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): April 28, 2021

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 April 28, 2021, Amedisys, Inc. (“we,” “us,” “our” or the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2021. 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, April 29, 2021 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 April 28, 2021 announcing the Company’s financial results for the first quarter ended March 31, 2021 (furnished only)
99.2	Supplemental slides provided in connection with the first quarter 2021 earnings call of the Company (furnished only)
104	Cover Page Interactive Data 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
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)

DATE: April 28, 2021

EX-99.1

Exhibit 99.1

AMEDISYS REPORTS FIRST QUARTER 2021 FINANCIAL RESULTS

UPDATES 2021 GUIDANCE

BATON ROUGE, Louisiana (April 28, 2021) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three-month period ended March 31, 2021.

Three-Month Periods Ended March 31, 2021 and 2020

• Net service revenue increased $45.4 million to $537.1 million compared to $491.7 million in 2020.

• Net income attributable to Amedisys, Inc. of $49.9 million compared to $31.8 million in 2020.

• Net income attributable to Amedisys, Inc. per diluted share of $1.50 compared to $0.96 in 2020.

Adjusted Quarterly Results*

• Adjusted EBITDA of $78.6 million compared to $53.3 million in 2020.

• Adjusted net income attributable to Amedisys, Inc. of $51.1 million compared to $34.8 million in 2020.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.54 compared to $1.05 in 2020.

* See pages 11 and 12 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

Paul B. Kusserow, Chairman and Chief Executive Officer stated, “I am proud of our first quarter results and our continued performance in our four strategic pillars. Home Health has carried its strong momentum exiting 2020 into the first quarter of 2021, and though Hospice continues to see the impact of COVID-19 on average daily census, we are performing ahead of our projections and expect to continue to make good progress throughout 2021. We are also innovating close-to-the-core, growing inorganically, generating a prodigious amount of cash flow and remain in a position of very low leverage. We are excited about the growth opportunity both organically and inorganically this year and beyond and expect to be at the forefront of industry consolidation. Our industry leading quality, innovations mindset and payor orientation have materially differentiated Amedisys and have helped us take incremental steps towards being the leading aging-in-place, chronic care management company. A special thank you to all of our clinical staff and teams whose unwavering dedication to providing best-in-class clinical care has once again translated into strong financial results.”

1

Updated 2021 Guidance

Revenue, adjusted EBITDA and adjusted diluted earnings per share guidance ranges for 2021 updated to reflect the extension of the suspension of sequestration through December 31, 2021.

• Net service revenue is anticipated to be in the range of $2.302 billion to $2.342 billion.

• Adjusted EBITDA is anticipated to be in the range of $342 million to $352 million.

• Adjusted diluted earnings per share is anticipated to be in the range of $6.85 to $7.07 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 2021 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, 2020, 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, April 29, 2021, at 11:00 a.m. ET to discuss its first 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 May 29, 2021 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13718528.

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 net interest expense, provision for income taxes and depreciation and amortization, excluding certain items; (2) adjusted other operating income, defined as other operating income 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 our patients to manage a chronic disease; or hospice care at the end of life. More than 2,900 hospitals and 78,000 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 approximately 21,000 employees in 514 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 418,000 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.

2

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 disasters or acts of terrorism, widespread protests or civil unrest, our ability to integrate, manage and keep our information systems secure, our ability to realize the anticipated benefits of acquisitions, 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
	Senior Vice President, Finance	Vice President, Marketing & Communications
	(855) 259-2046	(225) 299-3720
	IR@amedisys.com	kendra.kimmons@amedisys.com

3

AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

(Unaudited)

	For the Three-Month Periods Ended March 31,
	2021			2020
Net service revenue	$	537,144		$	491,685
Other operating income		8,701			—
Cost of service, excluding depreciation and amortization		297,203			285,737
General and administrative expenses:
Salaries and benefits		115,825			101,566
Non-cash compensation		7,307			5,909
Other		49,106			49,265
Depreciation and amortization		7,555			5,338
Operating expenses		476,996			447,815
Operating income		68,849			43,870
Other income (expense):
Interest income		24			13
Interest expense		(2,072	)		(3,231	)
Equity in earnings from equity method investments		1,118			477
Miscellaneous, net		288			263
Total other expense, net		(642	)		(2,478	)
Income before income taxes		68,207			41,392
Income tax expense		(17,915	)		(9,346	)
Net income		50,292			32,046
Net income attributable to noncontrolling interests		(422	)		(244	)
Net income attributable to Amedisys, Inc.	$	49,870		$	31,802
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	1.52		$	0.98
Weighted average shares outstanding		32,780			32,331
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	1.50		$	0.96
Weighted average shares outstanding		33,190			33,234

