Amedisys (AMED) 8-K Amedisys Reports Record Second Quarter Revenue and Net Income

Exhibit 99.1

Contacts:	Amedisys, Inc.
	Kevin LeBlanc
	Director of Investor Relations
	(225) 292-2031
	kleblanc@amedisys.com

AMEDISYS REPORTS RECORD SECOND QUARTER REVENUE AND NET INCOME

AMEDISYS TO HOST CONFERENCE CALL

TODAY AT 10:00 A.M. ET

BATON ROUGE, Louisiana (July 29, 2008) — Amedisys, Inc. (NASDAQ: “AMED”, “Amedisys” or “the Company”), one of America’s leading home health nursing companies, today reported its financial results for the three-month period ended June 30, 2008. We posted record financial performance for the three-month period ended June 30, 2008 with net service revenue and net income increasing 84.5% and 36.6%, respectively, over the three-month period ended June 30, 2007. Following are highlights of our performance for the three and six-month periods ended June 30, 2008:

Three-Month Periods Ended June 30, 2008 and 2007

• Net service revenue increased 84.5% to $312.7 million compared to $169.5 million in 2007.

• Net income increased 36.6% to $20.4 million compared to $14.9 million in 2007.

• Diluted earnings per share increased 33.3% to $0.76 compared to $0.57 per diluted share in 2007. The weighted average number of diluted shares outstanding increased to approximately 26.8 million compared to 26.2 million in 2007.

• Earnings before interest, taxes, depreciation and amortization (“EBITDA”) increased 68.7% to $44.3 million compared to $26.3 million in 2007.

• After adding back $2.7 million ($1.6 million, net of income tax) or $0.06 per diluted share in certain TLC Health Care Services, Inc. (“TLC”) integration costs*, the following would have been our results:

- Net income increased 47.5% to $22.0 million compared to $14.9 million in 2007;

- Diluted earnings per share increased 43.9% to $0.82 compared to $0.57 per diluted share in 2007; and

- Adjusted EBITDA increased 78.9% to $47.0 million compared to $26.3 million in 2007.

Six-Month Periods Ended June 30, 2008 and 2007

• Net service revenue increased 62.8% to $525.8 million compared to $323.0 million in 2007.

• Net income increased 30.8% to $36.8 million compared to $28.2 million in 2007.

• Diluted earnings per share increased 27.8% to $1.38 compared to $1.08 per diluted share in 2007. The weighted average number of diluted shares outstanding increased to approximately 26.7 million compared to 26.1 million in 2007.

• EBITDA increased 53.7% to $76.6 million compared to $49.9 million in 2007.

• After adding back $2.7 million ($1.6 million, net of income tax) or $0.06 per diluted share in certain TLC integration costs*, the following would have been our results:

- Net income increased 36.5% to $38.5 million compared to $28.2 million in 2007;

- Diluted earnings per share increased 33.3% to $1.44 compared to $1.08 per diluted share in 2007; and

- Adjusted EBITDA increased 59.1% to $79.3 million compared to $49.9 million in 2007.

“We are very happy with our second quarter results,” stated William F. Borne, Chief Executive Officer of Amedisys. “The TLC acquisition was a strategic decision for our organization, expanding our coverage nationally during this time of payment reform. The integration of TLC is ahead of schedule and our new Specialty Division is progressing as projected.”

We urge caution in considering our current trends disclosed in this press release. The home health and hospice industry is highly competitive, and trends and guidance are subject to numerous factors, risks, and influences, some of which are referenced in the cautionary language below and others that are described more fully in our reports and registration statements filed with the Securities and Exchange Commission (“SEC”) including our Annual Report on Form 10-K for the fiscal year ended December 31, 2007 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. We disclaim any obligations to update disclosed information on trends or targets other than in our periodic filings with the SEC.

* See footnote 2 on page 5 for explanation of these certain TLC integration costs.

Earnings Call and Webcast Information

To participate in the conference call, please dial (888) 690-2876 (Domestic) or (913) 312-1482 (International) a few minutes before 10:00 a.m. ET on Tuesday, July 29, 2008. A replay of the conference call will be available beginning at 1:00 p.m. ET on July 29, 2008 through August 5, 2008. The replay dial in number is (888) 203-1112 (Domestic) or (719) 457-0820 (International). The replay pin number is 4953426.

The call will also be available on the internet live and for seven days thereafter at the following web address: http://www.amedisys.com/investors

Amedisys, Inc. is headquartered in Baton Rouge, Louisiana. Its common stock trades on the NASDAQ Global Select Market under the symbol “AMED.”

