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 31, 2018

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 31, 2018, 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, 2018. 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, August 1, 2018 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 31, 2018 announcing the Company’s financial results for the three and six-month periods ended June  30, 2018 (furnished only)
99.2	Supplemental slides provided in connection with the second quarter 2018 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 Financial Officer)

DATE: July 31, 2018

EX-99.1

Exhibit 99.1

AMEDISYS REPORTS SECOND QUARTER 2018 FINANCIAL RESULTS

AND UPDATES 2018 GUIDANCE

BATON ROUGE, Louisiana (July 31, 2018) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and six-month period ended June 30, 2018.

Three Month Periods Ended June 30, 2018 and 2017

• Net service revenue increased $36.7 million to $411.6 million compared to $374.9 million in 2017 ⁽¹⁾.

• Net income attributable to Amedisys, Inc. of $33.3 million compared to $4.5 million in 2017.

• Net income attributable to Amedisys, Inc. per diluted share of $0.98 per diluted share compared to $0.13 in 2017.

Adjusted Quarterly Results*

• Adjusted EBITDA of $49.7 million compared to $36.1 million in 2017.

• Adjusted net service revenue of $413.3 million compared to $374.9 million in 2017.

• Adjusted net income attributable to Amedisys, Inc. of $34.1 million compared to $21.4 million in 2017.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.00 compared to $0.62 in 2017.

Six Month Periods Ended June 30, 2018 and 2017

• Net service revenue increased $71.3 million to $810.9 million compared to $739.6 million in 2017 ⁽¹⁾.

• Net income attributable to Amedisys, Inc. of $60.5 million compared to $19.6 million in 2017.

• Net income attributable to Amedisys, Inc. per diluted share of $1.76 per diluted share compared to $0.57 in 2017.

Adjusted Year to Date Results*

• Adjusted EBITDA of $91.4 million compared to $68.1 million in 2017.

• Adjusted net service revenue of $812.6 million compared to $739.6 million in 2017.

• Adjusted net income attributable to Amedisys, Inc. of $61.4 million compared to $37.4 million in 2017.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.79 compared to $1.09 in 2017.

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

⁽¹⁾  Subsequent to our adoption of Accounting Standards Updates 2014-09 and 2015-14 on January 1, 2018, using the full retrospective method, amounts previously classified as provision for doubtful accounts are now classified as implicit price concessions in determining the transaction price of our net service revenue.

Paul B. Kusserow, President and Chief Executive Officer stated, “I am extremely pleased with the results that our team delivered during the second quarter of 2018. We continued to demonstrate solid growth across all three lines of business, improved upon our quality scores for the thirteenth straight quarter, leveraged our operational platform to drive impressive margin and lowered our

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turnover; all of which helped deliver significant increases in revenue, EBITDA and earnings per share. A special thank you to all Amedisys employees that continue to provide industry leading care to our patients and help drive significant value to our shareholders. We look forward to continuing to serve more patients and executing upon our strategic pillars during the second half of the year.”

Updated 2018 Guidance

• Net service revenue is anticipated to be in the range of $1.63 billion to $1.65 billion.

• Adjusted EBITDA is anticipated to be in the range of $168 million to $172 million.

• Adjusted diluted earnings per share is anticipated to be in the range of $3.32 to $3.41 based on an estimated 33.50 million shares outstanding.

This guidance excludes the effects of any future acquisitions, if any are made.

We urge caution in considering the current trends and 2018 guidance 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, 2017, 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, August 1, 2018, 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 September 1, 2018 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13681543.

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. We partner with 3,000 hospitals and 59,000 physicians nationwide who 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 18,300 employees, in 420 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 369,000 patients and clients in need every year. For more information about the Company, please visit: www.amedisys.com.

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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.

