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): February 23, 2022

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 February 23, 2022, Amedisys, Inc. (“we,” “us,” “our” or “the Company”) issued a press release (the “Press Release”) announcing its financial results for the fourth quarter and year ended December 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, February 24, 2022 is attached to this report as Exhibit 99.2 and incorporated herein by reference.

The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibits 99.1 and 99.2 hereto) is being “furnished” and shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of Section 18, nor shall it be incorporated by reference into a filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibits 99.1 and 99.2 hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

99.1	Press release dated February 23, 2022 announcing the Company’s financial results for the fourth quarter and year ended December 31, 2021 (furnished only)
99.2	Supplemental slides provided in connection with the fourth 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: February 23, 2022

EX-99.1

Exhibit 99.1

AMEDISYS REPORTS FOURTH QUARTER AND YEAR END 2021 FINANCIAL RESULTS

ISSUES 2022 GUIDANCE

BATON ROUGE, Louisiana (February 23, 2022) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three-month period and year ended December 31, 2021.

Three-Month Periods Ended December 31, 2021 and 2020

• Net service revenue increased $8.6 million to $559.3 million compared to $550.7 million in 2020.

• Net income attributable to Amedisys, Inc. of $34.0 million compared to $45.2 million in 2020.

• Net income attributable to Amedisys, Inc. per diluted share of $1.04 compared to $1.36 in 2020.

Adjusted Quarterly Results*

• Adjusted EBITDA of $64.8 million compared to $78.1 million in 2020.

• Adjusted net service revenue of $559.3 million compared to $550.7 million in 2020.

• Adjusted net income attributable to Amedisys, Inc. of $38.8 million compared to $49.5 million in 2020.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.18 compared to $1.49 in 2020.

Years Ended December 31, 2021 and 2020

• Net service revenue increased $142.6 million to $2,214.1 million compared to $2,071.5 million in 2020.

• Net income attributable to Amedisys, Inc. of $209.1 million compared to $183.6 million in 2020.

• Net income attributable to Amedisys, Inc. per diluted share of $6.34 compared to $5.52 in 2020.

Adjusted Year End Results*

• Adjusted EBITDA of $299.6 million compared to $273.5 million in 2020.

• Adjusted net service revenue of $2,207.6 million compared to $2,071.5 million in 2020.

• Adjusted net income attributable to Amedisys, Inc. of $196.1 million compared to $203.3 million in 2020.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $5.95 compared to $6.11 in 2020.

* See pages 2 and 14-16 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

2022 Guidance

• Adjusted net service revenue is anticipated to be in the range of $2.330 billion to $2.365 billion.

• Adjusted EBITDA is anticipated to be in the range of $275 million to $285 million.

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• Adjusted diluted earnings per share is anticipated to be in the range of $5.23 to $5.45 based on an estimated 33.2 million shares outstanding.

This guidance excludes the effects of any future acquisitions and potential share repurchases, if any are made. COVID-19 has continued to impact the operating metrics typically used to forecast both growth and cost assumptions for both core Amedisys and Contessa. We are basing our guidance on our current operating environment. COVID-19 continues to evolve in both the disease itself as well as disruptions to the healthcare systems and the economy. Any future regulations or government interventions, spike in clinicians and business development staff on quarantine, staffing shortages due to current and proposed federal, state and local vaccine mandates, reduction in elective procedures, change in patient behavior and further decline in senior living occupancy could impact our ability to achieve this guidance.

Paul B. Kusserow, Chairman and Chief Executive Officer stated, “I am very pleased with our fourth quarter and full year 2021 results. Though 2021 saw COVID-19 impact all of our lines of business, the effort our nearly 21,000 Amedisys employees showed all year is something I am incredibly proud of. While it is hard to predict when the impacts of COVID-19 will truly subside, we remain very excited about all of the opportunity ahead of us. 2022 is a year that will set us up to capitalize on the aging demographics of the U.S. population which will position us for accelerated growth in the future. We continue to lead the industry in quality, are working through new and innovative workforce optimization initiatives and are seeing tremendous interest in what a combined Amedisys and Contessa platform can offer to payors. I am excited to see all the good that Amedisys will do as we work our way through 2022 and am confident that Chris and team will continue to lead this organization to new levels of success.”

We urge caution in considering the current trends and 2022 guidance disclosed in this press release. The home health, hospice, personal care and high acuity 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, 2021, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com.

Earnings Call and Webcast Information

Amedisys will host a conference call on Thursday, February 24, 2022, at 11:00 a.m. ET to discuss its fourth quarter and year end 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 March 24, 2022 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13726704.

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 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, personal care and high acuity care services. 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. Over 3,000 hospitals and 90,000 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 530 care centers within 38 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 445,000 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; the impact of current and proposed federal, state and local vaccine mandates, including potential staffing shortages; 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, investments and joint ventures; and changes in laws 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
	(615) 928-5452	(225) 299-3720
	IR@amedisys.com	kendra.kimmons@amedisys.com

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AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

	For the Three-Month Periods Ended December 31,						For the Years Ended December 31,
	2021			2020			2021			2020
	(Unaudited)
Net service revenue	$	559,317		$	550,705		$	2,214,112		$	2,071,519
Other operating income		—			6,780			13,300			34,372
Cost of service, excluding depreciation and amortization		317,168			306,736			1,233,356			1,185,369
General and administrative expenses:
Salaries and benefits		125,185			119,119			474,718			449,448
Non-cash compensation		5,949			6,972			23,809			26,730
Other		53,718			49,506			212,713			192,122
Depreciation and amortization		9,138			8,847			30,901			28,802
Asset impairment charge		—			4,152			—			4,152
Operating expenses		511,158			495,332			1,975,497			1,886,623
Operating income		48,159			62,153			251,915			219,268
Other income (expense):
Interest income		—			34			49			292
Interest expense		(2,791	)		(2,363	)		(9,525	)		(11,038	)
Equity in earnings from equity method investments		1,017			1,567			4,949			3,966
Gain (loss) on equity method investments		6			—			31,098			(2,980	)
Miscellaneous, net		492			649			1,745			1,311
Total other (expense) income, net		(1,276	)		(113	)		28,316			(8,449	)
Income before income taxes		46,883			62,040			280,231			210,819
Income tax expense		(12,873	)		(16,460	)		(70,065	)		(25,635	)
Net income		34,010			45,580			210,166			185,184
Net loss (income) attributable to noncontrolling interests		37			(429	)		(1,094	)		(1,576	)
Net income attributable to Amedisys, Inc.	$	34,047		$	45,151		$	209,072		$	183,608
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	1.04		$	1.38		$	6.41		$	5.64
Weighted average shares outstanding		32,594			32,825			32,642			32,559
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	1.04		$	1.36		$	6.34		$	5.52
Weighted average shares outstanding		32,823			33,243			32,972			33,268