4

AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	March 31, 2021 (unaudited)			December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	77,344		$	81,808
Restricted cash		1,000			1,549
Patient accounts receivable		275,632			255,145
Prepaid expenses		15,449			10,217
Other current assets		11,025			13,265
Total current assets		380,450			361,984
Property and equipment, net of accumulated depreciation of $97,698 and $95,024		21,679			23,719
Operating lease right of use assets		94,620			93,440
Goodwill		933,207			932,685
Intangible assets, net of accumulated amortization of $12,738 and $22,973		69,764			74,183
Deferred income taxes		40,576			47,987
Other assets		32,913			33,200
Total assets	$	1,573,209		$	1,567,198
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	38,865		$	42,674
Payroll and employee benefits		150,887			146,929
Accrued expenses		170,954			166,192
Provider relief fund advance		55,000			60,000
Current portion of long-term obligations		10,329			10,496
Current portion of operating lease liabilities		30,047			30,046
Total current liabilities		456,082			456,337
Long-term obligations, less current portion		231,380			204,511
Operating lease liabilities, less current portion		63,359			61,987
Other long-term obligations		32,814			33,622
Total liabilities		783,635			756,457
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; 37,538,837 and 37,470,212 shares issued; and 32,567,712 and 32,814,278 shares outstanding		38			38
Additional paid-in capital		707,006			698,287
Treasury stock, at cost 4,971,125 and 4,655,934 shares of common stock		(398,752	)		(319,092	)
Retained earnings		479,861			429,991
Total Amedisys, Inc. stockholders’ equity		788,153			809,224
Noncontrolling interests		1,421			1,517
Total equity		789,574			810,741
Total liabilities and equity	$	1,573,209		$	1,567,198

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 March 31,
	2021			2020
Cash Flows from Operating Activities:
Net income	$	50,292		$	32,046
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		7,555			5,338
Non-cash compensation		7,307			5,909
Amortization and impairment of operating lease right of use assets		9,850			9,058
Loss on disposal of property and equipment		14			55
Write-off of other comprehensive income		—			(15	)
Deferred income taxes		7,411			1,228
Equity in earnings from equity method investments		(1,118	)		(477	)
Amortization of deferred debt issuance costs/debt discount		216			220
Return on equity investment		1,500			2,369
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		(20,448	)		(25,459	)
Other current assets		(2,874	)		(5,756	)
Other assets		(115	)		417
Accounts payable		(3,374	)		(2,673	)
Accrued expenses		8,370			(10,336	)
Other long-term obligations		(808	)		3,060
Operating lease liabilities		(9,014	)		(8,132	)
Operating lease right of use assets		(762	)		(817	)
Net cash provided by operating activities		54,002			6,035
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets		19			16
Proceeds from the sale of property and equipment		42			12
Purchases of property and equipment		(1,618	)		(1,434	)
Acquisitions of businesses, net of cash acquired		—			(69,349	)
Net cash used in investing activities		(1,557	)		(70,755	)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options		364			1,184
Proceeds from issuance of stock to employee stock purchase plan		1,048			860
Shares withheld to pay taxes on non-cash compensation		(6,774	)		(4,050	)
Noncontrolling interest distribution		(518	)		(360	)
Proceeds from borrowings under revolving line of credit		215,200			187,500
Repayments of borrowings under revolving line of credit		(186,200	)		(37,500	)
Principal payments of long-term obligations		(2,692	)		(1,592	)
Purchase of company stock		(72,886	)		—
Provider relief fund advance		(5,000	)		—
Net cash (used in) provided by financing activities		(57,458	)		146,042
Net (decrease) increase in cash, cash equivalents and restricted cash		(5,013	)		81,322
Cash, cash equivalents and restricted cash at beginning of period		83,357			96,490
Cash, cash equivalents and restricted cash at end of period	$	78,344		$	177,812

