AMEDISYS INC (Form: 8-K, Received: 02/24/2021 16:08:52)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): February 18, 2021

Commission File Number: 0-24260

LOGO

AMEDISYS, INC.

(Exact Name of Registrant as specified in its Charter)

Delaware

11-3131700

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

3854 American Way, Suite A, Baton Rouge, LA 70816

(Address of principal executive offices, including zip code)

(225) 292-2031 or (800) 467-2662

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.001 per share

AMED

The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

SECTION 2 — FINANCIAL INFORMATION

ITEM 2.02.

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 24, 2021, Amedisys, Inc. (“we,” “us,” “our” or the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2020. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information presented in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless we specifically state that the information is to be considered “filed” under the Exchange Act or specifically incorporate it by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

SECTION 5 — CORPORATE GOVERNANCE AND MANAGEMENT

ITEM 5.02.

DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

Executive Officer Promotions

On February 18, 2021, the Board of Directors (the “Board”) of the Company promoted Christopher T. Gerard, currently the Company’s Chief Operating Officer, to President and Chief Operating Officer, and Scott G. Ginn, currently the Company’s Chief Financial Officer, to Executive Vice President and Chief Financial Officer, effective immediately. Mr. Gerard, age 53, has served as the Company’s Chief Operating Officer since January 2017. He previously served as President for the South Central Region of Kindred at Home, a division of Kindred Healthcare, Inc., a healthcare services company, from 2015 to 2016. Prior to his role as Regional President, Mr. Gerard was the Chief Operating Officer at Kindred at Home from 2014 to 2015. Mr. Gerard joined Kindred in 2012 as Regional Vice President when Kindred acquired IntegraCare Holdings, Inc., a home health, hospice and community care agency based in Grapevine, Texas. Mr. Gerard was an original founder of IntegraCare in 1998 and served as its President and Chief Executive Officer from 2007 to 2012.

Mr. Gerard will continue to participate in the Amedisys Holding, L.L.C. Amended and Restated Severance Plan for Executive Officers dated as of July 25, 2019 and will continue to receive a base salary, incentive compensation and benefits commensurate with his position and consistent with the Company’s current executive compensation practices. Mr. Gerard does not have a family relationship with any of the current officers or directors of the Company. There is no currently proposed transaction, and since the beginning of fiscal year 2020, there has not been any transaction involving the Company and Mr. Gerard which meets the disclosure requirements of Item 404(a) of Regulation S-K.

Amendment to Paul B. Kusserow’s Employment Agreement

Prior to Mr. Gerard’s promotion, Paul B. Kusserow, the Company’s Chief Executive Officer and Chairman of the Board, also served as the Company’s President in accordance with the terms of the Amended and Restated Employment Agreement, dated September 27, 2018, by and among the Company, Amedisys Holding, L.L.C. and Mr. Kusserow (the “Employment Agreement”). In connection with Mr. Gerard’s promotion to President, the Company and Mr. Kusserow entered into an amendment to the Employment Agreement dated February 18, 2021 (the “Amendment”) to update Mr. Kusserow’s title. As reflected in the Amendment, all other material terms of the Employment Agreement remain unchanged.

The foregoing summary of the material terms of the Amendment is qualified in its entirety by the full and complete terms of the Amendment, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

SECTION 7 – REGULATION FD

ITEM 7.01. REGULATION FD DISCLOSURE

Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference.

In addition, a copy of the supplemental slides which will be discussed during the Company’s earnings call at 11:00 a.m. ET on Thursday, February 25, 2021 is attached to this report as Exhibit 99.2 and incorporated herein by reference.

On February 24, 2021, the Company issued a press release announcing the promotions of Messrs. Gerard and Ginn, a copy of which is furnished herewith as Exhibit 99.3 to this Current Report on Form 8-K.

The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibits 99.2 and 99.3 hereto) is being “furnished” and shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of Section 18, nor shall it be incorporated by reference into a filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibits 99.2 and 99.3 hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.


10.1		Amendment to Amended and Restated Employment Agreement, dated as of February 18, 2021, by and between Amedisys, Inc. and Paul B. Kusserow

99.1		Press release dated February 24, 2021 announcing the Company’s financial results for the fourth quarter and year ended December 31, 2020 (furnished only)

99.2		Supplemental slides provided in connection with the fourth quarter 2020 earnings call of the Company (furnished only)

99.3		Press Release dated February 24, 2021 announcing the promotions of Christopher T. Gerard and Scott G. Ginn (furnished only)

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


AMEDISYS, INC.
(Registrant)

By:		/s/ Scott G. Ginn
		Scott G. Ginn
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

DATE: February 24, 2021

Exhibit 10.1

AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This Amendment to the Amended and Restated Employment Agreement (this “Amendment”) is made and entered into effective as of February 18, 2021 by and between Amedisys, Inc. (the “Company”) and Paul B. Kusserow (“Executive”).

W I T N E S S E T H:

WHEREAS, the Company, Amedisys Holding, L.L.C. and Executive entered into an Amended and Restated Employment Agreement dated September 27, 2018 (the “Employment Agreement”); and

WHEREAS, the parties desire to amend the Employment Agreement as set forth below.

NOW THEREFORE, in consideration of the Employment Agreement and of the mutual covenants, promises and agreements made therein and herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1. Section 4(a) is hereby amended to delete the provision in its entirety and to substitute the following provision in lieu thereof:

Generally. Executive shall serve as Chief Executive Officer of the Company. Executive shall have and perform such duties, responsibilities, and authorities as are customary for the Chief Executive Officer of corporations of similar size and businesses as the Company as they may exist from time to time and as are consistent with such position and status. Executive shall devote all of his business time and attention (except for periods of vacation or absence due to illness and other activities permitted pursuant to Section 4(b)) and his best efforts, abilities, experience and talent to the position of Chief Executive Officer and for the Company’s businesses.

2. Section 4(d) is hereby amended to delete the provision in its entirety and to substitute the following provision in lieu thereof:

Rank of Executive Within Company. As Chief Executive Officer of the Company, Executive shall be the Company’s highest ranking executive and Executive shall report directly to the Board of Directors of the Company (the “Board”).

3. Except as provided by this Amendment, the parties hereby ratify and confirm the terms of the Employment Agreement.

[Signatures on following page.]

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.


AMEDISYS, INC.



