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 28, 2020

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 28, 2020, 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, 2020. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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

SECTION 7 – REGULATION FD

ITEM 7.01. REGULATION FD DISCLOSURE

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

In addition, a copy of the supplemental slides which will be discussed during the Company’s earnings call at 11:00 a.m. ET on Wednesday, July 29, 2020 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 28, 2020 announcing the Company’s financial results for the three and six-month periods ended June 30, 2020 (furnished only)
99.2	Supplemental slides provided in connection with the second quarter 2020 earnings call of the Company (furnished only)
104	Cover Page Interactive Date File (embedded within the Inline XBRL document)

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 28, 2020

EX-99.1

Exhibit 99.1

AMEDISYS REPORTS SECOND QUARTER 2020 FINANCIAL RESULTS

REISSUES 2020 GUIDANCE

BATON ROUGE, Louisiana (July 28, 2020) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and six-month period ended June 30, 2020.

Three-Month Periods Ended June 30, 2020 and 2019

• Net service revenue decreased $8.0 million to $485.0 million compared to $493.0 million in 2019.

• Net income attributable to Amedisys, Inc. of $34.7 million compared to $33.7 million in 2019.

• Net income attributable to Amedisys, Inc. per diluted share of $1.04 compared to $1.02 in 2019.

Adjusted Quarterly Results*

• Adjusted EBITDA of $66.4 million compared to $61.4 million in 2019.

• Adjusted net service revenue of $485.0 million compared to $498.5 million in 2019.

• Adjusted net income attributable to Amedisys, Inc. of $44.5 million compared to $39.9 million in 2019.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.34 compared to $1.21 in 2019.

Six-Month Periods Ended June 30, 2020 and 2019

• Net service revenue increased $16.4 million to $976.7 million compared to $960.3 million in 2019.

• Net income attributable to Amedisys, Inc. of $66.5 million compared to $65.0 million in 2019.

• Net income attributable to Amedisys, Inc. per diluted share of $2.00 compared to $1.98 in 2019.

Adjusted Year to Date Results*

• Adjusted EBITDA of $119.7 million compared to $116.2 million in 2019.

• Adjusted net service revenue of $976.7 million compared to $966.3 million in 2019.

• Adjusted net income attributable to Amedisys, Inc. of $79.3 million compared to $76.3 million in 2019.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $2.39 compared to $2.32 in 2019.

* See pages 13-15 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 which have allowed us to reissue our full year 2020 guidance ranges, but once again, more proud of our employees that delivered these results during such a momentous and unprecedented time in our nation’s history. Our front-line heroes continue to provide the highest quality care to our patients, wherever they call home even in the face of this Public Health Emergency. They have adapted to our COVID-19 policies and procedures, utilized PPE to protect both themselves and our patients, quickly implemented telehealth for additional patient touch points and have gone above and beyond to be great partners to our referral sources. The pandemic continues to highlight the importance of caring for people in their homes, wherever they call home, and as such has positioned Amedisys for continued growth in the future. A special thank you to all our essential healthcare workers - you are true heroes and none of this would be possible without you.”

1

2020 Guidance

• Net service revenue is anticipated to be in the range of $2.040 billion to $2.070 billion.

• Adjusted EBITDA is anticipated to be in the range of $245 million to $255 million.

• Adjusted diluted earnings per share is anticipated to be in the range of $4.84 to $5.06 based on an estimated 33.4 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 2020 guidance disclosed in this press release. The home health, hospice and personal care industries are 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, 2019, subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com.

Earnings Call and Webcast Information

Amedisys will host a conference call on Wednesday, July 29, 2020, at 11:00 a.m. ET to discuss its second quarter results. To participate on the conference call, please call before 11:00 a.m. ET to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through August 29, 2020 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13706583.

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 other operating income, defined as other operating income excluding certain items; (4) adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. excluding certain items; and (5) 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 our patients to manage a chronic disease; or hospice care at the end of life. More than 2,600 hospitals and 67,000 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 526 care centers within 39 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 415,000 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,” “strategy,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “could,” “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: the impact of the novel coronavirus pandemic (“COVID-19”), including the measures that have been and may be taken by governmental authorities to mitigate it, on our business, financial condition and results of operations, 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, our ability to keep our patients and employees safe, 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 disaster, acts of terrorism, widespread protest or civil unrest, our ability to integrate, manage and keep our information systems secure, our ability to realize the anticipated benefits of acquisitions and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.