6

Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	1,011	$	1,755
Cash paid for income taxes, net of refunds received	$	971	$	5,272
Cash paid for operating lease liabilities	$	9,776	$	8,949
Cash paid for finance lease liabilities	$	503	$	499
Supplemental Disclosures of Non-Cash Activity:
Right of use assets obtained in exchange for operating lease liabilities	$	10,548	$	6,437
Right of use assets obtained in exchange for finance lease liabilities	$	177	$	254
Reductions to right of use assets resulting from reductions to operating lease liabilities	$	279	$	159
Days revenue outstanding (1)		43.9		46.6

(1) Our calculation of days revenue outstanding, net is derived by dividing our ending patient accounts receivable at March 31, 2021 and 2020 by our average daily net patient service revenue for the three-month periods ended March 31, 2021 and 2020, 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 March 31,
	2021			2020
Financial Information (in millions):
Medicare	$	221.4		$	203.9
Non-Medicare		107.2			99.7
Net service revenue		328.6			303.6
Other operating income		5.0			—
Cost of service		183.0			179.8
Gross margin		150.6			123.8
Other operating expenses		81.1			76.7
Operating income	$	69.5		$	47.1
Same Store Growth (1):
Medicare revenue		9	%		(4	%)
Non-Medicare revenue		8	%		3	%
Total admissions		5	%		3	%
Total volume (2)		6	%		1	%
Key Statistical Data—Total (3):
Admissions		89,830			85,975
Recertifications (6)		43,808			39,867
Total volume (6)		133,638			125,842
Medicare completed episodes		75,332			75,636
Average Medicare revenue per completed episode (4)	$	2,931		$	2,734
Medicare visits per completed episode (5)		13.9			15.8
Visiting Clinician Cost per Visit	$	90.32		$	84.01
Clinical Manager Cost per Visit	$	9.50		$	8.97
Total Cost per Visit	$	99.82		$	92.98
Visits		1,832,912			1,933,445

(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. 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, start-ups 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 reflects the transition to PDGM effective January 1, 2020 and the suspension of sequestration effective May 1, 2020.

(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 calculation.

8

Segment Information - Hospice

	For the Three-Month Periods Ended March 31,
	2021			2020
Financial Information (in millions):
Medicare	$	181.5		$	160.5
Non-Medicare		10.0			8.9
Net service revenue		191.5			169.4
Other operating income		3.7			—
Cost of service		101.6			91.8
Gross margin		93.6			77.6
Other operating expenses		47.1			39.3
Operating income	$	46.5		$	38.3
Same Store Growth (1):
Medicare revenue		(2	%)		5	%
Hospice admissions		5	%		1	%
Average daily census		(4	%)		4	%
Key Statistical Data - Total (2):
Hospice admissions		13,683			11,318
Average daily census		13,321			12,046
Revenue per day, net	$	159.76		$	154.55
Cost of service per day	$	84.80		$	83.78
Average discharge length of stay		94			98

(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. 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, start-ups and denovos.

9

Segment Information - Personal Care

	For the Three-Month Periods Ended March 31,
	2021		2020
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		17.0		18.7
Net service revenue		17.0		18.7
Other operating income		—		—
Cost of service		12.6		14.1
Gross margin		4.4		4.6
Other operating expenses		3.1		3.4
Operating income	$	1.3	$	1.2
Key Statistical Data - Total (1):
Billable hours		607,437		752,077
Clients served		9,759		11,770
Shifts		257,609		333,464
Revenue per hour	$	27.95	$	24.87
Revenue per shift	$	65.92	$	56.09
Hours per shift		2.4		2.3

(1) Total includes acquisitions, start-ups and denovos.

Segment Information - Corporate

	For the Three-Month Periods Ended March 31,
	2021		2020
Financial Information (in millions):
Other operating expenses	$	42.6	$	39.0
Depreciation and amortization		5.9		3.7
Total operating expenses	$	48.5	$	42.7

10

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 March 31,
	2021			2020
Net income attributable to Amedisys, Inc.	$	49,870		$	31,802
Add:
Income tax expense		17,915			9,346
Interest expense, net		2,048			3,218
Depreciation and amortization		7,555			5,338
Certain items (1)		1,712			4,036
Interest component of certain items (1)		(517	)		(446	)
Adjusted EBITDA (2) (6)	$	78,583		$	53,294