Contact:	Investor Contact:	Media Contact:
	Amedisys, Inc.	Amedisys, Inc.
	Nick Muscato	Kendra Kimmons
	Vice President, Strategic 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 STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

(Unaudited)

	For the Three-Month Periods Ended June 30						For the Six-Month Periods Ended June 30
	2018			2017			2018			2017
Net service revenue	$	411,603		$	374,946		$	810,865		$	739,607
Cost of service, excluding depreciation and amortization		242,564			220,541			480,873			436,870
General and administrative expenses:
Salaries and benefits		77,215			74,943			152,846			149,402
Non-cash compensation		3,767			4,356			7,811			8,230
Other		42,104			41,617			83,784			82,034
Depreciation and amortization		3,125			4,537			6,718			8,954
Securities Class Action Lawsuit settlement, net		—			28,712			—			28,712
Operating expenses		368,775			374,706			732,032			714,202
Operating income		42,828			240			78,833			25,405
Other income (expense):
Interest income		114			41			234			60
Interest expense		(2,140	)		(1,197	)		(3,843	)		(2,265	)
Equity in earnings from equity method investments		2,976			2,355			4,836			2,249
Miscellaneous, net		359			1,127			960			2,239
Total other income, net		1,309			2,326			2,187			2,283
Income before income taxes		44,137			2,566			81,020			27,688
Income tax (expense) benefit		(10,596	)		1,963			(20,159	)		(7,960	)
Net income		33,541			4,529			60,861			19,728
Net income attributable to noncontrolling interests		(192	)		(68	)		(353	)		(137	)
Net income attributable to Amedisys, Inc.	$	33,349		$	4,461		$	60,508		$	19,591
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	1.00		$	0.13		$	1.80		$	0.58
Weighted average shares outstanding		33,439			33,637			33,705			33,540
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.98		$	0.13		$	1.76		$	0.57
Weighted average shares outstanding		34,179			34,329			34,391			34,203

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AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	June 30, 2018 (unaudited)			December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents	$	25,904		$	86,363
Patient accounts receivable		197,592			201,196
Prepaid expenses		10,493			7,329
Other current assets		24,784			16,268
Total current assets		258,773			311,156
Property and equipment, net of accumulated depreciation of $101,128 and $146,814		27,998			31,122
Goodwill		324,145			319,949
Intangible assets, net of accumulated amortization of $31,864 and $30,610		44,888			46,061
Deferred income taxes		46,919			56,064
Other assets, net		50,601			49,130
Total assets	$	753,324		$	813,482
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	29,810		$	25,384
Payroll and employee benefits		87,239			89,936
Accrued expenses		96,472			89,104
Current portion of long-term obligations		668			10,638
Total current liabilities		214,189			215,062
Long-term obligations, less current portion		123,937			78,203
Other long-term obligations		6,137			3,791
Total liabilities		344,263			297,056
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; 36,044,177 and 35,747,134 shares issued; and 31,801,357 and 33,964,767 shares outstanding		36			35
Additional paid-in capital		585,137			568,780
Treasury stock, at cost 4,242,820 and 1,782,367 shares of common stock		(237,947	)		(53,713	)
Accumulated other comprehensive income		15			15
Retained earnings		60,712			204
Total Amedisys, Inc. stockholders’ equity		407,953			515,321
Noncontrolling interests		1,108			1,105
Total equity		409,061			516,426
Total liabilities and equity	$	753,324		$	813,482

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AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING

(Amounts in thousands, except statistical information)

(Unaudited)

