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, 2019

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	AMED	The NASDAQ Global Select Market

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, 2019, Amedisys, Inc. (“we,” “us,” “our” or the “Company”) issued a press release announcing its financial results for the three and six-month periods ended June 30, 2019. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information presented in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless we specifically state that the information is to be considered “filed” under the Exchange Act or specifically incorporate it by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

SECTION 7 – REGULATION FD

ITEM 7.01. REGULATION FD DISCLOSURE

Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference.

In addition, a copy of the supplemental slides which will be discussed during the Company’s earnings call at 11:00 a.m. ET on Thursday, August 1, 2019 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 July 31, 2019 announcing the Company’s financial results for the three and six-month periods ended June  30, 2019 (furnished only)
99.2	Supplemental slides provided in connection with the second quarter 2019 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, 2019

EX-99.1

Exhibit 99.1

AMEDISYS REPORTS SECOND QUARTER 2019 FINANCIAL RESULTS

AND UPDATES 2019 GUIDANCE

BATON ROUGE, Louisiana (July 31, 2019) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and six-month periods ended June 30, 2019.

Three Month Periods Ended June 30, 2019 and 2018

• Net service revenue increased $81.4 million to $493.0 million compared to $411.6 million in 2018.

• Net income attributable to Amedisys, Inc. of $33.7 million compared to $33.3 million in 2018.

• Net income attributable to Amedisys, Inc. per diluted share of $1.02 compared to $0.98 in 2018.

Adjusted Quarterly Results*

• Adjusted EBITDA of $61.4 million compared to $49.7 million in 2018.

• Adjusted net service revenue of $498.5 million compared to $413.3 million in 2018.

• Adjusted net income attributable to Amedisys, Inc. of $39.9 million compared to $34.1 million in 2018.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.21 compared to $1.00 in 2018.

Six Month Periods Ended June 30, 2019 and 2018

• Net service revenue increased $149.4 million to $960.3 million compared to $810.9 million in 2018.

• Net income attributable to Amedisys, Inc. of $65.0 million compared to $60.5 million in 2018.

• Net income attributable to Amedisys, Inc. per diluted share of $1.98 compared to $1.76 in 2018.

Adjusted Year to Date Results*

• Adjusted EBITDA of $116.2 million compared to $91.4 million in 2018.

• Adjusted net service revenue of $966.3 million compared to $812.6 million in 2018.

• Adjusted net income attributable to Amedisys, Inc. of $76.3 million compared to $61.4 million in 2018.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $2.32 compared to $1.79 in 2018.

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

Paul B. Kusserow, President and Chief Executive Officer stated, “I am very proud of our second quarter results as we continue to best internal and external expectations. Most importantly and core to what we do, our growth allows us to bring clinical excellence to even more patients across home health, hospice and personal care. Providing our clinically distinct services to as many patients wherever they call home is why we get out of bed every morning and I am thankful to our team of over 21,000 employees for continuing to do all that you do to drive such impressive results and provide such incredible care.”

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Updated 2019 Guidance

• Net service revenue is anticipated to be in the range of $1.94 billion to $1.98 billion.

• Adjusted EBITDA is anticipated to be in the range of $213 million to $216 million.

• Adjusted diluted earnings per share is anticipated to be in the range of $4.05 to $4.12 based on an estimated 33.1 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 2019 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, 2018, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com.

Earnings Call and Webcast Information

Amedisys will host a conference call on Thursday, August 1, 2019, 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, 2019 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13691942.

A live webcast of the call will be accessible through our website on our Investor Relations section at the following web address: http://investors.amedisys.com.

Non-GAAP Financial Measures

This press release includes reconciliations of the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) to non-GAAP financial measures. The non-GAAP financial measures as defined under SEC rules are as follows: (1) adjusted EBITDA, defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items; (2) adjusted net service revenue, defined as net service revenue excluding certain items; (3) adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. excluding certain items; and (4) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income attributable to Amedisys, Inc. common stockholders per diluted share excluding certain items. Management believes that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, are useful gauges of our current performance and are also included in internal management reporting. These non-GAAP financial measures should be considered in addition to, and not more meaningful than or as an alternative to the GAAP financial measures presented in this earnings release and the company’s financial statements. Non-GAAP measures as presented herein may not be comparable to similarly titled measures reported by other companies since not all companies calculate these non-GAAP measures consistently.

