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Amedisys (AMED) investor relations material
Amedisys Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net service revenue grew 5% year-over-year to $621.9M in Q2 2025, with adjusted EBITDA up 10% to $80.8M and adjusted EPS rising to $1.54.
Net income for Q2 2025 was $28.1M, including $26.3M in merger-related expenses; six-month net income was $89.1M, including $43M in merger costs and a $48.1M gain on equity investment.
Home Health and Hospice segments saw revenue and volume growth, with Home Health revenue at $396.2M and Hospice at $215.0M.
The company is in the process of merging with UnitedHealth Group, facing DOJ litigation and regulatory hurdles, with trial set for October 2025.
High Acuity Care admissions rose 29%, but the segment continued to generate operating losses.
Financial highlights
Adjusted EBITDA margin improved to 13.0% from 12.4% year-over-year; gross margin slightly declined to 44.3%.
Q2 2025 net income per diluted share was $0.84, down from $0.98 year-over-year; adjusted net income per diluted share was $1.54, up from $1.32.
Operating cash flow was $67.2M, reflecting strong receivables collection.
Free cash flow increased to $56.7M, and net leverage remained low at 0.1x.
Days sales outstanding improved to 40.9, down from 52.1 a year ago.
Outlook and guidance
CMS finalized a 2.9% hospice payment increase for FY 2025 and proposed a 2.4% increase for FY 2026.
CMS finalized a 0.5% home health payment increase for CY 2025 but proposed a 6.4% decrease for CY 2026.
Management expects continued operating losses in high acuity care but anticipates improvement as the segment scales.
Forward-looking statements highlight risks related to the pending merger, regulatory approvals, and transaction costs.
- Revenue up 6% to $588M; Home Health admissions +12%; merger costs weigh on income.AMED
Q3 2024 - Revenue and net income rose, merger pending, cash flow affected by billing delays.AMED
Q2 2024 - Revenue and profit grew, aided by a $48.1M equity gain, with merger and inflation risks highlighted.AMED
Q1 2025 - Revenue and adjusted earnings rose, but Q4 net loss stemmed from merger and impairment costs.AMED
Q4 2024
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