Amedisys Inc. (Nasdaq: AMED) is waiting for multiple big-time transactions to come to fruition by year end. In the meantime, it continues to grow its non-Medicare revenue and its high-acuity care business considerably.
The company released its second-quarter earnings on Wednesday, without an accompanying call. It has not held an official earnings call since UnitedHealth Group (NYSE: UNH) agreed to acquire it in June of 2023, which is customary.
Home health revenue checked in at $377.4 million in the second quarter, reflecting a nearly 8% year-over-year increase. Hospice revenue checked in at $204 million, reflecting an over 2% year-over-year increase.
Amedisys’ non-Medicare home health revenue grew significantly once again, to $161.3 million in the quarter. That represents a 24% year-over-year increase.
High-acuity care revenue, meanwhile, checked in at $9.8 million, reflecting a 145% year-over-year increase. Amedisys acquired Contessa Health – an at-home, high-acuity care provider – in 2021 for $250 million. Admissions in that line of business were up 57% year over year, according to Amedisys. It now has 9 joint ventures contributing to growth, as well as 33 referring hospitals.
Overall, the Baton Rouge, Louisiana-based Amedisys has 519 care centers across 37 states and the District of Columbia.
It has been over a year since UnitedHealth Group’s Optum agreed to acquire Amedisys for $3.3 billion. Amedisys recently agreed to divest a number of locations to VitalCaring, the home health provider led by April Anthony.
That divestment is contingent on the UnitedHealth Group-Amedisys deal going through. In all likelihood, the divestment is being made to ease antitrust concerns regarding the deal. Optum already owns LHC Group, another one of the largest home health providers in the country.
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