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Amedisys Reports Second Quarter 2025 Financial Results

1. Amedisys reported a revenue increase of $30.7M for Q2 2025. 2. Net income decreased due to higher merger-related expenses totaling $26.3M. 3. Adjusted EBITDA rose to $80.8M, showing improved operational efficiency. 4. Pending merger with UnitedHealth raises uncertainty around future operations. 5. Net service revenue increased by $54.0M for the first half of 2025.

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FAQ

Why Neutral?

While revenue growth is positive, increasing merger-related expenses and overall net income decline could signal caution for investors, similar to trends seen in past corporate consolidations.

How important is it?

Financial results significantly impact market perception; merger uncertainties may heavily influence stock performance.

Why Short Term?

Immediate impacts stem from recent earnings; however, pending merger dynamics could create volatility.

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UNHCMSHCA
July 29, 2025 16:45 ET  | Source: Amedisys, Inc. BATON ROUGE, La., July 29, 2025 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and six-month periods ended June 30, 2025. Three-Month Periods Ended June 30, 2025 and 2024 Net service revenue increased $30.7 million to $621.9 million compared to $591.2 million in 2024.Net income attributable to Amedisys, Inc. of $28.1 million, which is inclusive of merger-related expenses totaling $26.3 million ($26.1 million, net of tax), compared to net income attributable to Amedisys, Inc. of $32.3 million, which is inclusive of merger-related expenses totaling $11.9 million ($11.5 million, net of tax) in 2024.Net income attributable to Amedisys, Inc. per diluted share of $0.84 compared to $0.98 in 2024. Adjusted Quarterly Results* Adjusted EBITDA of $80.8 million compared to $73.2 million in 2024.Adjusted net income attributable to Amedisys, Inc. of $51.4 million compared to $43.5 million in 2024.Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.54 compared to $1.32 in 2024. Six-Month Periods Ended June 30, 2025 and 2024 Net service revenue increased $54.0 million to $1,216.6 million compared to $1,162.6 million in 2024.Net income attributable to Amedisys, Inc. of $89.1 million, which is inclusive of merger-related expenses totaling $43.0 million ($42.7 million, net of tax) and a $48.1 million gain on an equity method investment ($35.6 million, net of tax), compared to net income attributable to Amedisys, Inc. of $46.7 million, which is inclusive of merger-related expenses totaling $32.6 million ($31.3 million, net of tax) in 2024.Net income attributable to Amedisys, Inc. per diluted share of $2.68 compared to $1.42 in 2024. Adjusted Year to Date Results* Adjusted EBITDA of $149.6 million compared to $133.0 million in 2024.Adjusted net income attributable to Amedisys, Inc. of $93.0 million compared to $77.5 million in 2024.Adjusted net income attributable to Amedisys, Inc. per diluted share of $2.80 compared to $2.35 in 2024. * See pages 2 and 8 - 9 for the definition and reconciliations of non-GAAP financial measures to GAAP measures. The supplemental slides provided in connection with the second quarter 2025 earnings release can be found on the Investor Relations page of our website. In light of the pending merger of the Company with UnitedHealth Group Incorporated, Amedisys will not conduct a quarterly earnings call to discuss the second quarter results. 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 income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items; and (3) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income attributable to Amedisys, Inc. common stockholders per diluted share calculated in accordance with GAAP excluding certain items. Certain items include merger-related expenses, impairment charges, unusual or non-recurring expenses and certain non-operational 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 services company, delivering personalized home health, hospice and high acuity care services in the home. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based recovery and rehabilitation after an operation or injury, care focused on empowering our patients to manage a chronic disease, hospice care at the end of life or in-patient hospital, palliative and skilled nursing facility ("SNF") care in their homes. More than 3,300 hospitals and 114,000 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 19,000 employees in 519 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 499,000 patients every year. For more information about the Company, please visit: www.amedisys.com. We use our website as a channel of distribution for important company information. Important information, including press releases, investor presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled “Investors” on our website home page. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website. Forward-Looking Statements When included in this press release, words like “believes,” “belief,” “expects,” “strategy,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “will,” “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: disruption from the proposed merger with UnitedHealth Group with patient, payor, provider, referral source, supplier or management and employee relationships; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with UnitedHealth Group or the inability to complete the proposed transaction on the anticipated terms or by the end of the waiver period under the merger agreement; the risk that necessary regulatory approvals for the proposed merger with UnitedHealth Group are delayed, are not obtained or are obtained subject to conditions that are not anticipated; the failure of the conditions to the proposed merger to be satisfied; the costs related to the proposed transaction; the diversion of management time on merger-related issues; the risk that termination fees may be payable by the Company in the event that the merger agreement is terminated under certain circumstances; reputational risk related to the proposed merger; the risk of litigation or regulatory action related to the proposed merger, including among other things, the action by the Department of Justice to block the merger; changes in Medicare and other medical payment levels; changes in payments and covered services by federal and state governments; future cost containment initiatives undertaken by third-party payors; changes in the episodic versus non-episodic mix of our payors, the case mix of our patients and payment methodologies; staffing shortages driven by the competitive labor market; our ability to attract and retain qualified personnel; competition in the healthcare industry; our ability to maintain or establish new patient referral sources; 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 estimates and judgments associated with critical accounting policies; our ability to consistently provide high-quality care; our ability to keep our patients and employees safe; our access to financing; our ability to meet debt service requirements and comply with covenants in debt agreements; business disruptions due to natural or man-made disasters, climate change or acts of terrorism, widespread protests or civil unrest; our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively; our ability to realize the anticipated benefits of acquisitions, investments and joint ventures; our ability to integrate, manage and keep our information systems secure; the impact of inflation; the impact of new or increased tariffs; uncertainty around, and disruption from, new and emerging technologies, including the adoption and utilization of artificial intelligence ("AI") and generative AI 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 MuscatoKendra Kimmons Chief Strategy OfficerVice President, Marketing & Communications (615) 928-5452 (225) 299-3720 IR@amedisys.comkendra.kimmons@amedisys.com    AMEDISYS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED INCOME STATEMENTS(Amounts in thousands, except per share data)  For the Three-Month Periods Ended June 30, For the Six-Month Periods Ended June 30, 2025 2024 2025 2024Net service revenue$621,861  $591,187  $1,216,642  $1,162,601 Operating expenses:       Cost of service, inclusive of depreciation 348,470   326,933   682,520   648,470 General and administrative expenses:       Salaries and benefits 130,322   129,323   262,290   257,269 Non-cash compensation 7,266   7,828   13,489   15,261 Merger-related expenses 26,277   11,901   43,046   32,568 Depreciation and amortization 4,372   4,386   8,819   8,657 Impairment 883   —   883   — Other 58,693   58,602   116,658   116,543 Total operating expenses 576,283   538,973   1,127,705   1,078,768 Operating income 45,578   52,214   88,937   83,833 Other income (expense):       Interest income 3,016   1,617   5,889   3,344 Interest expense (6,415)  (7,895)  (12,837)  (16,014)Equity in earnings from equity method investments 1,641   1,515   3,435   2,425 Gain on equity method investment —   —   48,093   — Miscellaneous, net 4,506   1,779   6,014   2,869 Total other income (expense), net 2,748   (2,984)  50,594   (7,376)Income before income taxes 48,326   49,230   139,531   76,457 Income tax expense (19,274)  (16,657)  (48,658)  (29,290)Net income 29,052   32,573   90,873   47,167 Net income attributable to noncontrolling interests (968)  (272)  (1,777)  (466)Net income attributable to Amedisys, Inc.