![]() Amedisys Investor Presentation January 2015 Exhibit 99.1 |
![]() Forward-looking Statements www.amedisys.com NASDAQ: AMED We encourage everyone to visit the Investors Section of our website at www.amedisys.com, where we have posted additional important information such as press releases, profiles concerning our business and clinical operations and control processes, and SEC filings. We intend to use our website to expedite public access to time-critical information regarding the Company in advance of or in lieu of distributing a press release or a filing with the SEC disclosing the same information. This presentation may include forward-looking statements as defined by the Private 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 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 a prediction of future events. Additional information regarding factors that could cause actual results to differ materially from those discussed in any forward-looking statements are described in reports and registration statements we file with the SEC, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, copies of which are available on the Amedisys internet website http://www.amedisys.com 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 |
![]() 3 Amedisys Snapshot Amedisys Home Health Care Centers (316 locations) Amedisys Hospice Care Centers (80 locations) • Founded in 1982, publicly listed 1994 • 396 care centers in 34 states • 13,000 employees • 55,000 patients currently on census • LTM revenue of $1.2 billion Overview |
![]() Business Overview Business $ (in millions) % of Total Revenue Revenue per Visit / Revenue per Day Gross Margin (%) Reimbursement Type Home Health Medicare $185 62% $156 45.1% 60-day episode of care Non-Medicare Episodic $18 6% $154 44.4% 60-day episode of care Non-Medicare Per Visit $34 11% $113 24.6% Per visit Total Home Health $237 79% Hospice $63 21% $149 48.1% 96% routine care; daily rate Total $300 100% Based on 3Q14 financials. Gross margin computed by subtracting cost per visit from revenue per visit in home health and cost per day from hospice revenue per day 4 |
![]() 5 ($ in millions) 3Q13 4Q13 1Q14 2Q14 3Q14 Net Revenue $237 $238 $237 $244 $237 Gross Margin % 40.5% 39.4% 39.2% 42.8% 42.1% Same Store Volume Medicare admissions (1%) (1%) (2%) 0% 3% Medicare recertifications (21%) (16%) (6%) 2% 5% Non-Medicare revenue (28%) (16%) 1% 21% 31% Other operating statistics Medicare revenue per episode $2,822 $2,840 $2,778 $2,845 $2,834 Cost per visit $87.31 $90.21 $90.28 $85.08 $85.47 Medicare recert rate 37.1% 37.1% 38.2% 37.4% 38.0% Home Health Segment Financials 1 1. The financial results for the three-month periods ending September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014 and September 30, 2014 are adjusted for certain items and should be considered non-GAAP financial measures. Reconciliation of these non-GAAP financial measures are included as Exhibit 99.1 to our Forms 8-K filed with the Securities and Exchange Commission on March 12, 2014, May 8, 2014, July 30, 2014 and October 29, 2014 |
![]() 6 ($ in millions) 3Q13 4Q13 1Q14 2Q14 3Q14 Net Revenue $64 $65 $62 $61 $63 Gross Margin % 46.5% 46.4% 46.8% 46.0% 48.0% Operating Statistics Same store revenue growth (13%) (8%) (6%) (3%) 3% Average daily census 4,917 4,866 4,721 4,649 4,596 Admissions 4,352 4,371 4,595 4,350 4,002 Revenue per day $142.52 $145.60 $145.95 $145.44 $149.16 Cost per day $75.79 $77.63 $77.47 $78.24 $77.38 Hospice Segment Financials 1 1. The financial results for the three-month periods ending September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014 and September 30, 2014 are adjusted for certain items and should be considered non-GAAP financial measures. Reconciliation of these non-GAAP financial measures are included as Exhibit 99.1 to our Forms 8-K filed with the Securities and Exchange Commission on March 12, 2014, May 8, 2014, July 30, 2014 and October 29, 2014 |
![]() Amedisys Turnaround Portfolio Rationalization - G&A reduced 11% y/y - $14MM y/y reduction 40.5% 39.4% 39.5% 42.8% 42.1% 37.0% 38.0% 39.0% 40.0% 41.0% 42.0% 43.0% 44.0% $76.00 $84.00 $88.00 $92.00 Q313 Q413 Q114 Q214 Q314 $80.00 2.9% 2.5% 1.8% 7.3% 7.9% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 275 280 285 290 295 300 305 310 315 320 325 Q313 Q413 Q114 Q214 Q314 110 115 120 125 130 127 126 126 117 113 Q313 Q413 Q114 Q214 Q314 Home Health Gross Margin Improvements Consolidated G&A Expense Reductions Revenue and EBITDA Margin 7 105 Summary of Exit Activity 3Q13 3Q14 # of Locations Annual Revenue per Care Center ($MM) # of Locations Annual Revenue per Care Center ($MM) Home Health 377 2.5 316 3.0 Hospice 94 2.7 80 3.2 Total 471 2.6 396 3.0 |
![]() 8 Adjusted Summary Financials 1 – Quarterly ($ in millions, except per share data) 3Q13 4Q13 1Q14 2Q14 3Q14 Net Revenue $301 $303 $299 $305 $300 Gross Margin % 41.8% 40.9% 41.0% 43.4% 43.3% Consolidated G&A Expenses 127 126 126 117 113 EBITDA $9 $8 $5 $22 $24 EBITDA Margin 2.9% 2.5% 1.8% 7.3% 7.9% EPS ($0.01) ($0.07) ($0.07) $0.25 $0.28 EPS – GAAP ($2.89) ($0.30) ($0.39) $0.24 $0.26 1. The financial results for the three-month periods ending September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014 and September 30, 2014 are adjusted for certain items and should be considered non-GAAP financial measures. Reconciliation of these non-GAAP financial measures are included as Exhibit 99.1 to our Forms 8-K filed with the Securities and Exchange Commission on March 12, 2014, May 8, 2014, July 30, 2014 and October 29, 2014 |
![]() 9 Summary Balance Sheet Assets ($ in MM) 12/31/13 9/30/14 Cash $17 $6 111 103 Property and Equipment 159 141 Goodwill 209 206 Other 230 226 Total Assets 726 682 Liabilities and Equity Other Liabilities $157 $148 Senior Debt 47 46 2 nd Lien Term Loan -- 70 DOJ Settlement Reserve 150 35 Equity 372 383 Total Liabilities and Equity 726 682 Total Leverage Ratio 2.9x 2.1x Days Sales Outstanding (Net) 32 31 |
![]() 2015 Focus 10 Clinical excellence • • Organic growth • • Incremental operating efficiency • Disciplined capital allocation strategy • First priority is to provide the best quality care for our patients Focused on measured outcomes, including patient / family satisfaction and likelihood to recommend Continue to target market share capture in home health for organic growth Hospice growth will be key as we seek to reverse ADC declines Incremental efficiencies in cost of revenue and field and corporate G&A Continue to emphasize delevering the balance sheet |
![]() 11 Contact Information Dale Redman Interim Chief Financial Officer dale.redman@amedisys.com David Castille Managing Director, Finance david.castille@amedisys.com Amedisys, Inc. 5959 S. Sherwood Forest Blvd. Baton Rouge, LA 70816 Office: 225.292.2031 |