	For the Three-Month Periods Ended June 30						For the Six-Month Periods Ended June 30
	2018			2017			2018			2017
Cash Flows from Operating Activities:
Net income	$	33,541		$	4,529		$	60,861		$	19,728
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,125			4,537			6,718			8,954
Non-cash compensation		3,767			4,356			7,811			8,230
401(k) employer match		2,327			2,140			4,894			4,367
Loss on disposal of property and equipment		87			163			650			147
Deferred income taxes		6,200			(1,863	)		9,145			7,582
Equity in earnings from equity method investments		(2,976	)		(2,355	)		(4,836	)		(2,249	)
Amortization of deferred debt issuance costs		177			185			355			370
Write off of deferred debt issuance costs		38			—			38			—
Return on equity investment		1,579			3,266			2,204			3,416
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		(4,656	)		(681	)		3,604			(6,833	)
Other current assets		(4,698	)		(3,489	)		(11,680	)		(6,892	)
Other assets		642			(158	)		688			(1,148	)
Accounts payable		5,146			1,000			3,623			1,093
Securities Class Action Lawsuit settlement accrual, net		—			28,712			—			28,712
Accrued expenses		6,355			(4,129	)		4,548			(2,743	)
Other long-term obligations		(1	)		31			2,347			607
Net cash provided by operating activities		50,653			36,244			90,970			63,341
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets		9			—			471			565
Proceeds from the sale of property and equipment		6			—			11			—
Purchase of investment		—			(180	)		—			(436	)
Purchases of property and equipment		(149	)		(3,064	)		(1,611	)		(7,449	)
Acquisitions of businesses, net of cash acquired		(1,824	)		(20,029	)		(4,074	)		(24,128	)
Net cash used in investing activities		(1,958	)		(23,273	)		(5,203	)		(31,448	)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options and warrants		2,484			3,550			2,609			4,203
Proceeds from issuance of stock to employee stock purchase plan		560			575			1,157			1,187
Shares withheld upon stock vesting		(1,527	)		(4,968	)		(2,832	)		(5,726	)
Non-controlling interest distribution		(322	)		(48	)		(350	)		(90	)
Proceeds from borrowings under revolving line of credit		127,500			—			127,500			—
Principal payments of long-term obligations		(87,656	)		(1,250	)		(90,475	)		(2,500	)
Debt issuance costs		(2,433	)		—			(2,433	)		—
Purchase of company stock		(181,402	)		—			(181,402	)		—
Net cash used in financing activities		(142,796	)		(2,141	)		(146,226	)		(2,926	)
Net (decrease) increase in cash and cash equivalents		(94,101	)		10,830			(60,459	)		28,967
Cash and cash equivalents at beginning of period		120,005			48,334			86,363			30,197
Cash and cash equivalents at end of period	$	25,904		$	59,164		$	25,904		$	59,164
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	1,015		$	466		$	2,080		$	1,172
Cash paid for income taxes, net of refunds received	$	3,336		$	—		$	6,149		$	284
Days revenue outstanding (1)		41.1			40.2			41.1			40.2

(1) Our calculation of days revenue outstanding at June 30, 2018 and 2017 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three month periods ended June 30, 2018 and 2017, 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 Periods Ended June 30,
	2018			2017
Financial Information (in millions):
Medicare	$	206.3		$	198.3
Non-Medicare		85.2			72.0
Net service revenue		291.5			270.3
Cost of service		176.5			164.8
Gross margin		115.0			105.5
Other operating expenses		69.2			69.9
Operating income	$	45.8		$	35.6
Same Store Growth (1):
Medicare revenue		6	%		(5	%)
Non-Medicare revenue		18	%		14	%
Total admissions		6	%		—	%
Total volume (2)		8	%		2	%
Total Episodic admissions (3)		5	%		(1	%)
Total Episodic volume (4)		6	%		2	%
Key Statistical Data - Total (5):
Medicare:
Admissions		47,058			47,260
Recertifications		28,431			26,839
Total volume		75,489			74,099
Completed episodes		74,776			73,872
Visits		1,318,074			1,271,747
Average revenue per completed episode (6)	$	2,874		$	2,829
Visits per completed episode (7)		17.8			17.5
Non-Medicare:
Admissions		29,271			26,225
Recertifications		13,891			11,462
Total volume		43,162			37,687
Visits		690,548			579,328
Total (5):
Visiting Clinician Cost per Visit	$	80.07		$	80.61
Clinical Manager Cost per Visit	$	7.76		$	8.44
Total Cost per Visit	$	87.83		$	89.05
Visits		2,008,622			1,851,075

