 Amedisys, Inc. www.amedisys.com NASDAQ: AMED April 2006 Exhibit 99.1 |
 1 Statements contained in this presentation which are not historical facts are forward-looking statements. These forward-looking statements and all other statements that may be contained in this presentation that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially than those forecasted. Such forward-looking statements are estimates reflecting the best judgment of Amedisys, Inc. management based upon currently available information. Certain factors which could affect the accuracy of such forward-looking statements are identified in the public filings made by Amedisys, Inc. with the Securities and Exchange Commission, and forward-looking statements contained herein, or other public statements of Amedisys, Inc. or its management should be considered in light of those factors. Forward Looking Statements |
 2 Investment Highlights • Large, growing and fragmented industry • Focus on Medicare home nursing • Strong internal growth • Demonstrated ability to identify and integrate acquisitions • Proven operating model • Experienced management team |
 3 Management Team • William F. Borne - Chairman and Chief Executive Officer - CEO since founding the Company in 1982 - Registered nurse, extensive hospital administrative and clinical experience • Larry R. Graham - President and Chief Operating Officer - Joined Amedisys in 1996; COO since 1999; President in 2004 - General Health Systems; Arthur Andersen • Don Loverich – Principal Accounting Officer & Treasurer - Joined Amedisys as SVP of Finance in 2005 - Controller and Principal Accounting Officer for US Unwired, Inc. |
 4 Corporate Overview • Leading provider of home nursing services • 241 locations primarily in the southern United States • Services include skilled nursing and therapy • Medicare accounts for > 90% of revenue • Hospice care accounts for ~ 7% of revenue |
 5 Our Locations • Largest home nursing provider in the southern United States - 229 home nursing locations - 12 hospice locations 12 12 13 13 11 11 24 24 55 55 37 37 15 15 3 3 37 37 16 16 1 1 5 5 April 2006 1 1 4 4 5 5 2 2 |
 6 Our Strategy • Focus on Medicare-eligible patients • Develop and deploy specialized nursing programs • Expand disease management capabilities • Prioritize internal growth • Select, acquire and integrate quality home care agencies • Leverage cost-efficient operating platform |
 7 • Home health care is a $62.8 billion industry • Home nursing is the largest segment in the home health industry • Medicare spending for home nursing totaled $13.1 billion in 2005 Home Health Care Spending Home Health Industry Expenditures ($ billions) Medicare Home Nursing $13.1 Home Nursing (Commercial, Medicaid & Other) $23.3 Home Nursing $46.1 Infusion Therapy $5.5 Durable Medical Equipment $2.8 Respiratory Therapy $8.4 Hospice $9.7 Source: Company Reports, CMS and CIBC World Markets Corp. estimates for 2005 |
 8 Home Nursing Market • Industry is highly fragmented • 7,500 Medicare-certified nursing agencies • Most are single site or small regional providers: - Independently-owned agencies - Visiting nurse associations - Facility- and hospital-based agencies • Publicly-owned providers account for less than 7% of the home nursing market |
 9 Industry Growth Drivers • Trend from inpatient to home-based care: - Patient preference - Payor incentives - Technology advancements • Demographics – aging population • Increased prevalence of chronic and co-morbid conditions |
 10 Internal Growth - Overall industry growth - Expanded and more effective sales force - Comprehensive range of clinical programs - Enhanced referral source education efforts - Increased focus on start-ups • Strong recent internal growth in Medicare admissions - Approximately 17% for Q1 2006 • Internal growth being driven by: |
 11 Acquisition Strategy Disciplined approach • Acquisition criteria: - Defined pricing objectives - Targeted geographic profile - Compatible payor mix - Consistent clinical metrics - Expandable referral base - Opportunities for internal growth • Target hospital-based and multi-site agencies |
 12 Recent Acquisitions SC 1 Loris Conway Health Care Services April 2006 NC 1 Davidson County November 2005 AR, OK Hulbert Therapy Services January 2006 OK 7 ASAP Home Health January 2006 Tennessee 2 St. Thomas Health Services June 2005 KY, IN, OH, TN 9 SpectraCare Home Health Services August 2005 Virginia 2 NCare August 2005 TN, FL, KY, VA, IN 66* Housecall Medical Resources July 2005 Mississippi 1 Covington County Hospital May 2005 *Includes nine hospice locations Location Locations Prior Ownership Date |
 13 Acquisition…Housecall Medical Resources 4 4 30 30 29 29 2 2 1 1 |
 14 Acquisition…Housecall Medical Resources $6.5 Estimated Synergies $11.5 TTM Adjusted EBITDA $103.0 TTM Revenue $106.8 Purchase Price Transaction Summary $ in Millions |
 15 Investments in Technology • Strategic advantages from technology • Standardized processes: - Automated review of assessment forms - Automatic scheduling - Web-based HR and payroll system • Centralized management of clinical oversight/utilization - Real time episode analysis - Daily/weekly review of quality indicators - Executive information system • Point of care trial currently underway |
