Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - AMEDISYS INC | d281433d8k.htm |
| EX-99.2 - RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES - AMEDISYS INC | d281433dex992.htm |
 January
2012 JP Morgan Healthcare Conference
clinical
quality
innovative
care models
better
communities
Exhibit 99.1 |
 Leading Home
Health & Hospice Forward-looking statements
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 (800) 467-2662.
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
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. |
 Leading Home
Health & Hospice Company overview
1
3
•
Founded in 1982, publicly listed 1994
•
572 locations in 45 states
•
$1.5 billion in TTM revenue
•
Leading provider of home health
services
-
Services include skilled nursing
and therapy services
•
Growing hospice business
•
94% of home health revenue is
episodic based (both Medicare &
non-Medicare)
16,850 employees
Home Health Division:
-3Q11 admissions of 69,000
-8.4 million annualized visits
Hospice Division:
-
Average daily census = 4,902
-
Average length of stay = 86 days
1
For the quarter ended September 30, 2011
Stats
Revenue Mix
83%
17%
Home Health
Hospice |
 4
Care Center Locations 2004
108 -
Home Health locations
2 -
Hospice locations
Leading Home Health & Hospice |
 Care
Center Locations 2011 5
482 -
Home Health locations
90 -
Hospice locations
*As of September 30, 2011
Leading Home Health & Hospice |
 Leading Home
Health & Hospice Home Health Base Rate Changes
6
1.9%
2.1%
0.0%
3.3%
-2.9%
0.1%
1.8%
-5.2%
-2.4%
-6.0%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
2004
2005
2006
2007
2008
2009
2010
2011
2012 |
 Leading Home
Health & Hospice Value Proposition
•
Home health is the lowest total cost, lowest daily cost, and provides
care over the longest period of time
7
*Source: National Association for Home Health & Hospice, Medpac June 2011 Data
Book Hospital
SNF
Hospice
Home
Health
Average Cost of Stay
$30,380
$16,794
$11,008
$5,848
Average Length of Stay
4.9 days
27 days
86 days
120 days
Per Diem Cost
$6,200
$622
$128
$49 |
 Leading Home
Health & Hospice Operational Focus
8
•
Realignment
–
Enhanced
leadership
focus
on
growth
-
organic
and
managed
care
–
Managing continuum of post acute care
Combining leadership of home health and hospice under Jim Robinson
Reorganizing field into 5 geographic regions
Better capture of home health and hospice synergies
–
Closing/consolidating of ~50 care centers
Annualized revenue of $34 million and $10 million in contribution
losses •
Operating tenets
–
Clinical
–
Growth
–
Efficiency |
 Leading Home
Health & Hospice Focus on Operating Tenets
9
•
Clinical Outcomes
–
Exceeded or met 8 out of 8 outcomes vs. footprint of reported measures
*
Lower % is better
Source: Medicare
Amedisys vs. Footprint –
Outcomes June 2011
58
52
66
68
70
91
53
28
53
51
62
65
58
89
44
28
0
10
20
30
40
50
60
70
80
90
100
Impovement in
Ambulation
Improvement in
Transferring
Improvement in
Bathing
Improvement in
Pain
Breathing
Improvement
Improvement of
Surgical Wounds
Improvement in
Mgmt of Oral
Meds
Acute Care
Hospitalization*
Amedisys
Footprint |
 Leading Home
Health & Hospice Focus on Operating Tenets
10
•
Clinical Focus
–
Care Transitions
–
Investing in clinical leadership team
–
AMS3
•
Quality recognitions
–
CMS quality bonus payments in 2010
and 2011
–
Home Care Elite |
 Leading Home
Health & Hospice Focus on Operating Tenets
11
•
Growth
–
Organic
Leadership focus
Market intelligence
Managed care
Going deep in markets
Incentives
–
Longer term consolidation opportunities |
 Leading Home
Health & Hospice Focus on Operating Tenets
12
•
Efficiency
–
ERP System
–
Industry leading operating system (AMS)
–
Point-of-care
•
Future system enhancements
–
Technical
–
Economics
–
Strategic
–
Clinical
–
Quality
–
Connectivity |
 Leading Home
Health & Hospice Financial Review
13 |
 Leading Home
Health & Hospice Financial highlights
14
$-
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2004
2005
2006
2007
2008
2009
2010
2011
Revenue
Projected Revenue
Projected Adj. EPS
Adj. EPS |
 Leading Home
Health & Hospice 15
Summary financial results
($ in millions, except per share data)
2009
2010
3Q10
3Q11
Net revenue
$1,513.5
$1,634.3
$404.7
$374.9
Adjusted EBITDA
261.8
242.0
51.9
29.4
Adjusted EBITDA Margin
17.3%
14.8%
12.8%
7.8%
Adjusted
Fully-diluted
EPS
$4.89
$4.29
$0.89
$0.36
1 Adjusted
EBITDA,
a
non-GAAP
financial
measure,
is
defined
as
net
income
attributable
to
Amedisys,
Inc.