Adjusted Other Operating Income Reconciliation:

	For the Three-Month Periods Ended March 31,
	2021			2020
Other operating income	$	8,701		$	—
Add:
Certain items (1)		(8,701	)		—
Adjusted other operating income (3) (6)	$	—		$	—

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

	For the Three-Month Periods Ended March 31,
	2021		2020
Net income attributable to Amedisys, Inc.	$	49,870	$	31,802
Add:
Certain items (1)		1,267		2,987
Adjusted net income attributable to Amedisys, Inc. (4) (6)	$	51,137	$	34,789

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

	For the Three-Month Periods Ended March 31,
	2021		2020
Net income attributable to Amedisys, Inc. common stockholders per diluted share	$	1.50	$	0.96
Add:
Certain items (1)		0.04		0.09
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)	$	1.54	$	1.05

11

(1) The following details the certain items for the three-month periods ended March 31, 2021 and 2020:

Certain Items:

	For the Three-Month Periods Ended March 31,
	2021			2020
	(Income) Expense			(Income) Expense
Certain Items Impacting Other Operating Income:
CARES Act & State COVID-19 grants	$	(8,701	)	$	—
Certain Items Impacting Cost of Service:
COVID-19 costs		8,480			1,017
Certain Items Impacting Operating Expenses:
Acquisition and integration costs		1,199			2,336
COVID-19 costs		217			12
Certain Items Impacting Total Other Income (Expense):
Interest component of certain items		517			446
Other (income) expense, net		—			225
Total	$	1,712		$	4,036
Net of tax		1,267			2,987
Diluted EPS	$	0.04		$	0.09

(2) Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before net interest expense, provision for income taxes and depreciation and amortization, excluding certain items as described in footnote 1.

(3) Adjusted other operating income is defined as other operating income 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 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.

12

EX-99.2

Amedisys First Quarter 2021 Earnings Call Supplemental Slides April 29th, 2021 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 and progress made during Q1’21 Home Health*: Total same store admissions +5%, Total same store volume +6% Hospice: Admissions +5% Personal Care: Billable hours / quarter -19% driven by impact of COVID-19. Personal Care Network drove ~$1.2 revenue to Home Health and Hospice via care coordination 1 Organic Growth Quality: Amedisys Oct’20 release STARS score of 4.33 (SHP: 4.5 STARS) 99% of care centers at 4+ Stars based on internal calculation 44 Amedisys care centers rated at 5 Stars in the Oct’20 Release 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: 47.6% (vs. 45.2% in 1Q’20) Current PTA Ratio: 52.5% (vs. 46.6% in 1Q’20) 4 Capacity and Productivity Announced the signing of a definitive agreement to acquire a CON license for Home Health access in Randolph County, NC Innovative SNF@Home pilot to launch with Sound Physicians in mid-May Active and full pipeline 5 M&A 2 Recruiting / Retention Targeting industry leading employee retention amongst all employee categories Current total voluntary turnover ~15.9% Focus on reduction of clinical turnover with emphasis on “early exits” *Note: Home Health same store volume is defined as admissions plus recertifications 2021 Final Home Health industry rule net +1.9% increase No-Pay RAP effective 1/1/21 2021 Final Hospice industry rule net +2.4% increase (effective 10/1/20) 2022 Proposed Hospice industry rule net +2.3% increase (effective 10/1/21) 6 Regulatory

Highlights and Summary Financial Results (Adjusted): 1Q 2021(1) Home Health total same store volume +6%, total same store admissions +5%; Hospice same store admissions +5% Amedisys Consolidated Revenue Growth: +9% EBITDA: $79M (+47%) EBITDA Margin: 14.6% (+380 bps) EPS: $1.54 (+47%) 1Q’21 Net debt: $221.9M Net Leverage ratio: 0.7x CFFO: $54.0M Free cash flow (4): $49.7M DSO: 43.9 (vs. Q4’20 of 40.2) Revolver availability: $440.3M Balance Sheet & Cash Flow 1Q’21 Same Store (2)(3) : Total Volume: +6% Total Admissions: +5% Other Statistics: Revenue per Episode(6): $2,931 (+7.2%) Total Cost per Visit: $97.17 (+5.0%) Medicare Recert Rate: 35.5% Home Health Growth Metrics (5): Billable hours/quarter: -19% Clients served: -17% Personal Care Same Store Volume (3): Admissions: +5% ADC: -4% Other Statistics: Revenue per Day: $159.76 (+3.4%) Cost per day: $81.85 (-2.1%) Hospice 1Q’21 1Q’21 1Q’21 Adjusted Financial Results(1) 1Q’21 The financial results for the three-month periods ended March 31, 2020 and March 31, 2021 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, start-ups and denovos. Medicare sequestration suspended 5/1/20. 4