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	For the Six- Month Periods Ended June 30,
	2018			2017
Financial Information (in millions):
Medicare	$	411.3		$	397.0
Non-Medicare		164.3			140.9
Net service revenue		575.6			537.9
Cost of service		350.9			327.8
Gross margin		224.7			210.1
Other operating expenses		138.0			138.8
Operating income	$	86.7		$	71.3
Same Store Growth (1):
Medicare revenue		5	%		(4	%)
Non-Medicare revenue		16	%		12	%
Total admissions		5	%		1	%
Total volume (2)		7	%		2	%
Total Episodic admissions (3)		4	%		1	%
Total Episodic volume (4)		6	%		2	%
Key Statistical Data - Total (5):
Medicare:
Admissions		96,513			96,888
Recertifications		55,667			51,882
Total volume		152,180			148,770
Completed episodes		147,612			145,736
Visits		2,632,200			2,534,845
Average revenue per completed episode (6)	$	2,833		$	2,806
Visits per completed episode (7)		17.5			17.2
Non-Medicare:
Admissions		59,160			53,558
Recertifications		26,323			21,686
Total volume		85,483			75,244
Visits		1,351,481			1,134,876
Total (5):
Visiting Clinician Cost per Visit	$	80.20		$	80.84
Clinical Manager Cost per Visit	$	7.88		$	8.49
Total Cost per Visit	$	88.08		$	89.33
Visits		3,983,681			3,669,721

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

(2) Total volume includes all admissions and recertifications.

(3) Total Episodic admissions includes admissions for Medicare and Non-Medicare payors that bill on a 60-day episode of care basis.

(4) Total Episodic volume includes admissions and recertifications for Medicare and Non-Medicare payors that bill on a 60-day episode of care basis.

(5) Total includes acquisitions.

(6) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care.

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(7) 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.

Segment Information - Hospice

	For the Three- Month Periods Ended June 30,
	2018			2017
Financial Information (in millions):
Medicare	$	96.9		$	85.8
Non-Medicare		4.5			4.5
Net service revenue		101.4			90.3
Cost of service		51.7			45.4
Gross margin		49.7			44.9
Other operating expenses		20.6			19.3
Operating income	$	29.1		$	25.6
Same Store Growth (1):
Medicare revenue		13	%		19	%
Non-Medicare revenue		(1	%)		8	%
Hospice admissions		7	%		11	%
Average daily census		12	%		16	%
Key Statistical Data - Total (2):
Hospice admissions		6,746			6,248
Average daily census		7,554			6,717
Revenue per day, net	$	147.58		$	147.74
Cost of service per day	$	75.20		$	74.34
Average discharge length of stay		97			89
	For the Six- Month Periods Ended June 30,
	2018			2017
Financial Information (in millions):
Medicare	$	188.7		$	166.5
Non-Medicare		10.0			7.4
Net service revenue		198.7			173.9
Cost of service		101.8			88.4
Gross margin		96.9			85.5
Other operating expenses		40.8			37.5
Operating income	$	56.1		$	48.0
Same Store Growth (1):
Medicare revenue		12	%		18	%
Non-Medicare revenue		33	%		(7	%)
Hospice admissions		6	%		15	%
Average daily census		12	%		16	%
Key Statistical Data - Total (2):
Hospice admissions		13,679			12,753
Average daily census		7,385			6,542
Revenue per day, net	$	148.66		$	146.89
Cost of service per day	$	76.15		$	74.68
Average discharge length of stay		97			90

9

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

(2) Total includes acquisitions.

