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): October 29, 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 October 29, 2018, 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, 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 Tuesday, October 30, 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 and Exhibit 99.2 attached hereto 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 October  29, 2018 announcing the Company’s financial results for the three and nine-month periods ended September 30, 2018 (furnished only)
99.2	Supplemental slides provided in connection with the third 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: October 29, 2018

EX-99.1

Exhibit 99.1

AMEDISYS REPORTS THIRD QUARTER 2018 FINANCIAL RESULTS

AND UPDATES 2018 GUIDANCE

BATON ROUGE, Louisiana (October 29, 2018) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and nine-month period ended September 30, 2018.

Three Month Periods Ended September 30, 2018 and 2017

• Net service revenue increased $43.6 million to $417.3 million compared to $373.7 million in 2017 ⁽¹⁾.

• Net income attributable to Amedisys, Inc. of $31.4 million compared to $14.6 million in 2017.

• Net income attributable to Amedisys, Inc. per diluted share of $0.96 per diluted share compared to $0.42 in 2017.

Adjusted Quarterly Results*

• Adjusted EBITDA of $45.3 million compared to $36.9 million in 2017.

• Adjusted net service revenue of $417.3 million compared to $380.2 million in 2017.

• Adjusted net income attributable to Amedisys, Inc. of $30.9 million compared to $19.2 million in 2017.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.95 compared to $0.56 in 2017.

Nine Month Periods Ended September 30, 2018 and 2017

• Net service revenue increased $114.9 million to $1,228.2 million compared to $1,113.3 million in 2017 ⁽¹⁾.

• Net income attributable to Amedisys, Inc. of $91.9 million compared to $34.1 million in 2017.

• Net income attributable to Amedisys, Inc. per diluted share of $2.71 per diluted share compared to $1.00 in 2017.

Adjusted Year to Date Results*

• Adjusted EBITDA of $136.7 million compared to $105.0 million in 2017.

• Adjusted net service revenue of $1,229.9 million compared to $1,119.8 million in 2017.

• Adjusted net income attributable to Amedisys, Inc. of $92.3 million compared to $56.5 million in 2017.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $2.73 compared to $1.65 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 price concessions in determining the transaction price of our net service revenue.

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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 continue to see in home health. Our performance in home health helped drive our significant results this quarter and I am delighted with the progress the home health segment has made this year. Our hospice segment continues its stellar performance, with another quarter of double digit ADC growth. We look forward to welcoming all of our new Compassionate Care Hospice team members to the Amedisys family once our deal closes early next year and are excited about the continued growth potential within our hospice segment. Our personal care segment continues with their impressive integration engine and has built out a platform for growth within Massachusetts and beyond. Above all else, our clinical quality metrics continue to be at, or near, the top of the industry in both home health and hospice. Providing our clinically distinct care to as many patients wherever they call home is and will always be our first priority. Finally, thanks to our team of over 18,500 employees for continuing to do all that you do to drive such impressive results and provide such incredible care.”

Updated 2018 Guidance

• Net service revenue is anticipated to be in the range of $1.65 billion to $1.67 billion.

• Adjusted EBITDA is anticipated to be in the range of $177 million to $180 million.

• Adjusted diluted earnings per share is anticipated to be in the range of $3.54 to $3.60 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 Tuesday, October 30, 2018, 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 November 30, 2018 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13684177.

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.

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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 3,000 hospitals and 59,000 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 18,500 employees, in 421 care centers within 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.

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 September 30						For the Nine-Month Periods Ended September 30
	2018			2017			2018			2017
Net service revenue	$	417,335		$	373,704		$	1,228,200		$	1,113,311
Cost of service, excluding depreciation and amortization		249,739			227,269			730,612			664,139
General and administrative expenses:
Salaries and benefits		79,367			77,130			232,213			226,532
Non-cash compensation		4,842			3,558			12,653			11,788
Other		40,335			38,189			124,119			120,223
Depreciation and amortization		3,164			4,185			9,882			13,139
Securities Class Action Lawsuit settlement, net		—			—			—			28,712
Operating expenses		377,447			350,331			1,109,479			1,064,533
Operating income		39,888			23,373			118,721			48,778
Other income (expense):
Interest income		29			44			263			104
Interest expense		(1,991	)		(1,335	)		(5,834	)		(3,600	)
Equity in earnings from equity method investments		1,625			900			6,461			3,149
Miscellaneous, net		1,822			1,043			2,782			3,282
Total other income, net		1,485			652			3,672			2,935
Income before income taxes		41,373			24,025			122,393			51,713
Income tax expense		(9,825	)		(9,364	)		(29,984	)		(17,324	)
Net income		31,548			14,661			92,409			34,389
Net income attributable to noncontrolling interests		(171	)		(103	)		(524	)		(240	)
Net income attributable to Amedisys, Inc.	$	31,377		$	14,558		$	91,885		$	34,149
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.99		$	0.43		$	2.78		$	1.02
Weighted average shares outstanding		31,815			33,838			33,075			33,640
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.96		$	0.42		$	2.71		$	1.00
Weighted average shares outstanding		32,691			34,363			33,852			34,255