Additional information

Amedisys, Inc. (the “Company”) is a leading healthcare at home Company delivering personalized home health, hospice and personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering them to manage a chronic disease; or hospice care at the end of life. More than 3,000 hospitals and 65,000 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 more than 21,000 employees in 471 care centers within 38 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 376,000 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.

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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 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, 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, competition in the healthcare industry, 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 consistently provide high-quality care, 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 realize the anticipated benefits of the acquisition of Compassionate Care Hospice (“CCH”), our ability to comply with requirements stipulated in the CCH 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. Nick Muscato Vice President, Strategic Finance (855) 259-2046 IR@amedisys.com	Amedisys, Inc. Kendra Kimmons Vice President, Marketing & Communications (225) 299-3720 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
	2019			2018			2019			2018
Net service revenue	$	492,984		$	411,603		$	960,324		$	810,865
Cost of service, excluding depreciation and amortization		290,752			242,564			566,026			480,873
General and administrative expenses:
Salaries and benefits		98,356			77,215			193,186			152,846
Non-cash compensation		5,538			3,767			12,153			7,811
Other		48,408			42,104			91,810			83,784
Depreciation and amortization		5,179			3,125			8,074			6,718
Operating expenses		448,233			368,775			871,249			732,032
Operating income		44,751			42,828			89,075			78,833
Other income (expense):
Interest income		20			114			44			234
Interest expense		(4,332	)		(2,140	)		(7,681	)		(3,843	)
Equity in earnings from equity method investments		3,716			2,976			4,932			4,836
Miscellaneous, net		193			359			429			960
Total other (expense) income, net		(403	)		1,309			(2,276	)		2,187
Income before income taxes		44,348			44,137			86,799			81,020
Income tax expense		(10,308	)		(10,596	)		(21,186	)		(20,159	)
Net income		34,040			33,541			65,613			60,861
Net income attributable to noncontrolling interests		(298	)		(192	)		(567	)		(353	)
Net income attributable to Amedisys, Inc.	$	33,742		$	33,349		$	65,046		$	60,508
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	1.05		$	1.00		$	2.03		$	1.80
Weighted average shares outstanding		32,075			33,439			32,038			33,705
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	1.02		$	0.98		$	1.98		$	1.76
Weighted average shares outstanding		32,933			34,179			32,913			34,391

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AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	June 30, 2019 (unaudited)			December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	13,902		$	20,229
Patient accounts receivable		239,674			188,972
Prepaid expenses		8,957			7,568
Other current assets		13,252			7,349
Total current assets		275,785			224,118
Property and equipment, net of accumulated depreciation of $98,936 and $95,472		29,762			29,449
Operating lease right of use assets		85,026			—
Goodwill		664,822			329,480
Intangible assets, net of accumulated amortization of $35,402 and $33,050		61,966			44,132
Deferred income taxes		30,213			35,794
Other assets		58,288			54,145
Total assets	$	1,205,862		$	717,118
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	35,690		$	28,531
Payroll and employee benefits		111,660			92,858
Accrued expenses		131,860			99,475
Current portion of long-term obligations		7,610			1,612
Current portion of operating lease liabilities		26,187			—
Total current liabilities		313,007			222,476
Long-term obligations, less current portion		266,468			5,775
Operating lease liabilities, less current portion		57,392			—
Other long-term obligations		6,053			6,234
Total liabilities		642,920			234,485
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; 36,445,591 and 36,252,280 shares issued; and 32,130,184 and 31,973,505 shares outstanding		36			36
Additional paid-in capital		623,309			603,666
Treasury stock, at cost 4,315,407 and 4,278,775 shares of common stock		(246,175	)		(241,685	)
Accumulated other comprehensive income		15			15
Retained earnings		184,596			119,550
Total Amedisys, Inc. stockholders’ equity		561,781			481,582
Noncontrolling interests		1,161			1,051
Total equity		562,942			482,633
Total liabilities and equity	$	1,205,862		$	717,118