 16 Comprehensive Compliance Program Local Level • Clinical Nurse Review of Assessments • Standardized Care Plans • Physician Review/Approval • Monthly Audits Regional Level • Unannounced Compliance & Billing Audits • Regional Directors Resolve Errors Corporate Level • Semiannual Clinical/Compliance Reviews • Compliance Review of Metric Variances • Compliance Manager Site Visits • Compliance Training for all Employees • Compliance Concerns Hotline • Annual Sarbanes-Oxley Audit |
 17 Medicare Prospective Payment System • Implemented in October 2000 • Base payment for 60-day episode of care - Adjusted for patient acuity and market factors - Reviewed and updated annually • Encourages efficient delivery of care |
 18 Medicare Reimbursement • Outlook for 2006 - Market basket freeze - Rural add-on: 5% - CBSA based wage index • Outlook for 2007 - Market basket - Case mix weighting - Therapy threshold |
 19 Financial Highlights • Increasing revenue • Expanded margins • Strong cash flow • EPS growth • Solid balance sheet |
 20 Annual Financial Results EBITDA is net income before provision for income taxes, interest expense, and depreciation and amortization. EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. Rather, EBITDA is presented because it is a widely accepted supplemental financial measure that we believe provides relevant and useful information. Our calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since all companies do not calculate this non-GAAP measure in the same manner. $ millions, except per share data Year-over-year growth Fully-diluted EPS Percentage of revenue EBITDA Percentage of revenue Operating income Percentage of revenue Gross margin Year-over-year growth Net revenue 24.5% 81.9% $1.88 $1.51 15.3% 16.8% $58.5 $38.1 13.1% 14.7% $50.1 $33.4 57.3% 57.7% $218.5 $131.0 68.0% 59.4% $381.6 $227.1 2005 2004 |
 21 Quarterly Financial Results EBITDA is net income before provision for income taxes, interest expense, and depreciation and amortization. EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. Rather, EBITDA is presented because it is a widely accepted supplemental financial measure that we believe provides relevant and useful information. Our calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since all companies do not calculate this non-GAAP measure in the same manner. $ millions, except per share data 3/31/06 3/31/05 Fully-diluted EPS Percentage of revenue EBITDA Percentage of revenue Operating income Percentage of revenue Gross margin Quarter-over-Quarter growth Net revenue $0.45 $0.45 12.0% 18.8% $15.3 $13.2 10.0% 16.3% $12.7 $11.5 56.1% 59.5% $71.4 $41.9 80.7% 48.8% $127.2 $70.4 Three Months Ended |
 22 Net Revenue • Revenue of $381.6 million in 2005 • Year-over-year increase of 68.0% • Revenue of $127.2 million 1Q 2006 • Quarter-over-quarter increase of 80.7% • Continued strong internal growth • Completed Housecall acquisition • Continued deployment of specialty programs Year-Over-Year Revenue ($ millions) $0 $100 $200 $300 $400 $500 2001 2002 2003 2004 2005 Quarterly Revenue ($ millions) $0 $20 $40 $60 $80 $100 $120 $140 Q1 Q2 Q3 Q4 2005 2006 |
 23 EBITDA • EBITDA of $58.5 million for 2005 • Year-over-year increase of 53.5% • EBITDA of $15.3 million 1Q 2006 • Quarter-over-quarter increase of 15.9% EBITDA is net income before provision for income taxes, interest expense, and depreciation and amortization. EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. Rather, EBITDA is presented because it is a widely accepted supplemental financial measure that we believe provides relevant and useful information. Our calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since all companies do not calculate this non-GAAP measure in the same manner. Year-Over-Year EBITDA ($ millions) $0 $10 $20 $30 $40 $50 $60 $70 2001 2002 2003 2004 2005 Quarterly EBITDA ($ millions) $0 $10 $20 Q1 Q2 Q3 Q4 2005 2006 |
 24 Earnings Per Share • Fully-diluted EPS of $1.88 for 2005 • Year-over-year increase of 24.5% • Fully diluted EPS of $0.45 for 1Q 2006 *Results exclude nonrecurring and one-time charges Year-Over-Year EPS $0.00 $0.50 $1.00 $1.50 $2.00 2001* 2002* 2003 2004 2005 Quarterly EPS $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 Q1 Q2 Q3 Q4 2005 2006 |
 25 Capitalization Summary March 31, 2006 Cash and cash equivalents $9,500 Total debt and capital lease obligations 61,000 Total stockholders' equity 202,900 Total capitalization $263,900 $ in thousands |
 26 $520 million $2.25-$2.35 16.4 million Guidance Net Revenue Diluted EPS Diluted Shares May 2006 FY 2006 |
 27 Investment Highlights • Large, growing and fragmented industry • Focus on Medicare home nursing • Strong internal growth • Demonstrated ability to identify and integrate acquisitions • Proven operating model • Experienced management team |
 28 Investor Information www.amedisys.com You may find the following items located in the “Investors” section of our web site • Investor Presentation • Press Releases (since 2002) • SEC Filings • Annual Report • Analyst Coverage • Executive Profiles • Investor Fact Sheet • Email Alert Sign Up |
 29 Contact Information Larry Graham President/COO Amedisys, Inc. 11100 Mead Road, Suite 300 Baton Rouge, LA 70816 Office – 225.292.2031 Fax – 225.295.9624 lgraham@amedisys.com Brian Ritchie Noonan Russo, A division of Euro RSCG Life PR 200 Madison Avenue, 7 th Floor New York, NY 10016 Office – 212.845.4269 Fax – 212.845.4260 Brian.Ritchie@eurorscg.com |
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