Total Admissions Increase 12.3%, with Home Health Admissions Up 8.7%

Affirms Established Fiscal 2016 Guidance for EPS, Raises Revenue Guidance

LAFAYETTE, La., Aug. 03, 2016 (GLOBE NEWSWIRE) -- LHC Group, Inc. (NASDAQ:LHCG) today announced its financial results for the three months and six months ended June 30, 2016.

Financial Results for the Second Quarter of 2016 Compared with the Second Quarter of 2015

• Net service revenue increased 12.9% to $226.0 million for the second quarter of 2016 compared with $200.2 million for the second quarter of 2015.
• Net income attributable to LHC Group grew 5.7% to $9.5 million compared with $9.0 million, or 5.9% on a per diluted share basis to $0.54 from $0.51, which includes estimated Medicare reimbursement reductions for the second quarter of 2016 of $0.07 per diluted share.  
• Adjusted net income attributable to LHC Group grew 1.1% to $9.1 million compared with $9.0 million, or 2.0% on a per diluted share basis to $0.52 from $0.51, which includes estimated Medicare reimbursement reductions for the second quarter of 2016 of $0.07 per diluted share.  
• Total comparable-quarter growth in admissions for all service lines for the second quarter was 12.3%.
• Total comparable-quarter organic growth in home health admissions for the second quarter was 8.7%.

See page 10 for a reconciliation of Non-GAAP items to GAAP results.

“We are pleased with our operating and financial results for the second quarter of 2016,” remarked Keith G. Myers, LHC Group’s chairman and CEO. “We continued to experience strong growth in admissions during the quarter, as well as increased acuity, which produced higher reimbursement per completed episode. These trends helped to drive our 12.9% revenue growth for the quarter, which included an increase in organic revenue for home health services of 4.6%, as well as the positive impact of acquisitions completed over the previous year.

“Our gross margin for the second quarter of 2016 compared with the second quarter last year reflected the higher costs of service related to our acquisitions that have closed in the last 12 months and the negative impact of the 2016 CMS reduction to Medicare Home Health reimbursement. We also incurred higher integration expenses related to the six acquisitions that we have closed through July 1, 2016. Acquisition integration costs also affected general and administrative expenses, although we largely offset those increases through increased operating leverage and cost control in our existing operations. We continue to see improvement in our gross margins related to previous acquisitions, while also deploying strategies to further reduce the negative impact of the reimbursement changes.

“Our data continues to show that our expanding base of joint-venture partnerships with hospitals and health systems is an important contributor to our higher rate of admissions and increased case mix. We have no doubt that the increasing shift to value-based healthcare underlies the healthcare industry’s rising interest in the non‑acute portion of the healthcare continuum, and we believe LHC Group is well positioned to continue benefiting from these trends. In our industry segment, we have the most extensive record of successful joint-ventures with hospitals and health systems, due to an alignment strategy that has been a key strategic focus for nearly two decades. Through this strategy, we have proven to our joint-venture partners our ability to provide high quality, low cost non-acute care, as well as the innovation, flexibility and expertise we bring to making each joint venture a success. Because demonstrated quality of care is of utmost importance in being included in a hospital’s or health system’s integrated care network, we expect the recent release of CMS’s Star ratings, which we led for both quality and patient satisfaction, will further differentiate LHC Group as the partner of choice for non-acute care.”

In addition to three joint-venture transactions the Company closed in the first half of 2016, LHC Group also announced four additional freestanding transactions. Three of the freestanding transactions have closed, including East Arkansas Health Holdings, headquartered in Little Rock, Arkansas, which closed on July 1, 2016. The previously announced proposed acquisition of Professional Health Resources (PHR) has not closed due to the failure of the closing conditions to be satisfied. The completion of the PHR acquisition remains subject to normal closing conditions. LHC Group continues to evaluate additional transaction opportunities in a robust pipeline of potential transactions. Supporting its ability to implement its acquisition strategies, the Company completed the second quarter of 2016 with $19.7 million of cash, $42.9 million of trailing 12 months cash flow from operations and $108.2 million of current availability under its credit agreement.

Mr. Myers concluded, “Our success depends on the sustained effort and skill of healthcare professionals across our company, who are providing care to our patients every hour of every day. We thank everyone on our team for their selfless dedication. The work they do is the foundation of LHC Group’s strong competitive market position and its prospects for further profitable growth.”