before
provision
for
income
taxes,
net
interest
(income)
expense,
and
depreciation and amortization plus certain adjustments (i.e. certain items incurred
in 2010 and 2011, which are detailed in our Form 8-K filed with the Securities and Exchange
Commission on February 22, 2011 and November 1, 2011, respectively). Adjusted
diluted earnings per share, a non-GAAP financial measure, is defined as diluted earnings per
share plus the earnings per share effect of the certain adjustments noted
above. These non-GAAP financial measures 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. The calculations of these non-GAAP
financial measures may not be comparable to similarly titled measures reported by
other companies, since not all companies calculate these non-GAAP financial measures in the
same manner.
1
1 |
 Leading Home
Health & Hospice 16
Summary performance results
2009
2010
3Q10
3Q11
Home Health
Agencies at period end
521
486
537
482
Total visits
8,702,146
9,065,549
2,260,608
2,113,413
Episodic-based admissions
231,782
253,763
63,472
58,145
Completed episodes
411,975
424,988
104,997
98,020
Revenue per episode
$3,166
$3,311
$3,294
$2,975
Hospice
Agencies at period end
65
67
72
90
Total admissions
9,002
11,510
2,782
4,608
Daily census
2,150
2,880
2,978
4,902
Average length of stay
82
87
87
86 |
 Leading Home
Health & Hospice 17
Summary balance sheet
Dec. 31, 2010
Sep. 30, 2011
Assets
Cash
$ 120.3
$ 29.5
Accounts Receivable, Net
141.5
151.2
Property and Equipment
138.6
146.9
Goodwill
791.4
335.8
Other
108.1
183.4
Total Assets
$ 1,299.9
$ 846.8
Liabilities and Equity
Debt
$ 181.9
$ 153.3
All Other Liabilities
238.3
181.5
Equity
879.7
512.0
Total Liabilities and Equity
$ 1,299.9
$ 846.8
Leverage Ratio
0.8x
0.9x |
 Leading Home
Health & Hospice 18
Liquidity
•
Cash balance at 9/30/11 = $29M
•
Available line of credit (LOC): 9/30/11 = $231M
•
2011 Cash Flow -
Cap Ex = ~$75M -
$85M
•
Days Sales Outstanding = 35.9 |
 Leading Home
Health & Hospice 19
Guidance
Calendar Year 2011
Net revenue:
$1.475 -
$1.5 billion
EPS:
$1.90 -
$2.00
Diluted shares:
29.3 million
2
Guidance excludes the effects of the following: non-cash impairment charge, any future
acquisitions, if any are made; effects of any share repurchases; non-recurring costs (i.e.
certain items) that may be incurred during the year; or the impact of the final 2012 Medicare
rate changes. Provided as of the date of our form 8-K filed with the Securities and Exchange Commission on
November 1,
2011.
1
2
1 |
 Leading Home
Health & Hospice Investment Rationale
•
Favorable industry growth rates
•
IT infrastructure/scalability
•
Clinical quality and innovation
•
Strong liquidity and capital position
•
Market share capture opportunities
20 |
 Leading Home
Health & Hospice Contact information
Kevin B. LeBlanc
Director of Investor Relations
Amedisys, Inc.
5959 S. Sherwood Forest Boulevard
Baton Rouge, LA 70816
Office: 225.299.3391
Fax: 225.298.6435
kevin.leblanc@amedisys.com
21 |