Additional information on the Company can be found at:

http://www.amedisys.com

Forward-Looking Statements

When included in this press release, words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would” 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 projected therein. These risks and uncertainties include, but are not limited to: general economic and business conditions, changes in or failure to comply with existing regulations or the inability to comply with new government regulations on a timely basis, changes in Medicare and other medical reimbursement levels, ability to complete acquisitions, announced from time to time, and any financing related thereto, the ability to meet debt service requirements, comply with covenants in debt agreements, adverse changes in federal and state laws relating to the health care industry, demographic changes, availability and terms of capital, ability to attract and retain qualified personnel, ongoing development and success of new start-ups, ability to successfully integrate newly acquired agencies, changes in estimates and judgments associated with critical accounting policies, business disruption due to natural disasters or acts of terrorism, and various other matters, many of which are beyond management’s 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. Amedisys expressly disclaims any obligation or undertaking and it does not intend to release publicly any updates or changes in its expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based.

Non-GAAP Financial Measure

This press release includes the following non-GAAP financial measure as defined under SEC rules: EBITDA, defined as net income before provision for income taxes, net interest expense and depreciation and amortization and Adjusted EBITDA, defined as EBITDA plus certain TLC integration costs. In accordance with SEC rules, the Company has provided herein a reconciliation of this non-GAAP financial measure to the most directly comparable generally accepted accounting principles (“GAAP”) measure. Management believes that this is a useful gauge of the Company’s performance and is a common measure used in our industry to assess relative financial performance among companies.

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AMEDISYS, INC. AND SUBSIDIARIES

SELECT CONSOLIDATED FINANCIAL STATEMENT DATA

(Amounts in thousands, except per share data)

Balance Sheet Information

							June 30, 2008 (unaudited)			December 31, 2007
Current assets							$	177,074		$	164,513
Total assets								1,022,450			587,111
Total current liabilities								179,029			101,736
Total long-term obligations								346,656			37,555
Minority interests								807			849
Total stockholders’ equity								495,958			446,971
Income Statement Information
	For the three-month periods ended June 30,						For the six-month periods ended June 30,
	2008			2007			2008			2007
Net service revenue	$	312,671		$	169,457		$	525,758		$	323,038
Cost of service, excluding depreciation and amortization (1)		148,754			79,790			249,522			151,338
General and administrative and other expenses (1)		125,164			65,626			209,645			126,967
Operating expenses		273,918			145,416			459,167			278,305
Operating income		38,753			24,041			66,591			44,733
Other income (expense)		(5,030	)		223			(5,659	)		1,241
Income before income taxes and minority interest		33,723			24,264			60,932			45,974
Income tax expense		(13,337	)		(9,347	)		(24,109	)		(17,792	)
Minority interests		(2	)		—			25			—
Net income	$	20,384		$	14,917		$	36,848		$	28,182
Net income per common share:
Basic	$	0.77		$	0.58		$	1.40		$	1.10
Diluted	$	0.76		$	0.57		$	1.38		$	1.08
Cash Flow Information
	For the three-month periods ended June 30,						For the six-month periods ended June 30,
	2008			2007			2008			2007
Net cash provided by operating activities	$	31,856		$	20,214		$	57,544		$	55,255
Net cash (used in) investing activities		(17,956	)		(37,603	)		(459,807	)		(50,339	)
Net cash (used in) provided by financing activities		(37,476	)		1,247			347,733			2,204
Net (decrease) increase in cash and cash equivalents		(23,576	)		(16,142	)		(54,530	)		7,120
Cash and cash equivalents at beginning of period		25,236			107,483			56,190			84,221
Cash and cash equivalents at end of period	$	1,660		$	91,341		$	1,660		$	91,341

(1) Effective January 1, 2008, we have reclassified certain costs (primarily health care insurance) from our general and administrative expenses to our cost of service. As a result, our cost of service consists of the following expenses incurred by our clinical and clerical personnel in our agencies:

• salaries and related benefits (including health care insurance and worker’s compensation);

• transportation expenses (primarily reimbursed mileage at a standard rate); and

• supplies and services expenses (including payments to contract therapists).

As a result of this reclassification, we have conformed the prior period results to the current year presentation and thus have reclassified $5.1 million and $9.6 million for the three and six-month periods ended June 30, 2007, respectively, from general and administrative expenses to cost of service.