Contact:	Investor Contact:	Media Contact:
	Amedisys, Inc.	Amedisys, Inc.
	Nick Muscato	Kendra Kimmons
	Vice President, Strategic Finance	Vice President, Marketing & Communications
	(855) 259-2046	(225) 299-3720
	IR@amedisys.com	kendra.kimmons@amedisys.com

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AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

(Unaudited)

	For the Three-Month Periods Ended June 30,						For the Six-Month Periods Ended June 30,
	2020			2019			2020			2019
Net service revenue	$	485,059		$	492,984		$	976,744		$	960,324
Other operating income		22,780			—			22,780			—
Cost of service, excluding depreciation and amortization		295,228			290,752			580,965			566,026
General and administrative expenses:
Salaries and benefits		105,617			98,356			207,183			193,186
Non-cash compensation		6,725			5,538			12,634			12,153
Other		44,003			48,408			93,268			91,810
Depreciation and amortization		6,334			5,179			11,672			8,074
Operating expenses		457,907			448,233			905,722			871,249
Operating income		49,932			44,751			93,802			89,075
Other income (expense):
Interest income		214			20			227			44
Interest expense		(2,752	)		(4,332	)		(5,983	)		(7,681	)
Equity in earnings from equity method investments		487			3,716			964			4,932
Miscellaneous, net		(2,703	)		193			(2,440	)		429
Total other expense, net		(4,754	)		(403	)		(7,232	)		(2,276	)
Income before income taxes		45,178			44,348			86,570			86,799
Income tax expense		(10,031	)		(10,308	)		(19,377	)		(21,186	)
Net income		35,147			34,040			67,193			65,613
Net income attributable to noncontrolling interests		(473	)		(298	)		(717	)		(567	)
Net income attributable to Amedisys, Inc.	$	34,674		$	33,742		$	66,476		$	65,046
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	1.07		$	1.05		$	2.05		$	2.03
Weighted average shares outstanding		32,412			32,075			32,371			32,038
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	1.04		$	1.02		$	2.00		$	1.98
Weighted average shares outstanding		33,285			32,933			33,259			32,913

4

AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	June 30, 2020 (unaudited)			December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	177,278		$	30,294
Restricted cash		3,049			66,196
Patient accounts receivable		249,030			237,596
Prepaid expenses		10,788			8,243
Other current assets		9,395			8,225
Total current assets		449,540			350,554
Property and equipment, net of accumulated depreciation of $100,963 and $96,137		25,007			28,113
Operating lease right of use assets		92,904			84,791
Goodwill		937,088			658,500
Intangible assets, net of accumulated amortization of $12,649 and $7,044		81,813			64,748
Deferred income taxes		25,463			21,427
Other assets		33,673			54,612
Total assets	$	1,645,488		$	1,262,745
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	33,383		$	31,259
Payroll and employee benefits		128,275			120,877
Accrued expenses		169,722			137,111
Provider relief fund advance		70,000			—
Current portion of long-term obligations		10,718			9,927
Current portion of operating lease liabilities		29,950			27,769
Total current liabilities		442,048			326,943
Long-term obligations, less current portion		392,713			232,256
Operating lease liabilities, less current portion		61,611			56,128
Other long-term obligations		26,857			5,905
Total liabilities		923,229			621,232
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; 36,831,298 and 36,638,021 shares issued; and 32,442,719 and 32,284,051 shares outstanding		37			37
Additional paid-in capital		665,580			645,256
Treasury stock, at cost 4,388,579 and 4,353,970 shares of common stock		(257,625	)		(251,241	)
Accumulated other comprehensive income		—			15
Retained earnings		312,859			246,383
Total Amedisys, Inc. stockholders’ equity		720,851			640,450
Noncontrolling interests		1,408			1,063
Total equity		722,259			641,513
Total liabilities and equity	$	1,645,488		$	1,262,745