Segment Information - Personal Care

	For the Three- Month Periods Ended June 30,
	2018		2017
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		18.7		14.3
Net service revenue		18.7		14.3
Cost of service		14.4		10.3
Gross margin		4.3		4.0
Other operating expenses		3.3		3.0
Operating income	$	1.0	$	1.0
Key Statistical Data:
Billable hours		797,228		618,401
Clients served		12,683		8,270
Shifts		356,874		283,130
Revenue per hour	$	23.48	$	23.12
Revenue per shift	$	52.45	$	50.50
Hours per shift		2.2		2.2
	For the Six- Month Periods Ended June 30,
	2018		2017
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		36.6		27.8
Net service revenue		36.6		27.8
Cost of service		28.2		20.7
Gross margin		8.4		7.1
Other operating expenses		6.6		6.3
Operating income	$	1.8	$	0.8
Key Statistical Data:
Billable hours		1,547,181		1,206,618
Clients served		14,350		9,845
Shifts		705,040		548,247
Revenue per hour	$	23.66	$	23.04
Revenue per shift	$	51.91	$	50.72
Hours per shift		2.2		2.2

10

Segment Information - Corporate

	For the Three- Month Periods Ended June 30,
	2018		2017
Financial Information (in millions):
Other operating expenses	$	31.1	$	30.0
Depreciation and amortization		2.0		3.3
Total operating expenses before Securities Class Action Lawsuit settlement, net		33.1		33.3
Securities Class Action Lawsuit settlement, net		—		28.7
Total operating expenses	$	33.1	$	62.0
	For the Six- Month Periods Ended June 30,
	2018		2017
Financial Information (in millions):
Other operating expenses	$	61.3	$	59.5
Depreciation and amortization		4.5		6.5
Total operating expenses before Securities Class Action Lawsuit settlement, net		65.8		66.0
Securities Class Action Lawsuit settlement, net		—		28.7
Total operating expenses	$	65.8	$	94.7

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,
	2018			2017			2018			2017
Net income attributable to Amedisys, Inc.	$	33,349		$	4,461		$	60,508		$	19,591
Add:
Income tax expense (benefit)		10,596			(1,963	)		20,159			7,960
Interest expense, net		2,026			1,156			3,609			2,205
Depreciation and amortization		3,125			4,537			6,718			8,954
Certain items (1)		1,035			27,958			1,224			29,424
Interest component of certain items (1)		(446	)		—			(829	)		—
Adjusted EBITDA (2) (6)	$	49,685		$	36,149		$	91,389		$	68,134

Adjusted Net Service Revenue Reconciliation:

	For the Three- Month Period Ended June 30,				For the Six- Month Period Ended June 30,
	2018		2017		2018		2017
Net service revenue	$	411,603	$	374,946	$	810,865	$	739,607
Add:
Certain items (1)		1,687		—		1,687		—
Adjusted net service revenue (3) (6)	$	413,290	$	374,946	$	812,552	$	739,607

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

	For the Three- Month Period Ended June 30,				For the Six- Month Period Ended June 30,
	2018		2017		2018		2017
Net income attributable to Amedisys, Inc.	$	33,349	$	4,461	$	60,508	$	19,591
Add:
Certain items (1)		766		16,915		906		17,802
Adjusted net income attributable to Amedisys, Inc. (4) (6)	$	34,115	$	21,376	$	61,414	$	37,393

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,
	2018		2017		2018		2017
Net income attributable to Amedisys, Inc. common stockholders per diluted share	$	0.98	$	0.13	$	1.76	$	0.57
Add:
Certain items (1)		0.02		0.49		0.03		0.52
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)	$	1.00	$	0.62	$	1.79	$	1.09

12

(1) The following details the certain items for the three and six month periods ended June 30, 2018 and 2017:

Certain Items:

	For the Three- Month Period Ended June 30, 2018			For the Six- Month Period Ended June 30, 2018
	(Income) Expense			(Income) Expense
Certain Items Impacting Net Service Revenue:
Florida self-audit (pre-acquisition)	$	1,687		$	1,687
Certain Items Impacting Operating Expenses:
Acquisition costs		440			875
Legal fees - non-routine		543			1,105
Certain Items Impacting Total Other Income (Expense):
Miscellaneous, other (income) expense, net		(1,635	)		(2,443	)
Total	$	1,035		$	1,224
Net of tax	$	766		$	906
Diluted EPS	$	0.02		$	0.03
	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