By:		/s/ Julie D. Klapstein
Name:		Julie D. Klapstein
Title:		Compensation Committee Chair



EXECUTIVE

/s/ Paul B. Kusserow
Paul B. Kusserow

Exhibit 99.1

LOGO

AMEDISYS REPORTS FOURTH QUARTER AND YEAR END 2020 FINANCIAL RESULTS

ISSUES 2021 GUIDANCE

ANNOUNCES EXECUTIVE PROMOTIONS

BATON ROUGE, Louisiana (February 24, 2021) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three-month period and year ended December 31, 2020.

Three-Month Periods Ended December 31, 2020 and 2019

•

Net service revenue increased $50.0 million to $550.7 million compared to $500.7 million in 2019.

•

Net income attributable to Amedisys, Inc. of $45.2 million compared to $27.7 million in 2019.

•

Net income attributable to Amedisys, Inc. per diluted share of $1.36 compared to $0.83 in 2019.

Adjusted Quarterly Results*

•

Adjusted EBITDA of $78.1 million compared to $52.2 million in 2019.

•

Adjusted net service revenue of $550.7 million compared to $500.7 million in 2019.

•

Adjusted net income attributable to Amedisys, Inc. of $49.5 million compared to $31.1 million in 2019.

•

Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.49 compared to $0.94 in 2019.

Years Ended December 31, 2020 and 2019

•

Net service revenue increased $115.9 million to $2,071.5 million compared to $1,955.6 million in 2019.

•

Net income attributable to Amedisys, Inc. of $183.6 million compared to $126.8 million in 2019.

•

Net income attributable to Amedisys, Inc. per diluted share of $5.52 compared to $3.84 in 2019.

Adjusted Year End Results*

•

Adjusted EBITDA of $273.5 million compared to $225.3 million in 2019.

•

Adjusted net service revenue of $2,071.5 million compared to $1,961.6 million in 2019.

•

Adjusted net income attributable to Amedisys, Inc. of $203.3 million compared to $145.2 million in 2019.

•

Adjusted net income attributable to Amedisys, Inc. per diluted share of $6.11 compared to $4.40 in 2019.

*	See pages 13-16 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

2021 Guidance

•

Net service revenue is anticipated to be in the range of $2.275 billion to $2.315 billion.

•

Adjusted EBITDA is anticipated to be in the range of $315 million to $325 million.

•

Adjusted diluted earnings per share is anticipated to be in the range of $6.25 to $6.47 based on an estimated 33.4 million shares outstanding.

This guidance excludes the effects of any future acquisitions and potential share repurchases, if any are made.

Executive Promotions

Paul B. Kusserow, Chairman and Chief Executive Officer stated, “I am very proud of our fourth quarter and full year 2020 results. This was an incredible year under normal circumstances, throw in PDGM and a pandemic and I really could not be more proud of the team for all we accomplished. A special thank you to all of our clinician staff for continuing to do what you do best. It is because of your compassion, bravery and tireless efforts that we are able to deliver another great quarter. I would also like to congratulate Chris Gerard on his promotion to President and COO and Scott Ginn on his promotion to Executive Vice President and CFO. Chris and Scott have been integral to both the company’s operational success as well as in setting our strategic direction. This is a fitting reward for their great work!”

We urge caution in considering the current trends and 2021 guidance disclosed in this press release. The home health, hospice and personal care industries are highly competitive and subject to intensive regulations, and trends are subject to numerous factors, risks, and uncertainties, some of which are referenced in the cautionary language below and others that are described more fully in our reports filed with the Securities and Exchange Commission (“SEC”) including our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com.

Earnings Call and Webcast Information

Amedisys will host a conference call on Thursday, February 25, 2021, at 11:00 a.m. ET to discuss its fourth quarter and year end results. To participate on the conference call, please call before 11:00 a.m. ET to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through March 25, 2021 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13715337.

A live webcast of the call will be accessible through our website on our Investor Relations section at the following web address: http://investors.amedisys.com.

Non-GAAP Financial Measures

This press release includes reconciliations of the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) to non-GAAP financial measures. The non-GAAP financial measures as defined under SEC rules are as follows: (1) adjusted EBITDA, defined as net income attributable to Amedisys, Inc. before net interest expense, provision for income taxes and depreciation and amortization, excluding certain items; (2) adjusted net service revenue, defined as net service revenue excluding certain items; (3) adjusted other operating income, defined as other operating income excluding certain items; (4) adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. excluding certain items; and (5) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income attributable to Amedisys, Inc. common stockholders per diluted share excluding certain items. Management believes that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, are useful gauges of our current performance and are also included in internal management reporting. These non-GAAP financial measures should be considered in addition to, and not more meaningful than or as an alternative to the GAAP financial measures presented in this earnings release and the company’s financial statements. Non-GAAP measures as presented herein may not be comparable to similarly titled measures reported by other companies since not all companies calculate these non-GAAP measures consistently.

Additional Information

Amedisys, Inc. (the “Company”) 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 our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering our patients 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 approximately 21,000 employees in 514 care centers within 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 and clients in need every year. For more information about the Company, please visit: www.amedisys.com.

We use our website as a channel of distribution for important company information. Important information, including press releases, investor presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled “Investors” on our website home page. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website.

Forward-Looking Statements

When included in this press release, words like “believes,” “belief,” “expects,” “strategy,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “could,” “would,” “should” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: the impact of the novel coronavirus pandemic (“COVID-19”), including the measures that have been and may be taken by governmental authorities to mitigate it, on our business, financial condition and results of operations, changes in or our failure to comply with existing federal and state laws or regulations or the inability to comply with new government regulations on a timely basis, changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, competition in the healthcare industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to consistently provide high-quality care, our ability to attract and retain qualified personnel, our ability to keep our patients and employees safe, changes in payments and covered services by federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, widespread protest or civil unrest, our ability to integrate, manage and keep our information systems secure, our ability to realize the anticipated benefits of acquisitions and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the 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.