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AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	As of December 31,
	2021			2020
ASSETS
Current assets:
Cash and cash equivalents	$	42,694		$	81,808
Restricted cash		3,075			1,549
Patient accounts receivable		274,961			255,145
Prepaid expenses		10,356			10,217
Other current assets		25,598			13,265
Total current assets		356,684			361,984
Property and equipment, net of accumulated depreciation of $96,937 and $95,024		18,435			23,719
Operating lease right of use assets		101,257			93,440
Goodwill		1,196,090			932,685
Intangible assets, net of accumulated amortization of $19,900 and $22,973		111,190			74,183
Deferred income taxes		289			47,987
Other assets		73,023			33,200
Total assets	$	1,856,968		$	1,567,198
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	38,217		$	42,674
Payroll and employee benefits		141,001			146,929
Accrued expenses		150,836			166,192
Provider relief fund advance		—			60,000
Current portion of long-term obligations		12,995			10,496
Current portion of operating lease liabilities		31,233			30,046
Total current liabilities		374,282			456,337
Long-term obligations, less current portion		432,075			204,511
Operating lease liabilities, less current portion		69,309			61,987
Other long-term obligations		4,979			33,622
Total liabilities		880,645			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; 37,674,868 and 37,470,212 shares issued; and 32,509,969 and 32,814,278 shares outstanding		38			38
Additional paid-in capital		728,118			698,287
Treasury stock at cost, 5,164,899 and 4,655,934 shares of common stock		(435,868	)		(319,092	)
Retained earnings		639,063			429,991
Total Amedisys, Inc. stockholders’ equity		931,351			809,224
Noncontrolling interests		44,972			1,517
Total equity		976,323			810,741
Total liabilities and equity	$	1,856,968		$	1,567,198

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AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING

(Amounts in thousands, except statistical information)

	For the Three-Month Periods Ended December 31,						For the Years Ended December 31,
	2021			2020			2021			2020
	(Unaudited)
Cash Flows from Operating Activities:
Net income	$	34,010		$	45,580		$	210,166		$	185,184
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		9,138			8,847			30,901			28,802
Non-cash compensation		5,949			6,972			23,809			26,730
Amortization and impairment of operating lease right of use assets		10,183			9,991			40,364			39,140
(Gain) loss on disposal of property and equipment		(60	)		47			(124	)		(30	)
(Gain) loss on equity method investments		(6	)		—			(31,098	)		2,980
Write-off of other comprehensive income		—			—			—			(15	)
Deferred income taxes		9,853			(23,798	)		44,582			(26,560	)
Equity in earnings from equity method investments		(1,017	)		(1,567	)		(4,949	)		(3,966	)
Amortization of deferred debt issuance costs/debt discount		248			216			917			869
Return on equity method investments		1,075			1,525			5,343			5,444
Asset impairment charge		—			4,152			—			4,152
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		(392	)		(4,372	)		(18,030	)		2,114
Other current assets		(5,983	)		21,036			(12,202	)		(7,181	)
Other assets		(79	)		122			(1,017	)		31
Accounts payable		(3,161	)		3,568			(4,353	)		1,941
Accrued expenses		(17,552	)		14,245			(26,915	)		39,839
Other long-term obligations		(27,011	)		(10,764	)		(28,796	)		27,717
Operating lease liabilities		(9,273	)		(9,119	)		(36,645	)		(34,695	)
Operating lease right of use assets		(756	)		(769	)		(3,060	)		(3,544	)
Net cash provided by operating activities		5,166			65,912			188,893			288,952
Cash Flows from Investing Activities:
Proceeds from the sale of deferred compensation plan assets		9			7			135			101
Proceeds from the sale of property and equipment		4			—			144			80
Purchases of property and equipment		(1,115	)		(2,337	)		(6,302	)		(5,332	)
Investments in technology assets		(272	)		—			(419	)		—
Purchase of investment		(5,200	)		—			(5,200	)		(875	)
Proceeds from sale of equity method investment		—			—			—			17,876
Acquisitions of businesses, net of cash acquired		(5,093	)		765			(269,965	)		(298,958	)
Net cash used in investing activities		(11,667	)		(1,565	)		(281,607	)		(287,108	)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options		348			255			2,054			6,325
Proceeds from issuance of stock to employee stock purchase plan		946			962			3,968			3,562
Shares withheld to pay taxes on non-cash compensation		(204	)		(321	)		(16,898	)		(54,493	)
Noncontrolling interest contributions		250			—			250			—
Noncontrolling interest distributions		(494	)		(450	)		(1,747	)		(1,122	)
Proceeds from borrowings under term loan		—			—			290,312			—
Proceeds from borrowings under revolving line of credit		—			252,200			500,700			684,200
Repayments of borrowings under revolving line of credit		—			(346,200	)		(551,700	)		(703,200	)
Principal payments of long-term obligations		(3,250	)		(2,889	)		(9,143	)		(10,249	)
Debt issuance costs		—			—			(2,792	)		—
Provider relief fund advance		(58,535	)		—			(60,000	)		60,000
Purchase of company stock		(14,999	)		—			(99,878	)		—
Net cash (used in) provided by financing activities		(75,938	)		(96,443	)		55,126			(14,977	)
Net decrease in cash, cash equivalents and restricted cash		(82,439	)		(32,096	)		(37,588	)		(13,133	)
Cash, cash equivalents and restricted cash at beginning of period		128,208			115,453			83,357			96,490
Cash, cash equivalents and restricted cash at end of period	$	45,769		$	83,357		$	45,769		$	83,357
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	1,812		$	1,305		$	5,291		$	6,207
Cash paid for income taxes, net of refunds received	$	8,615		$	20,431		$	34,097		$	50,721
Days revenue outstanding (1)		43.2			40.2			43.2			40.2

(1) Our calculation of days revenue outstanding at December 31, 2021 and 2020 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended December 31, 2021 and 2020, respectively.