(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 2018 Earnings Call Supplemental Slides August 1st, 2018 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 2018 and beyond Home Health*: Total same store volume +8%. Total same store admission +6% vs. guidance of +5%. Hospice: Continued growth (Admissions +7%, ADC +12%) for 2Q’18 Personal Care: Double digit growth in billable hours / quarter +29% 1 Organic Growth Quality: Amedisys improves STARS scores to 4.41 (Oct’18 preview) with 94% of providers at 4+ STAR rating 73 Amedisys care centers rated at 5-Stars in the Oct’18 Preview Hospice quality – outperforming industry average in all hospice item set categories Continued focus on 30-Day and 60-Day ACH rate reduction 3 Clinical Initiatives Productivity driving continued decrease in CPV (visiting clinician CPV down $0.54 year over year, in spite of annual raises) Director of Operations (DOO) leadership training completed Focusing on optimizing RN / LPN & PT / PTA staffing ratio 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 (0.6x) gives us access to capital Pipeline strong but price expectations challenging – will continue to remain disciplined on pricing Borrowing capacity expanded to $550M 5 M&A 2 Recruiting / Retention Fifth straight quarter of increased BD FTE’s ending 2Q’18 with 808 hitting target of 800 by 2Q’18 Targeting industry leading employee retention amongst all employee categories – currently at 18% Focus on reduction of clinical turnover with heavy focus on RN’s *Note: Home Health same store volume is defined as admissions plus recertifications 2019 Proposed Rule released July 2 with language detailing 2020 payment reform: Patient-Driven Groupings Model (PDGM) 2019 industry impact per Proposed Rule: +2.1% (+$400M) Analyzing AMED specific rate impact for 2019 and 2020 Comment period runs through August 31st Final Rule likely to be released early November 6 Regulatory

Highlights and Summary Financial Results (Adjusted): 2Q 2018(1) Home Health total same store volume +8%, total same store admissions up +6%. Hospice same store admissions +7%. Personal Care +29% billable hours Amedisys Consolidated Revenue Growth: +10% EBITDA: $50M (+38%) EBITDA Margin: 12% EPS: $1.00 (+61%) 2Q’18 Net debt: ($102.6M) Net Leverage ratio: 0.6x CFFO: $50.7M Free cash flow (4) : $50.6M DSO: 41.1 (vs. Q1’18 of 41.4) Balance Sheet & Cash Flow 2Q’18 Same Store Volume (2): Total: +8% Episodic (2): +6% Same Store Admissions: Total: +6% Episodic (3): +5% Other Statistics: Revenue per Episode: $2,874 (+$45) Total Cost per Visit: Down 1.4% Medicare Recert Rate: +170 bps Home Health Growth Metrics (5): Billable hours/quarter: +29% Clients served: +53% Closed on East TN acquisition Personal Care Same Store Volume: Admissions: +7% ADC: +12% Other Statistics: Revenue per Day: $147.58 (-0.1%) Cost per day: +1.2% Hospice 2Q’18 2Q’18 2Q’18 Adjusted Financial Results(1) 2Q’18 The financial results for the three-month periods ended June 30, 2017 and June 30, 2018 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 volume – Includes admissions and recertifications. Episodic admissions and volume – 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.

Our revenue sources: 2Q18 Medicare FFS: Paid episodically over a 60 day episode Private Episodic: MA and Commercial plans who pay us over a 60 day episode. Generally at rates ~90% – 100% of Medicare Per Visit: Managed care, Medicaid and private payors reimbursing us per visit provided Per Day Reimbursement: Routine Care: Patient at home with symptoms controlled – 99% of the Hospice care AMED provides Continuous Care: Patient at home with uncontrolled symptoms Inpatient Care: Patient in facility with uncontrolled symptoms Respite Care: Patient at facility with symptoms controlled