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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
	2019			2018			2019			2018
Cash Flows from Operating Activities:
Net income	$	34,040		$	33,541		$	65,613		$	60,861
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		5,179			3,125			8,074			6,718
Non-cash compensation		5,538			3,767			12,153			7,811
401(k) employer match		2,307			2,327			4,686			4,894
Amortization and impairment of operating lease right of use assets		9,150			—			17,495			—
Loss (gain) on disposal of property and equipment		2			87			(2	)		650
Deferred income taxes		2,606			6,200			5,875			9,145
Equity in earnings from equity method investments		(3,716	)		(2,976	)		(4,932	)		(4,836	)
Amortization of deferred debt issuance costs/debt discount		220			177			433			355
Write off of deferred debt issuance costs		—			38			—			38
Return on equity investment		117			1,579			842			2,204
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		(1,832	)		(4,656	)		(24,165	)		3,604
Other current assets		2,292			(4,698	)		(8,343	)		(11,680	)
Other assets		282			642			(56	)		688
Accounts payable		1,665			5,146			(9,475	)		3,623
Accrued expenses		10,424			6,355			29,262			4,548
Other long-term obligations		(37	)		(1	)		(181	)		2,347
Operating lease liabilities		(8,061	)		—			(16,200	)		—
Operating lease right of use assets		(910	)		—			(1,754	)		—
Net cash provided by operating activities		59,266			50,653			79,325			90,970
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets		5			9			213			471
Proceeds from the sale of property and equipment		81			6			146			11
Investments in equity method investees		(90	)		—			(210	)		—
Purchases of property and equipment		(1,495	)		(149	)		(2,693	)		(1,611	)
Acquisitions of businesses, net of cash acquired		(17,547	)		(1,824	)		(345,414	)		(4,074	)
Net cash used in investing activities		(19,046	)		(1,958	)		(347,958	)		(5,203	)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options		987			2,484			1,343			2,609
Proceeds from issuance of stock to employee stock purchase plan		752			560			1,534			1,157
Shares withheld upon stock vesting		(1,802	)		(1,527	)		(4,490	)		(2,832	)
Noncontrolling interest distribution		(91	)		(322	)		(457	)		(350	)
Proceeds from borrowings under term loan		—			—			175,000			—
Proceeds from borrowings under revolving line of credit		23,000			127,500			184,500			127,500
Repayments of borrowings under revolving line of credit		(58,000	)		—			(92,000	)		—
Principal payments of long-term obligations		(1,718	)		(87,656	)		(2,277	)		(90,475	)
Debt issuance costs		—			(2,433	)		(847	)		(2,433	)
Purchase of company stock		—			(181,402	)		—			(181,402	)
Net cash (used in) provided by financing activities		(36,872	)		(142,796	)		262,306			(146,226	)
Net increase (decrease) in cash and cash equivalents		3,348			(94,101	)		(6,327	)		(60,459	)
Cash and cash equivalents at beginning of period		10,554			120,005			20,229			86,363
Cash and cash equivalents at end of period	$	13,902		$	25,904		$	13,902		$	25,904
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	3,462		$	1,015		$	4,187		$	2,080
Cash paid for income taxes, net of refunds received	$	7,445		$	3,336		$	7,849		$	6,149
Days revenue outstanding (1)		41.1			41.1			41.1			41.1

