On October 24, 2023, Amedisys Inc (AMED, Financial) released its financial results for the three and nine-month periods ended September 30, 2023. Despite a slight decrease in net service revenue, the company reported an increase in net income for the third quarter of 2023.
Financial Performance
For the three-month period ended September 30, 2023, Amedisys Inc (AMED, Financial) reported a net service revenue of $556.2 million, a decrease of $1.8 million compared to $558.0 million in the same period in 2022. The company attributed the decrease to the divestiture of its personal care business on March 31, 2023, which contributed $16.6 million of net service revenue in the prior year.
Despite the decrease in net service revenue, the company's net income attributable to Amedisys Inc (AMED, Financial) increased to $26.0 million compared to $25.6 million in Q3 2022. The company's net income per diluted share remained steady at $0.79.
Adjusted Quarterly Results
The company's adjusted EBITDA for Q3 2023 was $57.9 million, a decrease from $61.5 million in the same period in 2022. Adjusted net service revenue was $556.2 million, slightly lower than $558.9 million in Q3 2022. Adjusted net income attributable to Amedisys Inc (AMED, Financial) was $32.2 million, down from $37.4 million in Q3 2022. The adjusted net income per diluted share was $0.98, a decrease from $1.15 in the same period in 2022.
Nine-Month Period Performance
For the nine-month period ended September 30, 2023, the company reported a net service revenue increase of $4.5 million to $1,665.6 million compared to $1,661.1 million in the same period in 2022. However, the company reported a net loss attributable to Amedisys Inc (AMED, Financial) of $29.1 million, which included $131.2 million in costs associated with merger transactions. This is compared to a net income of $86.9 million in the same period in 2022.
Company Overview
Amedisys Inc (AMED, Financial) is a leading healthcare at home company delivering personalized home health, hospice, and high acuity care services. The company is focused on delivering the care that is best for patients, whether that is in-patient hospital, palliative and skilled nursing facility ("SNF") care in their homes, home-based 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.