Home Health and Hospice Segment (Adjusted) – 2Q 2018(1) Revenue per Episode up +$45 y/y Recert rate up +170 bps y/y Y/Y CPV decrease of 1.4% in Q2’18 despite planned wage increases EBITDA as a % percentage of revenue: +300bps Home Health Highlights Same store average daily census (ADC) up 12% Net revenue per day down 0.1% y/y Two providers over cap as of Q2’18: ~ $900k liability Hospice Highlights The financial results for the three-month periods ended June 30, 2017 and June 30, 2018 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 admissions and volume exclude 7 closed and consolidated care centers in FL during 2017. Home health growth continues to move in the right direction; Hospice continues with double digit ADC growth

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: 220 bps y/y decrease as % of revenue Hospice segment G&A: 80 bps decrease y/y as % of revenue Personal Care segment G&A: 380 bps decrease y/y as % of revenue (Personal Care G&A reflects reclassification of certain support personnel to corporate in 2018) Corporate G&A: 30 bps decrease y/y as % of total revenue Total G&A has increased $2.8M in 2Q18 vs. 2Q17: Mainly driven by planned wage increases The financial results for the three-month periods ended June 30, 2017, September 30, 2017, December 31, 2017, March 31, 2018 and June 30, 2018 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 depreciation and amortization. Impact of G&A cost control materializing as operational efficiencies are realized

Star scores continue to trend upwards: Among industry leaders Note: Top Competitor Avg weighted by CCN count and include LHC, Kindred, AFAM, HLS and BKD Metric APR 18 Release Jul 18 PREVIEW OCT 18 PREVIEW Quality of Patient Care 4.30 4.38 4.41 Entities at 4+ Stars 89% 93% 94% Metric OCT 17 Release JAN 18 Release APR 18 Release Patient Satisfaction Star 3.56 3.85 3.94 Performance Over Industry +6% +7% +7% 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 Oct 2018 HHC preview with 94% of our providers at 4+ Stars and 67% at 4.5+ Stars STAR score improvement for the thirteenth consecutive quarter (from initial Jul 15 release to Oct 18 preview) 40 Amedisys providers (representing 73 care centers) rated at 5-Stars in the Oct 2018 preview AMED received ~$250K in bonus payments related to Value Based Purchasing (VBP) during 1Q‘18 & 2Q’18

Hospice Quality: Amedisys Hospice Continues to Move Towards Best-in-Class Hospice Quality

Components 2Q’17 1Q’18 2Q’18 YoY Variance Detail Mitigation Plan Salaries $60.34 $60.93 $59.98 ($0.36) YoY decrease driven by increased volumes and productivity Staffing mix optimization, productivity and scheduling improvement initiatives in place helped us overcome planned salary increases Contractors $2.58 $2.93 $3.16 $0.58 YoY increased demand due to increasing volumes Focused efforts on filling positions with full-time clinicians Benefits $10.83 $9.84 $10.45 ($0.38) Sequential increase driven by seasonality of health insurance claims Focus on cost containment and spend optimization with specific focus on high cost claims Transportation & Supplies $6.86 $6.64 $6.48 ($0.38) YoY decrease primarily due to supplies costs More effective medical supply contracting cost initiatives are underway *Visiting Clinician CPV $80.61 $80.34 $80.07 ($0.54) Clinical Managers $8.44 $7.99 $7.76 ($0.68) Fixed cost associated with non-visiting clinicians Unit cost reduced as volume increases Total CPV $89.05 $88.33 $ 87.83 ($1.22) Operational Excellence: Home Health Cost Per Visit (CPV) Total CPV decreased due to improvement in clinician productivity *Note: Direct comparison with industry competitors CPV calculation $80.61 $80.34 $80.07

Driving Top Line Growth All three lines of business continue to grow. Hospice delivers another quarter of double digit ADC growth and Home Health total same store volume continues to improve Home Health Total Same Store Volume* Hospice ADC Personal Care Total Hours / Quarter *Total Home Health Same Store Volumes exclude 7 closed and consolidated care centers in Florida in 2017 Volume *Includes impact of Intercity (10/2) and East Tennessee (5/1) acquisitions

