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Amedisys (AMED)

Amedisys, Inc. is a leading healthcare at home Company delivering personalized home health, hospice and personal care. Amedisys is focused on delivering the care that is best for its patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering them to manage a chronic disease; or hospice care at the end of life. More than 2,900 hospitals and 78,000 physicians nationwide have chosen Amedisys as a partner in post-acute care. Founded in 1982, headquartered in Baton Rouge, LA with an executive office in Nashville, TN, Amedisys is a publicly held company. With ~21,000 employees, in 514 care centers in 39 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 418,000 patients in need every year.

Company profile

Ticker
AMED
Exchange
CEO
Paul Kusserow
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
COMPASSIONATE CARE HOSPICE GROUP, INC. • COMPASSIONATE CARE HOSPICE OF CENTRAL FLORIDA, INC. • COMPASSIONATE CARE HOSPICE OF LAKE AND SUMTER, INC. • COMPASSIONATE CARE HOSPICE OF MIAMI DADE AND THE FLORIDA KEYS, INC. • HI-TECH CARE, INC. • HOMECARE PREFERRED CHOICE, INC. • HOSPICE OF EASTERN CAROLINA, INC. • HOSPICE PREFERRED CHOICE, INC. • INFINITY HOME CARE ACQUISITION CORP. • PEACEFUL DAYS HOSPICE, INC. ...
IRS number
113131700

AMED stock data

Calendar

28 Apr 22
26 Jun 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 70.91M 70.91M 70.91M 70.91M 70.91M 70.91M
Cash burn (monthly) (no burn) 619.58K (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 1.78M n/a n/a n/a n/a
Cash remaining n/a 69.13M n/a n/a n/a n/a
Runway (months of cash) n/a 111.6 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 Jun 22 Bohnert Denise M. Common Stock Payment of exercise Dispose F No No 120.1 94 11.29K 12,407
10 Jun 22 Bohnert Denise M. Common Stock Payment of exercise Dispose F No No 120.1 372 44.68K 12,501
9 Jun 22 Perkins Bruce D Common Stock Grant Acquire A No No 0 1,304 0 19,173
9 Jun 22 Ivanetta Davis Samuels Common Stock Grant Acquire A No No 0 1,304 0 2,291
9 Jun 22 Coye Molly Joel Common Stock Grant Acquire A No No 0 1,304 0 3,509
9 Jun 22 Kline Teresa L. Common Stock Grant Acquire A No No 0 1,304 0 4,509
93.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 320 321 -0.3%
Opened positions 60 55 +9.1%
Closed positions 61 87 -29.9%
Increased positions 126 110 +14.5%
Reduced positions 88 116 -24.1%
13F shares Current Prev Q Change
Total value 5.62B 5.98B -6.0%
Total shares 30.31M 29.66M +2.2%
Total puts 281.4K 166.9K +68.6%
Total calls 318.4K 193.8K +64.3%
Total put/call ratio 0.9 0.9 +2.6%
Largest owners Shares Value Change
BLK Blackrock 3.9M $671.38M +3.7%
Vanguard 3.05M $525.51M -3.4%
Wellington Management 1.88M $323.09M +3.5%
Riverbridge Partners 1.69M $291.8M +6.6%
AMP Ameriprise Financial 1.52M $261.67M -11.8%
JPM JPMorgan Chase & Co. 1.38M $238.46M +28.2%
MKFCF Mackenzie Financial 956.78K $164.84M +67.7%
TROW T. Rowe Price 914.68K $157.59M -26.4%
STT State Street 871.35K $150.12M +4.9%
William Blair Investment Management 720.31K $124.1M -3.9%
Largest transactions Shares Bought/sold Change
Viking Global Investors 0 -391.13K EXIT
MKFCF Mackenzie Financial 956.78K +386.41K +67.7%
TROW T. Rowe Price 914.68K -327.77K -26.4%
JPM JPMorgan Chase & Co. 1.38M +304.38K +28.2%
Norges Bank 0 -299.59K EXIT
D. E. Shaw & Co. 302.19K -221.66K -42.3%
Schroder Investment Management 408.71K +220.83K +117.5%
Millennium Management 222.53K +214.36K +2622.5%
AMP Ameriprise Financial 1.52M -203.88K -11.8%
Frontier Capital Management 340.74K +168.95K +98.3%

