Amedisys : Fourth Quarter 2024 Earnings Release Supplemental Slides

Published: 2025-02-26 17:09:25 ET AMED

Amedisys Fourth Quarter 2024 Earnings Release Supplemental Slides

February 26th, 2025

OUR KEY AREAS OF FOCUS

Strategic areas of focus and progress made during 4Q'24.

Organic

Recruiting /

Clinical

Growth

Retention

Initiatives

• Home Health:

• Targeting industry

• Quality: Amedisys

Total same store

leading employee

Jan'25 STARS score

admissions +8%

retention amongst

of 4.18

all employee

• Hospice: Total

categories

• 88% of care centers

same store ADC

at 4+ Stars based on

+0.5%

• 4Q'24 Voluntary

Jan'25 final release

Turnover 16.8%

• High Acuity Care:

• 11 Amedisys care

Admissions +29%

centers rated at 5

Stars in the Jan'25 final release

• Hospice quality - outperforming industry average in all hospice item set (HIS) categories

Capacity and Productivity

M&A

Regulatory

• Pending merger

2025 Reimbursement

with UnitedHealth

•

Final Hospice industry

Group Inc.

rule - industry

estimated impact +2.9%

increase (effective

10/1/24)

•

Final Home Health

industry rule - industry

estimated impact

+0.5% increase (effective 1/1/25)

HIGHLIGHTS AND SUMMARY FINANCIAL RESULTS (ADJUSTED): 4Q'24(1)

Amedisys Consolidated

Adjusted Financial Results

$ in Millions, except EPS

4Q23

4Q24

FY 2023

FY 2024

Home Health

358.9

377.0

1,403.6

1,490.5

Hospice

206.0

212.9

798.8

825.8

High Acuity Care

5.9

8.1

19.0

32.0

Personal Care

15.0

Total Revenue

570.8

598.1

2,236.4

2,348.3

Gross Margin %

44.0%

42.7%

44.6%

43.7%

Adjusted EBITDA

56.7

54.6

247.0

245.8

9.9%

9.1%

11.0%

10.5%

Adjusted EPS

0.94

0.96

4.30

4.32

Free cash flow

(4)

50.5

59.8

107.9

180.7

Balance Sheet & Cash Flow

Home Health

Same Store(3) :

Other Statistics:

Hospice

Same Store (3):

Other Statistics:

High Acuity Care

Growth Metrics:

Other Statistics:

Same Store is defined as care centers that we have operated for at least the last 12 months and startups that are an expansion of a same store care center.

Free cash flow is defined as cash flow from operations less routine capital expenditures and required debt repayments.

OUR REVENUE SOURCES: 4Q'24

Amedisys Consolidated Revenue

Home Health Revenue

Hospice Revenue

1.4%

4.9%

35.6%

30.8%

56.3%

63.0%

12.9%

95.1%

Home Health Hospice High Acuity Care

Medicare FFS Private Episodic Per Visit & Case Rate

Medicare FFS

Private

Hospice Per Day Reimbursement:

HOME HEALTH AND HOSPICE SEGMENT (ADJUSTED) - 4Q'24(1)

HOME HEALTH

Year Ended

$ in Millions

4Q23

4Q24

2023

2024

Medicare

$ 221.1

$ 212.4

874.2

856.4

Non-Medicare

137.8

164.6

529.4

634.1

Home Health Revenue

$358.9

$377.0

$1,403.6

$1,490.5

Gross Margin %

42.5%

40.4%

43.3%

41.7%

(2)

$59.9

$56.9

$245.6

$250.2

Pre-Corporate EBITDA

16.7%

15.1%

17.5%

16.8%

Operating Statistics

Same Store Growth

(3)(4)

Admissions

11%

Volume

Medicare revenue per episode

$2,997

$3,030

$2,998

$3,021

Medicare recert rate

32.0%

32.2%

32.8%

32.1%

Total cost per visit

$119.94

$124.06

$114.19

$119.65

HOSPICE

Year Ended

$ in Millions

4Q23

4Q24

2023

2024

Medicare

$ 194.2

$202.4

754.0

783.9

Non-Medicare

11.8

10.5

44.8

41.9

Hospice Revenue

$206.0

$212.9

$798.8

$825.8

Gross Margin %

47.9%

47.6%

48.6%

48.3%

(2)

$50.9

$51.7

$198.3

$204.3

Pre-Corporate EBITDA

24.7%

24.3%

24.8%

24.7%

Operating Statistics

-3%

-0.5%

-5%

-2%

Admit growth - same store

(3)(4)

ADC growth - same store

(3)(4)

-0.2%

0.5%

-1%

0.4%

ADC

12,859

12,925

12,863

12,916

Avg. discharge length of stay

Revenue per day (net)

$174.10

$179.02

$170.14

$174.68

Cost per day

$90.73

$93.82

$87.41

$90.38

Home Health Highlights

Hospice Highlights

Same Store is defined as care centers that we have operated for at least the last 12 months and startups that are an expansion of a same store care center.

GENERAL & ADMINISTRATIVE EXPENSES - ADJUSTED (1,2)

Impacted by raises and incentive compensation costs.