Contact:	Investor Contact:	Media Contact:
	Amedisys, Inc.	Amedisys, Inc.
	Nick Muscato	Kendra Kimmons
	Senior Vice President, Finance	Vice President, Marketing & Communications
	(855) 259-2046	(225) 299-3720
	IR@amedisys.com	kendra.kimmons@amedisys.com

AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)


	For the Three-Month Periods Ended December 31,						For the Years Ended December 31,
	2020			2019			2020			2019
	(Unaudited)
Net service revenue	$	550,705		$	500,678		$	2,071,519		$	1,955,633
Other operating income		6,780			—			34,372			—
Cost of service, excluding depreciation and amortization		306,736			295,603			1,185,369			1,150,337
General and administrative expenses:
Salaries and benefits		119,119			101,325			449,448			394,452
Non-cash compensation		6,972			6,589			26,730			25,040
Other		49,506			48,150			192,122			188,434
Depreciation and amortization		8,847			5,988			28,802			18,428
Asset impairment charge		4,152			1,470			4,152			1,470

Operating expenses		495,332			459,125			1,886,623			1,778,161

Operating income		62,153			41,553			219,268			177,472
Other income (expense):
Interest income		34			19			292			78
Interest expense		(2,363	)		(3,056	)		(11,038	)		(14,515	)
Equity in earnings from equity method investments		1,567			1,218			3,966			5,338
Miscellaneous, net		649			(367	)		(1,669	)		2,037

Total other expense, net		(113	)		(2,186	)		(8,449	)		(7,062	)

Income before income taxes		62,040			39,367			210,819			170,410
Income tax expense		(16,460	)		(11,398	)		(25,635	)		(42,503	)

Net income		45,580			27,969			185,184			127,907
Net income attributable to noncontrolling interests		(429	)		(314	)		(1,576	)		(1,074	)

Net income attributable to Amedisys, Inc.	$	45,151		$	27,655		$	183,608		$	126,833

Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	1.38		$	0.86		$	5.64		$	3.95
Weighted average shares outstanding		32,825			32,278			32,559			32,142
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	1.36		$	0.83		$	5.52		$	3.84
Weighted average shares outstanding		33,243			33,123			33,268			32,990

AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)


	As of December 31,
	2020			2019
ASSETS
Current assets:
Cash and cash equivalents	$	81,808		$	30,294
Restricted cash		1,549			66,196
Patient accounts receivable		255,145			237,596
Prepaid expenses		10,217			8,243
Other current assets		13,265			8,225

Total current assets		361,984			350,554
Property and equipment, net of accumulated depreciation of $95,024 and $96,137		23,719			28,113
Operating lease right of use assets		93,440			84,791
Goodwill		932,685			658,500
Intangible assets, net of accumulated amortization of $22,973 and $7,044		74,183			64,748
Deferred income taxes		47,987			21,427
Other assets		33,200			54,612

Total assets	$	1,567,198		$	1,262,745

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	42,674		$	31,259
Payroll and employee benefits		146,929			120,877
Accrued expenses		166,192			137,111
Provider relief fund advance		60,000			—
Current portion of long-term obligations		10,496			9,927
Current portion of operating lease liabilities		30,046			27,769

Total current liabilities		456,337			326,943
Long-term obligations, less current portion		204,511			232,256
Operating lease liabilities, less current portion		61,987			56,128
Other long-term obligations		33,622			5,905

Total liabilities		756,457			621,232

Equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding		—			—
Common stock, $0.001 par value, 60,000,000 shares authorized; 37,470,212 and 36,638,021 shares issued; and 32,814,278 and 32,284,051 shares outstanding		38			37
Additional paid-in capital		698,287			645,256
Treasury stock at cost, 4,655,934 and 4,353,970 shares of common stock		(319,092	)		(251,241	)
Accumulated other comprehensive income		—			15
Retained earnings		429,991			246,383

Total Amedisys, Inc. stockholders’ equity		809,224			640,450
Noncontrolling interests		1,517			1,063

Total equity		810,741			641,513

Total liabilities and equity	$	1,567,198		$	1,262,745

AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING

(Amounts in thousands, except statistical information)


	For the Three-Month Periods Ended December 31,						For the Years Ended December 31,
	2020			2019			2020			2019
	(Unaudited)
Cash Flows from Operating Activities:
Net income	$	45,580		$	27,969		$	185,184		$	127,907
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		8,847			5,988			28,802			18,428
Non-cash compensation		6,972			6,589			26,730			25,040
Non-cash 401(k) employer match		—			2,964			—			10,509
Amortization and impairment of operating lease right of use assets		9,991			8,891			39,140			35,905
Loss (gain) on disposal of property and equipment		47			135			(30	)		141
Loss on sale of equity method investment		—			—			2,980			—
Write-off of other comprehensive income		—			—			(15	)		—
Deferred income taxes		(23,798	)		(4,332	)		(26,560	)		13,466
Equity in earnings from equity method investments		(1,567	)		(1,218	)		(3,966	)		(5,338	)
Amortization of deferred debt issuance costs/debt discount		216			220			869			873
Return on equity investment		1,525			1,228			5,444			4,955
Asset impairment charge		4,152			1,470			4,152			1,470
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		(4,372	)		15,323			2,114			(24,146	)
Other current assets		21,036			7,512			(7,181	)		(2,682	)
Other assets		122			630			31			832
Accounts payable		3,568			(3,184	)		1,941			(11,329	)
Accrued expenses		14,245			14,193			39,839			42,096
Other long-term obligations		(10,764	)		(98	)		27,717			(329	)
Operating lease liabilities		(9,119	)		(8,179	)		(34,695	)		(32,295	)
Operating lease right of use assets		(769	)		(881	)		(3,544	)		(3,503	)

Net cash provided by operating activities		65,912			75,220			288,952			202,000

Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets		7			161			101			448
Proceeds from the sale of property and equipment		—			4			80			162
Purchases of property and equipment		(2,337	)		(1,551	)		(5,332	)		(7,888	)
Investments in equity method investees		—			—			(875	)		(210	)
Proceeds from sale of equity method investment		—			—			17,876			—
Acquisitions of businesses, net of cash acquired		765			—			(298,958	)		(345,460	)

Net cash used in investing activities		(1,565	)		(1,386	)		(287,108	)		(352,948	)

Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options		255			223			6,325			3,611
Proceeds from issuance of stock to employee stock purchase plan		962			803			3,562			3,187
Shares withheld to pay taxes on non-cash compensation		(321	)		(171	)		(54,493	)		(9,556	)
Non-controlling interest distribution		(450	)		(152	)		(1,122	)		(1,062	)
Proceeds from borrowings under term loan		—			—			—			175,000
Proceeds from borrowings under revolving line of credit		252,200			70,000			684,200			262,500
Repayments of borrowings under revolving line of credit		(346,200	)		(67,000	)		(703,200	)		(200,000	)
Principal payments of long-term obligations		(2,889	)		(1,804	)		(10,249	)		(5,624	)
Debt issuance costs		—			—			—			(847	)
Provider relief fund advance		—			—			60,000			—

Net cash (used in) provided by financing activities		(96,443	)		1,899			(14,977	)		227,209
Net (decrease) increase in cash, cash equivalents and restricted cash		(32,096	)		75,733			(13,133	)		76,261
Cash, cash equivalents and restricted cash at beginning of period		115,453			20,757			96,490			20,229

Cash, cash equivalents and restricted cash at end of period	$	83,357		$	96,490		$	83,357		$	96,490

Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	1,305		$	1,872		$	6,207		$	9,628

Cash paid for income taxes, net of refunds received	$	20,431		$	11,866		$	50,721		$	29,522

Days revenue outstanding (1)		40.2			40.9			40.2			40.9

(1)	Our calculation of days revenue outstanding, net is derived by dividing our ending net patient accounts receivable at December 31, 2020 and 2019 by our average daily net patient service revenue for the three-month periods ended December 31, 2020 and 2019, respectively.

AMEDISYS, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(Amounts in millions, except statistical information)

(Unaudited)

Segment Information - Home Health


	For the Three-Month Periods Ended December 31,
	2020			2019
Financial Information *(in millions)*:
Medicare	$	228.3		$	215.2
Non-Medicare		101.1			101.0

Net service revenue		329.4			316.2
Other operating income		2.5			—
Cost of service		186.1			191.7

Gross margin		145.8			124.5
Asset impairment charge		3.4			1.5
Other operating expenses		81.5			77.4

Operating income	$	60.9		$	45.6

Same Store Growth (1):
Medicare revenue		6	%		2	%
Non-Medicare revenue		—	%		10	%
Total admissions		6	%		4	%
Total volume (2)		5	%		4	%
Key Statistical Data - Total (3):
Admissions		85,474			81,024
Recertifications		45,932			44,072

Total volume		131,406			125,096

Medicare completed episodes (6)		80,008			77,291
Average Medicare revenue per completed episode (4) (6)	$	2,906		$	2,852
Medicare visits per completed episode (5) (6)		14.0			16.8

Visiting Clinician Cost per Visit	$	92.62		$	85.82
Clinical Manager Cost per Visit	$	9.38		$	8.44

Total Cost per Visit	$	102.00		$	94.26

Visits		1,824,557			2,034,550


	For the Years Ended December 31,
	2020			2019
Financial Information *(in millions)*:
Medicare	$	847.3		$	859.2
Non-Medicare		401.9			397.2

Net service revenue		1,249.2			1,256.4
Other operating income		20.2			—
Cost of service		729.9			754.1

Gross margin		539.5			502.3
Asset impairment charge		3.4			1.5
Other operating expenses		311.1			301.4

Operating income	$	225.0		$	199.4

Same Store Growth (1):
Medicare revenue		(1	%)		4	%
Non-Medicare revenue		1	%		16	%
Total admissions		1	%		7	%
Total volume (2)		2	%		5	%
Key Statistical Data - Total (3):
Admissions		331,354			328,693
Recertifications		181,195			172,568

Total volume		512,549			501,261

Medicare completed episodes (6)		301,856			306,520
Average Medicare revenue per completed episode (4) (6)	$	2,836		$	2,853
Medicare visits per completed episode (5) (6)		14.9			17.0

Visiting Clinician Cost per Visit	$	89.62		$	83.11
Clinical Manager Cost per Visit	$	9.17		$	8.04

Total Cost per Visit	$	98.79		$	91.15

Visits		7,388,549			8,273,308

(1)

Same store information represents the percent change in our Medicare, Non-Medicare and Total revenue, admissions or volume for the period as a percent of the Medicare, Non-Medicare and Total revenue, admissions or volume of the prior period. Effective July 1, 2019, same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center.

(2)	Total volume includes all admissions and recertifications.

(3)	Total includes acquisitions and denovos.

(4)

Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care. Average Medicare revenue per completed episode for the three-month period and year ended December 31, 2020 reflects the the transition to PDGM effective January 1, 2020 and the suspension of sequestration effective May 1, 2020.

(5)	Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period.

(6)	Prior year amounts have been recast to conform to the current year calculation.

Segment Information - Hospice


	For the Three-Month Periods Ended December 31,
	2020			2019
Financial Information *(in millions):*
Medicare	$	193.5		$	156.6
Non-Medicare		10.4			8.0

Net service revenue		203.9			164.6
Other operating income		4.2			—
Cost of service		107.5			89.2

Gross margin		100.6			75.4
Asset impairment charge		0.8			—
Other operating expenses		48.5			38.2

Operating income	$	51.3		$	37.2

Same Store Growth (1):
Medicare revenue		4	%		9	%
Hospice admissions		15	%		1	%
Average daily census		—	%		8	%
Key Statistical Data - Total (2):
Hospice admissions		13,939			10,139
Average daily census		13,793			11,660
Revenue per day, net	$	160.72		$	153.42
Cost of service per day	$	84.72		$	83.13
Average discharge length of stay		102			100

	For the Years Ended December 31,
	2020			2019
Financial Information *(in millions):*
Medicare	$	710.0		$	586.6
Non-Medicare		40.1			30.6

Net service revenue		750.1			617.2
Other operating income		13.1			—
Cost of service		400.6			335.1

Gross margin		362.6			282.1
Asset impairment charge		0.8			—
Other operating expenses		177.6			139.1

Operating income	$	184.2		$	143.0

Same Store Growth (1):
Medicare revenue		4	%		7	%
Hospice admissions		6	%		4	%
Average daily census		1	%		7	%
Key Statistical Data - Total (2):
Hospice admissions		49,694			40,194
Average daily census		13,081			11,164
Revenue per day, net	$	156.69		$	151.47
Cost of service per day	$	83.67		$	82.24
Average discharge length of stay		99			98

(1)

Same store information represents the percent change in our Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare revenue, Hospice admissions or average daily census of the prior period. Effective July 1, 2019, same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center.