Financial report summary

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Risks
  • Federal and state changes to reimbursement and other aspects of Medicare and Medicaid could have a material adverse effect on our business and consolidated financial condition, results of operations and cash flows.
  • Quality reporting requirements may negatively impact Medicare reimbursement.
  • Value-based purchasing may negatively impact Medicare reimbursement.
  • Any economic downturn, deepening of an economic downturn, continued deficit spending by the Federal Government or state budget pressures may result in a reduction in payments and covered services.
  • Future cost containment initiatives undertaken by private third party payors may limit our future revenue and profitability.
  • Our business may be materially adversely affected by the ongoing COVID-19 pandemic.
  • A shortage of qualified registered nursing staff and other clinicians, such as therapists and nurse practitioners, could materially impact our ability to attract, train and retain qualified personnel and could increase operating costs.
  • Because we are limited in our ability to control rates received for our services, our business and consolidated financial condition, results of operations and cash flows could be materially adversely affected if we are not able to maintain or reduce our costs to provide such services.
  • If we are unable to provide consistently high quality of care, our business will be adversely impacted.
  • If we are unable to maintain relationships with existing patient referral sources, our business and consolidated financial condition, results of operations and cash flows could be materially adversely affected.
  • Possible changes in the case mix of patients, as well as payor mix and payment methodologies, could have a material adverse effect on our business and consolidated financial condition, results of operations and cash flows.
  • Our failure to negotiate favorable managed care contracts, or our loss of existing favorable managed care contracts, could have a material adverse effect on our business and consolidated financial condition, results of operations and cash flows.
  • Our industry is highly competitive, with few barriers to entry in certain states.
  • Our business depends on our information systems. A cyber-attack, security breach or our inability to effectively integrate, manage and keep our information systems secure and operational could disrupt our operations.
  • Our insurance liability coverage may not be sufficient for our business needs.
  • We may be subject to substantial malpractice or other similar claims.
  • If we are unable to maintain our corporate reputation, our business may suffer.
  • A write off of a significant amount of intangible assets or long-lived assets could have a material adverse effect on our consolidated financial condition and results of operations.
  • Our operations could be impacted by natural disasters and climate change.
  • Our growth strategy depends on our ability to acquire additional care centers and integrate and operate these care centers effectively, make investments and enter into joint ventures and other strategic relationships. If our growth strategy is unsuccessful or we are not able to successfully integrate newly acquired care centers into our existing operations, our business and consolidated financial condition, results of operations and cash flows could be materially adversely affected.
  • The indemnification provisions of acquisition agreements by which we have acquired companies may not fully protect us and as a result we may face unexpected liabilities.
  • State efforts to regulate the establishment or expansion of health care providers could impair our ability to expand our operations.
  • Federal regulation may impair our ability to consummate acquisitions or open new care centers.
  • Divestitures or other dispositions could negatively impact our business, and contingent liabilities from businesses that we have sold could adversely affect our business and consolidated financial condition, results of operations and cash flows.
  • We are subject to extensive government regulation. Any changes to the laws and regulations governing our business, or to the interpretation and enforcement of those laws or regulations, could have a material adverse effect on our business and consolidated financial condition, results of operations and cash flows.
  • We face periodic and routine reviews, audits and investigations under our contracts with federal and state government agencies and private payors, and these audits could have adverse findings that may negatively impact our business.
  • If a care center fails to comply with the conditions of participation in the Medicare program, that care center could be subjected to sanctions or terminated from the Medicare program.
  • We are subject to federal and state laws that govern our financial relationships with physicians and other health care providers, including potential or current referral sources.
  • We may face significant uncertainty in the industry due to government health care reform.
  • Delays in payment may cause liquidity problems.
  • Changes in units of payment for home health agencies could reduce our Medicare home health reimbursement levels.
  • The volatility and disruption of the capital and credit markets and adverse changes in the United States and global economies could impact our ability to access both available and affordable financing, and without such financing, we may be unable to achieve our objectives for strategic acquisitions and internal growth.
  • Our indebtedness could impact our financial condition and impair our ability to fulfill other obligations.
  • The agreements governing our indebtedness contain various covenants that limit our discretion in the operation of our business and our failure to satisfy requirements in these agreements could have a material adverse effect on our business and consolidated financial condition, results of operations and cash flows.
  • The price of our common stock may be volatile, which could lead to securities litigation brought against us or cause investors to lose the value of their investment.
  • Our Board of Directors may use anti-takeover provisions or issue stock to discourage a change of control.
  • Our Bylaws designate the Court of Chancery of the State of Delaware or, if the Court of Chancery does not have jurisdiction, the federal court for the District of Delaware, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could discourage lawsuits against us and our directors, officers, employees and stockholders.
Management Discussion
  • On a consolidated basis, our operating income decreased $21 million on an $8 million increase in net service revenue. The year-over-year decrease in operating income is primarily due to the acquisition of Contessa on August 1, 2021, a decrease in other operating income due to the expiration of the CARES Act PRF funds, a decline in our hospice average daily census, which is the main driver of hospice revenue, an increase in our cost of service resulting from labor cost increases and an increase in our other operating expenses. Partially offsetting these items, our results were positively impacted by rate increases and improvements in clinician utilization.
  • Our results for the three-month period ended March 31, 2022 include the acquisition of Contessa on August 1, 2021, which contributed $3 million in revenue and an operating loss of $8 million, which is inclusive of $1 million in intangibles amortization.
  • As noted above, we received CARES Act PRF funds in 2020 which were used to cover COVID-19 expenses incurred by our home health and hospice segments through June 30, 2021. We recorded income related to these funds totaling $9 million in other operating income within our condensed consolidated statements of operations during the three-month period ended March 31, 2021. This income fully offset the COVID-19 costs incurred during this period, which totaled $9 million. Due to the expiration of the CARES Act PRF funds on June 30, 2021, we were not able to recognize any operating income during the three-month period ended March 31, 2022 to offset the $4 million of COVID-19 costs incurred during this period.

Content analysis

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