$ in Millions

4Q23

1Q24

2Q24

3Q24

4Q24

Home Health Segment - Total

92.7

91.0

92.4

93.3

95.5

% of HH Revenue

25.8%

25.0%

24.5%

25.0%

25.3%

Hospice Segment - Total

48.6

48.0

48.7

49.7

50.6

% of HSP Revenue

23.6%

23.9%

23.8%

High Acuity Care Segment - Total

5.4

5.9

5.4

5.7

% of HAC Revenue

91.4%

92.5%

55.1%

74.2%

70.4%

Total Corporate Expenses

50.3

48.4

49.2

49.6

50.8

% of Total Revenue

8.8%

8.5%

8.3%

8.4%

8.5%

4Q23

1Q24

2Q24

3Q24

4Q24

Salary and Benefits

29.4

27.6

27.4

29.9

30.3

Other

16.9

16.6

17.4

15.6

16.3

Corp. G&A Subtotal

46.3

44.2

44.8

45.5

46.6

Non-cash comp

4.0

4.2

4.4

4.1

4.2

Adjusted Corporate G&A

50.3

48.4

49.2

49.6

50.8

Total G&A as a Percent of Revenue

36.0%

34.5%

33.8%

33.7%

33.9%

34.0%

33.1%

32.0%

4Q23

1Q24

2Q24

3Q24

4Q24

Total

$ 197.0

$ 193.3

$ 195.7

$ 198.3

$ 202.7

% of Total Revenue

34.5%

33.8%

33.1%

33.7%

33.9%

G&A as a Percent of Revenue

Notes:

adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the

corresponding 8-K detailing quarterly results for each respective reporting period.

2. Adjusted G&A expenses do not include depreciation and amortization.

OPERATIONAL EXCELLENCE: HOME HEALTH COST PER VISIT (CPV)-ADJUSTED

YOY Total CPV impacted by higher labor costs and health insurance costs.

Components

4Q'23

3Q'24

4Q'24

YoY Variance

Detail

Initiatives

Salaries

$77.48

$79.20

$79.93

$2.45

YoY and Sequential increases due to planned

Staffing mix optimization, productivity

wage increases, wage inflation and visit mix

and scheduling improvement initiatives

in place to help overcome salary

increases

Contractors

$5.88

$5.64

$5.65

$(0.23)

YoY decrease due to lower rates

Focused efforts on filling positions with

full-time clinicians

Benefits

$16.85

$15.70

$17.76

$0.91

YoY increase due to higher payroll taxes on

Focus on cost containment and spend

the salary increases described above and

optimization with specific focus on

higher health insurance costs

high-cost claims

Sequential increase due to higher health

insurance costs due to the seasonality of

claims

Transportation & Supplies

$7.61

$7.55

$7.59

$(0.02)

*Visiting Clinician CPV

$107.82

$108.09

$110.93

$3.11

Clinical Managers

$12.12

$12.65

$13.13

$1.01

Fixed cost associated with non-visiting

Unit cost reduced as volume increases

clinicians

YoY and Sequential variances due to planned

wage increases and additional staff

Total CPV

$119.94

$120.74

$124.06

$4.12

*Note: Direct comparison with industry competitors' CPV calculation

Cost Per Visit (CPV)

$125.00

$107.82

$110.93

$108.09

$100.00

$75.00

$50.00

$25.00

4Q23

3Q24

4Q24

Salaries

Contractors

Benefits

Transportation

DRIVING TOP LINE GROWTH

Home Health

Growth

160,00016.0%

13%

150,000

12%

12.0%

10%

140,000

8.0%

130,000

4.0%

120,000

0.0%

4Q23

1Q24

2Q24

3Q24

4Q24

Volume

SS Volume Growth

SS Admit Growth

Hospice

Growth

13,100

1.0%

13,000

0.4%

0.5%

0.3%

0.0%

12,900

-0.2%

12,800

-1.0%

12,700

-2.0%

4Q23

1Q24

2Q24

3Q24

4Q24

ADC

SS ADC Growth

INDUSTRY LEADING QUALITY SCORES

Quality of Patient Care (QPC)

Patient Satisfaction (PS)

Metric

Apr 24

Jul 24

Oct 24

Jan 25

Final

Quality of Patient

4.35

4.32

4.24

4.18

Care

Entities at 4+

95%

93%

89%

88%

Stars

QPC Industry Performance

4.50

4.00

3.50

3.00

Apr

Jul

Oct

Jan

Apr

Jul

Oct

Jan

Apr

Jul

Oct

Jan

2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025

Amedisys

QPC Industry Avg

QPC Top Competitor

Metric

Apr 24

July 24

Oct 24

Jan 25

Final

Patient

3.72

3.77

3.78

4.02

Satisfaction Star

Performance Over

+2%

+3%

+4%

Industry

PS Industry Performance

4.50

4.00

3.50

3.00

Apr

Jul

Oct

Jan

Apr

Jul

Oct

Jan

Apr

Jul

Oct

Jan

2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025

Amedisys

PS Industry Avg

PS Top Competitor

Notes:

(4) Only currently active care centers included in care center results.

Disclaimer

Amedisys Inc. published this content on February 26, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 26, 2025 at 22:06:46.396.