FY 2016 Guidance
LHC Group today raised its fiscal year 2016 guidance for net service revenue to be in an expected range of $885 million to $900 million, from the previous range of $870 million to $890 million, and affirmed its established fiscal 2016 guidance for fully diluted earnings per share to be in an expected range of $1.90 to $2.00. This guidance includes:

⁽¹⁾  the negative impact from the Medicare Home Health Prospective Payment System for 2016, which is expected to reduce 2016 Medicare Home Health revenue by approximately 1.5% to 2.0%, or $7.1 million to $9.5 million, and fully diluted earnings per share by $0.24 to $0.32;
⁽²⁾  the negative impact from the Medicare Long-Term Care Hospital (LTCH) Prospective Payment System (PPS), which is expected to reduce 2016 Medicare LTCH revenue by 4.9%, or $3.6 million, and fully diluted earnings per share by a net $0.06 after implementation strategies;
⁽³⁾  the negative impact from the reduction of 18 beds in one of the Company’s LTACs beginning June 1, 2016, which is expected to reduce 2016 LTCH revenue by $3.1 million and fully diluted earnings per share by a net $0.03 after implementation strategies;
⁽⁴⁾  the negative impact on the fourth quarter of 2016 from the proposed Medicare Home Health Prospective Payment System for 2017, which is expected to reduce fourth quarter Medicare Home Health revenue by approximately 2.3%, or $900,000, and fully diluted earnings per share by $0.03; and
⁽⁵⁾  the positive impact from the 2017 Medicare Hospice Wage Index and Payment Rate final rule, effective October 1, 2016, which is expected to increase our Medicare Hospice revenue for the fourth quarter of 2016 by 2.1%, or $650,000, and fully diluted earnings per share by $0.02.

The Company’s financial guidance does not take into account the impact of other future reimbursement changes, if any, future acquisitions, if made, de novo locations, if opened, or future legal expenses, if necessary.

Conference Call
LHC Group will host a conference call on Thursday, August 4, 2016, at 11:00 a.m. Eastern time to discuss its second quarter 2016 results. The toll-free number to call for this interactive teleconference is (866) 393‑1608 (international callers should call (973) 890-8327). A telephonic replay of the conference call will be available through midnight on Thursday, August 11, 2016, by dialing (855) 859‑2056 (international callers should call (404) 537-3406) and entering confirmation number 44465665. A live broadcast of LHC Group’s conference call will be available under the Investor Relations section of the Company’s website, www.LHCgroup.com. A one-year online replay will be available approximately an hour following the conclusion of the live broadcast.

About LHC Group, Inc.
LHC Group, Inc. is a national provider of non-acute healthcare services, providing quality, cost-effective healthcare to patients primarily within the comfort and privacy of their home or place of residence. LHC Group provides a comprehensive array of healthcare services through home health, hospice, community‑based services agencies and long-term acute care hospitals (LTACHs). At June 30, 2016, LHC Group operated 283 home health services locations, 62 hospice locations, 11 community-based service locations and six LTACHs with eight locations.

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company’s future financial performance and the strength of the Company’s operations. Such forward-looking statements may be identified by words such as “continue,” “expect,” and similar expressions. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including changes in reimbursement, changes in government regulations, changes in LHC Group’s relationships with referral sources, increased competition for LHC Group’s services, increased competition for joint venture and acquisition candidates, changes in the interpretation of government regulations and other risks set forth in Item 1A. Risk Factors in LHC Group’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission. LHC Group undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

LHC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
(Unaudited)
	June 30, 2016				Dec. 31, 2015
ASSETS
Current assets:
Cash	$	19,725			$	6,139
Receivables:
Patient accounts receivable, less allowance for uncollectible accounts of $28,692 and $26,712, respectively		121,644				110,350
Other receivables		2,095				2,093
Amounts due from governmental entities		964				1,081
Total receivables, net		124,703				113,524
Prepaid income taxes		6,030				1,949
Prepaid expenses		16,092				10,833
Other current assets		6,987				5,835
Receivable due from insurance carrier		—				550
Total current assets		173,537				138,830
Property, building and equipment, net of accumulated depreciation of $39,034 and $38,907, respectively		45,894				38,096
Goodwill		297,160				290,694
Intangible assets, net of accumulated amortization of $9,716 and $8,496, respectively		100,690				96,405
Other assets		2,364				2,029
Total assets	$	619,645			$	566,054
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and other accrued liabilities	$	24,471			$	24,586
Salaries, wages and benefits payable		49,210				28,098
Self-insurance reserve		12,341				9,636
Current portion of long-term debt		246				241
Amounts due to governmental entities		5,038				7,055
Legal settlement payable		—				550
Total current liabilities		91,306				70,166
Deferred income taxes		25,787				23,729
Income tax payable		1,678				3,415
Revolving credit facility		110,000				98,000
Long-term debt, less current portion		423				543
Total liabilities		229,194				195,853
Noncontrolling interest – redeemable		12,642				12,408
Stockholders’ equity:
Common stock – $0.01 par value: 40,000,000 shares authorized; 22,402,310 and 22,224,423 shares issued in 2016 and 2015, respectively		224				222
Treasury stock – 4,821,124 and 4,776,560 shares at cost, respectively		(38,842	)			(37,139	)
Additional paid-in capital		117,142				113,793
Retained earnings		294,856				277,706
Total LHC Group, Inc. stockholders’ equity		373,380				354,582
Noncontrolling interest – non-redeemable		4,429				3,211
Total stockholders’ equity		377,809				357,793
Total liabilities and stockholders’ equity	$	619,645			$	566,054