5

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,
	2020			2019			2020			2019
Cash Flows from Operating Activities:
Net income	$	35,147		$	34,040		$	67,193		$	65,613
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,334			5,179			11,672			8,074
Non-cash compensation		6,725			5,538			12,634			12,153
Non-cash 401(k) employer match		—			2,307			—			4,686
Amortization and impairment of operating lease right of use assets		9,500			9,150			18,558			17,495
(Gain) loss on disposal of property and equipment		(149	)		2			(94	)		(2	)
Loss on sale of equity method investment		2,980			—			2,980			—
Write-off of other comprehensive income		—			—			(15	)		—
Deferred income taxes		(5,264	)		2,606			(4,036	)		5,875
Equity in earnings from equity method investments		(487	)		(3,716	)		(964	)		(4,932	)
Amortization of deferred debt issuance costs/debt discount		217			220			437			433
Return on equity investment		375			117			2,744			842
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		34,456			(1,832	)		8,997			(24,165	)
Other current assets		2,287			2,292			(3,469	)		(8,343	)
Other assets		(1,092	)		282			(675	)		(56	)
Accounts payable		(3,779	)		1,665			(6,452	)		(9,475	)
Accrued expenses		38,326			10,424			27,990			29,262
Other long-term obligations		17,686			(37	)		20,746			(181	)
Operating lease liabilities		(8,233	)		(8,061	)		(16,365	)		(16,200	)
Operating lease right of use assets		(1,107	)		(910	)		(1,924	)		(1,754	)
Net cash provided by operating activities		133,922			59,266			139,957			79,325
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets		5			5			21			213
Proceeds from the sale of property and equipment		68			81			80			146
Purchases of property and equipment		(267	)		(1,495	)		(1,701	)		(2,693	)
Investments in equity method investees		(875	)		(90	)		(875	)		(210	)
Proceeds from sale of equity method investment		17,876			—			17,876			—
Acquisitions of businesses, net of cash acquired		(230,374	)		(17,547	)		(299,723	)		(345,414	)
Net cash used in investing activities		(213,567	)		(19,046	)		(284,322	)		(347,958	)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options		1,763			987			2,947			1,343
Proceeds from issuance of stock to employee stock purchase plan		826			752			1,686			1,534
Shares withheld to pay taxes on non-cash compensation		(2,334	)		(1,802	)		(6,384	)		(4,490	)
Noncontrolling interest distribution		(12	)		(91	)		(372	)		(457	)
Proceeds from borrowings under term loan		—			—			—			175,000
Proceeds from borrowings under revolving line of credit		237,000			23,000			424,500			184,500
Repayments of borrowings under revolving line of credit		(222,000	)		(58,000	)		(259,500	)		(92,000	)
Principal payments of long-term obligations		(3,083	)		(1,718	)		(4,675	)		(2,277	)
Debt issuance costs		—			—			—			(847	)
Provider relief fund advance		70,000			—			70,000			—
Net cash provided by (used in) financing activities		82,160			(36,872	)		228,202			262,306
Net increase (decrease) in cash, cash equivalents and restricted cash		2,515			3,348			83,837			(6,327	)
Cash, cash equivalents and restricted cash at beginning of period		177,812			10,554			96,490			20,229
Cash, cash equivalents and restricted cash at end of period	$	180,327		$	13,902		$	180,327		$	13,902

6

Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	1,537	$	3,462	$	3,292	$	4,187
Cash paid for income taxes, net of refunds received	$	2,881	$	7,445	$	8,153	$	7,849
Cash paid for operating lease liabilities	$	9,340	$	8,971	$	18,289	$	17,954
Cash paid for finance lease liabilities	$	487	$	408	$	986	$	792
Supplemental Disclosures of Non-Cash Activity:
Right of use assets obtained in exchange for operating lease liabilities	$	12,454	$	10,488	$	18,891	$	102,231
Right of use assets obtained in exchange for finance lease liabilities	$	233	$	998	$	487	$	1,806
Reductions to right of use assets resulting from reductions to operating lease liabilities	$	248	$	286	$	407	$	911
Days revenue outstanding (1)		42.0		41.1		42.0		41.1

(1) Our calculation of days revenue outstanding at June 30, 2020 and 2019 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended June 30, 2020 and 2019, respectively.

7

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,
	2020		2019
Financial Information (in millions):
Medicare	$	192.9	$	219.1
Non-Medicare		97.3		99.5
Net service revenue		290.2		318.6
Other operating income		15.1		—
Cost of service		184.0		187.8
Gross margin		121.3		130.8
Other operating expenses		73.1		75.1
Operating income	$	48.2	$	55.7
Same Store Growth (1):
Medicare revenue		(12%)		6%
Non-Medicare revenue		(2%)		17%
Total admissions		(9%)		7%
Total volume (2)		(2%)		6%
Key Statistical Data - Total (3):
Admissions		74,327		81,763
Recertifications		47,628		43,361
Total volume		121,955		125,124
Medicare completed episodes (6)		68,660		77,939
Average Medicare revenue per completed episode (4) (6)	$	2,818	$	2,885
Medicare visits per completed episode (5) (6)		15.4		17.3
Visiting Clinician Cost per Visit	$	93.17	$	81.97
Clinical Manager Cost per Visit	$	9.42	$	7.65
Total Cost per Visit	$	102.59	$	89.62
Visits		1,793,652		2,096,486

8

	For the Six-Month Periods Ended June 30,
	2020		2019
Financial Information (in millions):
Medicare	$	396.8	$	432.5
Non-Medicare		197.0		196.2
Net service revenue		593.8		628.7
Other operating income		15.1		—
Cost of service		363.8		373.5
Gross margin		245.1		255.2
Other operating expenses		149.8		147.5
Operating income	$	95.3	$	107.7
Same Store Growth (1):
Medicare revenue		(8%)		5%
Non-Medicare revenue		—%		20%
Total admissions		(3%)		7%
Total volume (2)		(1%)		6%
Key Statistical Data - Total (3):
Admissions		160,302		165,732
Recertifications		88,169		85,156
Total volume		248,471		250,888
Medicare completed episodes (6)		144,296		153,422
Average Medicare revenue per completed episode (4) (6)	$	2,774	$	2,862
Medicare visits per completed episode (5) (6)		15.6		17.2
Visiting Clinician Cost per Visit	$	88.41	$	81.51
Clinical Manager Cost per Visit	$	9.19	$	7.83
Total Cost per Visit	$	97.60	$	89.34
Visits		3,727,097		4,181,574

(1) Same store information represents the percent change in our Medicare, Non-Medicare and Total revenue, admissions or volume for the period as a percent of the Medicare, Non-Medicare and Total revenue, admissions or volume of the prior period. Effective July 1, 2019, same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center.