(1) Our calculation of days revenue outstanding at June 30, 2019 and 2018 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three month periods ended June 30, 2019 and 2018, 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,
	2019			2018
Financial Information (in millions):
Medicare	$	219.1		$	206.3
Non-Medicare		99.5			85.2
Net service revenue		318.6			291.5
Cost of service		187.8			176.5
Gross margin		130.8			115.0
Other operating expenses		75.1			69.2
Operating income	$	55.7		$	45.8
Same Store Growth (1):
Medicare revenue		6	%		6	%
Non-Medicare revenue		17	%		18	%
Total admissions		7	%		6	%
Total volume (2)		6	%		8	%
Total Episodic admissions (3)		6	%		5	%
Total Episodic volume (4)		4	%		6	%
Key Statistical Data - Total (5):
Medicare:
Admissions		48,870			47,058
Recertifications		27,777			28,431
Total volume		76,647			75,489
Completed episodes		76,302			74,776
Visits		1,322,393			1,318,074
Average revenue per completed episode (6)	$	2,953		$	2,874
Visits per completed episode (7)		17.6			17.8
Non-Medicare:
Admissions		32,893			29,271
Recertifications		15,584			13,891
Total volume		48,477			43,162
Visits		774,093			690,548
Total (5):
Visiting Clinician Cost per Visit	$	81.97		$	80.07
Clinical Manager Cost per Visit		7.65			7.76
Total Cost per Visit	$	89.62		$	87.83
Visits		2,096,486			2,008,622

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	For the Six- Month Periods Ended June 30,
	2019			2018
Financial Information (in millions):
Medicare	$	432.5		$	411.3
Non-Medicare		196.2			164.3
Net service revenue		628.7			575.6
Cost of service		373.5			350.9
Gross margin		255.2			224.7
Other operating expenses		147.5			138.0
Operating income	$	107.7		$	86.7
Same Store Growth (1):
Medicare revenue		5	%		5	%
Non-Medicare revenue		20	%		16	%
Total admissions		7	%		5	%
Total volume (2)		6	%		7	%
Total Episodic admissions (3)		5	%		4	%
Total Episodic volume (4)		4	%		6	%
Key Statistical Data - Total (5):
Medicare:
Admissions		99,190			96,513
Recertifications		54,889			55,667
Total volume		154,079			152,180
Completed episodes		150,280			147,612
Visits		2,653,802			2,632,200
Average revenue per completed episode (6)	$	2,928		$	2,833
Visits per completed episode (7)		17.5			17.5
Non-Medicare:
Admissions		66,542			59,160
Recertifications		30,267			26,323
Total volume		96,809			85,483
Visits		1,527,772			1,351,481
Total (5):
Visiting Clinician Cost per Visit	$	81.51		$	80.20
Clinical Manager Cost per Visit		7.83			7.88
Total Cost per Visit	$	89.34		$	88.08
Visits		4,181,574			3,983,681

(1) Same store information represents the percent change 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 and denovos.

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(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.

Segment Information - Hospice

	For the Three- Month Periods Ended June 30,
	2019			2018
Financial Information (in millions):
Medicare	$	145.8		$	96.9
Non-Medicare		7.4			4.5
Net service revenue		153.2			101.4
Cost of service		87.3			51.7
Gross margin		65.9			49.7
Other operating expenses		35.3			20.6
Operating income	$	30.6		$	29.1
Same Store Growth (1):
Medicare revenue		1	%		13	%
Hospice admissions		7	%		7	%
Average daily census		5	%		12	%
Key Statistical Data - Total (2):
Hospice admissions		10,430			6,746
Average daily census		11,427			7,554
Revenue per day, net	$	147.27		$	147.58
Cost of service per day	$	83.96		$	75.20
Average discharge length of stay		98			97

	For the Six- Month Periods Ended June 30,
	2019			2018
Financial Information (in millions):
Medicare	$	276.5		$	188.7
Non-Medicare		13.7			10.0
Net service revenue		290.2			198.7
Cost of service		161.4			101.8
Gross margin		128.8			96.9
Other operating expenses		64.7			40.8
Operating income	$	64.1		$	56.1
Same Store Growth (1):
Medicare revenue		5	%		12	%
Hospice admissions		6	%		6	%
Average daily census		7	%		12	%
Key Statistical Data - Total (2):
Hospice admissions		20,141			13,679
Average daily census		10,709			7,385
Revenue per day, net	$	149.72		$	148.66
Cost of service per day	$	83.25		$	76.15
Average discharge length of stay		98			97

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

(2) Total includes acquisitions and denovos.