(2)	Total includes acquisitions and denovos.

Segment Information - Personal Care


	For the Three-Month Periods Ended December 31,
	2020		2019
Financial Information *(in millions):*
Medicare	$	—	$	—
Non-Medicare		17.4		19.9

Net service revenue		17.4		19.9
Other operating income		0.1		—
Cost of service		13.2		14.7

Gross margin		4.3		5.2
Other operating expenses		3.0		3.0

Operating income	$	1.3	$	2.2

Key Statistical Data - Total (1):
Billable hours		662,163		802,225
Clients served		10,057		12,300
Shifts		281,445		359,255
Revenue per hour	$	26.24	$	24.88
Revenue per shift	$	61.74	$	55.56
Hours per shift		2.4		2.2


	For the Years Ended December 31,
	2020		2019
Financial Information *(in millions):*
Medicare	$	—	$	—
Non-Medicare		72.2		82.0

Net service revenue		72.2		82.0
Other operating income		1.1		—
Cost of service		54.9		61.1

Gross margin		18.4		20.9
Other operating expenses		12.6		12.5

Operating income	$	5.8	$	8.4

Key Statistical Data - Total (1):
Billable hours		2,730,121		3,308,338
Clients served		15,019		17,364
Shifts		1,177,586		1,488,175
Revenue per hour	$	26.45	$	24.80
Revenue per shift	$	61.31	$	55.13
Hours per shift		2.3		2.2

(1)	Total includes acquisitions.

Segment Information - Corporate


	For the Three-Month Periods Ended December 31,
	2020		2019
Financial Information *(in millions):*
Other operating expenses	$	44.0	$	38.9
Depreciation and amortization		7.3		4.5

Total operating expenses	$	51.3	$	43.4


	For the Years Ended December 31,
	2020		2019
Financial Information *(in millions):*
Other operating expenses	$	173.2	$	160.9
Depreciation and amortization		22.5		12.4

Total operating expenses	$	195.7	$	173.3

AMEDISYS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES

(Amounts in thousands)

(Unaudited)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) Reconciliation:


	For the Three-Month Periods Ended December 31,						For the Years Ended December 31,
	2020			2019			2020			2019
Net income attributable to Amedisys, Inc.	$	45,151		$	27,655		$	183,608		$	126,833
Add:
Income tax expense		16,460			11,398			25,635			42,503
Interest expense, net		2,329			3,037			10,746			14,437
Depreciation and amortization		8,847			5,988			28,802			18,428
Certain items (1)		5,815			4,618			26,658			24,877
Interest component of certain items (1)		(464	)		(451	)		(1,914	)		(1,789	)

Adjusted EBITDA (2) (7)	$	78,138		$	52,245		$	273,535		$	225,289

Adjusted Net Service Revenue Reconciliation:


	For the Three-Month Periods Ended December 31,				For the Years Ended December 31,
	2020		2019		2020		2019
Net service revenue	$	550,705	$	500,678	$	2,071,519	$	1,955,633
Add:
Certain items (1)		—		6		—		5,999

Adjusted net service revenue (3) (7)	$	550,705	$	500,684	$	2,071,519	$	1,961,632

Adjusted Other Operating Income Reconciliation:


	For the Three-Month Periods Ended December 31,					For the Years Ended December 31,
	2020			2019		2020			2019
Other operating income	$	6,780		$	—	$	34,372		$	—
Add:
Certain items (1)		(6,780	)		—		(34,372	)		—

Adjusted other operating income (4) (7)	$	—		$	—	$	—		$	—

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:


	For the Three-Month Periods Ended December 31,				For the Years Ended December 31,
	2020		2019		2020		2019
Net income attributable to Amedisys, Inc.	$	45,151	$	27,655	$	183,608	$	126,833
Add:
Certain items (1)		4,303		3,417		19,727		18,409

Adjusted net income attributable to Amedisys, Inc. (5) (7)	$	49,454	$	31,072	$	203,335	$	145,242

Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation:


	For the Three-Month Periods Ended December 31,				For the Years Ended December 31,
	2020		2019		2020		2019
Net income attributable to Amedisys, Inc. common stockholders per diluted share	$	1.36	$	0.83	$	5.52	$	3.84
Add:
Certain items (1)		0.13		0.10		0.59		0.56

Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (6) (7)	$	1.49	$	0.94	$	6.11	$	4.40

(1)	The following details the certain items for the three-month periods and years ended December 31, 2020 and 2019:

Certain Items:


	For the Three-Month Period Ended December 31, 2020			For the Year Ended December 31, 2020
	(Income) Expense			(Income) Expense
*Certain Items Impacting Other Operating Income:*
CARES Act & State COVID-19 grants		(6,780	)		(34,372	)
*Certain Items Impacting Cost of Service:*
COVID-19 costs		6,568			33,967
Severance - reductions in staffing levels		—			4,633
*Certain Items Impacting Operating Expenses:*
Acquisition and integration costs		1,234			10,795
COVID-19 costs		177			1,562
Severance - reductions in staffing levels		—			271
Asset impairment		4,152			4,152
*Certain Items Impacting Total Other Income (Expense):*
Interest component of certain items		464			1,914
Other (income) expense, net		—			3,736

Total	$	5,815		$	26,658

Net of tax	$	4,303		$	19,727

Diluted EPS	$	0.13		$	0.59


	For the Three-Month Period Ended December 31, 2019		For the Year Ended December 31, 2019
	(Income) Expense		(Income) Expense
*Certain Items Impacting Net Service Revenue:*
Contingency accrual	$	—	$	6,541
Planned closures (8)		6		(542	)
*Certain Items Impacting Cost of Service:*
Planned closures (8)		2		1,174
*Certain Items Impacting Operating Expenses:*
Planned closures (8)		2		187
Acquisition and integration costs		1,718		16,111
Legal fees - non-routine		604		977
Asset impairment		1,470		1,470
*Certain Items Impacting Total Other Income (Expense):*
Legal settlements		—		(1,437	)
Interest component of certain items		451		1,789
Other (income) expense, net		365		(1,393	)

Total	$	4,618	$	24,877

Net of tax	$	3,417	$	18,409

Diluted EPS	$	0.10	$	0.56

(2)	Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before net interest expense, provision for income taxes and depreciation and amortization, excluding certain items as described in footnote 1.