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AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	September 30, 2018 (unaudited)			December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents	$	14,010		$	86,363
Patient accounts receivable		195,030			201,196
Prepaid expenses		11,679			7,329
Other current assets		11,949			16,268
Total current assets		232,668			311,156
Property and equipment, net of accumulated depreciation of $93,432 and $146,814		30,215			31,122
Goodwill		324,145			319,949
Intangible assets, net of accumulated amortization of $32,443 and $30,610		44,309			46,061
Deferred income taxes		41,149			56,064
Other assets		53,406			49,130
Total assets	$	725,892		$	813,482
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	24,519		$	25,384
Payroll and employee benefits		92,385			89,936
Accrued expenses		101,177			89,104
Current portion of long-term obligations		1,209			10,638
Total current liabilities		219,290			215,062
Long-term obligations, less current portion		54,853			78,203
Other long-term obligations		6,253			3,791
Total liabilities		280,396			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; 36,146,649 and 35,747,134 shares issued; and 31,877,278 and 33,964,767 shares outstanding		36			35
Additional paid-in capital		592,539			568,780
Treasury stock, at cost 4,269,371 and 1,782,367 shares of common stock		(240,536	)		(53,713	)
Accumulated other comprehensive income		15			15
Retained earnings		92,089			204
Total Amedisys, Inc. stockholders’ equity		444,143			515,321
Noncontrolling interests		1,353			1,105
Total equity		445,496			516,426
Total liabilities and equity	$	725,892		$	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 September 30						For the Nine-Month Periods Ended September 30
	2018			2017			2018			2017
Cash Flows from Operating Activities:
Net income	$	31,548		$	14,661		$	92,409		$	34,389
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,164			4,185			9,882			13,139
Non-cash compensation		4,842			3,558			12,653			11,788
401(k) employer match		2,040			2,180			6,934			6,547
Loss (gain) on disposal of property and equipment		88			(169	)		738			(22	)
Deferred income taxes		5,771			9,646			14,916			17,228
Equity in earnings from equity method investments		(1,625	)		(900	)		(6,461	)		(3,149	)
Amortization of deferred debt issuance costs/debt discount		203			185			596			555
Return on equity investment		2,169			1,240			4,373			4,656
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		2,562			(4,013	)		6,166			(10,846	)
Other current assets		11,648			996			(32	)		(5,896	)
Other assets		38			(11,054	)		726			(12,202	)
Accounts payable		(4,293	)		(6,523	)		(670	)		(5,430	)
Securities Class Action Lawsuit settlement accrual, net		—			(28,712	)		—			—
Accrued expenses		10,210			25,327			14,758			22,584
Other long-term obligations		115			(406	)		2,462			201
Net cash provided by operating activities		68,480			10,201			159,450			73,542
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets		92			57			563			622
Proceeds from the sale of property and equipment		40			118			51			118
Investments in equity method investees		(3,477	)		—			(3,477	)		(436	)
Purchases of property and equipment		(4,073	)		(1,625	)		(5,684	)		(9,074	)
Acquisitions of businesses, net of cash acquired		—			—			(4,074	)		(24,128	)
Net cash used in investing activities		(7,418	)		(1,450	)		(12,621	)		(32,898	)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options and warrants		140			11			2,749			4,214
Proceeds from issuance of stock to employee stock purchase plan		630			611			1,787			1,798
Shares withheld upon stock vesting		(2,589	)		(728	)		(5,421	)		(6,454	)
Noncontrolling interest distribution		(180	)		(126	)		(530	)		(216	)
Proceeds from borrowings under revolving line of credit		—			—			127,500			—
Repayments of borrowings under revolving line of credit		(70,000	)		—			(70,000	)		—
Principal payments of long-term obligations		(596	)		(1,569	)		(91,071	)		(4,069	)
Debt issuance costs		—			—			(2,433	)		—
Purchase of company stock		—			—			(181,402	)		—
Repurchase of noncontrolling interest		(361	)		—			(361	)		—
Net cash used in financing activities		(72,956	)		(1,801	)		(219,182	)		(4,727	)
Net (decrease) increase in cash and cash equivalents		(11,894	)		6,950			(72,353	)		35,917
Cash and cash equivalents at beginning of period		25,904			59,164			86,363			30,197
Cash and cash equivalents at end of period	$	14,010		$	66,114		$	14,010		$	66,114
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	909		$	1,016		$	2,989		$	2,188
Cash paid for income taxes, net of refunds received	$	4,868		$	31		$	11,017		$	315
Days revenue outstanding (1)		40.6			40.7			40.6			40.7