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AMEDISYS, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(Amounts in millions, except statistical information)

(Unaudited)

Segment Information - Home Health

	For the Three-Month Periods Ended December 31,
	2021			2020
Financial Information (in millions):
Medicare	$	230.1		$	228.3
Non-Medicare		107.2			101.1
Net service revenue		337.3			329.4
Other operating income		—			2.5
Cost of service		193.1			186.1
Gross margin		144.2			145.8
Depreciation and amortization		1.0			1.0
Asset impairment charge		—			3.4
Other operating expenses		84.7			80.5
Operating income	$	58.5		$	60.9
Same Store Growth (1):
Medicare revenue		1	%		6	%
Non-Medicare revenue		6	%		—	%
Total admissions		2	%		6	%
Total volume (2)(6)		2	%		5	%
Key Statistical Data - Total (3):
Admissions		87,142			85,474
Recertifications (6)		46,390			44,820
Total volume (6)		133,532			130,294
Medicare completed episodes		78,693			80,008
Average Medicare revenue per completed episode (4)	$	2,951		$	2,906
Medicare visits per completed episode (5)		13.7			14.0
Visiting Clinician Cost per Visit	$	98.16		$	92.62
Clinical Manager Cost per Visit	$	10.39		$	9.38
Total Cost per Visit	$	108.55		$	102.00
Visits		1,778,512			1,824,557

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	For the Years Ended December 31,
	2021			2020
Financial Information (in millions):
Medicare	$	914.5		$	847.3
Non-Medicare		439.3			401.9
Net service revenue		1,353.8			1,249.2
Other operating income		7.3			20.2
Cost of service		756.6			729.9
Gross margin		604.5			539.5
Depreciation and amortization		4.3			3.9
Asset impairment charge		—			3.4
Other operating expenses		328.5			307.2
Operating income	$	271.7		$	225.0
Same Store Growth (1):
Medicare revenue		8	%		(1	%)
Non-Medicare revenue		9	%		1	%
Total admissions		6	%		1	%
Total volume (2)(6)		5	%		2	%
Key Statistical Data - Total (3):
Admissions		353,075			331,354
Recertifications (6)		183,134			177,631
Total volume (6)		536,209			508,985
Medicare completed episodes		311,531			301,856
Average Medicare revenue per completed episode (4)	$	2,959		$	2,836
Medicare visits per completed episode (5)		13.9			14.9
Visiting Clinician Cost per Visit	$	93.44		$	89.62
Clinical Manager Cost per Visit	$	9.75		$	9.17
Total Cost per Visit	$	103.19		$	98.79
Visits		7,331,935			7,388,549

(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 for the years ended December 31, 2021 and 2020 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 year calculation.

8

Segment Information - Hospice

	For the Three-Month Periods Ended December 31,
	2021			2020
Financial Information (in millions):
Medicare	$	193.9		$	193.5
Non-Medicare		11.0			10.4
Net service revenue		204.9			203.9
Other operating income		—			4.2
Cost of service		110.8			107.5
Gross margin		94.1			100.6
Depreciation and amortization		0.7			0.5
Asset impairment		—			0.8
Other operating expenses		54.0			48.0
Operating income	$	39.4		$	51.3
Same Store Growth (1):
Medicare revenue		—	%		4	%
Hospice admissions		(1	%)		15	%
Average daily census		(4	%)		—	%
Key Statistical Data - Total (2):
Hospice admissions		13,857			13,939
Average daily census		13,237			13,793
Revenue per day, net	$	168.24		$	160.72
Cost of service per day	$	91.01		$	84.72
Average discharge length of stay		90			102

9

	For the Years Ended December 31,
	2021			2020
Financial Information (in millions):
Medicare	$	750.1		$	710.0
Non-Medicare		41.7			40.1
Net service revenue		791.8			750.1
Other operating income		6.0			13.1
Cost of service		425.2			400.6
Gross margin		372.6			362.6
Depreciation and amortization		2.7			2.2
Asset impairment		—			0.8
Other operating expenses		198.4			175.4
Operating income	$	171.5		$	184.2
Same Store Growth (1):
Medicare revenue		—	%		4	%
Hospice admissions		2	%		6	%
Average daily census		(4	%)		1	%
Key Statistical Data - Total (2):
Hospice admissions		53,507			49,694
Average daily census		13,271			13,081
Revenue per day, net	$	163.47		$	156.69
Cost of service per day	$	87.77		$	83.67
Average discharge length of stay		94			99

(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 and denovos.

10

Segment Information - Personal Care

	For the Three-Month Periods Ended December 31,
	2021		2020
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		15.1		17.4
Net service revenue		15.1		17.4
Other operating income		—		0.1
Cost of service		11.7		13.2
Gross margin		3.4		4.3
Depreciation and amortization		—		0.1
Other operating expenses		2.4		2.9
Operating income	$	1.0	$	1.3
Key Statistical Data - Total:
Billable hours		500,546		662,163
Clients served		7,867		10,057
Shifts		215,167		281,445
Revenue per hour	$	30.09	$	26.24
Revenue per shift	$	69.99	$	61.74
Hours per shift		2.3		2.4

	For the Years Ended December 31,
	2021		2020
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		65.0		72.2
Net service revenue		65.0		72.2
Other operating income		—		1.1
Cost of service		49.1		54.9
Gross margin		15.9		18.4
Depreciation and amortization		0.2		0.2
Other operating expenses		11.2		12.4
Operating income	$	4.5	$	5.8
Key Statistical Data - Total:
Billable hours		2,275,511		2,730,121
Clients served		12,074		15,019
Shifts		974,409		1,177,586
Revenue per hour	$	28.54	$	26.45
Revenue per shift	$	66.66	$	61.31
Hours per shift		2.3		2.3