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AMEDISYS, INC. AND SUBSIDIARIES

SELECT CONSOLIDATED KEY STATISTICAL AND FINANCIAL DATA

(Financial Data in thousands)

	For the three-month periods ended June 30,						For the six-month periods ended June 30,
	2008			2007			2008			2007
Financial Data:
Depreciation and amortization expense	$	5,419		$	3,030		$	9,843		$	5,771
Capital expenditures		6,322			9,215			11,627			16,447
Key Statistical Data:
General
Number of home health agencies		454			296			454			296
Number of hospice agencies		44			17			44			17
Number of managed agencies operated through joint ventures:
Home health agencies		4			—			4			—
Hospice agencies		2			—			2			—
Number of agencies acquired (1)		11			15			133			18
Number of agencies opened as start-up locations (1)		7			10			17			23
Days revenue outstanding (2)		51.4			46.8			51.4			46.8
Internal episodic-based admission growth (3)		13	%		13	%		10	%		14	%
Internal episodic-based revenue growth (4)		28	%		27	%		27	%		24	%
Total visits (5)		1,852,263			1,049,008			3,133,220			2,021,183
Home Health
Medicare admissions (6)		48,745			29,293			83,625			58,593
Episodic-based admissions (7)		53,561			31,376			92,420			62,975
Medicare Completed episodes (8)		87,055			51,219			147,394			99,161
Average Medicare Revenue per completed episode (9)	$	2,852		$	2,671		$	2,782		$	2,658
Medicare visits per completed episode (10)		17.3			16.8			17.0			16.6

The following notes are for the periods indicated above:

(1) Inclusive of both home health and hospice agencies.

(2) For the quarter ended June 30, 2008 and 2007, our calculation of days revenue outstanding is derived by dividing our ending gross patient accounts receivable, net of contractual allowances, at June 30, 2008 and 2007 by our average daily net patient revenue for the three-month periods ended June 30, 2008 and 2007, respectively.

(3) Internal growth rate is calculated as the percentage increase in total episodic-based admissions of base and start-up agencies in the current period, as compared to admissions of total episodic-based admissions from the prior period.

(4) Internal revenue growth is calculated as the percentage increase in total episodic-based revenue of base and start-up agencies in the current period, as compared to revenue of total episodic-based revenue from the prior year.

(5) Total visits are defined as the number of times during the period that our registered nurses, licensed practical nurses, physical therapists, speech therapists, occupational therapists, medical social workers and home health aides visit all eligible patients in their residence.

(6) Medicare admissions are defined as the number of patients admitted to our agencies during the period for the first 60-day episode of care where payment for services is anticipated to be reimbursed by Medicare.

(7) Episodic-based admissions are defined as the number of patients admitted to our agencies during the period for the first 60-day episode of care where payors reimburse the Company for services provided on an episodic-basis, which include Medicare and other insurance carriers, including Medicare Advantage programs.

(8) Medicare completed episodes are defined as the number of Medicare patients that have either reached the end of their 60-day eligibility period or terminated their service before the 60-day eligibility period has lapsed.

(9) Average Medicare revenue per completed episode is the average revenue earned for each completed episode of care.

(10) Medicare visits per episode is calculated by dividing the total number of Medicare visits on completed episodes in the period by the total number of Medicare episodes completed in the period.

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AMEDISYS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL STATEMENTS

(Amounts in thousands)

	For the three-month periods ended June 30,					For the six-month periods ended June 30,
	2008		2007			2008		2007
Net income	$	20,384	$	14,917		$	36,848	$	28,182
Add:
Provision for income taxes		13,337		9,347			24,109		17,792
Interest (income) expense, net		5,178		(1,025	)		5,836		(1,888	)
Depreciation and amortization		5,419		3,030			9,843		5,771
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) (1)		44,318		26,269			76,636		49,857
Add:
Certain TLC acquisition costs (2)		2,671		—			2,671		—
Adjusted EBITDA (3)	$	46,989	$	26,269		$	79,307	$	49,857

(1) EBITDA is defined as net income before provision for income taxes, net 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. This calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

(2) Certain TLC integration costs incurred primarily for the payment of severances for TLC employees and for the conversion of the acquired TLC agencies to our operating systems including our Point of Care network. Net of income taxes, the certain TLC integration costs amounted to $1.6 million or $0.06 per diluted share for the three and six-month the periods ended June 30, 2008.

(3) Adjusted EBITDA is defined as net income before provision for income taxes, net interest expense, and depreciation and amortization plus certain TLC integration costs. Adjusted 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. This calculation of Adjusted EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

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