(1) Our calculation of days revenue outstanding at September 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 September 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 September 30,
	2018			2017
Financial Information (in millions):
Medicare	$	208.0		$	191.4
Non-Medicare		86.9			72.7
Net service revenue		294.9			264.1
Cost of service		181.8			168.3
Gross margin		113.1			95.8
Other operating expenses		69.6			71.7
Operating income	$	43.5		$	24.1
Same Store Growth (1):
Medicare revenue		10	%		(7	%)
Non-Medicare revenue		20	%		18	%
Total admissions		4	%		1	%
Total volume (2)		6	%		5	%
Total Episodic admissions (3)		3	%		1	%
Total Episodic volume (4)		5	%		3	%
Key Statistical Data - Total (5):
Medicare:
Admissions		46,371			46,823
Recertifications		28,551			26,996
Total volume		74,922			73,819
Completed episodes		73,114			71,454
Visits		1,301,090			1,259,156
Average revenue per completed episode (6)	$	2,855		$	2,820
Visits per completed episode (7)		17.6			17.4
Non-Medicare:
Admissions		29,325			26,686
Recertifications		14,539			12,263
Total volume		43,864			38,949
Visits		698,181			592,742
Total (5):
Visiting Clinician Cost per Visit	$	82.78		$	82.53
Clinical Manager Cost per Visit		8.18			8.30
Total Cost per Visit	$	90.96		$	90.83
Visits		1,999,271			1,851,898

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	For the Nine- Month Periods Ended September 30,
	2018			2017
Financial Information (in millions):
Medicare	$	619.3		$	588.4
Non-Medicare		251.2			213.6
Net service revenue		870.5			802.0
Cost of service		532.7			496.1
Gross margin		337.8			305.9
Other operating expenses		207.6			210.5
Operating income	$	130.2		$	95.4
Same Store Growth (1):
Medicare revenue		7	%		(5	%)
Non-Medicare revenue		18	%		14	%
Total admissions		4	%		1	%
Total volume (2)		7	%		3	%
Total Episodic admissions (3)		3	%		1	%
Total Episodic volume (4)		6	%		3	%
Key Statistical Data - Total (5):
Medicare:
Admissions		142,884			143,711
Recertifications		84,218			78,878
Total volume		227,102			222,589
Completed episodes		220,726			217,190
Visits		3,933,290			3,794,001
Average revenue per completed episode (6)	$	2,841		$	2,811
Visits per completed episode (7)		17.5			17.3
Non-Medicare:
Admissions		88,485			80,244
Recertifications		40,862			33,949
Total volume		129,347			114,193
Visits		2,049,662			1,727,618
Total (5):
Visiting Clinician Cost per Visit	$	81.06		$	81.41
Clinical Manager Cost per Visit		7.98			8.42
Total Cost per Visit	$	89.04		$	89.83
Visits		5,982,952			5,521,619

(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.

(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.

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Segment Information - Hospice