11

Segment Information - High Acuity Care

	For the Three-Month Periods Ended December 31,
	2021			2020
Financial Information (in millions):
Medicare	$	—		$	—
Non-Medicare		2.0			—
Net service revenue		2.0			—
Other operating income		—			—
Cost of service		1.6			—
Gross margin		0.4			—
Depreciation and amortization		0.8			—
Other operating expenses		6.1			—
Operating loss	$	(6.5	)	$	—
Key Statistical Data - Total:
Full risk admissions		61			—
Limited risk admissions		225			—
Total admissions		286			—
Direct medical loss ratio		54.6	%		—
Number of joint ventures		8			—
Market penetration		31	%		—
Patient satisfaction		97	%		—
	For the Years Ended December 31,
	2021			2020
Financial Information (in millions):
Medicare	$	—		$	—
Non-Medicare		3.5			—
Net service revenue		3.5			—
Other operating income		—			—
Cost of service		2.5			—
Gross margin		1.0			—
Depreciation and amortization		1.3			—
Other operating expenses		10.0			—
Operating loss	$	(10.3	)	$	—
Key Statistical Data - Total:
Full risk admissions		107			—
Limited risk admissions		413			—
Total admissions		520			—
Direct medical loss ratio		54.0	%		—
Number of joint ventures		8			—
Market penetration		31	%		—
Patient satisfaction		97	%		—

12

Segment Information - Corporate

	For the Three-Month Periods Ended December 31,
	2021		2020
Financial Information (in millions):
Other operating expenses	$	37.6	$	44.0
Depreciation and amortization		6.6		7.3
Total operating expenses	$	44.2	$	51.3

	For the Years Ended           December 31,
	2021		2020
Financial Information (in millions):
Other operating expenses	$	163.1	$	173.2
Depreciation and amortization		22.4		22.5
Total operating expenses	$	185.5	$	195.7

13

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 December 31,						For the Years Ended December 31,
	2021			2020			2021			2020
Net income attributable to Amedisys, Inc.	$	34,047		$	45,151		$	209,072		$	183,608
Add:
Income tax expense		12,873			16,460			70,065			25,635
Interest expense, net		2,791			2,329			9,476			10,746
Depreciation and amortization		9,138			8,847			30,901			28,802
Certain items (1)		6,412			5,815			(18,028	)		26,658
Interest component of certain items (1)		(451	)		(464	)		(1,888	)		(1,914	)
Adjusted EBITDA (2) (7)	$	64,810		$	78,138		$	299,598		$	273,535

Adjusted Net Service Revenue Reconciliation:

	For the Three-Month Periods Ended December 31,				For the Years Ended December 31,
	2021		2020		2021			2020
Net service revenue	$	559,317	$	550,705	$	2,214,112		$	2,071,519
Add:
Certain items (1)		—		—		(6,541	)		—
Adjusted net service revenue (3) (7)	$	559,317	$	550,705	$	2,207,571		$	2,071,519

Adjusted Other Operating Income Reconciliation:

	For the Three-Month Periods Ended December 31,					For the Years Ended December 31,
	2021		2020			2021			2020
Other operating income	$	—	$	6,780		$	13,300		$	34,372
Add:
Certain items (1)		—		(6,780	)		(13,300	)		(34,372	)
Adjusted other operating income (4) (7)	$	—	$	—		$	—		$	—

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

	For the Three-Month Periods Ended December 31,				For the Years Ended December 31,
	2021		2020		2021			2020
Net income attributable to Amedisys, Inc.	$	34,047	$	45,151	$	209,072		$	183,608
Add:
Certain items (1)		4,764		4,303		(12,923	)		19,727
Adjusted net income attributable to Amedisys, Inc. (5) (7)	$	38,811	$	49,454	$	196,149		$	203,335

14

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

	For the Three-Month Periods Ended December 31,				For the Years Ended December 31,
	2021		2020		2021			2020
Net income attributable to Amedisys, Inc. common stockholders per diluted share	$	1.04	$	1.36	$	6.34		$	5.52
Add:
Certain items (1)		0.15		0.13		(0.39	)		0.59
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (6) (7)	$	1.18	$	1.49	$	5.95		$	6.11

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

Certain Items:

	For the Three-Month Period Ended December 31, 2021		For the Year Ended December 31, 2021
	(Income) Expense		(Income) Expense
Certain Items Impacting Net Service Revenue:
Contingency accrual		—		(6,541	)
Certain Items Impacting Other Operating Income:
CARES Act & State COVID-19 grants		—		(13,300	)
Certain Items Impacting Cost of Service:
COVID-19 costs		4,323		20,780
Certain Items Impacting Operating Expenses:
Acquisition and integration costs		1,310		7,559
COVID-19 costs		140		716
Pre-acquisition legal settlement		—		1,825
Certain Items Impacting Total Other Income (Expense):
Interest component of certain items		451		1,888
Other (income) expense, net		188		(30,955	)
Total	$	6,412	$	(18,028	)
Net of tax	$	4,764	$	(12,923	)
Diluted EPS	$	0.15	$	(0.39	)

15

	For the Three-Month Period Ended December 31, 2020			For the Year Ended December 31, 2020
	(Income) Expense			(Income) Expense
Certain Items Impacting Other Operating Income:
CARES Act & State COVID-19 grants	$	(6,780	)	$	(34,372	)
Certain Items Impacting Cost of Service:
COVID-19 costs		6,568			33,967
Severance - reductions in staffing levels		—			4,633
Certain Items Impacting Operating Expenses:
Acquisition and integration costs		1,234			10,795
COVID-19 costs		177			1,562
Severance - reductions in staffing levels		—			271
Asset impairment		4,152			4,152
Certain Items Impacting Total Other Income (Expense):
Interest component of certain items		464			1,914
Other (income) expense, net		—			3,736
Total	$	5,815		$	26,658
Net of tax	$	4,303		$	19,727
Diluted EPS	$	0.13		$	0.59

(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 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.

