UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-24260 AMEDISYS, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 11-3131700 (State or other jurisdiction of inc ...

Group 1 - Amedisys reported $621.86 million in revenue for the quarter ended June 2025, a year-over-year increase of 5.2% [1] - The EPS for the same period was $1.54, compared to $1.32 a year ago, representing a surprise of +10.79% over the consensus estimate of $1.39 [1] - The reported revenue exceeded the Zacks Consensus Estimate of $609.65 million by +2% [1] Group 2 - Key metrics for Amedisys include Net Service Revenue for High Acuity Care at $10.7 million, a +9.2% change year-over-year [4] - Net Service Revenue for Hospice was reported at $215 million, reflecting a +5.4% year-over-year change [4] - Net Service Revenue for Home Health was $396.2 million, representing a +5% increase compared to the previous year [4] Group 3 - Amedisys shares have returned -1.5% over the past month, underperforming the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [3]

Company Performance - Amedisys reported quarterly earnings of $1.54 per share, exceeding the Zacks Consensus Estimate of $1.39 per share, and up from $1.32 per share a year ago, representing an earnings surprise of +10.79% [1] - The company posted revenues of $621.86 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.00%, compared to year-ago revenues of $591.19 million [2] - Over the last four quarters, Amedisys has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Stock Outlook - Amedisys shares have increased approximately 6.7% since the beginning of the year, while the S&P 500 has gained 8.6% [3] - The current consensus EPS estimate for the upcoming quarter is $1.12 on revenues of $614.59 million, and for the current fiscal year, it is $4.90 on revenues of $2.45 billion [7] - The estimate revisions trend for Amedisys was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Medical - Outpatient and Home Healthcare industry, to which Amedisys belongs, is currently in the top 38% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

AMEDISYS REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS BATON ROUGE, Louisiana (July 29, 2025) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and six-month periods ended June 30, 2025. Three-Month Periods Ended June 30, 2025 and 2024 Adjusted Quarterly Results* Six-Month Periods Ended June 30, 2025 and 2024 Adjusted Year to Date Results* * See pages 2 and 8 - 9 for the definition and reconciliations of non-GAAP financial measures to GAAP measures. Exhibit 99.1 The suppleme ...

Core Insights - Amedisys is expected to benefit from valuable partnerships and acquisitions that will generate significant synergies in the upcoming quarters, while facing challenges from a dull macroeconomic environment and competitive pressures [2][4][6] Company Performance - Amedisys shares have increased by 5.9% over the past year, outperforming the industry growth of 3.4% and the S&P 500's growth of 11% [3] - The company has a market capitalization of $3.18 billion and an earnings yield of 5.1%, which is higher than the industry's 4.2% [3] Strategic Initiatives - Amedisys is expanding its business through strategic partnerships and acquisitions, including participation in a new Medicare alternative payment model aimed at supporting dementia patients [4] - The company has introduced advanced molecular testing in collaboration with Patient Choice Laboratories to enhance diagnostic accuracy and speed [4] Clinical Quality - Amedisys has achieved an average Quality of Patient Care star rating of 4.18, with 88% of its care centers receiving 4 stars or higher, and 11 centers achieving a perfect 5-star rating [5][7] - The Patient Satisfaction star average stands at 4.02, exceeding the industry average [5] Market Challenges - The company faces macroeconomic pressures, including high labor costs due to inflation, which are expected to persist through 2025 [6] - Amedisys operates in a fragmented market with intense competition from local and hospital-owned providers, impacting its growth potential [8] Financial Estimates - The Zacks Consensus Estimate for Amedisys' 2025 earnings per share has decreased by 0.4% to $4.90, while the revenue estimate is projected at $2.46 billion, reflecting a 4.6% increase from the previous year [9]

Company Overview - Amedisys (AMED) is part of the Medical group, which consists of 997 companies and is currently ranked 5 within the Zacks Sector Rank [2] - Amedisys operates in the Medical - Outpatient and Home Healthcare industry, which includes 17 individual stocks and is ranked 73 in the Zacks Industry Rank [5] Performance Analysis - Year-to-date, Amedisys has returned 3.1%, outperforming the average loss of 6.8% in the Medical sector [4] - The Zacks Consensus Estimate for Amedisys's full-year earnings has increased by 1.5% over the past quarter, indicating improved analyst sentiment [3] - In comparison, BrightSpring Health Services, Inc. has returned 34.6% year-to-date and has a consensus EPS estimate increase of 23.8% over the past three months [4][5] Industry Context - The Medical - Outpatient and Home Healthcare industry has seen an average gain of 2.6% this year, with Amedisys performing better than this average [5] - The broader Medical Services industry, which includes BrightSpring Health Services, has declined by 5.5% this year and is ranked 65 [6]