	For the Three- Month Periods Ended September 30,
	2018			2017
Financial Information (in millions):
Medicare	$	98.0		$	91.4
Non-Medicare		5.4			4.5
Net service revenue		103.4			95.9
Cost of service		53.4			48.4
Gross margin		50.0			47.5
Other operating expenses		21.7			19.2
Operating income	$	28.3		$	28.3
Same Store Growth (1):
Medicare revenue		7	%		17	%
Non-Medicare revenue		19	%		11	%
Hospice admissions		8	%		7	%
Average daily census		11	%		14	%
Key Statistical Data - Total (2):
Hospice admissions		6,765			6,257
Average daily census		7,768			7,026
Revenue per day, net	$	144.71		$	148.43
Cost of service per day	$	74.72		$	74.96
Average discharge length of stay		101			95
	For the Nine- Month Periods Ended September 30,
	2018			2017
Financial Information (in millions):
Medicare	$	286.7		$	257.9
Non-Medicare		15.4			11.9
Net service revenue		302.1			269.8
Cost of service		155.2			136.7
Gross margin		146.9			133.1
Other operating expenses		62.5			56.9
Operating income	$	84.4		$	76.2
Same Store Growth (1):
Medicare revenue		11	%		18	%
Non-Medicare revenue		28	%		(1	%)
Hospice admissions		7	%		13	%
Average daily census		12	%		15	%
Key Statistical Data - Total (2):
Hospice admissions		20,444			19,010
Average daily census		7,514			6,705
Revenue per day, net	$	147.28		$	147.43
Cost of service per day	$	75.65		$	74.78
Average discharge length of stay		98			92

(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 Periods Ended September 30,
	2018		2017
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		19.0		13.7
Net service revenue		19.0		13.7
Cost of service		14.5		10.6
Gross margin		4.5		3.1
Other operating expenses		3.1		3.1
Operating income	$	1.4	$	—
Key Statistical Data:
Billable hours		810,427		616,036
Clients served		12,380		7,978
Shifts		357,382		281,904
Revenue per hour		$23.40		$22.21
Revenue per shift		$53.06		$48.54
Hours per shift		2.3		2.2
	For the Nine- Month Periods Ended September 30,
	2018		2017
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		55.6		41.5
Net service revenue		55.6		41.5
Cost of service		42.7		31.3
Gross margin		12.9		10.2
Other operating expenses		9.7		9.3
Operating income	$	3.2	$	0.9
Key Statistical Data:
Billable hours		2,357,608		1,822,653
Clients served		15,731		10,980
Shifts		1,062,422		830,151
Revenue per hour		$23.57		$22.76
Revenue per shift		$52.30		$49.98
Hours per shift		2.2		2.2

10

Segment Information - Corporate

	For the Three- Month Periods         Ended September 30,
	2018		2017
Financial Information (in millions):
Other operating expenses	$	31.3	$	25.9
Depreciation and amortization		2.0		3.1
Total operating expenses	$	33.3	$	29.0
	For the Nine- Month Periods         Ended September 30,
	2018		2017
Financial Information (in millions):
Other operating expenses	$	92.6	$	85.4
Depreciation and amortization		6.5		9.6
Total operating expenses before Securities Class Action Lawsuit settlement, net		99.1		95.0
Securities Class Action Lawsuit settlement, net		—		28.7
Total operating expenses	$	99.1	$	123.7

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,
	2018			2017			2018			2017
Net income attributable to Amedisys, Inc.	$	31,377		$	14,558		$	91,885		$	34,149
Add:
Income tax expense		9,825			9,364			29,984			17,324
Interest expense, net		1,962			1,291			5,571			3,496
Depreciation and amortization		3,164			4,185			9,882			13,139
Certain items (1)		(609	)		7,590			615			37,014
Interest component of certain items (1)		(451	)		(95	)		(1,280	)		(95	)
Adjusted EBITDA (2) (6)	$	45,268		$	36,893		$	136,657		$	105,027

Adjusted Net Service Revenue Reconciliation:

	For the Three- Month Period Ended September 30,				For the Nine- Month Period Ended September 30,
	2018		2017		2018		2017
Net service revenue	$	417,335	$	373,704	$	1,228,200	$	1,113,311
Add:
Certain items (1)		—		6,506		1,687		6,506
Adjusted net service revenue (3) (6)	$	417,335	$	380,210	$	1,229,887	$	1,119,817

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

	For the Three- Month Period Ended September 30,					For the Nine- Month Period Ended September 30,
	2018			2017		2018		2017
Net income attributable to Amedisys, Inc.	$	31,377		$	14,558	$	91,885	$	34,149
Add:
Certain items (1)		(450	)		4,592		455		22,394
Adjusted net income attributable to Amedisys, Inc. (4) (6)	$	30,927		$	19,150	$	92,340	$	56,543
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,
	2018			2017		2018		2017
Net income attributable to Amedisys, Inc. common stockholders per diluted share	$	0.96		$	0.42	$	2.71	$	1.00
Add:
Certain items (1)		(0.01	)		0.13		0.01		0.65
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)	$	0.95		$	0.56	$	2.73	$	1.65