16

EX-99.2

Exhibit 99.2 Amedisys Fourth Quarter 2021 Earnings Call Supplemental Slides 1 1 th, February 24 2022

Forward-looking statements This presentation may include forward-looking statements as defined by the Private www.amedisys.com 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 NASDAQ: AMED 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 We encourage everyone to visit the a prediction of future events. Investors Section of our website at Additional information regarding factors that could cause actual results to differ materially www.amedisys.com, where we have posted additional important from those discussed in any forward-looking statements are described in reports and information such as press releases, registration statements we file with the SEC, including our Annual Report on Form 10-K profiles concerning our business and and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, clinical operations and control copies of which are available on the Amedisys internet website http://www.amedisys.com processes, and SEC filings. 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. 2

A Look Back FY 2021 Accomplishments Operational Excellence and Driving Growth Employer of Choice Clinical Distinction Efficiency• Grew Home Health same • Ended the year with overall • Maintained at least 95% of store total admissions • Grew EBITDA by 10% from voluntary turnover of all Home Health care centers +6% and Hospice same $273.5M in 2020 to $299.6M 19.4% (FY’21) achieving 4.0+ Quality of store total admissions in 2021 Patient Care star score +2% • While the industry is reporting • Expanded consolidated • Acquired four CONs and VNA • Outperformed industry record increases in nursing EBITDA margin 40 bps to (Home Health in Omaha, NE) on all hospice item set (HIS) turnover; in 2021, we reduced 13.6% (FY’21) despite • Acquired Contessa Health quality metrics our nursing turnover to continuing impacts from (closed in August 2021) 26.8% from 29.5% in 2020, COVID-19• Contessa subsequently a 9% YoY reduction signed new JV partnerships • Delivered $189M in cash with Henry Ford Health 3 flow from operations Plan and Penn State Health

Our Key Areas of Focus Strategic areas of focus and progress made during Q4’21 2 5 3 4 6 1 Recruiting / Clinical Organic Capacity and Regulatory M&A Retention Initiatives Growth Productivity • Signed a new • Home Health*: • Targeting industry • Quality: Amedisys • Focusing on 2021 Hospital at Home Total same store leading employee Jan’22 release optimizing RN / Reimbursement STARS score of 4.33 JV with Penn State admissions +2%, retention amongst LPN & PT / PTA (SHP: 4.5 STARS) Health (11/10/21)• Final Home Health Total same store all employee staffing ratios. volume +2% categories industry rule net • Signed the • 95% of care centers • Current LPN +1.9% increase acquisition of • Hospice: Total • Q4’21 Voluntary at 4+ Stars based on Ratio: 49.0% • Final Hospice industry internal calculation Evolution Health rule net +2.4% same store Turnover 21.5% (vs. 47.5% in on 2/1/22 increase (effective Admissions -1%, 4Q’20) ADC -4%• 533 Hospice BD • 37 Amedisys care expanding our 10/1/20) footprint in TX, OK FTE’s as of YE’21 centers rated at 5 • Current PTA and OH (15 care • Personal Care: PC (+52 over PY) Stars in the Jan’22 Ratio: 52.9% (vs. 2022 Release centers) – expected Reimbursement Network drove 50.9% in 4Q’20) to close summer of ~$522K in revenue • 877 Home Health to Home Health and BD FTE’s as of • Hospice quality – 2022• Final Home Health Hospice via care YE’21 (+37 over PY) outperforming industry rule net • Signed Assisted coordination industry average in +3.2% increase Care Home Health all hospice item set • Final Hospice industry (HIS) categories (2 locations in rule net +2.0% North Carolina) on increase (effective 2/21/22 10/1/21) • Sequestration suspension extended until 6/30/22. Full 2% for three months reduced to 1% for remaining three months 4 *Note: Home Health same store volume is defined as admissions plus recertifications

(1) Highlights and Summary Financial Results (Adjusted): 4Q 2021 Home Health total same store volume +2%, total same store admissions +2%; Hospice same store admissions -1%; Margin pressure driven by Hospice ADC decline & labor costs Adjusted Financial Results Amedisys Amedisys Amedisys Consolidated Balance Sheet & Cash Flow $ in Millions, except EPS 4Q20 4Q21 FY 2020 FY 2021 Consolidated Consolidated Home Health 329.4 337.3 1,249.2 1 ,353.8 • Revenue Growth: +2% • Net debt: $403.8M Hospice 203.9 204.9 750.1 785.3 Personal Care 17.4 1 5.1 72.2 65.0 • EBITDA: $65M (-17%, ex. • Net Leverage ratio: 1.3x High Acuity Care - 2.0 - 3.5 Contessa -10%) • Revolver availability: $522.5M Total Revenue $ 550.7 $ 55 9.3 $ 2 ,071.5 $ 2,207.6 • EBITDA Margin: 11.6% (ex. • CFFO: $5.2M Gross Margin % 45.5% 44.1% 44.6% 45.1% Contessa: 12.6%) (4) Adjusted EBITDA 78.1 64.8 273.5 299.6• Free cash flow : $1.2M • EPS: $1.18 (-21%) 14.2% 11.6% 13.2% 13.6% • DSO: 43.2 (vs. Q4’20 of 40.2 and Adjusted EPS $1.49 $1.18 $6.11 $5.95 down 0.3 days since Q3) (4) Free cash flow $60.6 $1.2 $273.5 $174.3 Hospice Home Health Personal Care High Acuity Care (2)(3) (3) Same Store : Same Store Volume : Growth Metrics: Growth Metrics: • Total Volume: +2% • Billable hours/quarter: -24% • Admissions: -1% • Total Admissions: 286 • Total Admissions: +2% • Clients served: -22% • ADC: -4% • Number of JV’s: 8 Other Statistics: Other Statistics: Other Statistics: (5) Other Statistics: • Revenue per Episode : $2,951 • Revenue per hour: +15% • Revenue per Day: $168.24 • Patient Satisfaction: 97% (+1.5%) • Cost per hour: +17% (+4.7%) • Total Cost per Visit: $106.67 • Cost per day: $90.23 (+10.8%) (+5.9%) 1. The financial results for the three-month periods and years ended December 31, 2020 and December 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. 2. Same Store volume – Includes admissions and recertifications. 3. 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. 5 4. Free cash flow is defined as cash flow from operations less routine capital expenditures and required debt repayments. Q4’20 free cash flow includes payroll tax deferrals. 5. Medicare sequestration suspended 5/1/20.

