emphasis on HH BD staffing and retention paying dividends Home Health has realized impact of new BD FTE’s in 3Q’17 Targeting total episodic growth of 4-6% in 4Q (ex. Florida closures) Focusing M&A efforts on Hospice and Personal Care, while maintaining price discipline 2018 Home Health Final Rule did not include HHGM Focus of 2H’17 has shifted to HCHB 2.0 training – proof will be in productivity gains Aside from disruptions to A/R from Florida ZPIC and Tenet acquisition, making progress on reducing DSO

Our Stars scores have continued to trend upwards and are amongst industry leaders Note: Top Competitor Avg weighted by CCN count and include LHC, Kindred, AFAM, HLS and BKD Metric APR 17 Release OCT 17 Release JAN 18 Preview Quality of Patient Care 4.03 4.13 4.21 Entities at 4+ Stars 75% 81% 88% Metric Apr 17 Release Jul 17 Release OCT 17 Release Patient Satisfaction Star 3.82 4.08 3.56* Performance Over Industry +5% +8% +6% 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 Jan 2018 HHC release with 88% of our providers at 4+ Stars STAR score improvement for the eighth consecutive quarter (from initial Jul 15 release to Jan 18 preview)** Nineteen Amedisys providers (representing 29 care centers) rated at 5-Stars in the January 2018 preview Industry impacted by calculation methodology change resulting in industry wide Patient Satisfaction drop * *JUL 17 and OCT 17 release periods use same OASIS data time frame. JUL 17 release excluded from this view to show improvement progression

Dotted lines represent projections Assuming a normalized level of BD productivity (~25 monthly admits / BD FTE) and meeting hiring and retention goals, we expect to achieve episodic growth of 4-6% for 4Q’17 excluding Florida closures On Target to Reach 775 BD FTEs by End of 4Q’17 Vacancy Rate goal of 6% by YE 2017 achieved and surpassed BD recruiting SWAT team responsible for the significant ramp in BD FTEs BD FTE impact will help us achieve 4-6% episodic growth in 4Q’17, excluding FL closures

We are on track to realize the $46M annualized savings we promised by Q4’17 – Additional Home Health restructure will put us over our original projections and help deliver improved margins despite reimbursement cuts $46 million in Targeted Savings by Q4 2017 HCHB Disruption In early 2015, we discussed a plan to deliver $46M in annualized run rate savings by the end of this year and have achieved much of this to date, which has driven improved margins Unanticipated rate cuts in home health, a cumulative 3% as of Q3’17 have impacted margins. Adjusting for these rate cuts and Personal Care, expected to deliver margins in the 12% range

Components 3Q’16 2Q’17 3Q’17 YoY Variance Detail Mitigation Plan Salaries $62.34 $60.34 $61.65 ($0.69) YoY decrease driven by increased productivity. Sequential increase due to planned salary increases and impact of additional holiday Staffing mix optimization, productivity and scheduling improvement initiatives in place helped us overcome planned salary increases Contractors $2.61 $2.58 $2.81 $0.20 Sequential increase due to slight increase in clinician turnover and increasing volumes Contractor utilization decreases as clinician capacity increases post HCHB; increases due to increased volume in quarter Benefits $10.94 $10.83 $11.12 $0.18 Health insurance driving increase. Q3 and Q4 are the highest claim volume Focus on cost containment and spend optimization Transportation & Supplies $6.97 $6.86 $6.95 ($0.02) Sequential increase primarily due to supply costs Initiatives underway including more effective medical supply contracting and optimized scheduling to reduce travel costs *Visiting Staff CPV $82.86 $80.61 $82.53 ($0.33) Clinical Managers $8.72 $8.44 $8.30 ($0.42) Fixed cost associated with non-visiting clinicians Unit cost reduced as volume increases Total CPV $91.58 $89.05 $90.83 ($0.75) Operational Excellence: Cost Per Visit (CPV) CPV decreased year-over-year despite planned salary increases, increased volume of visits has lowered our overall unit cost in several areas *Note: Direct comparison with industry competitors CPV calculation $82.86 $80.61 $82.53

Driving Top Line Growth: Metrics Across Business Segments Solid growth in Hospice and Personal Care; Medicare episodic growth improving 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 12

Debt and Liquidity Metrics Our debt levels remain very low (0.2x) providing us ample flexibility and available liquidity for strategic initiatives and inorganic growth opportunities Net debt defined as total debt outstanding ($92M) less cash balance ($66M). Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($136M). 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) Cash flow from operations impacted by Securities Class Action Lawsuit Settlement (net ~$29M) The financial results for the three-month periods ended September 30, 2016, December 31, 2016 , March 31, 2017, June 30, 2017 and September 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 Florida ZPIC audit and legal settlements, have substantially decreased. Trend to continue throughout 4Q’17. The financial results for the three-month periods ended September 30, 2016, December 31, 2016, March 31, 2017, June 30, 2017 and September 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.