Amedisys(AMED) - 2024 Q4 - Annual Results

Financial Performance - Net service revenue increased by $27.3 million to $598.1 million in Q4 2024 compared to $570.8 million in Q4 2023[4] - For the full year 2024, net service revenue increased by $111.9 million to $2,348.3 million compared to $2,236.4 million in 2023[4] - Full year net income attributable to Amedisys, Inc. was $43.2 million, despite merger-related expenses totaling $66.6 million and a non-cash impairment charge of $48.4 million, compared to a net loss of $9.7 million in 2023[4] - Adjusted net income attributable to Amedisys, Inc. for the full year was $142.7 million, slightly up from $140.6 million in 2023[4] - The diluted earnings per share for Q4 2024 was a loss of $0.62, compared to earnings of $0.59 per share in Q4 2023[4] - The diluted EPS for the year ended December 31, 2024 was $3.01, compared to $4.60 for the year ended December 31, 2023[35] Operational Metrics - The company has approximately 19,000 employees and serves over 499,000 patients annually across 519 care centers[6] - Total assets increased to $2,138.7 million in 2024 from $2,060.2 million in 2023, representing a growth of 3.8%[15] - Total current assets rose to $632.1 million in 2024, a 27.2% increase from $496.9 million in 2023[15] - Total liabilities increased slightly to $958.7 million in 2024 from $940.4 million in 2023, a growth of 1.5%[15] - Cash, cash equivalents, and restricted cash at the end of the period reached $303.2 million, up from $138.9 million in 2023[16] - Days revenue outstanding improved to 43.0 days in 2024 from 47.7 days in 2023, reflecting better collection efficiency[17] Revenue Breakdown - Medicare revenue for the Home Health segment decreased by 4% to $212.4 million in Q4 2024, while Non-Medicare revenue increased by 19% to $164.6 million[20] - Medicare net service revenue for the year ended December 31, 2024, was $856.4 million, a decrease of 2% from $874.2 million in 2023[21] - Non-Medicare net service revenue increased by 19.7% to $634.1 million in 2024, compared to $529.4 million in 2023[21] - Hospice Medicare revenue for the year increased by 3.9% to $783.9 million, compared to $754.0 million in 2023[24] - Average Medicare revenue per completed episode increased to $3,030 in Q4 2024 from $2,997 in Q4 2023[20] - Total admissions rose by 11% to 441,945 in 2024, up from 399,752 in 2023[21] Expenses and Losses - Net loss attributable to Amedisys, Inc. was $20.4 million in Q4 2024, including merger-related expenses of $17.4 million and a non-cash goodwill impairment charge of $48.4 million, compared to a net income of $19.3 million in Q4 2023[4] - General and administrative expenses for the year increased to $264.8 million in 2024, up from $237.5 million in 2023[29] - High acuity care segment reported a total operating loss of $68.5 million for the year ended December 31, 2024, compared to a loss of $25.6 million in 2023[27] - Adjusted EBITDA for Q4 2024 was $54.6 million, down from $56.7 million in Q4 2023[4] - Adjusted EBITDA for the year ended December 31, 2024, was $245.8 million, slightly down from $247.0 million in 2023[31] - Merger-related expenses for the year ended December 31, 2024 totaled $66,638,000, an increase from $36,672,000 in the previous year[35] Mergers and Acquisitions - Amedisys will not conduct a quarterly earnings call due to the pending merger with UnitedHealth Group Incorporated[4] - The merger with UnitedHealth Group is expected to impact various operational aspects, including patient and provider relationships[9] - The company completed the sale of its personal care business on March 31, 2023, impacting revenue streams[28] Impairments and Adjustments - The company recorded an impairment expense of $48,391,000 for both the three-month and year ended December 31, 2024[35] - For the three-month period ended December 31, 2024, total certain items impacting net loss amounted to $57,802,000, with a net of tax impact of $52,337,000[35] - The total certain items impacting net loss for the year ended December 31, 2023 was $154,344,000, with a net of tax impact of $150,384,000[35] - The adjusted net income attributable to Amedisys, Inc. is calculated excluding certain items as defined in the financial notes[36] - Adjusted EBITDA is defined as net (loss) income before net interest expense, provision for income taxes, and depreciation and amortization, excluding certain items[36]