Our Revenue Sources: 4Q’21 Amedisys Consolidated Revenue Home Health Revenue Hospice Revenue 0.4% 5.3% 2.7% 19.1% 36.6% 12.7% 68.2% 60.3% 94.7% Home Health Hospice Medicare FFS Private Episodic Per Visit Medicare FFS Private Personal Care High Acuity Care • Home Health: 331 care centers; 34 states & D.C.• Medicare FFS: Reimbursed over a 30-day Hospice Per Day Reimbursement: • Hospice: 175 care centers; 34 states period of care • Routine Care: Patient at home with • Personal Care: 14 care centers; 3 states• Private Episodic: MA and Commercial plans symptoms controlled ~97% of the Hospice • High Acuity Care: 8 Joint Ventures; 6 states; 24 who reimburse us over a 30-day period of care, care AMED provides, in line with overall referring hospitals majority of which range from 95% - 100% of hospice industry provision of care • Total AMED: 528 care centers; 38 states and Medicare rates• Continuous Care: Patient at home with D.C.• Per Visit: Managed care, Medicaid and private uncontrolled symptoms payors reimbursing us per visit performed• Inpatient Care: Patient in facility with uncontrolled symptoms • Respite Care: Patient at facility with symptoms controlled 6 6

(1) Home Health and Hospice Segment (Adjusted) – 4Q 2021 Home Health total volume growth +2%; Hospice Admit Growth -1% HOSPICE HOME HEALTH Year Ended Year Ended $ in Millions 4Q20 4Q21 2020 2021 $ in Millions 4Q20 4Q21 2020 2021 Medicare 193.5 193.9 710.0 743.6 Medicare 228.3 230.1 847.3 914.5 Non-Medicare 10.4 11.0 40.1 41.7 Non-Medicare 101.1 107.2 401.9 439.3 Hospice Revenue $203.9 $204.9 $750.1 $785.3 Home Health Revenue $329.4 $337.3 $1,249.2 $1,353.8 Gross Margin % 44.2% 43.8% 43.5% 45.1% Gross Margin % 49.3% 46.4% 48.3% 46.9% (2) (2) Pre-Corporate EBITDA $65.2 $62.9 $236.7 $281.6 Pre-Corporate EBITDA $52.7 $41.0 $187.4 $169.7 19.8% 18.7% 19.0% 20.8% 25.8% 20.0% 25.0% 21.6% Operating Statistics Operating Statistics Admit growth - same store (4 ) 15% -1% 6% 2% Same Store Growth (3 )(4 ) ADC growth - same store (4 ) 0% -4% 1% -4% Total Volume 5% 2% 2% 5% Total Admissions 6% 2% 1% 6% ADC 13,793 13,237 13,081 13,271 Avg. discharge length of stay 102 90 99 94 Medicare Revenue per Episode (5 ) $2,906 $2,951 $ 2,836 $ 2 ,959 Medicare Recert Rate 34.5% 35.1% 36.3% 35.1% Revenue per day (net) $160.72 $168.24 $156.69 $162.12 Cost per day $81.45 $90.23 $81.02 $86.15 Total Cost per visit $100.69 $106.67 $95.59 $101.46 Home Health Highlights Hospice Highlights • Revenue per Episode up 1.5% (+1.9% rate increase effective • Net revenue per day +4.7% (primarily due to +2.0% Hospice rate 1/1/2021) update effective 10/1/2021 and favorable cap adjustments) • Y/Y CPV up $5.98 (+5.9%, primarily due to raises, new hire pay, clinician bonuses, wage inflation and health insurance) • Visits per Episode decreased 0.3 1. The financial results for the three-month periods and years ended December 31, 2020 and December 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. 2. Pre-Corporate EBITDA does not include any corporate G&A expenses. 3. 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. 4. 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. 7 5. Average Medicare revenue per completed episode reflects the transition to PDGM effective Jan. 1, 2020 and the suspension of sequestration effective May 1, 2020.

(1,2) General & Administrative Expenses – Adjusted Impacted by COVID-19, acquisitions and investments to drive volume growth 4Q20 1Q21 2Q21 3Q21 4Q21 $ in Millions 4Q20 1Q21 2Q21 3Q21 4Q21 Salary and Benefits 25.0 23.4 22.0 22.1 21.7 Home Health Segment - Total 80.5 80.0 81.3 82.4 84.7 Other 13.2 12.7 11.6 12.8 10.4 % of HH Revenue 24.4% 24.3% 23.3% 24.3% 25.1% Corp. G&A Subtotal 38.2 36.1 33.6 34.9 32.1 Non-cash comp 4.6 5.3 4.5 2.8 4.0 Hospice Segment - Total 47.9 46.3 48.4 49.5 54.0 Adjusted Corporate G&A 42.8 41.4 38.1 37.7 36.1 % of HSP Revenue 23.5% 24.2% 25.3% 25.1% 26.4% Total G&A as a Percent of Revenue Personal Care Segment - Total 3.0 3.1 3.1 2.6 2.4 34.0% 32.8% % of PC Revenue 17.2% 18.2% 18.1% 16.5% 15.7% 31.8% 31.8% 31.6% 32.0% High Acuity Care Segment - Total - - - 3.8 6.2 30.7% % of HAC Revenue -% -% -% 255.2% 305.7% 30.0% Total Corporate Expenses 42.8 41.4 38.1 37.7 36.1 % of Total Revenue 7.8% 7.7% 6.8% 6.8% 6.5% 28.0% 4Q20 1Q21 2Q21 3Q21 4Q21 Total 174.2 170.8 170.9 176.0 183.4 G&A as a Percent of Revenue % of Total Revenue 31.6% 31.8% 30.7% 31.8% 32.8% Notes: • Year over year total G&A as a percentage of revenue increased 120 basis points ($9 million); 20 basis point ($3 million) increase excluding Contessa • Increases related to the Contessa acquisition, raises, the addition of resources to support growth, higher travel and training spend and higher health insurance costs were offset by lower incentive compensation costs • Total G&A as a percentage of revenue increased 100 bps sequentially 1. The financial results for the three-month periods ended December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 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. 8 2. Adjusted G&A expenses do not include depreciation and amortization.