(2) Total volume includes all admissions and recertifications.

(3) Total includes acquisitions and denovos.

(4) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care. Average Medicare revenue per completed episode for the three and six-month periods ended June 30, 2020 reflects the suspension of sequestration effective May 1, 2020. Additionally, average Medicare revenue per completed episode for the six-month period ended June 30, 2020 reflects the transition to PDGM during the year and therefore includes reimbursement under both the 60-day episode of care (pre-PDGM) payment rate and the 30-day period of care (PDGM) payment rate.

(5) 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.

(6) Prior year amounts have been recast to conform to the current year calculation.

9

Segment Information - Hospice

	For the Three-Month Periods Ended June 30,
	2020		2019
Financial Information (in millions):
Medicare	$	167.0	$	145.8
Non-Medicare		10.1		7.4
Net service revenue		177.1		153.2
Other operating income		7.2		—
Cost of service		97.2		87.3
Gross margin		87.1		65.9
Other operating expenses		41.4		35.3
Operating income	$	45.7	$	30.6
Same Store Growth (1):
Medicare revenue		4%		1%
Hospice admissions		(1%)		7%
Average daily census		—%		5%
Key Statistical Data - Total (2):
Hospice admissions		11,411		10,430
Average daily census		12,513		11,427
Revenue per day, net	$	155.51	$	147.27
Cost of service per day	$	85.34	$	83.96
Average discharge length of stay		94		98

	For the Six-Month Periods Ended June 30,
	2020		2019
Financial Information (in millions):
Medicare	$	327.5	$	276.5
Non-Medicare		19.0		13.7
Net service revenue		346.5		290.2
Other operating income		7.2		—
Cost of service		189.0		161.4
Gross margin		164.7		128.8
Other operating expenses		80.7		64.7
Operating income	$	84.0	$	64.1
Same Store Growth (1):
Medicare revenue		5%		5%
Hospice admissions		—%		6%
Average daily census		2%		7%
Key Statistical Data - Total (2):
Hospice admissions		22,729		20,141
Average daily census		12,279		10,709
Revenue per day, net	$	155.04	$	149.72
Cost of service per day	$	84.58	$	83.25
Average discharge length of stay		96		98

10

(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. Effective July 1, 2019, same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center.

(2) Total includes acquisitions and denovos.

Segment Information - Personal Care

	For the Three-Month Periods Ended June 30,
	2020		2019
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		17.7		21.2
Net service revenue		17.7		21.2
Other operating income		0.5		—
Cost of service		14.1		15.6
Gross margin		4.1		5.6
Other operating expenses		3.0		3.2
Operating income	$	1.1	$	2.4
Key Statistical Data - Total (1):
Billable hours		642,720		848,245
Clients served		9,956		12,962
Shifts		282,207		382,287
Revenue per hour	$	27.58	$	25.01
Revenue per shift	$	62.80	$	55.49
Hours per shift		2.3		2.2

	For the Six-Month Periods Ended June 30,
	2020		2019
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		36.4		41.4
Net service revenue		36.4		41.4
Other operating income		0.5		—
Cost of service		28.2		31.1
Gross margin		8.7		10.3
Other operating expenses		6.4		6.4
Operating income	$	2.3	$	3.9
Key Statistical Data - Total (1):
Billable hours		1,394,797		1,681,862
Clients served		12,936		14,687
Shifts		615,671		758,469
Revenue per hour	$	26.12	$	24.60
Revenue per shift	$	59.17	$	54.56
Hours per shift		2.3		2.2

(1) Total includes acquisitions.

11

Segment Information - Corporate

	For the Three-Month Periods Ended June 30,
	2020		2019
Financial Information (in millions):
Other operating expenses	$	40.3	$	40.2
Depreciation and amortization		4.8		3.7
Total operating expenses	$	45.1	$	43.9

	For the Six-Month Periods Ended June 30,
	2020		2019
Financial Information (in millions):
Other operating expenses	$	79.2	$	81.5
Depreciation and amortization		8.6		5.1
Total operating expenses	$	87.8	$	86.6

12

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”) Reconciliation:

	For the Three- Month Periods Ended June 30,						For the Six- Month Periods Ended June 30,
	2020			2019			2020			2019
Net income attributable to Amedisys, Inc.	$	34,674		$	33,742		$	66,476		$	65,046
Add:
Income tax expense		10,031			10,308			19,377			21,186
Interest expense, net		2,538			4,312			5,756			7,637
Depreciation and amortization		6,334			5,179			11,672			8,074
Certain items (1)		13,313			8,257			17,349			15,171
Interest component of certain items (1)		(446	)		(446	)		(892	)		(887	)
Adjusted EBITDA (2) (7)	$	66,444		$	61,352		$	119,738		$	116,227

Adjusted Net Service Revenue Reconciliation:

	For the Three- Month Periods Ended June 30,				For the Six- Month Periods Ended June 30,
	2020		2019		2020		2019
Net service revenue	$	485,059	$	492,984	$	976,744	$	960,324
Add:
Certain items (1)		—		5,515		—		5,993
Adjusted net service revenue (3) (7)	$	485,059	$	498,499	$	976,744	$	966,317

Adjusted Other Operating Income Reconciliation:

	For the Three- Month Periods Ended June 30,					For the Six- Month Periods Ended June 30,
	2020			2019		2020			2019
Other operating income	$	22,780		$	—	$	22,780		$	—
Add:
Certain items (1)		(22,780	)		—		(22,780	)		—
Adjusted other operating income (4) (7)	$	—		$	—	$	—		$	—

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

	For the Three- Month Periods Ended June 30,				For the Six- Month Periods Ended June 30,
	2020		2019		2020		2019
Net income attributable to Amedisys, Inc.	$	34,674	$	33,742	$	66,476	$	65,046
Add:
Certain items (1)		9,852		6,110		12,839		11,226
Adjusted net income attributable to Amedisys, Inc. (5) (7)	$	44,526	$	39,852	$	79,315	$	76,272

13

Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation:

	For the Three- Month Periods Ended June 30,				For the Six- Month Periods Ended June 30,
	2020		2019		2020		2019
Net income attributable to Amedisys, Inc. common stockholders per diluted share	$	1.04	$	1.02	$	2.00	$	1.98
Add:
Certain items (1)		0.30		0.19		0.39		0.34
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (6) (7)	$	1.34	$	1.21	$	2.39	$	2.32

(1) The following details the certain items for the three and six-month periods ended June 30, 2020 and 2019:

Certain Items:

	For the Three -Month Period Ended June 30, 2020			For the Six-Month Period Ended June 30, 2020
	(Income) Expense			(Income) Expense
Certain Items Impacting Other Operating Income:
CARES Act & State COVID-19 grants	$	(22,780	)	$	(22,780	)
Certain Items Impacting Cost of Service:
COVID-19 costs		21,993			23,010
Severance-reductions in staffing levels		5,183			5,183
Certain Items Impacting Operating Expenses:
Acquisition and integration costs		3,599			5,935
COVID-19 costs		1,051			1,063
Severance-reductions in staffing levels		271			271
Certain Items Impacting Total Other Income (Expense):
Interest component of certain items		446			892
Other (income) expense, net		3,550			3,775
Total	$	13,313		$	17,349
Net of tax		9,852			12,839
Diluted EPS	$	0.30		$	0.39

	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 (8)		(8	)		(548	)
Certain Items Impacting Cost of Service:
Planned closures (8)		313			1,157
Certain Items Impacting Operating Expenses:
Planned closures (8)		69			157
Acquisition and integration costs		4,494			10,252
Legal fees - non-routine		108			(24	)
Certain Items Impacting Total Other Income (Expense):
Interest component of certain items		446			887
Other (income) expense, net		(2,688	)		(3,251	)
Total	$	8,257		$	15,171
Net of tax		6,110			11,226
Diluted EPS	$	0.19		$	0.34

14

(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 other operating income is defined as other operating income excluding certain items as described in footnote 1.

(5) 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.

(6) 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.

(7) Adjusted EBITDA, adjusted net service revenue, adjusted other operating income, 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.

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

15

EX-99.2

Amedisys Second Quarter 2020 Earnings Call Supplemental Slides July 29th, 2020 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

Q2 2020 Results

Our Key Areas of Focus Strategic areas of focus and progress made during Q2’20 Home Health*: Total same store admissions -9%, Total same store volume -2% June Results: Same Store Admissions: +5%, Same Store Volume: +8% Hospice: Admissions -1%, ADC: flat June Results: Same Store Admissions: +8% Personal Care: Billable hours / quarter -24% 1 Organic Growth Quality: Amedisys Oct’20 preview STARS score of 4.41 66 Amedisys care centers rated at 5-Stars in the Oct’20 Preview (94% of care centers 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: 45.4% (vs. 40.1% in 2Q’19) Current PTA Ratio: 47.9% (vs. 42.6% in 2Q’19) Adjusted staffing levels in June to reflect clinician mix shift and utilization 4 Capacity and Productivity Aseracare deal closed 6/1 $235M purchase price ($203M net of tax asset) 44 care centers 14 states $117M annual revenue Integration underway $659 million invested in Hospice segment since Feb. 2019 4 acquisitions ~6,000 ADC 105 care centers ~5,000 employees 5 M&A 2 Recruiting / Retention Targeting industry leading employee retention amongst all employee categories Current total voluntary turnover ~16.8% Focus on reduction of clinical turnover with heavy focus on clinicians and “early exits” *Note: Home Health same store volume is defined as admissions plus recertifications 2021 proposed Home Health industry rule net +2.6% increase 2021 proposed Hospice industry rule net +2.6% increase 2021 CAP amount will increase by 2.6% to $30,744 6 Regulatory