(3)	Adjusted net service revenue is defined as net service revenue excluding certain items as described in footnote 1.

(4)	Adjusted other operating income is defined as other operating income excluding certain items as described in footnote 1.

(5)	Adjusted net income attributable to Amedisys, Inc. is defined as net income attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items as described in footnote 1.

(6)	Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income per share calculated in accordance with GAAP excluding the earnings per share effect of certain items as described in footnote 1.

(7)

Adjusted EBITDA, adjusted net service revenue, adjusted other operating income, adjusted net income attributable to Amedisys, Inc. and adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share should not be considered as an alternative to, or more meaningful than, income before income taxes or other measures calculated in accordance with GAAP. These calculations may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate these non-GAAP financial measures in the same manner.

(8)	Planned closures consist of in-patient units acquired from Compassionate Care Hospice whose operations ceased in April 2019.

Amedisys Fourth Quarter and Year End 2020 Earnings Call Supplemental Slides February 25, 2021 Exhibit 99.2

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 (225) 292-2031. 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. 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. Forward-looking statements

Q4 and Year End 2020 Results

A Look Back FY 2020 Accomplishments Employer of Choice Ended the year with overall voluntary turnover of 18.3% Focused our turnover efforts to drive down early exits, enabling us to focus on hiring and retaining the right talent. We reduced our early exit rate by 6% over 2019, ending 2020 at 11.9% Clinical Distinction Maintained at least 95% of all Home Health care centers achieving 4.0+ Quality of Patient Care star score Outperformed industry on all hospice item set (HIS) quality metrics Expanded care centers on Medalogix Touch and Care products to all Home Health care centers Operational Excellence and Efficiency Grew EBITDA by 21% from $225.3M in 2019 to $273.5M in 2020 Expanded consolidated EBITDA margin 170 bps to 13.2% (FY’20) Delivered $289M in cash flow from operations Driving Growth Home Health total volume grew +2% despite impact of pandemic (+6% in 2H’20) Hospice total ADC grew to ~13,081 from ~11,164 (~17%) via organic & inorganic growth Acquired Aseracare Hospice (closed 6/1/20) during the pandemic Expanded innovative nation-wide Personal Care network partnerships

Our Key Areas of Focus Strategic areas of focus and progress made during Q4’20 Home Health*: Total same store admissions +6%, Total same store volume +5% Hospice: Admissions +15% Personal Care: Billable hours / quarter -17% driven by impact of COVID-19. Personal Care Network drove ~$3.5M revenue to Home Health and Hospice via care coordination 1 Organic Growth Quality: Amedisys Oct’20 release STARS score of 4.33 (SHP: 4.5 STARS) 95% of care centers at 4+ Stars in the Oct’20 Release 44 Amedisys care centers rated at 5 Stars in the Oct’20 Release Hospice quality – outperforming industry average in all hospice item set (HIS) categories 3 Clinical Initiatives Focusing on optimizing RN / LPN & PT / PTA staffing ratios. Current LPN Ratio: 47.5% (vs. 42.5% in 4Q’19 and 46.7% in 3Q’20) Current PTA Ratio: 50.9% (vs. 44.7% in 4Q’19 and 49.6% in 3Q’20) 4 Capacity and Productivity ~$650 million invested in Hospice segment since Feb. 2019 4 acquisitions ~6,000 ADC 106 care centers ~5,000 employees Active and full pipeline 5 M&A 2 Recruiting / Retention Targeting industry leading employee retention amongst all employee categories Current total voluntary turnover ~18.3% Focus on reduction of clinical turnover with emphasis on “early exits” *Note: Home Health same store volume is defined as admissions plus recertifications 2021 Final Home Health industry rule net +1.9% increase No-Pay RAP effective 1/1/21 2021 Final Hospice industry rule net +2.4% increase (effective 10/1/20) Jan. 12, 2021 – CMS announced intent to expand Home Health Value Based Purchasing pilot through rulemaking with an implementation date no earlier than Jan. 1, 2022 Expansion of sequestration suspension through 3/31/21 6 Regulatory

Expanding and executing on 2020 initiatives extends to our key focus areas for 2021 and beyond. Preparing for outsized growth, continued M&A industry disruption / consolidation, integration of new assets and close-to-core innovations will be our areas of focus Optimize current PCL Business, Operationalize the Network M&A & Integration of All Hospice Assets & Anticipated Home Health assets PDGM Growth Acquisitions to deliver incremental ~$25M EBITDA Build infrastructure needed for care coordination Thrive under payment reform Consistent, above market growth in all three lines of business Amedisys 2021 Initiatives Clinical Excellence, Employer of Choice, Ops. Excellence Our foundational strategies – our core which drives outsized growth Selective Innovations Select, close-to-core initiatives including: SNF @ Home, Palliative Care, Telemedicine

Highlights and Summary Financial Results (Adjusted): 4Q 2020(1) Home Health total same store volume +5%, total same store admissions +6%; Hospice same store admissions +15% Amedisys Consolidated Revenue Growth: +10% EBITDA: $78M (+50%) EBITDA Margin: 14% (+380 bps) EPS: $1.49 (+59%) 4Q’20 Net debt: $195.9M Net Leverage ratio: 0.7x CFFO: $65.9M (FY: $289.0M) Free cash flow (4): $60.6M DSO: 40.2 (vs. Q4’19 of 40.9) Revolver availability: $470.2M Balance Sheet & Cash Flow 4Q’20 Same Store (2)(3) : Total Volume: +5% Total Admissions: +6% Other Statistics: Revenue per Episode(6): $2,906 (+1.9%) Total Cost per Visit: $100.69 (+6.8%) Medicare Recert Rate: 35.2% Home Health Growth Metrics (5): Billable hours/quarter: -17% Clients served: -18% Personal Care Same Store Volume (3): Admissions: +15% ADC: flat Other Statistics: Revenue per Day: $160.72 (+4.8%) Cost per day: $81.45 (-2.0%) Hospice 4Q’20 4Q’20 4Q’20 Adjusted Financial Results(1) 4Q’20 The financial results for the three-month periods and years ended December 31, 2019 and December 31, 2020 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. Same Store volume – Includes admissions and recertifications. Effective July 1, 2019, same store is defined as care centers that we have operated for at least the last 12 months and startups that are an expansion of a same store care center. Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments. Includes acquisitions. Medicare sequestration suspended 5/1/20