Operational Excellence: Home Health Cost Per Visit (CPV)-Adjusted YOY Total CPV impacted by planned wage increases, wage inflation, new hire pay and higher health insurance costs. Contractor costs down slightly year over year as utilization has stabilized Components 4Q’20 3Q’21 4Q’21 YoY Variance Detail Initiatives Salaries $66.09 $67.58 $69.73 $3.64 YoY increase (+5.5%) due to higher Staffing mix optimization, fixed new hire pay (+1.9%), planned productivity and scheduling wage increases, wage inflation and improvement initiatives in place clinician bonuses to help overcome salary increases Sequential increase due to the same drivers, including one additional month of raises Contractors $5.08 $4.96 $4.93 ($0.15) YoY and Sequential variances Focused efforts on filling minimal due to relatively consistent positions with full-time clinicians utilization Benefits $12.98 $13.16 $14.52 $1.54 YoY increase due to the impact of Focus on cost containment and COVID-19 on health insurance costs spend optimization with specific (lower utilization in prior year) focus on high-cost claims Sequential increase due to the seasonality of claims Transportation & Supplies $7.16 $7.28 $7.10 ($0.06) *Visiting Clinician CPV $91.31 $92.98 $96.28 $4.97 Clinical Managers $9.38 $9.85 $10.39 $1.01 Fixed cost associated with non- Unit cost reduced as volume visiting clinicians increases YoY increase driven by additional staff and planned wage increases Total CPV $100.69 $102.83 $106.67 $5.98 *Note: Direct comparison with industry competitors CPV calculation Cost Per Visit (CPV) $96.28 $91.31 $92.98 $100.00 $75.00 $50.00 $25.00 4Q20 3Q21 4Q21 9 Salaries Contractors Benefits Transportation

Driving Top Line Growth Home Health total volume, Hospice admissions and ADC, as well as Personal Care billable hours lagging due to prolonged COVID-19 impacts related to the Omicron variant (staffing challenges, increase in clinician quarantine and increase in hospice discharge rate) Home Health Hospice Personal Care Total Volume Growth Total Hours / Quarter 12% 150,000 15.0% 1,000,000 14,500 20% 12.0% 15% 15% 5% 14,000 800,000 6% 9.0% 10% 13,500 600,000 100,000 6.0% 1% 2% 5% 5% 2% 1% 13,000 0% 3.0% 400,000 0% -3% -1% 0.0% 12,500 -4% -4% -5% -5% 200,000 50,000 -3.0% 12,000 -10% 4Q20 1Q21 2Q21 3Q21 4Q21 0 Q420 Q121 Q221 Q321 4Q21 4Q20 1Q21 2Q21 3Q21 4Q21 Volume YoY Same Store Growth ADC Admits Billable Hours SS ADC Growth SS Admit Growth 10

Industry Leading Quality Scores Quality of Patient Care (QPC) Patient Satisfaction (PS) JAN 20 APR 20 OCT 20 JAN 22 JAN 20 APR 20 OCT 20 JAN 20 Metric Metric Release Release Release Release Release Release Release Release Quality of Patient 4.27 4.26 4.33 3.71 3.79 4.28 4.33 3.60 Patient Care Satisfaction Star Entities at 4+ Performance 86% 86% 92% 92% +6% +6% +7% +3% Stars Over Industry QPC Industry Performance PS Industry Performance 4.50 4.50 CMS 4.00 4.00 Blind CMS Period Blind Period 3.50 3.50 3.00 3.00 Amedisys QPC Industry Avg QPC Top Competitor Amedisys PS Score PS Industry Avg PS Top Competitor • Amedisys maintains a 4-Star average in the Jan 2022 HHC Release with 92% of our providers (representing 95% of care centers) at 4+ Stars and 61% of our providers (representing 67% of care centers) at 4.5+ Stars. •25 Amedisys providers (representing 37 care centers) rated at 5 Stars. 11 Notes: (1) CMS did not provide QPC Star and HH-CAHPS performance releases in 2021 due to COVID-19 PHE. (2) Jan 2022 QPC Star Release performance period = 7/1/2020 – 3/31/2021 (CY 2019 for ACH). (3) Jan 2022 HH-CAHPS Release performance period = 7/1/2020 – 6/30/2021.

Hospice Quality: Amedisys Hospice Continues to Move Towards Best-in-Class Hospice Quality Notes: Included in the above analysis are active care centers. Acquired locations were only included if their acquisition date was before the start of the reporting window. Above excludes Asana, Aseracare, and CCH acquisitions. 12 * Hospice Visits When Death is Imminent, Measure 1 is referencing discharges from Jan 2019 through Dec 2019

Debt and Liquidity Metrics Net leverage ~1.3x As of: Outstanding Debt 12/31/21 Outstanding Revolver - Outstanding Term Loan 447.2 Promissory Notes 0.8 Finance Leases 1.6 Total Debt Outstanding 449.6 Less: Deferred Debt Issuance Costs (4.5) Total Debt - Balance Sheet 445.1 Total Debt Outstanding 449.6 Less Cash (45.8) (1) Net Debt 403.8 (2) Leverage Ratio (net) 1.3 As of: Credit Facility 12/31/21 Term Loan 450.0 Revolver Size 550.0 Borrowing Capacity 1,000.0 Revolver Size 5 50.0 Outstanding Revolver - Letters of Credit ( 27.5) Available Revolver 522.5 Plus Cash 45.8 (3) Total Liquidity 568.3 1. Net debt defined as total debt outstanding ($449.6M) less cash ($45.8M). 2. Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($299.6M). 3. Liquidity defined as the sum of cash balance and available revolving line of credit. 13

(1) Cash Flow Statement Highlights 2020 includes benefit of payroll tax deferral (COVID-19 relief). Total payroll tax deferral of ~$55M (half paid in December 2021; remainder due in December 2022). $ in Millions 4Q20 1Q21 2Q21 3Q21 4Q21 GAAP Net Income 45.6 5 0.3 80.6 4 5.2 34.0 Changes in working capital 34.5 (1 8.3 ) (9.1 ) (7 .0) (2 7 .1 ) Depreciation and amortization 8.8 7 .6 6.7 7 .5 9.1 Non-cash compensation, includes 401 (k) match expense 7 .0 7 .3 6.2 4.4 5.9 Deferred incom e taxes (23.8) 7 .4 1 5.3 1 2.0 9.9 Other (6.2) (0.3 ) (31 .7 ) (0.3) (26.6) Cash flow from operations 65.9 54.0 68.0 61.8 5.2 Capital expenditures - routine (2.4) (1 .6) (1 .0) (2.2) (0.7 ) Required debt repay ments (2.9) (2.7 ) (2.7 ) (0.5) (3 .3) Free cash flow 60.6 49.7 64.3 59.1 1.2 Capital Deployment Acquisitions 0.8 - (2.5) (262.4) (5.1 ) Share Repurchases - (7 2.9) (1 .2) (1 0.8) (1 5.0) Total 0.8 (72.9) ( 3.7) (273.2) (20.1) 14 1. Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments.