12

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

Certain Items:

	For the Three-Month Period Ended September 30, 2018		For the Nine-Month Period Ended September 30, 2018
	(Income) Expense		(Income) Expense
Certain Items Impacting Net Service Revenue:
Florida self-audit (pre-acquisition)	$	—	$	1,687
Certain Items Impacting Operating Expenses:
Acquisition costs		857		1,732
Legal fees - non-routine		304		1,409
Certain Items Impacting Total Other Income (Expense):
Legal settlements		(1,437)		(1,437)
Miscellaneous, other (income) expense, net		(333)		(2,776)
Total	$	(609)	$	615
Net of tax	$	(450)	$	455
Diluted EPS	$	(0.01)	$	0.01
	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

(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 2018 Earnings Call Supplemental Slides October 30th, 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 +6%. Total same store admission +4% Hospice: Admissions +8%, ADC +11% Personal Care: Double digit growth in billable hours / quarter +32% (including acquisitions) 1 Organic Growth Quality: Amedisys maintains a STARS score average of 4.40 (Jan’19 preview) with 94% of providers at 4+ STAR rating 69 Amedisys care centers rated at 5-Stars in the Jan’19 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 CPV control (visiting clinician CPV up $0.25 year over year, in spite of $0.77 cpv impact from annual raises) Focusing on optimizing RN / LPN & PT / PTA staffing ratios 4 Impact Capacity and Productivity Signed definitive agreement to acquire Compassionate Care Hospice 10.7x net purchase price multiple 7.8x fully synergized Deal expected to close in Q1’19 Closed Personal Care acquisition of Bring Care Home (10/1/18) Equity investment in predictive analytics company Medalogix Tuck-in pipeline remains full 5 M&A 2 Recruiting / Retention 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 industry impact per Proposed Rule: +2.1% (+$400M) Working with CMS and Congress to address “behavioral assumptions” language in PDGM Three bills introduced aimed at mitigating “behavioral assumptions” S. 3458 (Kennedy/Cassidy) HR 6932 (Abraham/Graves/Buchanan/DesJarlais/Sewell) S. 3545 (Collins/Stabenow/Nelson) 6 Regulatory

Highlights and Summary Financial Results (Adjusted): 3Q 2018(1) Home Health total same store volume +6%, total same store admissions up +4%. Hospice same store admissions +8%. Personal Care +32% billable hours Amedisys Consolidated Revenue Growth: +10% EBITDA: $45M (+23%) EBITDA Margin: 11% EPS: $0.95 (+70%) 3Q’18 Net debt: $45.8M Net Leverage ratio: 0.3x CFFO: $68.5M Free cash flow (4) : $64.7M DSO: 40.6 (vs. Q2’18 of 41.1) Balance Sheet & Cash Flow 3Q’18 Same Store Volume (2): Total: +6% Episodic (2): +5% Same Store Admissions: Total: +4% Episodic (3): +3% Other Statistics: Revenue per Episode: $2,855 (+$35) Total Cost per Visit: Increased 0.1% Medicare Recert Rate: +120 bps Home Health Growth Metrics (5): Billable hours/quarter: +32% Clients served: +55% Personal Care Same Store Volume: Admissions: +8% ADC: +11% Other Statistics: Revenue per Day: $144.71 (-2.5%) Cost per day: -0.3% Hospice 3Q’18 3Q’18 3Q’18 Adjusted Financial Results(1) 3Q’18 The financial results for the three-month periods ended September 30, 2017 and September 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: 3Q18 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 Hospice Per Day Reimbursement: Routine Care: Patient at home with symptoms controlled – 98% 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) – 3Q 2018(1) Revenue per Episode up +$35 Recert rate up +120 bps CPV increase of 0.1% in Q3’18 EBITDA as a % percentage of revenue: +270bps Home Health Highlights Same store average daily census (ADC) up 11% Net revenue per day down 2.5% Two providers over cap as of Q3’18: ~ $1.2M liability Net revenue per day impacted by accrual for Medicare repayment Hospice Highlights The financial results for the three-month periods ended September 30, 2017 and September 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 total volume growth strong (+6%); Hospice continues with double digit ADC growth (+11%)