$28,084  $32,301  $89,096  $46,701 Basic earnings per common share:       Net income attributable to Amedisys, Inc. common stockholders$0.85  $0.99  $2.71  $1.43 Weighted average shares outstanding 32,849   32,706   32,822   32,688 Diluted earnings per common share:       Net income attributable to Amedisys, Inc. common stockholders$0.84  $0.98  $2.68  $1.42 Weighted average shares outstanding 33,289   33,047   33,231   32,992                  AMEDISYS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands, except share data)  June 30, 2025 December 31, 2024ASSETS   Current assets:   Cash and cash equivalents$337,304  $303,242 Patient accounts receivable 295,521   296,075 Prepaid expenses 18,282   13,072 Other current assets 11,091   19,694 Total current assets 662,198   632,083 Property and equipment, net of accumulated depreciation of $104,613 and $100,890 38,273   42,108 Operating lease right of use assets 86,614   81,500 Goodwill 1,213,888   1,213,888 Intangible assets, net of accumulated amortization of $21,134 and $18,787 79,243   81,155 Other assets 135,169   87,980 Total assets$2,215,385  $2,138,714 LIABILITIES AND EQUITY   Current liabilities:   Accounts payable$29,789  $39,956 Payroll and employee benefits 138,515   151,995 Accrued expenses 150,379   152,564 Termination fee paid by UnitedHealth Group 106,000   106,000 Current portion of long-term obligations 36,799   37,968 Current portion of operating lease liabilities 26,879   25,909 Total current liabilities 488,361   514,392 Long-term obligations, less current portion 326,425   339,313 Operating lease liabilities, less current portion 60,404   56,111 Deferred income tax liabilities 64,445   48,051 Other long-term obligations 847   882 Total liabilities 940,482   958,749 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; 38,476,503 and 38,307,521 shares issued; 32,881,262 and 32,776,148 shares outstanding 38   38 Additional paid-in capital 833,099   818,201 Treasury stock, at cost, 5,595,241 and 5,531,373 shares of common stock (480,859)  (474,854)Retained earnings 880,252   791,156 Total Amedisys, Inc. stockholders’ equity 1,232,530   1,134,541 Noncontrolling interests 42,373   45,424 Total equity 1,274,903   1,179,965 Total liabilities and equity$2,215,385  $2,138,714          AMEDISYS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING(Amounts in thousands, except statistical information)  For the Three-Month Periods Ended June 30, For the Six-Month Periods Ended June 30, 2025 2024 2025 2024Cash Flows from Operating Activities:       Net income$29,052  $32,573  $90,873  $47,167 Adjustments to reconcile net income to net cash provided by operating activities:       Depreciation and amortization (inclusive of depreciation included in cost of service) 6,701   6,358   13,488   12,496 Non-cash compensation 7,905   8,298   14,749   16,184 Amortization and impairment of operating lease right of use assets 8,750   8,534   17,395   17,100 Gain on disposal of property and equipment (11)  (23)  (45)  (19)Gain on equity method investment —   —   (48,093)  — Gain on termination of joint venture (3,568)  —   (3,568)  — Deferred income taxes 6,414   3,983   16,395   6,577 Equity in earnings from equity method investments (1,641)  (1,515)  (3,435)  (2,425)Amortization of deferred debt issuance costs 194   247   442   495 Return on equity method investments 1,059   548   3,379   718 Impairment 883   —   883   — Changes in operating assets and liabilities:       Patient accounts receivable 24,118   2,449   554   (44,357)Other current assets 96   4,823   3,576   3,127 Operating lease right of use assets (1,178)  (1,027)  (2,364)  (2,069)Other assets (40)  215   48   370 Accounts payable 1,108   (10,345)  (9,805)  (1,693)Accrued expenses (5,008)  4,066   (15,666)  7,095 Other long-term obligations —   18   (34)  (573)Operating lease liabilities (7,623)  (6,897)  (15,248)  (14,429)Net cash provided by operating activities 67,211   52,305   63,524   45,764 Cash Flows from Investing Activities:       Proceeds from the sale of deferred compensation plan assets —   —   27   21 Proceeds from the sale of property and equipment 4   —   19   — Purchases of property and equipment (700)  (1,385)  (1,915)  (4,055)Investments in technology assets (225)  (186)  (426)  (409)Investment in equity method investee —   —   —   (196)Net cash used in investing activities (921)  (1,571)  (2,295)  (4,639)Cash Flows from Financing Activities:       Proceeds from issuance of stock upon exercise of stock options 56   —   149   — Shares withheld to