(1) Income Statement Adjustments $000s Income Statement Line Item 4Q20 1Q21 2Q21 3Q21 4Q21 Revenue Contingency accrual Net Serv ice Rev enue $ - $ - $ (6,541 ) $ - $ - Other Operating Income CARES Act & State COVID-1 9 grants Other Operating Income ( 6,7 80) (8,7 01 ) (4,603) 4 - Cost of Service COVID-1 9 costs Cost of Serv ice, Excluding Depreciation & Amortization 6,568 8,480 4,464 3,51 3 4,323 G&A Acquisition and integration costs G&A, Salaries and benefits 507 1 96 51 0 1 ,07 1 41 9 COVID-1 9 costs G&A, Salaries and benefits 45 25 9 60 9 Acquisition and integration costs G&A, Other 7 27 1 ,003 1 ,7 83 1 ,686 891 COVID-1 9 costs G&A, Other 1 32 1 92 1 51 1 39 1 31 Pre-acquisition legal settlement G&A, Other - - 1 ,825 - - Other Items Asset impairment (acquired names) Asset impairment 4,1 52 - - - - Interest component of certain items Interest expense 464 51 7 469 4 51 4 51 Other (income) expense, net (2) Total other (expense) income, net - - (31 ,07 7 ) (66) 1 88 Total $ 5,815 $ 1,712 $ (33,010) $ 6,858 $ 6,412 EPS Impact $ 0 .13 $ 0 .04 $ (0.74) $ 0.17 $ 0.15 1. The financial results for the three-month periods ended December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 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. 15 2. Other (income) expense, net includes ~$31.1 million gain on Medalogix equity method investment for the three-month period ended June 30, 2021.

2022 Guidance 16

Amedisys 2022 Preliminary Guidance Revenue, EBITDA and EPS guidance ranges for FY 2022 ($M except for EPS) AMED Core High Acuity Care Total Performance AMED Adjusted Revenue $2,274 - $2,309 $56 $2,330 - $2,365 Adjusted $301 - $311 ($26) $275 - $285 EBITDA Adjusted EPS $5.88 - $6.10 ($0.65) $5.23 - $5.45 2022 EBITDA Impacts:• Additional impact from • Incentive Comp: ~$16M Contessa related to resources • Incremental Contessa: ~$17M needed to service expanded • Omicron impact: ~$7M Hospital @ Home JV pipeline, • De Novos: ~$5M along with resources allocated • Investments: ~$3M to new Palliative Care business Total: ~$48M line. Guidance Disclaimer COVID-19 has impacted the operating metrics typically used to forecast both growth and cost assumptions for both core Amedisys and Contessa. We are basing our guidance on our current operating environment. COVID-19 continues to evolve in both the disease itself as well as disruptions to the healthcare systems and the economy. Any future regulations or government interventions, spike in clinicians and BD staff on quarantine, staffing shortages due to current and proposed federal, state and local vaccine mandates, reduction in elective procedures, change in patient behavior and further decline in senior living occupancy could impact our ability to achieve this guidance. 17

2022 Guidance Considerations EBITDA impacted by continued Hospice length of stay pressures, incremental Contessa investments, incentive compensation and costs related to Omicron Amedisys Home Health Hospice Personal Care Consolidated • Tax rate ~27% • Total same store • Total same store • Total billable hours admission growth: ~5% admission growth: ~13% growth: -3% • Cash tax rate ~19% • Continued investment in • Addition of business • Personal Care Network to • Diluted share count ~33.2 business development development resources to drive ~$2M revenue to million shares staffing to support growth support ADC growth ~ $4 Home Health and • Capital Expenditures ~$7-$9 ~$4 million million Hospice combined million • Continued focus on Quality of • +2.0% rate increase • Salary increase ~2% - 3% High Acuity Care (Stars and Acute Care • Benefits increase ~11% (8% Hospitalization rates) Care growth / headcount, 3% pricing • +3.2% rate increase / claims costs) • 5 new Joint Venture arrangements in 2022 • Overall ~$8 million investment in business • $56M Revenue development resources • ($26M) EBITDA impact • Excludes future acquisitions, related integration costs and potential share repurchase 2022 Investments • Total Investments in business of ~$8M • Innovations & Projects ($3M) – spend related to automation, workforce optimization and roll out of Medalogix/Muse product • De Novos ($5M) – Expansion of de novo program 18

Environmental, Social, Governance (E.S.G.) Considerations 19

Environmental, Social, Governance (E.S.G.) Considerations Sustainable, high-quality, patient focused, home-based care model Environmental Social Governance • Amedisys strives to create an • Amedisys has a culture of compliance • Amedisys is dedicated to the organizational culture and climate in which starting with oversight from the Board of sustainability of our business and the every individual is valued, all team Directors and cascading down to the care communities in which we serve members have a sense of belonging with center level one another and to the organization and • Environmental health has a strong • Our Board of Directors operates several feel empowered to do their best work correlation with physical health sub-committees including: • Provider of Home Health and Hospice • Quality Committee • A greener fleet – newer vehicles, in services to frail, elderly patients in their • Compliance Committee circulation for a shorter time, optimize most preferred care location – their homes• Audit Committee fuel usage. Sophisticated scheduling • Compensation Committee • Highest quality Home Health company as • Nominating & Corporate practices reduce our clinicians’ driving measured by Quality of Patient Care Star Governance Committee time and fuel usage helping to minimize scores (4.33 Stars) our carbon footprint • Nominating and Corporate Governance • The Amedisys Foundation was formed to Committee oversees our strategy on provide support to our patients and • Virtual care centers, along with flexible corporate social responsibility, including employees. The Amedisys Foundation has working schedules and locations, have evaluating the impact of Company practices two funds: the Patients’ Special Needs created fewer emissions on communities and individuals, and Fund and the Amedisys Employees 1st develops and recommends to our Board of Fund. The Patients’ Special Needs Fund Directors for approval matters relating to provides financial assistance to our home the Company’s corporate social health, hospice and personal care patients responsibility and ESG considerations during a difficult time 20

XML

Document and Entity Information	Feb. 23, 2022
Cover [Abstract]
Entity Registrant Name	AMEDISYS INC
Amendment Flag	false
Entity Central Index Key	0000896262
Document Type	8-K
Document Period End Date	Feb. 23, 2022
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
City Area Code	225
Local Phone Number	292-2031
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