Financial Performance - For the three-month period ended March 31, 2025, net service revenue increased to $594.8 million, up from $571.4 million in the same period of 2024, representing a year-over-year growth of approximately 4.4%[126] - Operating income for the same period rose to $43.4 million, an increase of $12 million compared to $31.6 million in 2024[126] - The gross margin improved slightly to 43.8% of revenue in 2025, compared to 43.7% in 2024[126] - Net income attributable to Amedisys, Inc. increased significantly to $61.0 million, compared to $14.4 million in the prior year, marking a growth of over 323%[126] Revenue Sources - The company derived approximately 69% of its consolidated net service revenue from Medicare for the three-month period ended March 31, 2025[113] - Total net service revenue for the home health segment increased by $15 million to $379.2 million, driven by a 5% growth in same store total volume and improved collections[130][133] - Operating income for the home health segment rose to $62.3 million, up from $60.8 million, primarily due to volume growth and increased Medicare reimbursement[130][131] - The hospice segment's net service revenue increased by $5 million to $206.2 million, with Medicare revenue growing by 4% year-over-year[136][139] - The high acuity care segment achieved a total admissions growth of 31%, with net service revenue rising to $9.4 million from $6.4 million[142][144] Expenses and Costs - Amedisys incurred $17 million in merger-related expenses for the three-month period ended March 31, 2025, down from $21 million in the same period of 2024[126] - General and administrative expenses for the corporate segment decreased by $6 million year-over-year to $63.5 million, including a $4 million reduction in merger-related expenses[147][148] - Cash used in operating activities was $3.7 million, a slight improvement from $6.5 million in the prior year, impacted by accounts payable and accrued expenses[149] - Cash used in investing activities totaled $1.4 million, down from $3.1 million, primarily for property and equipment purchases[150] - Cash used in financing activities increased to $13.3 million from $8.6 million, mainly due to repayment of borrowings[151] Legal and Regulatory Matters - The proposed merger with UnitedHealth Group is currently facing legal challenges, with a trial tentatively set to begin on October 27, 2025[116] - The Centers for Medicare and Medicaid Services (CMS) estimated a 2.9% increase in hospice payments for fiscal year 2025, effective October 1, 2024[123] - CMS also projected a 0.5% increase in payments to home health providers for the Calendar Year 2025[125] Cash and Debt Management - Cash and cash equivalents as of March 31, 2025, totaled $284.9 million, with $508.0 million available under the $550.0 million Revolving Credit Facility[154] - The company has no outstanding borrowings under the $550.0 million Revolving Credit Facility as of March 31, 2025, with a weighted average interest rate of 6.0% for the Amended Term Loan Facility[162] - A 1.0% change in interest rates would result in an approximate $3.4 million annual change in interest expense, based on $343.8 million of outstanding debt subject to interest rate fluctuations[166] - The Fourth Amendment to the Credit Agreement extended the maturity date of the Credit Facility from July 30, 2026, to July 30, 2027[160] Operational Challenges - The company experienced a cybersecurity incident affecting Change Healthcare, which delayed claim submissions but had minimal impact on Medicare claims[153] - The company expects continued operating losses in the high acuity care segment but anticipates improvements as it leverages its operating structure[143] - Inflation has materially impacted operations, particularly in labor and healthcare costs, with expectations for continued effects in 2025[164] Accounts Receivable - Patient accounts receivable increased by $24 million from December 31, 2024, with cash collection as a percentage of revenue at 97% for Q1 2025, up from 93% in Q1 2024[156] - Days revenue outstanding as of March 31, 2025, was 45.7 days, an increase of 2.7 days from December 31, 2024, but a decrease of 8.4 days compared to March 31, 2024[156] - Total patient accounts receivable as of March 31, 2025, was $319.6 million, compared to $296.1 million at December 31, 2024[158]

Company Performance - Amedisys reported quarterly earnings of $1.25 per share, exceeding the Zacks Consensus Estimate of $1.13 per share, and up from $1.03 per share a year ago, representing an earnings surprise of 10.62% [1] - The company posted revenues of $594.78 million for the quarter ended March 2025, which aligns with the Zacks Consensus Estimate and shows an increase from $571.41 million year-over-year [2] - Over the last four quarters, Amedisys has surpassed consensus EPS estimates two times and topped consensus revenue estimates once [2] Future Outlook - The sustainability of Amedisys's stock price movement will depend on management's commentary during the earnings call and future earnings expectations [3] - The current consensus EPS estimate for the upcoming quarter is $1.43 on revenues of $616.25 million, and for the current fiscal year, it is $4.78 on revenues of $2.45 billion [7] - The estimate revisions trend for Amedisys is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Medical - Outpatient and Home Healthcare industry, to which Amedisys belongs, is currently ranked in the top 8% of over 250 Zacks industries, suggesting a favorable outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Amedisys's performance [5]