Highlights and Summary Financial Results (Adjusted): 2Q 2020(1) Home Health total same store volume -2%, total same store admissions -9%; Hospice same store ADC flat Amedisys Consolidated Revenue Growth: -3% EBITDA: $66M (+8%) EBITDA Margin: 14% (+140 bps) EPS: $1.34 (+11%) 2Q’20 Net debt: $299.2M Net Leverage ratio: 1.3x CFFO: $133.9M Free cash flow (4): $130.5M DSO: 42.0 (vs. Q4’19 of 40.9 and down 4.6 days since Q1) Balance Sheet & Cash Flow 2Q’20 Same Store (2)(3) : Total Volume: -2% Total Admissions: -9% Other Statistics: Revenue per Episode(6): $2,818 (-2.3%) Total Cost per Visit: $92.44 (+3.1%) Medicare Recert Rate: 42.5% Home Health Growth Metrics (5): Billable hours/quarter: -24% Clients served: -23% Personal Care Same Store Volume (3): Admissions: -1% ADC: flat Other Statistics: Revenue per Day: $155.51 (+1.9%) Cost per day: $79.18 (-5.4%) Hospice 2Q’20 2Q’20 2Q’20 Adjusted Financial Results(1) 2Q’20 The financial results for the three-month periods ended June 30, 2019 and June 30, 2020 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. Effective July 1, 2019, same store is defined as care centers that we have operated for at least the last 12 months and startups that are an expansion of a same store care center. Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments. Includes acquisitions. Medicare sequestration suspended 5/1/20

Our revenue sources: 2Q’20 Medicare FFS: Reimbursed over a 30-day period of care Private Episodic: MA and Commercial plans who reimburse us over a 30-day period of care. Generally at rates ~90% – 100% of Medicare Per Visit: Managed care, Medicaid and private payors reimbursing us per visit performed Hospice Per Day Reimbursement: Routine Care: Patient at home with symptoms controlled ~98% 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; 33 states & DC Hospice: 190 care centers; 35 states Personal Care: 14 care centers; 3 states Total AMED: 526 care centers; 39 states and D.C.

Home Health and Hospice Segment (Adjusted) – 2Q 2020(1) Revenue per Episode down 2.3% Sequestration suspension benefit $3M Y/Y CPV up +$2.82 (+3.1%, raises effective 8/1) Visits per Episode decreased 1.9 Home Health Highlights Same store average daily census (ADC) flat Net revenue per day +1.9% Sequestration suspension benefit $2M ~$0.6M cap expense for 2Q Q2’20 Acquisition Contribution: Revenue: $16M Segment EBITDA: $2.4M ($1.1M net of corporate) Hospice Highlights The financial results for the three-month periods ended June 30, 2019 and June 30, 2020 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. Same store information represents the percent change in volume or admissions for the period as a percent of the volume or admissions of the prior period. Effective July 1, 2019, same store is defined as care centers that we have operated for at least the last 12 months and startups that are an expansion of a same store care center. Average Medicare revenue per completed episode for the three-month period ended June 30, 2020 reflects the suspension of sequestration effective May 1, 2020. Home health total volume growth (-2%); Hospice ADC growth (flat)

General & Administrative Expenses – Adjusted (1,2) Notes: Year over year total G&A as a percentage of revenue increased 160 basis points ($4 million) Year over year G&A increase as a percent of revenue due to the impact of COVID-19 on volumes/revenues (~$52M impact for the quarter net of sequestration); adjusting revenue results in a year over year decrease of 140 bps due to an overall reduction in spend during the pandemic partially offset by raises, the addition of approximately 100 BD resources and investments related to PDGM G&A for our Hospice and Corporate segments include $4.2M and $1.3M, respectively, from acquisitions Total G&A as a percentage of revenue decreased 20 bps sequentially The financial results for the three-month periods ended June 30, 2019, September 30, 2019, December 31, 2019, March 31, 2020 and June 30, 2020 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. Impacted by COVID-19, acquisitions and investments to drive volume growth