9

Segment Information - Personal Care

	For the Three- Month Periods Ended June 30,
	2019		2018
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		21.2		18.7
Net service revenue		21.2		18.7
Cost of service		15.6		14.4
Gross margin		5.6		4.3
Other operating expenses		3.2		3.3
Operating income	$	2.4	$	1.0
Key Statistical Data - Total (1):
Billable hours		848,245		797,228
Clients served		12,962		12,683
Shifts		382,287		356,874
Revenue per hour	$	25.01	$	23.48
Revenue per shift	$	55.49	$	52.45
Hours per shift		2.2		2.2

	For the Six- Month Periods Ended June 30,
	2019		2018
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		41.4		36.6
Net service revenue		41.4		36.6
Cost of service		31.1		28.2
Gross margin		10.3		8.4
Other operating expenses		6.4		6.6
Operating income	$	3.9	$	1.8
Key Statistical Data - Total (1):
Billable hours		1,681,862		1,547,181
Clients served		14,687		14,350
Shifts		758,469		705,040
Revenue per hour	$	24.60	$	23.66
Revenue per shift	$	54.56	$	51.91
Hours per shift		2.2		2.2

(1) Total includes acquisitions.

10

Segment Information - Corporate

	For the Three- Month Periods Ended June 30,
	2019		2018
Financial Information (in millions):
Other operating expenses	$	40.2	$	31.1
Depreciation and amortization		3.7		2.0
Total operating expenses	$	43.9	$	33.1

	For the Six- Month Periods Ended June 30,
	2019		2018
Financial Information (in millions):
Other operating expenses	$	81.5	$	61.3
Depreciation and amortization		5.1		4.5
Total operating expenses	$	86.6	$	65.8

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,
	2019			2018			2019			2018
Net income attributable to Amedisys, Inc.	$	33,742		$	33,349		$	65,046		$	60,508
Add:
Income tax expense		10,308			10,596			21,186			20,159
Interest expense, net		4,312			2,026			7,637			3,609
Depreciation and amortization		5,179			3,125			8,074			6,718
Certain items (1)		8,257			1,035			15,171			1,224
Interest component of certain items (1)		(446	)		(446	)		(887	)		(829	)
Adjusted EBITDA (2) (6)	$	61,352		$	49,685		$	116,227		$	91,389

Adjusted Net Service Revenue Reconciliation:

	For the Three- Month Period Ended June 30,				For the Six- Month Period Ended June 30,
	2019		2018		2019		2018
Net service revenue	$	492,984	$	411,603	$	960,324	$	810,865
Add:
Certain items (1)		5,515		1,687		5,993		1,687
Adjusted net service revenue (3) (6)	$	498,499	$	413,290	$	966,317	$	812,552

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

	For the Three- Month Period Ended June 30,				For the Six- Month Period Ended June 30,
	2019		2018		2019		2018
Net income attributable to Amedisys, Inc.	$	33,742	$	33,349	$	65,046	$	60,508
Add:
Certain items (1)		6,110		766		11,226		906
Adjusted net income attributable to Amedisys, Inc. (4) (6)	$	39,852	$	34,115	$	76,272	$	61,414

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,
	2019		2018		2019		2018
Net income attributable to Amedisys, Inc. common stockholders per diluted share	$	1.02	$	0.98	$	1.98	$	1.76
Add:
Certain items (1)		0.19		0.02		0.34		0.03
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)	$	1.21	$	1.00	$	2.32	$	1.79

12

(1) The following details the certain items for the three and six-month periods ended June 30, 2019 and 2018:

Certain Items:

	For the Three-Month Period Ended June 30, 2019			For the Six-Month Period Ended June 30, 2019
	(Income) Expense			(Income) Expense
Certain Items Impacting Net Service Revenue:
Contingency accrual	$	5,523		$	6,541
Planned closures (7)		(8	)		(548	)
Certain Items Impacting Cost of Service:
Planned closures (7)		313			1,157
Certain Items Impacting Operating Expenses:
Planned closures (7)		69			157
Acquisition costs		4,494			10,252
Legal fees - non-routine		108			(24	)
Certain Items Impacting Total Other Income (Expense):
Miscellaneous, other (income) expense, net		(2,242	)		(2,364	)
Total	$	8,257		$	15,171
Net of tax	$	6,110		$	11,226
Diluted EPS	$	0.19		$	0.34
	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

(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 excluding 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 measures 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.