Medicare FFS: Reimbursed over a 30-day period of care Private Episodic: MA and Commercial plans who reimburse us over a 30-day period of care. Generally at rates ~90% – 100% of Medicare Per Visit: Managed care, Medicaid and private payors reimbursing us per visit performed Hospice Per Day Reimbursement: Routine Care: Patient at home with symptoms controlled ~97% of the Hospice care AMED provides, in line with overall hospice industry provision of care Continuous Care: Patient at home with uncontrolled symptoms Inpatient Care: Patient in facility with uncontrolled symptoms Respite Care: Patient at facility with symptoms controlled Home Health: 320 care centers; 33 states & DC Hospice: 180 care centers; 35 states Personal Care: 14 care centers; 3 states Total AMED: 514 care centers; 39 states and D.C. Our Revenue Sources: 4Q’20

Home Health and Hospice Segment (Adjusted) – 4Q 2020(1) Revenue per Episode up 1.9% (sequestration suspension benefit $5M) Y/Y CPV up $6.43 (+6.8%, primarily due to raises effective 8/1, an increase in contractor utilization and new hire pay, and lower visit volumes) Visits per Episode decreased 2.8 Home Health Highlights Same store admit growth +15% Net revenue per day +4.8% (sequestration suspension benefit $3M, excluding acquisitions); +2.4% Hospice rate update effective 10/1/20 Q4’20 Acquisition Contribution: Revenue: $31.5M Segment EBITDA: $5.2M ($3.5M net of corporate) Hospice Highlights The financial results for the three-month periods and years ended December 31, 2019 and December 31, 2020 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. Pre-Corporate EBITDA does not include any corporate G&A expenses. Same store information represents the percent change in volume or admissions for the period as a percent of the volume or admissions of the prior period. Effective July 1, 2019, same store is defined as care centers that we have operated for at least the last 12 months and startups that are an expansion of a same store care center. Average Medicare revenue per completed episode for the three-month period and year ended December 31, 2020 reflects the transition to PDGM effective Jan. 1, 2020 and the suspension of sequestration effective May 1, 2020. Home Health total volume growth +5%; Hospice Admit Growth +15%

General & Administrative Expenses – Adjusted (1,2) Notes: Year over year total G&A as a percentage of revenue increased 90 basis points ($21 million) Year over year G&A increase due to our acquisitions (~$11M = Hospice segment ~$9M; Corporate segment ~$2M), raises, incentive accruals, higher health insurance costs, the addition of business development resources and care center administrative staff and investments related to PDGM, partially offset by lower travel and training spend Total G&A as a percentage of revenue decreased 70 bps sequentially The financial results for the three-month periods ended December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. Adjusted G&A expenses do not include depreciation and amortization. Impacted by COVID-19, acquisitions, incentive compensation accruals and investments to drive volume growth 10

Components 4Q19 3Q’20 4Q’20 YoY Variance Detail Initiatives Salaries $64.18 $64.81 $66.09 $1.91 YoY increase due to planned wage increases, shift in visit mix and fixed costs (training, PTO, etc.) on lower visits, partially offset by optimization of discipline mix. Sequential increase due to higher relatively fixed pay of newly hired staff at the beginning of their ramp to full productivity and one additional month of raises Staffing mix optimization, productivity and scheduling improvement initiatives in place to help overcome salary increases Contractors $2.72 $3.69 $5.08 $2.36 YOY and Sequential increase driven by additional staffing needs due to COVID-19, turnover and growth Focused efforts on filling positions with full-time clinicians Benefits $12.45 $12.59 $12.98 $0.53 YoY and Sequential increase primarily due to health insurance. YoY reflects relatively flat health cost over lower visit volumes. Focus on cost containment and spend optimization with specific focus on high cost claims Transportation & Supplies $6.47 $6.85 $7.16 $0.69 *Visiting Clinician CPV $85.82 $87.94 $91.31 $5.49 Clinical Managers $8.44 $8.91 $9.38 $0.94 Fixed cost associated with non-visiting clinicians. YoY increase driven by lower visit volumes and planned wage increases. Unit cost reduced as volume increases Total CPV $94.26 $96.85 $100.69 $6.43 Operational Excellence: Home Health Cost Per Visit (CPV)-Adjusted YOY Total CPV impacted by planned wage increases, higher contractor utilization and new hire pay and lower volumes resulting from COVID-19 *Note: Direct comparison with industry competitors CPV calculation $85.82 $87.94 $91.31

Driving Top Line Growth Home Health growth remains strong. Hospice admissions very strong but ADC lagging due to shorter lengths of stay as a result of higher death rate. Personal Care billable hours impacted by COVID-19 Home Health Total Volume Hospice ADC Personal Care Total Hours / Quarter

Hospice ADC Experience Increased deaths and patients delaying care driven by COVID-19 concerns impacted ADC growth (top left). Though average discharge length of stay increased year over year, median discharge length of stay was significantly down while both percentage of discharges 14 days or less and 7 days or less sharply increased (top right). Positive trends entering 2021 as total admits are outpacing total discharges and total deaths are trending down (bottom graphs) Q4 2019 Q4 2020 Total Avg. Length of Stay 100 102 Total Median Length of Stay 28 23 Total % of Discharges: 14 days or less length of stay 36.7% 41.5% Total % of Discharges: 7 days or less length of stay 23.6% 28.4% Hospice Census Statistics

Industry Leading Quality Scores Note: Top Competitor Avg weighted by CCN count and includes LHC, Kindred, AFAM, EHC and BKD Metric OCT 19 Release JAN 20 Release APR 20 Release Oct 20 Release Quality of Patient Care 4.28 4.27 4.26 4.33 Entities at 4+ Stars 88% 86% 86% 92% Metric OCT 19 Release JAN 20 Release APR 20 Release Oct 20 Release Patient Satisfaction Star 3.97 3.71 3.79 4.28 Performance Over Industry +6% +6% +6% +7% Quality of Patient Care (QPC) Patient Satisfaction (PS) Amedisys maintains a 4-Star average in the Oct 2020 HHC preview with 92% of our providers (representing 95% of care centers) at 4+ Stars and 61% of our providers (representing 65% of care centers) at 4.5+ Stars 26 Amedisys providers (representing 44 care centers) rated at 5 Stars in the Oct 2020 HHC preview. CMS will hold the Oct 2020 HHC data constant (i.e., freeze the data) until the Jan 2022 HHC release.