Components 2Q19 1Q’20 2Q’20 YoY Variance Detail Initiatives Salaries $61.69 $64.42 $63.03 $1.34 YoY increase due to planned wage increases partially offset by optimization of discipline mix. Also, YoY increase due to fixed costs (training, PTO, etc.) on lower visits Staffing mix optimization, productivity and scheduling improvement initiatives in place to help overcome planned salary increases Contractors $2.99 $2.47 $3.05 $0.06 Sequential increase driven by additional staffing needs due to COVID-19 Focused efforts on filling positions with full-time clinicians Benefits $10.98 $9.98 $10.20 ($0.78) YoY decrease primarily due to health insurance Focus on cost containment and spend optimization with specific focus on high cost claims Transportation & Supplies $6.31 $6.69 $6.89 $0.58 *Visiting Clinician CPV $81.97 $83.56 $83.17 $1.20 Clinical Managers $7.65 $8.97 $9.27 $1.62 Fixed cost associated with non-visiting clinicians and planned wage increases: increase driven by lower visit volumes Unit cost reduced as volume increases Total CPV $89.62 $92.53 $92.44 $2.82 Operational Excellence: Home Health Cost Per Visit (CPV)-Adjusted Total CPV impacted by planned wage increases and lower volumes resulting from COVID-19 *Note: Direct comparison with industry competitors CPV calculation $81.97 $83.56 $83.17

Driving Top Line Growth Growth in all three lines of business impacted by COVID-19 but recovering. Exited the quarter with growth in Home Health and Hospice segments Home Health Total Volume Hospice ADC Personal Care Total Hours / Quarter

Industry Leading Quality Scores Note: Top Competitor Avg weighted by CCN count and includes LHC, Kindred, AFAM, EHC and BKD Metric OCT 19 Release JAN 20 Release APR 20 Release Oct 20 PREVIEW Quality of Patient Care 4.28 4.27 4.26 4.41 Entities at 4+ Stars 88% 86% 86% 92% Metric JUL 19 Release OCT 19 Release JAN 20 Release APR 20 Release Patient Satisfaction Star 3.87 3.97 3.71 3.80 Performance Over Industry +6% +6% +6% +6% Quality of Patient Care (QPC) Patient Satisfaction (PS) Amedisys maintains a 4-Star average in the Oct 2020 HHC preview with 92% of our providers (representing 94% of care centers) at 4+ Stars and 69% of our providers (representing 74% of care centers) at 4.5+ Stars 41 Amedisys providers (representing 66 care centers) rated at 5-Stars in the Oct 2020 HHC preview.

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

Debt and Liquidity Metrics ~Net leverage ~1.3x Net debt defined as total debt outstanding ($406.5M) less cash ($107.3M). Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($228.8M). Liquidity defined as the sum of cash balance and available revolving line of credit. Cash per 6/30/20 10-Q less Provider relief fund advance (~$70M)

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, 2019, September 30, 2019, December 31, 2019, March 31, 2020 and June 30, 2020 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. $000s Income Statement Line Item Q414 2Q15 3Q15 4Q15 1Q16 2Q16 2Q17 3Q17 2Q18 2Q19 3Q19 4Q19 1Q20 2Q20 Revenue Contingency accrual Net Service Revenue $5,523 $0 $0 $0 $0 Planned closures (2) Net Service Revenue -8 0 6 0 0 Other Operating Income CARES Act & State COVID-19 grants Other Operating Income 0 0 0 0 -22780 Cost of Service Planned closures (2) Cost of Service, Excluding Depreciation & Amortization -1059 313 15 2 0 0 COVID-19 costs Cost of Service, Excluding Depreciation & Amortization 0 0 0 1017 21993 Severance - reduction in staffing levels Cost of Service, Excluding Depreciation & Amortization 0 0 0 5183 G&A Planned closures (2) G&A, Salaries and benefits 6 0 2 0 0 Acquisition and integration costs G&A, Salaries and benefits 1565 1105 273 662 2095 Severance - reduction in staffing levels G&A, Salaries and benefits 0 0 0 271 COVID-19 costs G&A, Salaries and benefits 0 0 0 0 224 Planned closures (2) G&A, Other 63 28 0 0 0 Acquisition and integration costs G&A, Other 1046 1202 183 294 440 2929 3036 1445 1674 1504 Legal fees - non-routine G&A, Other 8000 286 2824 616 459 1111 176 543 108 397 604 0 0 COVID-19 costs G&A, Other 0 0 0 12 827 Other Items Asset impairment Asset impairment 0 0 1470 0 0 Legal settlements Total other (expense) income, net -1,113 -307 -1014 -5314 -541 -265 -693 -647 0 -1437 0 0 0 Interest component of certain items Interest expense 446 451 451 446 446 Other (income) expense, net Total other (expense) income, net -3945 -1563 436 70 -1692 -115 -1635 -2688 1493 365 225 3550 Total -214 3748 2996 -3562 2614 447 27732 -586 1035 $8,257 $5,088 $4,618 $4,036 $13,313 EPS Impact -0.01 0.12 9.1387688013335661E-2 0.02 0.14000000000000001 0.1 0.49 0.13 $0.02 $0.19 $0.11 $0.1 $0.09 $0.3