 

LHC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except share and per share data)
(Unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
	2016				2015				2016				2015
Net service revenue	$	226,031			$	200,172			$	448,583			$	393,251
Cost of service revenue		137,128				116,639				272,729				231,065
Gross margin		88,903				83,533				175,854				162,186
Provision for bad debts		3,782				4,805				8,383				10,064
General and administrative expenses		68,261				60,250				134,297				119,264
Loss on disposal of assets		1,043				120				1,247				404
Operating income		15,817				18,358				31,927				32,454
Interest expense		(466	)			(554	)			(1,351	)			(1,099	)
Income before income taxes and noncontrolling interest		15,351				17,804				30,576				31,355
Income tax expense		3,596				6,220				8,938				10,949
Net income		11,755				11,584				21,638				20,406
Less net income attributable to noncontrolling interest		2,291				2,634				4,488				4,651
Net income attributable to LHC Group, Inc.’s common stockholders	$	9,464			$	8,950			$	17,150			$	15,755
Earnings per share – basic:
Net income attributable to LHC Group, Inc.’s common stockholders	$	0.54			$	0.51			$	0.98			$	0.91
Earnings per share – diluted:
Net income attributable to LHC Group, Inc.’s common stockholders	$	0.54			$	0.51			$	0.97			$	0.90
Weighted average shares outstanding:
Basic		17,566,097				17,410,971				17,525,937				17,366,141
Diluted		17,685,147				17,529,100				17,649,620				17,528,101

LHC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
	Six Months Ended June 30,
		2016				2015
Operating activities:
Net income	$	21,638			$	20,406
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		5,911				5,801
Provision for bad debts		8,383				10,064
Stock based compensation expense		2,236				2,073
Deferred income taxes		2,058				1,008
Impairment of intangibles and other		—				248
Loss on disposal of assets		1,247				404
Changes in operating assets and liabilities, net of acquisitions:
Receivables		(19,758	)			(12,812	)
Prepaid expenses and other assets		(6,446	)			(3,735	)
Prepaid income taxes		(4,364	)			868
Accounts payable and accrued expenses		21,867				24,341
Net amounts due to/from governmental entities		(1,900	)			(715	)
Net cash provided by operating activities		30,872				47,951
Investing activities:
Purchases of property, building and equipment		(13,712	)			(5,205	)
Cash paid for acquisitions, primarily goodwill and intangible assets		(11,515	)			(566	)
Other		273				—
Net cash used in investing activities		(24,954	)			(5,771	)
Financing activities:
Proceeds from line of credit		35,000				2,000
Payments on line of credit		(23,000	)			(22,000	)
Proceeds from employee stock purchase plan		445				389
Payments on debt		(115	)			(113	)
Noncontrolling interest distributions		(4,338	)			(4,069	)
Excess tax benefits from vesting of stock awards		1,218				811
Withholding taxes paid on stock-based compensation		(1,703	)			(1,329	)
Purchase of additional controlling interest		—				(275	)
Sale of noncontrolling interest		52				—
Proceeds from exercise of stock options		109				145
Net cash provided by (used in) financing activities		7,668				(24,441	)
Change in cash		13,586				17,739
Cash at beginning of period		6,139				531
Cash at end of period	$	19,725			$	18,270
Supplemental disclosures of cash flow information
Interest paid	$	1,489			$	765
Income taxes paid	$	10,635			$	8,208