(7) Planned closures consist of in-patient units acquired from Compassionate Care Hospice whose operations ceased in April 2019.

13

EX-99.2

Amedisys Second Quarter 2019 Earnings Call Supplemental Slides August 1st, 2019 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 2019 Home Health*: Total same store admissions +7%. Total same store volume +6%. Total same store Medicare admissions +4% Hospice: Admissions +7%, ADC +5% Personal Care: Billable hours / quarter +6% (including acquisitions) 1 Organic Growth Quality: Amedisys Oct’19 preview STARS score of 4.25 reflects CMS change in measurement (added Improvement in Mgmt. of Oral Meds) 47 Amedisys care centers rated at 5-Stars in the Oct’19 Preview (85% of providers at 4 Stars) Hospice quality – outperforming industry average in all hospice item set (HIS) categories 3 Clinical Initiatives Focusing on optimizing RN / LPN & PT / PTA staffing ratios. Current LPN Ratio: 40.1% Current PTA Ratio: 42.6% 4 Capacity and Productivity CCH integration remains on target 70% of care centers on HCHB representing 86% of census Synergies on target Final wave of care centers implementing HCHB on 8/1 Signed definitive agreement (7/30) to acquire home health CON expanding access in NY Targeting increased de novo activity in 2019 (7-9 planned) 4 de novos opened as of 6/30 5 M&A 2 Recruiting / Retention Targeting industry leading employee retention amongst all employee categories Currently total voluntary turnover ~17% Focus on reduction of clinical turnover with heavy focus on RN’s and “quick quits” *Note: Home Health same store volume is defined as admissions plus recertifications 2019 Home Health industry impact per Proposed Rule +2.2%; AMED home health specific impact +1.2% Proposed 2020 Home Health Rule (PDGM) released 7/11, largely unchanged from previous proposal Working with CMS and Congress to address “behavioral assumptions” language in PDGM Proposed 2020 Hospice Rule released 4/19. Industry update of +2.7% AMED specific impact of ~1% 6 Regulatory

Highlights and Summary Financial Results (Adjusted): 2Q 2019(1) Home Health total same store volume +6%, total same store admissions +7%. Hospice same store admissions +7%. Personal Care +6% billable hours Amedisys Consolidated Revenue Growth: +21% EBITDA: $61M (+24%) EBITDA Margin: 12% (+30 bps) EPS: $1.21 (+21%) 2Q’19 Net debt: $264.2M Net Leverage ratio: 1.3x CFFO: $59.3M Free cash flow (4): $57.3M DSO: 41.1 (vs. Q1’19 of 41.2) Balance Sheet & Cash Flow 2Q’19 Same Store Volume (2): Total: +6% Episodic (3): +4% Same Store Admissions: Total: +7% Episodic (3): +6% Other Statistics: Revenue per Episode: $2,953 (+$79) Total Cost per Visit: $89.62 (+2.0%) Medicare Recert Rate: 36.4% (-160 bps) Home Health Growth Metrics (5): Billable hours/quarter: +6% Clients served: +2% Personal Care Same Store Volume: Admissions: +7% ADC: +5% Other Statistics: Revenue per Day: $147.27 (-0.2%) Cost per day: +11.6% Hospice 2Q’19 2Q’19 2Q’19 Adjusted Financial Results(1) 2Q’19 The financial results for the three-month periods ended June 30, 2018 and June 30, 2019 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: 2Q19 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 – 99% of the Hospice care AMED provides, in line with overall hospice industry provision of care 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: 322 care centers; 34 states & DC Hospice: 137 care centers; 33 states Personal Care: 12 care centers; 3 states Total AMED: 471 care centers; 38 states and D.C.

