Amedisys (AMED) 8-K Regulation FD Disclosure

Amedisys, Inc.

www.amedisys.com

NASDAQ: AMED

July 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

•

247 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

-

235 home nursing locations

-

12 hospice locations

12

12

13

13

10

10

24

24

47

47

39

39

14

14

3

3

37

37

15

15

1

1

5

5

June 2006

1

1

4

4

5

5

2

2

CON State

Non-CON State

3

3

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 14% for Q2 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

WV

3

West Virginia Home Health

June 2006

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

*Includes nine hospice locations

Location

Locations

Prior Ownership

Date

13

CON State

Non-CON State

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 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

6/30/06

6/30/05

Fully-diluted EPS

Percentage of revenue

EBITDA

Percentage of revenue

Operating income

Percentage of revenue

Gross margin

Quarter-over-Quarter growth

Net revenue

$0.55

$0.50

13.7%

17.7%

$18.2

$14.2

11.8%

15.9%

$15.7

$12.7

57.3%

58.7%

$76.2

$47.0

65.9%

40.8%

$132.9

$80.1

Three Months Ended

22

Net Revenue

•

Revenue of $381.6 million       

in 2005

•

Year-over-year increase          

of 68.0%

•

Revenue of $132.9 million     

2Q 2006

•

Quarter-over-quarter increase 

of 65.9%

•

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 $18.2 million  

2Q 2006

•

Quarter-over-quarter

increase of 28.2%

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 $0.55

for 2Q 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

June 30, 2006

Cash and cash equivalents

$8,000

Total debt and capital lease obligations

50,400

Total stockholders' equity

215,900

Total capitalization

$266,300

$ in thousands

26

$520 million

$2.25-$2.35

16.4 million

Guidance

Net Revenue

Diluted EPS

Diluted Shares

August 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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