General & Administrative Expenses – Adjusted (1,2) Notes: Year over year total G&A as a percentage of revenue decreased 120 basis points Home Health segment G&A: 230 bps decrease as % of revenue Hospice segment G&A: 90 bps increase as % of revenue Personal Care segment G&A: 610 bps decrease as % of revenue (Personal Care G&A reflects reclassification of certain support personnel to corporate in 2018) Corporate G&A: 40 bps increase as % of total revenue Total G&A sequential increase driven by planned wage increases and anticipated health insurance increases The financial results for the three-month periods ended September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 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; Adding investments to Hospice segment

Industry Leading Quality Scores Note: Top Competitor Avg weighted by CCN count and include LHC, Kindred, AFAM, HLS and BKD Metric JUL 18 OCT 18 PREVIEW JAN 19 PREVIEW Quality of Patient Care 4.38 4.41 4.40 Entities at 4+ Stars 93% 94% 94% Metric JAN 18 Release APR 18 Release JUL 18 Release Patient Satisfaction Star 3.85 3.94 3.96 Performance Over Industry +7% +7% +7% Quality of Patient Care (QPC) Patient Satisfaction (PS) QPC Industry Performance PS Industry Performance *Scoring methodology change dropped entire industry’s PS STAR scores Amedisys maintains a 4-Star average in the Jan 2019 HHC preview with 94% of our providers at 4+ Stars and 66% at 4.5+ Stars 36 Amedisys providers (representing 69 care centers) rated at 5-Stars in the Jan 2019 preview AMED received ~$782K in bonus payments related to Value Based Purchasing (VBP) YTD through 3Q’18

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

Components 3Q’17 2Q’18 3Q’18 YoY Variance Detail Mitigation Plan Salaries $61.65 $59.98 $61.93 $0.28 YoY increase due to planned wage increases offset by volume growth and increased productivity Staffing mix optimization, productivity and scheduling improvement initiatives in place helped us overcome planned salary increases Contractors $2.81 $3.16 $3.35 $0.54 YoY increased demand due to increasing volumes Focused efforts on filling positions with full-time clinicians Benefits $11.12 $10.45 $11.14 $0.02 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 $6.95 $6.48 $6.36 ($0.59) YoY decrease primarily due to supplies costs More effective medical supply contracting cost initiatives are underway *Visiting Clinician CPV $82.53 $80.07 $82.78 $0.25 Clinical Managers $8.30 $7.76 $8.18 ($0.12) Fixed cost associated with non-visiting clinicians Unit cost reduced as volume increases Total CPV $90.83 $87.83 $ 90.96 $0.13 Operational Excellence: Home Health Cost Per Visit (CPV) Total CPV impacted by planned wage increases *Note: Direct comparison with industry competitors CPV calculation $82.53 $80.07 $82.78

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 trend in the mid-single digits 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 (10/2/17) and East Tennessee (5/1/18) acquisitions

Overview Metrics Integration Timing Amedisys signs definitive agreement to acquire Compassionate Care Hospice 100% stock purchase Compassionate Care Hospice: Founded in 1993 100% founder owned Average Daily Census: 3,300 Revenue: $188M Adj. EBITDA: $27M Care Centers: 53 States: 24 Proforma for acquisitions, AMED becomes the 3rd largest hospice provider in America Adds 12 new states to AMED hospice organization $340M gross price (12.6x) $290M net price (10.7x) Net of $50M dollar for dollar payment related to tax asset and working capital Synergized Multiple: 7.8x ~$10M in synergies (2020) Minimal overlap ~10% of ADC Balance sheet remains very flexible for continued inorganic growth opportunities: Initial leverage ratio: ~1.5x Proforma company will have significant cash generation Conversion to HCHB to begin day 1 and projected to take ~180 days Expected to see integration and HCHB implementation disruption during 1Q’19 and 2Q’19 AMED will invest in the business during 2019 to grow low ADC care centers and expand margin in large care centers Adding sales resources to accelerate growth in 2H’19 and 2020 Retention packages for key employees Care center staffing model and regional infrastructure Expect significant margin improvement throughout 2020 2021 expect margin profile similar to AMED hospice Transaction subject to customary regulatory approval Target closing: Feb 2019 AMED to Acquire Compassionate Care Hospice Deal Summary

Debt and Liquidity Metrics Our debt levels remain very low at 0.3x net leverage Net debt defined as total debt outstanding ($59.8M) less cash balance ($14.0M). Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($174M). 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) $64.7M in free cash flow for the quarter; $159M in cash flow from operations YTD 2018 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 September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 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

2018 Updated Guidance (2Q) 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 (3Q) $177M – $180M $1.65B – $1.67B $3.54 – $3.60

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

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