Home Health and Hospice Segment (Adjusted) – 2Q 2019(1) Medicare FFS growth +4% Revenue per Episode up +$79 Recert rate down 160 bps Y/Y CPV up $1.79 EBITDA as a % percentage of revenue: +130 bps 2Q Home Health Highlights Same store average daily census (ADC) up 5% in 2Q Net revenue per day -0.2% in 2Q ~$1M liability for 2019 cap year CCH revenue contribution: $46.0M in 2Q Total CCH EBITDA contribution net of corporate: $3.9M in 2Q Hospice Highlights The financial results for the three-month periods ended June 30, 2018 and June 30, 2019 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. Pre-Corporate EBITDA does not include any corporate G&A expenses. Home health total volume growth strong (+6%); Hospice continues strong ADC growth (+5%)

General & Administrative Expenses – Adjusted (1,2) Notes: Year over year total G&A as a percentage of revenue increased 10 basis points Home Health segment G&A: 10 bps decrease as % of revenue Hospice segment G&A: 170 bps increase as % of revenue – including $10.8M from acquisition of CCH Personal Care segment G&A: 230 bps decrease as % of revenue Corporate G&A: 10 bps decrease as a % of revenue – including $2.2M from acquisition of CCH Total G&A as a percentage of revenue decreased 10 bps sequentially The financial results for the three-month periods ended June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019 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; Added investments to Hospice segment

Industry Leading Quality Scores Note: Top Competitor Avg weighted by CCN count and includes LHC, Kindred, AFAM, HLS and BKD Metric JAN 19 Release APR 19 Release JUL 19 PREVIEW OCT 19 PREVIEW Quality of Patient Care 4.40 4.28 4.27 4.25 Entities at 4+ Stars 94% 86% 85% 85% Metric JUL 18 Release OCT 18 Release JAN 19 Release APR 19 Release Patient Satisfaction Star 3.96 3.66 3.75 4.19 Performance Over Industry +7% +5% +6% +8% Quality of Patient Care (QPC) Patient Satisfaction (PS) Amedisys maintains a 4-Star average in the October 2019 HHC preview with 85% of our providers (representing 92% of care centers) at 4+ Stars and 53% at 4.5+ Stars 26 Amedisys providers (representing 47 care centers) rated at 5-Stars in the October HHC 2019 preview In April 19 Preview for QPC, new measure introduced: Improvement in Management of Oral Meds

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

Components 2Q’18 1Q’19 2Q’19 YoY Variance Detail Initiatives Salaries $59.98 $61.54 $61.69 $1.71 YoY increase due to planned wage increases and discipline mix Staffing mix optimization, productivity and scheduling improvement initiatives in place to help overcome planned salary increases Contractors $3.16 $3.08 $2.99 ($0.17) YoY utilization consistent Focused efforts on filling positions with full-time clinicians Benefits $10.45 $10.30 $10.98 $0.53 YoY increase driven by health insurance expense Focus on cost containment and spend optimization with specific focus on high cost claims Transportation & Supplies $6.48 $6.13 $6.31 ($0.17) YoY decrease primarily due to transportation costs More effective medical supply contracting cost initiatives are underway *Visiting Clinician CPV $80.07 $81.05 $81.97 $1.90 Clinical Managers $7.76 $8.01 $7.65 ($0.11) Fixed cost associated with non-visiting clinicians Unit cost reduced as volume increases Total CPV $87.83 $89.06 $89.62 $1.79 Operational Excellence: Home Health Cost Per Visit (CPV) Total CPV impacted by planned wage increases *Note: Direct comparison with industry competitors CPV calculation $80.07 $81.05 $81.97

Driving Top Line Growth All three lines of business continue to grow. Hospice delivers another quarter of ADC growth and Home Health total same store volume continues to trend in the mid-single digits Home Health Total Volume Hospice ADC Personal Care Total Hours / Quarter *Includes impact of East Tennessee (5/1/18) and Bring Care Home (10/1/18) acquisitions

Debt and Liquidity Metrics ~1.3x net leverage post Compassionate Care Hospice acquisition Net debt defined as total debt outstanding ($278.1M) less cash balance ($13.9M). Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($205.4M). Liquidity defined as the sum of cash balance and available revolving line of credit.