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 ~97% 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: 320 care centers; 33 states & DC Hospice: 180 care centers; 35 states Personal Care: 14 care centers; 3 states Total AMED: 514 care centers; 39 states and D.C. Our Revenue Sources: 1Q’21

Home Health and Hospice Segment (Adjusted) – 1Q 2021(1) Revenue per Episode up 7.2% (sequestration suspension and 2021 rate increase +1.9%) Y/Y CPV up $4.64 (+5.0%, primarily due to an increase in contractor utilization) Visits per Episode decreased 1.9 (~$10M) Home Health Highlights Same store admit growth +5% Net revenue per day +3.4% (sequestration suspension benefit $3M, excluding acquisitions); +2.4% Hospice rate update effective 10/1/2020 Q1’21 Acquisition Contribution: Revenue: $24.7M Segment EBITDA: $3.6M ($2.5M net of corporate) Hospice Highlights The financial results for the three-month periods ended March 31, 2020 and March 31, 2021 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 reflects the transition to PDGM effective Jan. 1, 2020 and the suspension of sequestration effective May 1, 2020. Home Health total volume growth +6%; Hospice Admit Growth +5%

General & Administrative Expenses – Adjusted (1,2) Notes: Year over year total G&A as a percentage of revenue increased 40 basis points ($16 million) Year over year G&A increase due to the AseraCare acquisition (~$8M = Hospice segment ~$7M; Corporate segment ~$1M), raises, higher health insurance costs, increases in corporate bonuses and non-cash comp, the addition of business development resources and care center administrative staff, investments related to PDGM and higher IT fees, partially offset by lower travel and training spend Total G&A as a percentage of revenue increased 20 bps sequentially The financial results for the three-month periods ended March 31, 2020, June 30, 2020, September 30, 2020, December 31, 2020 and March 31, 2021 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 1Q’20 4Q’20 1Q’21 YoY Variance Detail Initiatives Salaries $64.42 $66.09 $64.54 $0.12 YoY increase due to planned wage increases and inclement weather pay, partially offset by optimization of discipline mix. Sequential decrease due to one less holiday and lower fixed new hire pay due to the timing of hires partially offset by inclement weather pay. Staffing mix optimization, productivity and scheduling improvement initiatives in place to help overcome salary increases Contractors $2.47 $5.08 $5.37 $2.90 YoY and Sequential increase driven by additional staffing needs due to COVID-19, turnover and growth Focused efforts on filling positions with full-time clinicians Benefits $9.98 $12.98 $10.95 $0.97 YoY and Sequential variances primarily due to health insurance Focus on cost containment and spend optimization with specific focus on high cost claims Transportation & Supplies $6.69 $7.16 $6.81 $0.12 Sequential decrease driven by lower milage costs and higher supply rebates *Visiting Clinician CPV $83.56 $91.31 $87.67 $4.11 Clinical Managers $8.97 $9.38 $9.50 $0.53 Fixed cost associated with non-visiting clinicians. YoY increase driven by lower visit volumes and planned wage increases. Unit cost reduced as volume increases Total CPV $92.53 $100.69 $97.17 $4.64 Operational Excellence: Home Health Cost Per Visit (CPV)-Adjusted YOY Total CPV impacted by planned wage increases, higher contractor utilization, higher health insurance costs and lower visit volumes *Note: Direct comparison with industry competitors CPV calculation $83.56 $91.31 $87.67

Driving Top Line Growth Home Health total volume growth remains strong. Hospice admissions down from Q4-2020 levels; ADC lagging due to lower admissions, an increase in our discharge rate and delays in timing of patients coming onto service. Personal Care billable hours impacted by COVID-19 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 Release Quality of Patient Care 4.28 4.27 4.26 4.33 Entities at 4+ Stars 88% 86% 86% 92% Metric OCT 19 Release JAN 20 Release APR 20 Release Oct 20 Release Patient Satisfaction Star 3.97 3.71 3.79 4.28 Performance Over Industry +6% +6% +6% +7% 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 95% of care centers) at 4+ Stars and 61% of our providers (representing 65% of care centers) at 4.5+ Stars 26 Amedisys providers (representing 44 care centers) rated at 5 Stars in the Oct 2020 HHC preview. CMS will hold the Oct 2020 HHC data constant (i.e., freeze the data) until the Jan 2022 HHC release.

