Amedisys Inc (AMED, Financial) filed Quarterly Report for the period ended 2010-06-30.
Amedisys Inc has a market cap of $764.32 million; its shares were traded at around $26.79 with a P/E ratio of 5.15 and P/S ratio of 0.51. Amedisys Inc had an annual average earning growth of 73.5% over the past 10 years.AMED is in the portfolios of Ronald Muhlenkamp of Muhlenkamp Fund, David Dreman of Dreman Value Management, Jim Simons of Renaissance Technologies LLC, Paul Tudor Jones of The Tudor Group, Bruce Kovner of Caxton Associates, RS Investment Management, Steven Cohen of SAC Capital Advisors.
During the three-month period ended June 30, 2010, we incurred costs of approximately $7.9 million ($4.8 million net of tax) primarily associated with our realignment of our operations including legal, training, agency closings, severance, as well as the United States Senate Committee on Finance inquiry and SEC investigations discussed in Note 6 to the condensed consolidated financial statements. These costs were offset by $3.1 million ($1.9 million net of tax) for the reversal of accrued bonuses. Additionally, we received a $3.5 million ($2.1 million net of tax) Centers for Medicare and Medicaid Services (CMS) bonus payment as the result of the pay for performance demonstration. The net effect of these items on reported net income is a reduction of $0.8 million or approximately 3 cents per share.
Our net service revenue increased $44.4 million from 2009 to 2010 and consisted of an increase of $33.3 million in home health revenue and $11.1 million in hospice revenue.
Our home health revenue growth consisted of $19.3 million from our base agencies, $7.4 million from our start-up agencies and $6.6 million from our acquisitions. Included in our home health Medicare revenue is $3.5 million received from CMS for our participation in the pay for performance demonstration. Excluding the CMS bonus payment, our total episodic-based revenue increased $28.1 million or 8%. The increase is primarily related to a 7% increase in our revenue per episode and a 1% growth in volume. The volume growth consisted of a 9% increase in admissions offset by an 8% decrease in recertifications.
Our average episodic-based revenue per completed episode increased from $3,166 to $3,372 as a result of a 1.8% increase in our base rate effective January 1, 2010, a 3% increase in the base rate on rural episodes (approximately 25% of our episodes) completed subsequent to March 31, 2010, and continued deployment and growth in our therapy intensive specialty programs since June 30, 2009.
Our hospice revenue growth consisted of $5.4 million from our base agencies, $1.5 million from our start-up agencies and $4.2 million from our acquisitions. Hospice revenue is primarily impacted by average daily census, levels of care and payment rates. Overall, our average daily census increased from 1,948 in 2009 to 2,837 in 2010 with 2,490 of our census attributable to our base/start-up agencies during the second quarter of 2010. Our patients average length of stay was 77 days for 2009 and 87 days for 2010. Our 2010 revenue was impacted by approximately 1.4% due to the annual hospice rate increase effective October 1, 2009.
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Amedisys Inc has a market cap of $764.32 million; its shares were traded at around $26.79 with a P/E ratio of 5.15 and P/S ratio of 0.51. Amedisys Inc had an annual average earning growth of 73.5% over the past 10 years.AMED is in the portfolios of Ronald Muhlenkamp of Muhlenkamp Fund, David Dreman of Dreman Value Management, Jim Simons of Renaissance Technologies LLC, Paul Tudor Jones of The Tudor Group, Bruce Kovner of Caxton Associates, RS Investment Management, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
We are a leading provider of high-quality, low-cost home health services to the chronic, co-morbid, aging American population. Our services include home health and hospice services, and approximately 86% and 87% of our revenue was derived from Medicare for the three-month periods ended June 30, 2010 and 2009, respectively and approximately 87% of our revenue was derived from Medicare for the six-month periods ended June 30, 2010 and 2009. During the three-month period ended June 30, 2010, we had $422.3 million in net service revenue, earnings per diluted share of $1.13 and cash flow from operations of $54.4 million. For the six-month period ended June 30, 2010, we had $835.3 million in net service revenue, earnings per diluted share of $2.42 and cash flow from operations of $125.4 million.During the three-month period ended June 30, 2010, we incurred costs of approximately $7.9 million ($4.8 million net of tax) primarily associated with our realignment of our operations including legal, training, agency closings, severance, as well as the United States Senate Committee on Finance inquiry and SEC investigations discussed in Note 6 to the condensed consolidated financial statements. These costs were offset by $3.1 million ($1.9 million net of tax) for the reversal of accrued bonuses. Additionally, we received a $3.5 million ($2.1 million net of tax) Centers for Medicare and Medicaid Services (CMS) bonus payment as the result of the pay for performance demonstration. The net effect of these items on reported net income is a reduction of $0.8 million or approximately 3 cents per share.
Our net service revenue increased $44.4 million from 2009 to 2010 and consisted of an increase of $33.3 million in home health revenue and $11.1 million in hospice revenue.
Our home health revenue growth consisted of $19.3 million from our base agencies, $7.4 million from our start-up agencies and $6.6 million from our acquisitions. Included in our home health Medicare revenue is $3.5 million received from CMS for our participation in the pay for performance demonstration. Excluding the CMS bonus payment, our total episodic-based revenue increased $28.1 million or 8%. The increase is primarily related to a 7% increase in our revenue per episode and a 1% growth in volume. The volume growth consisted of a 9% increase in admissions offset by an 8% decrease in recertifications.
Our average episodic-based revenue per completed episode increased from $3,166 to $3,372 as a result of a 1.8% increase in our base rate effective January 1, 2010, a 3% increase in the base rate on rural episodes (approximately 25% of our episodes) completed subsequent to March 31, 2010, and continued deployment and growth in our therapy intensive specialty programs since June 30, 2009.
Our hospice revenue growth consisted of $5.4 million from our base agencies, $1.5 million from our start-up agencies and $4.2 million from our acquisitions. Hospice revenue is primarily impacted by average daily census, levels of care and payment rates. Overall, our average daily census increased from 1,948 in 2009 to 2,837 in 2010 with 2,490 of our census attributable to our base/start-up agencies during the second quarter of 2010. Our patients average length of stay was 77 days for 2009 and 87 days for 2010. Our 2010 revenue was impacted by approximately 1.4% due to the annual hospice rate increase effective October 1, 2009.
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