2020 Guidance Update

Amedisys 2020 Reinstated Guidance 2020 Original Guidance 2020 Reinstated Guidance Revenue $2,115M - $2,160M $2,040M - $2,070M Adjusted EBITDA $250M - $260M $245M - $255M Adjusted Earnings per Share $4.90 - $5.13 $4.84 - $5.06 Note: Adjusted numbers are ex-Care’s Act funds Reinstated guidance does not take into account wave two of COVID-19 spread resulting in mandatory shelter in place orders and makes no assumptions regarding patient and referral source reactions to any future CVOID-19 spread

Reimbursement Outlook Reimbursement Impact for Home Health and Hospice Home Health Hospice 2020 Final Rule (PDGM – Behavioral Assumptions) (4.36%) Estimated AMED-Specific Impact (2.8%) 2020* Market Basket Update 3.0% Productivity / Other Adjustment (0.4) Estimated Industry Impact +2.6% Estimated AMED-Specific Impact +~0.5% Note: AMED impact differs from industry due to patient mix, referral mix and footprint *Hospice rate increase effective October 1, 2019 – majority of rate increase will be passed through to general inpatient & respite facilities resulting in a ~(0.5%) reduction in gross margin percentage Proposed FY’21 Home Health Rule 2021 Estimated Industry Impact +2.6% Proposed FY’21 Hospice Rule 2021 Estimated Industry Impact +2.6%

Our Path Forward: 2021 & Beyond 2021 & Beyond – The Future Is Very Bright for AMED Entering 2021 with all PDGM cost levers in place Continued strategic acquisitions of Home Health and Hospice assets – Home Health market share absorption strategy delayed until early 2021 due to Cares Act funds FY 2021 proposed Home Health rule: +2.6% FY 2021 proposed Hospice rule: +2.6% FY 2021 – CCH to deliver $50M+ EBITDA Integration and optimization of AseraCare asset Previously acquired Hospice assets performing near legacy AMED growth and profitability Continued industry consolidation New referral sources and market share opportunities from SNF diversion Continued expansion of Medicare Advantage “gain share” arrangements

COVID-19

*Baseline defined as referrals and admits from pre-Covid-19 timeframe of 1/5/20 – 3/14/20 HH: Consolidated Same Store HOSP: AMED + CCH (ex. Asana & Aseracare) *Baseline defined as referrals and admits from pre-Covid-19 timeframe of 1/5/20 – 3/14/20 Consolidated Same Store Consolidated Same Store (CCH included beginning Feb) COVID-19 Impact Q2’20 Home health and Hospice admits and referrals recovering faster than originally projected

*Baseline defined as total admits + recerts from pre-Covid-19 timeframe of 1/5/20 – 3/14/20 HH: Consolidated Same Store COVID-19 Impact on Q2’20 Home Health volume ~98% of pre-COVID levels, missed visits related to COVID-19 significantly down and robust PPE inventory on hand PPE Item Units (M) Cost ($M) Avg. Per Unit Normalized Avg. Per Unit Months on Hand N95 0.5 $2.6 $5.76 $0.60 4-6 Earloop Surgical Mask 1.5 $1.6 $1.01 $0.06 4-6 Isolation Gown 0.5 $2.6 $5.41 $0.48 4-6 Exam Glove 4.7 $0.4 $0.08 $0.04 2-3 Goggles / Face Shield 0.1 $0.5 $4.77 $2.52 4-6 Critical PPE Inventory

State Home Health Hospice Total Georgia 60 10 70 Tennessee 45 15 60 Alabama 30 13 43 Pennsylvania 7 25 32 South Carolina 21 8 29 Florida 18 5 23 Virginia 13 6 19 Kentucky 17 - 17 West Virginia 11 6 17 Louisiana 10 5 15 Massachusetts 5 10 15 Maryland 9 3 12 Texas 1 12 13 Indiana 5 6 11 Mississippi 9 1 10 Nebraska - 10 10 Missouri 6 3 9 New Jersey 2 7 9 North Carolina 8 7 15 California 4 4 8 State Home Health Hospice Total Oklahoma 6 1 7 New Hampshire 3 4 7 Maine 2 4 6 Ohio 1 5 6 Arkansas 5 - 5 Connecticut 4 1 5 New York 4 - 4 Oregon 3 1 4 Arizona 3 1 4 Illinois 3 1 4 Delaware 2 2 4 Kansas 0 3 3 Wisconsin 1 3 4 Rhode Island 1 2 3 South Dakota - 2 2 Minnesota - 2 2 Washington 2 - 2 Washington DC 1 - 1 Michigan - 1 1 Iowa - 1 1 Care Center Count by State Increased COVID-19 cases in states with larger care center presence could impact future outlook Personal Care: 14 total care centers (12 in Massachusetts, 1 in Florida and 1 in Tennessee)