Cash Flow Statement Highlights (1) Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments.

Income Statement Adjustments (1) The financial results for the three-month periods ended June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019 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. Planned closures consist of in-patient units acquired from Compassionate Care Hospice whose operations ceased in April 2019.

2019 Guidance

Updating 2019 Guidance Increasing 2019 EBITDA and EPS guidance ranges 2019 Revised Guidance Revenue Adjusted EBITDA Adjusted Earnings per Share $205M - $210M $1.94B - $1.98B $3.98 – $4.09 2019 Original Guidance $213M - $216M $4.05– $4.12 $1.94B - $1.98B

2019 Guidance Considerations Amedisys Consolidated Tax rate ~26% Cash tax rate ~17% Diluted share count ~33.1 million shares Capital Expenditures ~$8-$10 million Salary increase ~2% - 3% Benefits increase ~12% (8% growth / headcount, 4% pricing / claims costs) Overall ~$6 million investment in business development resources Excludes future acquisitions and related integration costs Home Health Personal Care Hospice Total same store admission growth ~5% Focus on business development staffing strategy ~$3 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 ~7% Addition of business development resources to maintain organic growth ~ $3 million Includes contribution of CCH acquisition of ~$12M-$14M Decline in exit rate TTM ($25M vs. $27M) ADC Disruption of ~100 (~3%) Total billable hours growth ~13% Employer Medical Assistance Contribution (EMAC) ~$1 million Project solid revenue and earnings growth while investing in our people and the business to prepare for PDGM and beyond. Executing inorganic growth strategy and ramping up de novos 2019 Investments Total Investments in business of ~$7M IT Security – Investments in IT security enhancements for web, ID, data and e-mail protection etc. Pay Practice Redesign – Incentivizing our clinical staff to work at the top of their license (right people, doing the right visits) Staffing Model Redesign – Optimizing our care centers and field infrastructure to maximize operational efficiency PDGM Resources – Investments in teams, projects, processes needed to thrive in PDGM De Novos – 7 to 9 de novos planned for 2019

Compassionate Care Hospice (CCH) EBITDA Improvement HCHB disruption and investments in the business will impact EBITDA in 2019. EBITDA margin in 2020 and beyond will reflect legacy Amedisys hospice margin and growth trajectory Category Description ADC Disruption Negative impact on ADC as HCHB is installed. Expect ADC to recover in 3Q’19 Investment Investments needed in regional infrastructure and BD staff to grow low ADC care centers and improve margin in large ADC care centers. Current CCH EBITDA margin approximately half of legacy AMED and growth rate ~20% of AMED ADC growth Synergies and Other Efficiencies Cost savings, duplicative contract optimization and sunset of current IT system; cannot begin to pull costs out until HCHB is installed. Realize 100% of run rate synergies of ~$10M in 2H’2020 Planned disruption from HCHB implementation of ~100 ADC BD staff & regional infrastructure needed to grow low ADC care centers and improve margin Assuming no revenue growth and EBITDA margin equal to AMED legacy hospice margin, CCH can contribute ~$50M+ in EBITDA ~$24M - $26M of total 2020 EBITDA driven by recovery from ADC disruption and realization of synergies ~$10M of 2020 EBITDA driven by ADC growth and margin expansion ~$34 - $36

Reimbursement Outlook 2019 Reimbursement Impact for Home Health and Hospice Home Health Hospice 2019 Market Basket Update 3.0% Productivity Adjustment (0.8)0 Estimated Industry Impact +2.2% Estimated AMED-Specific Impact +1.2% 2019* Market Basket Update 2.9% Productivity / Other Adjustment (1.1) Estimated Industry Impact +1.8% Estimated AMED-Specific Impact +1.6% Note: +2.2% industry impact compared to +1.2% AMED specific impact ~($12M) *Hospice rate increase effective October 1, 2018

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