pay taxes on non-cash compensation (3,141)  (3,578)  (6,005)  (4,195)Noncontrolling interest contributions —   147   —   1,911 Noncontrolling interest distributions (475)  (1,208)  (1,260)  (1,964)Principal payments of long-term obligations (9,808)  (9,441)  (19,552)  (18,382)Debt issuance costs (499)  —   (499)  — Net cash used in financing activities (13,867)  (14,080)  (27,167)  (22,630)Net increase in cash, cash equivalents and restricted cash 52,423   36,654   34,062   18,495 Cash, cash equivalents and restricted cash at beginning of period 284,881   120,704   303,242   138,863 Cash, cash equivalents and restricted cash at end of period$337,304  $157,358  $337,304  $157,358         Supplemental Disclosures of Cash Flow Information:       Cash paid for interest$6,182  $7,319  $12,359  $15,507 Cash paid for income taxes, net of refunds received$24,423  $17,565  $25,330  $18,393 Cash paid for operating lease liabilities$8,801  $7,924  $17,612  $16,498 Cash paid for finance lease liabilities$4,181  $4,875  $8,302  $7,111                          For the Three-Month Periods Ended June 30, For the Six-Month Periods Ended June 30, 2025 2024 2025 2024Supplemental Disclosures of Non-Cash Activity:       Right of use assets obtained in exchange for operating lease liabilities$13,375  $3,774  $20,381  $10,947 Right of use assets obtained in exchange for finance lease liabilities$3,081  $5,691  $6,239  $10,017 Reductions to right of use assets resulting from reductions to operating lease liabilities$—  $—  $75  $168 Reductions to right of use assets resulting from reductions to finance lease liabilities$273  $623  $688  $1,119 Days revenue outstanding (1) 40.9   52.1   40.9   52.1                  (1) Our calculation of days revenue outstanding at June 30, 2025 and 2024 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended June 30, 2025 and 2024, respectively. AMEDISYS, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES(Amounts in thousands, except per share data) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") Reconciliation:  For the Three-Month Periods Ended June 30, For the Six-Month Periods Ended June 30, 2025 2024 2025 2024Net income attributable to Amedisys, Inc.$28,084 $32,301 $89,096  $46,701Add:       Income tax expense 19,274  16,657  48,658   29,290Interest expense, net 3,399  6,278  6,948   12,670Depreciation and amortization 6,701  6,358  13,488   12,496Certain items(1) 23,338  11,566  (8,565)  31,862Adjusted EBITDA(2)(5)$80,796 $73,160 $149,625  $133,019              Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:  For the Three-Month Periods Ended June 30, For the Six-Month Periods Ended June 30, 2025 2024 2025 2024Net income attributable to Amedisys, Inc.$28,084 $32,301 $89,096 $46,701Add:       Certain items(1) 23,285  11,240  3,855  30,788Adjusted net income attributable to Amedisys, Inc.(3)(5)$51,369 $43,541 $92,951 $77,489             Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation:  For the Three-MonthPeriods Ended June 30, For the Six-MonthPeriods Ended June 30, 2025 2024 2025 2024Net income attributable to Amedisys, Inc. common stockholders per diluted share$0.84 $0.98 $2.68 $1.42Add:       Certain items(1) 0.70  0.34  0.12  0.93Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share(4)(5)$1.54 $1.32 $2.80 $2.35             (1)   The following details the certain items for the three and six-month periods ended June 30, 2025 and 2024: Certain Items (in thousands):  For the Three-MonthPeriod Ended June 30, 2025 For the Six-MonthPeriod Ended June 30, 2025 (Income) Expense (Income) ExpenseCertain Items Impacting General and Administrative Expenses:   Merger-related expenses$26,277  $43,046 Impairment 883   883 Certain Items Impacting Total Other Income (Expense):   Other (income) expense, net (includes $48,093 gain on equity method investment during the six-month period ended June 30, 2025) (3,822)  (52,494)Total$23,338  $(8,565)Net of tax$23,285  $3,855 Diluted EPS$0.70  $0.12           For the Three-MonthPeriod Ended June 30, 2024 For the Six-MonthPeriod Ended June 30, 2024 (Income) Expense (Income) ExpenseCertain Items Impacting General and Administrative Expenses:   Merger-related expenses 11,901   32,568 Certain Items Impacting Total Other Income (Expense):   Other (income) expense, net (335)  (706)Total$11,566  $31,862 Net of tax$11,240  $30,788 Diluted EPS$0.34  $0.93          (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 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.(4) 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.(5) Adjusted EBITDA, 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.

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