Hospice Quality: Amedisys Hospice Continues to Move Towards Best-in-Class Hospice Quality Hospice Compare HIS and CAHPS reporting currently “frozen” and will resume reporting in Feb 2022

Debt and Liquidity Metrics ~Net leverage ~0.7x Net debt defined as total debt outstanding ($217.7M) less cash ($21.8M). Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($273.5M). Liquidity defined as the sum of cash balance and available revolving line of credit. Cash per 12/31/20 10-K less Provider relief fund advance (~$60M)

Cash Flow Statement Highlights (1) Q2, Q3 and Q4 include benefit of payroll tax deferral (COVID-19 relief) of approximately $20M, $18M and $17M respectively. Q4 also includes ~$15M in additional tax payments related to treatment of CARES Act funds. Total payroll tax deferral of ~$55.4M due back as ~$27.7M in December 2021 and ~$27.7M in December 2022. Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments.

Income Statement Adjustments (1) The financial results for the three-month periods ended December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. Planned closures consist of in-patient units acquired from Compassionate Care Hospice whose operations ceased in April 2019.

2021 Guidance

Amedisys 2021 Preliminary Guidance Note: Adjusted numbers are ex-CARES Act funds *EPS: Inclusive of $0.72 income tax benefit related to executive stock option exercise Revenue, EBITDA and EPS guidance ranges for FY 2021 2020 Actual Performance 2021 Guidance Revenue Adjusted EBITDA $274M $2,072M Adjusted Earnings per Share $6.11* $315M - $325M $2,275M – 2,315M $6.25 - $6.47

2021 Guidance Considerations Amedisys Consolidated Tax rate ~26% Cash tax rate ~15% Diluted share count ~33.4 million shares Capital Expenditures ~$6-$8 million Salary increase ~2% - 3% Benefits increase ~14% (9% growth / headcount, 5% pricing / claims costs) Overall ~$10 million investment in business development resources Excludes future acquisitions, related integration costs and potential share repurchase Home Health Personal Care Hospice Total same store admission growth: ~9% Continued investment in business development staffing to support growth ~$4 million Continued focus on Quality of Care (Stars and Acute Care Hospitalization rates) +1.9% rate increase $12M rate net of sequestration Total same store admission growth: ~18% Addition of business development resources to support ADC growth ~ $6 million All closed acquisitions to contribute incremental ~$25M EBITDA +2.4% rate increase $8M rate net of sequestration Total billable hours growth: ~10% First half performance to be impacted by Hospice ADC challenges, assumes recovery and growth as detailed on slide 22 2021 Investments Total Investments in business of ~$15M Innovations & Projects ($10M) – spend related to PDGM, business development initiatives, innovations projects (SNF @ Home, telehealth and palliative care), IT security and automation De Novos ($5M) – Expansion of de novo program

2021 Hospice ADC Projection Hospice ADC was building entering Q4’20. Revised projections have ADC returning to pre-Q4 ADC forecast exiting 2021 ADC impact developed in late Q4 AseraCare Acquisition

Exhibit 99.3

LOGO

Amedisys Announces Two Executive Promotions

Christopher Gerard named President and Chief Operating Officer and Scott Ginn named Executive Vice President and Chief Financial Officer

BATON ROUGE, La., February 24, 2021 – Amedisys, Inc. (NASDAQ: AMED), a leading provider of home health, hospice and personal care, announces the promotions of Christopher Gerard, to President and Chief Operating Officer, and Scott Ginn, to Executive Vice President and Chief Financial Officer, effective immediately.

Paul Kusserow continues his role as Chairman of the Board and Chief Executive Officer.

“I am thrilled to announce the appointment by the Board of Directors of Chris Gerard to President and Chief Operating Officer, and Scott Ginn to Executive Vice President and Chief Financial Officer,” stated Chairman and CEO Paul Kusserow. “I have had the privilege of working with Scott since 2014 and Chris since 2017, and the performance of the Company under their leadership has been nothing short of tremendous. Both Chris and Scott bring incredible experience and expertise to our team, and have been key to setting the strategic direction and executing on that strategy to deliver superlative results. Both of these promotions are richly deserved and fully earned as a result of exemplary leadership and achievements. As they take on their new positions, I am confident that both will continue to lead Amedisys–with the support of our management team—to even greater levels of success.”

During Gerard’s tenure as Chief Operating Officer, Amedisys has realized clinical and operational success and growth in all three business lines. Under his leadership, Amedisys has: grown its footprint to include 514 care centers which span 39 states and the District of Columbia; become the leader in Home Health quality achieving a Quality of Patient Care Star score of 4.33 stars with 95% of all care centers at 4 stars or above; prospered even with the implementation of the Patient-Driven Groupings Model, the largest payment reform from the Centers for Medicare and Medicaid Services (CMS) in 20 years; and become the third largest hospice provider in the United States.

In his leadership roles at Amedisys, most recently as Chief Financial Officer, Ginn has been responsible for all accounting operations, mergers and acquisitions, innovations, cost control systems and financial reporting. He has played a pivotal role in leading financial operations and building strong relationships with our analysts, lenders and shareholders and in growing Amedisys’ revenue from $500 million to over $2 billion.

“Amedisys’ vision to become the solution for those who want to age in place has never been more important than it is in today’s reality,” stated Chris Gerard, President and

Chief Operating Officer. “I am excited and honored to help lead Amedisys with continued excellence. It’s gratifying to be a part of such an exceptional organization of wonderful caregivers who are committed to the highest quality of patient care.”

“It has been a privilege to be a part of Amedisys for the past 14 years,” stated Scott Ginn, Executive Vice President and Chief Financial Officer. “It is rewarding to be a member of a team that helped our Company execute in all areas of our strategy. I’m excited about our opportunities in the future to continue to grow Amedisys which will allow us to provide our excellent clinical care to even more patients across the country.”

About Amedisys:

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 our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering patients 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 approximately 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 and clients in need every year. For more information about the Company, please visit: www.amedisys.com.


Contact:
Amedisys, Inc.		Amedisys, Inc.
Investor Relations		Media Relations
855.259.2046		225.299.3720
IR@amedisys.com		Kendra.kimmons@amedisys.com