Debt and Liquidity Metrics Our debt levels remain very low at 0.6x net leverage despite buying back 7.1% of our outstanding shares, providing us ample flexibility and available liquidity for strategic initiatives and inorganic growth opportunities Net debt defined as total debt outstanding ($128.5M) less cash balance ($25.9M). Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($165M). 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

Cash Flow Statement Highlights (1) $50.6M in free cash flow for the quarter, with $183.2M in capital deployed 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 remains low The financial results for the three-month periods ended June 30, 2017, September 30, 2017, December 31, 2017, March 31, 2018 and June 30, 2018 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.

2018 Guidance

Amedisys Revised 2018 Guidance Increasing Revenue, Adjusted EBITDA and Adjusted EPS; EPS includes impact of tax reform and share repurchase 2017 Revenue Adjusted EBITDA $142.2M $1.54B $1.52B* Adjusted Earnings per Share $2.21 $158M – $163M $1.60B - $1.64B $2.97 – $3.08 *Adjusted for adoption of new revenue recognition accounting standard 2018 Original Guidance $168M – $172M $1.63B - $1.65B $3.32 – $3.41 2018 Updated Guidance

Amedisys 2018 Guidance Considerations Amedisys Consolidated Tax rate ~25% (includes impact from Tax Cuts and Jobs Act) Cash tax rate ~10% Diluted share count ~33.5 million shares Excludes potential acquisitions and related integration costs Capital Expenditures ~$7-$9 million Benefits increase ~5% - 6% Salary increase ~2% - 3% Overall ~ $9 million investment in business development resources Excludes acquisition activity Home Health Personal Care Hospice Total same store admission growth ~5% Focus on business development staffing strategy ~ $6 million (Y/Y increase) Continue focus on Quality of Care (Stars and Acute Care Hospitalization rates) Continued positive progress on underperforming care centers Total same store admission growth ~10% Continue to leverage industry-leading platform by exploring growth opportunities Large acquisitions Small acquisitions Denovos ~ $1 million Addition of business development resources to maintain organic growth ~ $3 million Total billable hours growth ~ 7% Employer Medical Assistance Contribution (EMAC) ~$1 million Includes impact of Intercity acquisition (closed Q4’17) Project solid revenue and earnings growth while continuing to invest in people and future organic growth Red text denotes updates numbers

Reimbursement Outlook 2018 Reimbursement Impact for Home Health and Hospice Home Health Hospice 2018 Market Basket Update 1.0% Nominal Case Mix Adjustment -0.90 Estimated Industry Impact +0.1% Estimated AMED-Specific Impact -0.7% 2018 Market Basket Update 1.0% Productivity / Other Adjustment __ Estimated Industry Impact +1.0% Estimated AMED-Specific Impact +1.0%

EBITDA Seasonality: As Reported Q1 Q2 Q3 Q4 Drivers of Seasonality Weather disruption Lower RPE (LUPA) Payroll tax reset Short Month (Feb.) Lower Hospice ADC & Higher Salary Cost per Day Highest Completed Episodes Stronger revenue per episode (RPE) Incremental holiday vs. 1H High PTO Lower Volumes Health Insurance Increases Raises Incremental holiday vs. 1H Health Insurance Increases Better Volumes Raises

EBITDA Seasonality: Excluding Health Insurance and Workers Compensation Q1 Q2 Q3 Q4 Drivers of Seasonality Weather disruption Lower RPE (LUPA) Payroll tax reset Short Month (Feb.) Lower Hospice ADC & Higher Salary Cost per Day Highest Completed Episodes Stronger revenue per episode (RPE) Incremental holiday vs. 1H High PTO Lower Volumes Health Insurance Increases Raises Incremental holiday vs. 1H Health Insurance Increases Better Volumes Raises