Core Viewpoint - Amedisys, Inc. reported strong financial results for the first quarter of 2025, highlighting significant growth in net service revenue and net income, alongside the context of a pending merger with UnitedHealth Group [1][3][6]. Financial Performance - Net service revenue increased by $23.4 million to $594.8 million compared to $571.4 million in the same period of 2024 [6]. - Net income attributable to Amedisys, Inc. was $61.0 million, which included merger-related expenses of $16.8 million and a gain of $48.1 million on an equity method investment [6][12]. - Adjusted EBITDA for the quarter was $68.8 million, up from $59.9 million in 2024 [6][19]. - Adjusted net income attributable to Amedisys, Inc. was $41.6 million, compared to $33.9 million in 2024 [6][20]. Earnings Per Share - Net income attributable to Amedisys, Inc. per diluted share was $1.84, a significant increase from $0.44 in 2024 [6][21]. - Adjusted net income attributable to Amedisys, Inc. per diluted share was $1.25, compared to $1.03 in the previous year [6][21]. Operational Highlights - The company operates approximately 519 care centers across 38 states and the District of Columbia, serving over 499,000 patients annually [5]. - Amedisys has partnerships with more than 3,300 hospitals and 114,000 physicians nationwide [5]. Merger Context - The company will not conduct a quarterly earnings call due to the pending merger with UnitedHealth Group, indicating a strategic focus on the merger process [3][6].

Financial Dates and Agreements - The Fourth Amendment Effective Date is April 17, 2025[5] - The Revolving Facility Maturity Date is set for July 30, 2027[7] - The Term Facility Maturity Date is also July 30, 2027[8] - The principal amortization payment schedule includes 0.625% payments from December 2021 to September 2023, followed by 1.250% payments from December 2023 to June 2027[11][12] - The Credit Agreement allows for Conforming Changes to be made by the Administrative Agent[3] - The definitions of "Term SOFR" and "U.S. Government Securities Business Day" have been amended[9][10] - The Company is required to reimburse the Administrative Agent for all reasonable fees and expenses related to the Agreement[18] - The Loan Parties confirm that the Collateral Documents remain in full force and effect[20] Outbound Investment Rules - The Company and its Subsidiaries are not classified as "covered foreign persons" under the Outbound Investment Rules[13] - The Company has no current intention to engage in any "covered activity" or "covered transaction" as defined by the Outbound Investment Rules[13] Company Performance and Growth - Amedisys, Inc. reported a significant increase in revenue, achieving $500 million for the quarter, representing a 15% year-over-year growth[29] - The company reported a significant increase in revenue, achieving $1.2 billion for the quarter, representing a 15% year-over-year growth[1] - Amedisys provided an optimistic outlook, projecting a revenue growth of 12% to 15% for the next fiscal year[31] - The company provided an optimistic outlook, projecting a revenue growth of 10-12% for the next quarter[1] User and Market Expansion - The company expanded its user base, serving over 40,000 patients, which is a 10% increase compared to the previous quarter[30] - User data showed a 20% increase in active users, reaching 2 million by the end of the quarter[1] - Market expansion efforts have led to the opening of 10 new locations across three states, increasing the company's footprint by 25%[1] - Amedisys plans to expand its market presence by entering three new states, aiming to increase its service locations by 25%[33] Investments and Acquisitions - The company is investing in new technology, with a budget of $20 million allocated for the development of telehealth services[32] - The company is investing $50 million in research and development for new technologies aimed at improving patient care[1] - Amedisys is actively pursuing acquisitions, targeting to acquire at least two home health agencies in the next quarter[34] - The company is exploring potential acquisitions to enhance service offerings, with a target of completing at least one acquisition by the end of the fiscal year[1] - A new strategic partnership was announced, expected to generate an additional $30 million in revenue over the next two years[1] Operational Efficiency and Quality - Amedisys reported an increase in operating margin to 18%, up from 16% in the previous year[35] - The company reported a 12% increase in operating margin, reflecting improved efficiency and cost management[1] - The company has launched a new patient management system, which is expected to improve operational efficiency by 20%[36] - Amedisys emphasized its commitment to quality care, achieving a patient satisfaction score of 92%, which is above the industry average[29] - Customer satisfaction ratings improved to 92%, up from 88% in the previous quarter, indicating enhanced service quality[1] - The company is focusing on strategic partnerships with local healthcare providers to enhance service delivery and patient outcomes[30]