Hospice Quality: Amedisys Hospice Continues to Move Towards Best-in-Class Hospice Quality Hospice Compare HIS and CAHPS reporting currently “frozen” and will resume reporting in Feb 2022

Debt and Liquidity Metrics ~Net leverage ~0.7x Net debt defined as total debt outstanding ($244.2M) less cash ($22.3M). Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($298.8M). Liquidity defined as the sum of cash balance and available revolving line of credit. Cash per 3/31/21 10-Q less Provider relief fund advance (~$55M).

Cash Flow Statement Highlights (1) Q2’20, Q3’20 and Q4’20 include benefit of payroll tax deferral (COVID-19 relief) of approximately $20M, $18M and $17M respectively. Q4’20 also includes ~$15M in additional tax payments related to treatment of CARES Act funds. Total payroll tax deferral of ~$55.4M due back as ~$27.7M in December 2021 and ~$27.7M in December 2022. Q1’21 impacted by no pay RAP effective January 1, 2021 resulting in a ~4 day increase in DSO. Q1’21 also benefited from a deferral of income tax payments due to February weather (~$10M) Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments. 13

Income Statement Adjustments (1) The financial results for the three-month periods ended March 31, 2020, June 30, 2020, September 30, 2020, December 31, 2020 and March 31, 2021 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.

2021 Guidance

Amedisys 2021 Updated Guidance Note: Adjusted numbers are ex-CARES Act funds Updated Revenue, EBITDA and EPS guidance ranges for FY 2021 to reflect the extension of the suspension of sequestration through December 31, 2021 2021 Original Guidance 2021 Updated Guidance Revenue Adjusted EBITDA Adjusted Earnings per Share $342M - $352M $2,302M – 2,342M $6.85 - $7.07 $315M - $325M $2,275M – 2,315M $6.25 - $6.47

2021 Guidance Considerations Amedisys Consolidated Tax rate ~26% Cash tax rate ~15% Diluted share count ~33.4 million shares Capital Expenditures ~$6-$8 million Salary increase ~2% - 3% Benefits increase ~14% (9% growth / headcount, 5% pricing / claims costs) Overall ~$10 million investment in business development resources Excludes future acquisitions, related integration costs and potential share repurchase Home Health Personal Care Hospice Total same store admission growth: ~9% Continued investment in business development staffing to support growth ~$4 million Continued focus on Quality of Care (Stars and Acute Care Hospitalization rates) +1.9% rate increase $12M rate net of sequestration Total same store admission growth: ~18% Addition of business development resources to support ADC growth ~ $6 million All closed acquisitions to contribute incremental ~$25M EBITDA +2.4% rate increase $8M rate net of sequestration Total billable hours growth: ~10% First half performance to be impacted by Hospice ADC challenges, assumes recovery and growth as detailed on slide 18 2021 Investments Total Investments in business of ~$15M Innovations & Projects ($10M) – spend related to PDGM, business development initiatives, innovations projects (SNF @ Home, telehealth and palliative care), IT security and automation De Novos ($5M) – Expansion of de novo program

2021 Hospice ADC Projection On track at the end of Q1’21 due to improvement in length of stay ADC impact developed in late Q4 AseraCare Acquisition

XML

Document and Entity Information	Apr. 28, 2021
Cover [Abstract]
Entity Registrant Name	AMEDISYS INC
City Area Code	(225) 292-2031 or (800)
Amendment Flag	false
Entity Central Index Key	0000896262
Document Type	8-K
Document Period End Date	Apr. 28, 2021
Entity File Number	0-24260
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	11-3131700
Entity Address, Address Line One	3854 American Way
Entity Address, Address Line Two	Suite A
Entity Address, City or Town	Baton Rouge
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70816
Local Phone Number	467-2662
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $0.001 per share
Trading Symbol	AMED
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false