LHC GROUP, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in thousands)
(Unaudited)
	Three Months Ended June 30, 2016
	Home								Community-				Facility-
	Health				Hospice				Based				Based
	Services				Services				Services				Services				Total
Net service revenue	$	163,174			$	33,905			$	10,587			$	18,365			$	226,031
Cost of service revenue		97,590				20,966				7,829				10,743				137,128
Provision for bad debts		2,618				792				216				156				3,782
General and administrative expenses		51,182				9,425				2,215				5,439				68,261
Loss on disposal of assets		706				205				46				86				1,043
Operating income		11,078				2,517				281				1,941				15,817
Interest expense		(350	)			(51	)			(23	)			(42	)			(466	)
Income before income taxes and noncontrolling interest		10,728				2,466				258				1,899				15,351
Income tax expense		2,043				789				102				662				3,596
Net income		8,685				1,677				156				1,237				11,755
Less net income attributable to noncontrolling interest		1,555				498				(14	)			252				2,291
Net income attributable to LHC Group, Inc.’s common stockholders	$	7,130			$	1,179			$	170			$	985			$	9,464
Total assets	$	429,780			$	118,353			$	33,247			$	38,265			$	619,645
	Three Months Ended June 30, 2015
	Home-								Community-				Facility-
	Health				Hospice				Based				Based
	Services				Services				Services				Services				Total
Net service revenue	$	153,272			$	18,632			$	10,312			$	17,956			$	200,172
Cost of service revenue		87,045				10,844				7,456				11,294				116,639
Provision for bad debts		3,645				299				691				170				4,805
General and administrative expenses		47,488				5,100				2,054				5,608				60,250
Loss on disposal of assets		88				11				14				7				120
Operating income		15,006				2,378				97				877				18,358
Interest expense		(438	)			(61	)			(6	)			(49	)			(554	)
Income before income taxes and noncontrolling interest		14,568				2,317				91				828				17,804
Income tax expense		4,740				723				215				542				6,220
Net income		9,828				1,594				(124	)			286				11,584
Less net income attributable to noncontrolling interest		2,251				253				(52	)			182				2,634
Net income attributable to LHC Group, Inc.’s common stockholders	$	7,577			$	1,341			$	(72	)		$	104			$	8,950
Total assets	$	400,906			$	36,178			$	33,131			$	38,830			$	509,045

 

 

LHC GROUP, INC. AND SUBSIDIARIES
SEGMENT INFORMATION (Continued)
(Amounts in thousands)
(Unaudited)
	Six Months Ended June 30, 2016
	Home								Community-				Facility-
	Health				Hospice				Based				Based
	Services				Services				Services				Services				Total
Net service revenue	$	324,561			$	64,729				21,030			$	38,263			$	448,583
Cost of service revenue		194,302				40,593				15,556				22,278				272,729
Provision for bad debts		6,073				1,567				298				445				8,383
General and administrative expenses		100,655				18,296				4,294				11,052				134,297
Loss on disposal of assets		791				324				46				86				1,247
Operating income		22,740				3,949				836				4,402				31,927
Interest expense		(1,028	)			(142	)			(65	)			(116	)			(1,351	)
Income before income taxes and noncontrolling interest		21,712				3,807				771				4,286				30,576
Income tax expense		5,893				1,209				330				1,506				8,938
Net income		15,819				2,598				441				2,780				21,638
Less net income attributable to noncontrolling interest		3,149				815				(57	)			581				4,488
Net income attributable to LHC Group, Inc.’s common stockholders	$	12,670			$	1,783			$	498			$	2,199			$	17,150
	Six Months Ended June 30, 2015
	Home-								Community-				Facility-
	Health				Hospice				Based				Based
	Services				Services				Services				Services				Total
Net service revenue	$	299,864			$	35,483			$	20,085			$	37,819			$	393,251
Cost of service revenue		172,591				20,943				14,356				23,175				231,065
Provision for bad debts		8,121				646				871				426				10,064
General and administrative expenses		93,727				9,961				4,247				11,329				119,264
Loss on disposal of assets		303				38				38				25				404
Operating income		25,122				3,895				573				2,864				32,454
Interest expense		(868	)			(121	)			(12	)			(98	)			(1,099	)
Income before income taxes and noncontrolling interest		24,254				3,774				561				2,766				31,355
Income tax expense		8,397				1,343				260				949				10,949
Net income		15,857				2,431				301				1,817				20,406
Less net income attributable to noncontrolling interest		3,772				499				(72	)			452				4,651
Net income attributable to LHC Group, Inc.’s common stockholders	$	12,085			$	1,932			$	373			$	1,365			$	15,755

LHC GROUP, INC. AND SUBSIDIARIES
SELECT CONSOLIDATED KEY STATISTICAL AND FINANCIAL DATA
(Unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
	2016				2015				2016				2015
Key Data:
Home-Health Services:
Home Health
Locations		283				276				283				276
Acquired		2				0				5				1
De novo		0				2				1				2
Divested/Consolidated		3				1				6				4
Total new admissions		38,949				35,211				78,073				71,176
Medicare new admissions		25,817				23,862				51,953				48,737
Average daily census		38,357				36,834				38,262				36,607
Average Medicare daily census		28046				27,336				28,143				27,262
Medicare completed and billed episodes		50,479				47,825				98,965				94,509
Average Medicare case mix for completed and billed Medicare episodes		1.06				1.02				1.04				1.01
Average reimbursement per completed and billed Medicare episodes	$	2,697			$	2,577			$	2,654			$	2,544
Total visits		1,149,895				1,041,777				2,276,729				2,031,912
Total Medicare visits		840,961				773,422				1,670,228				1,515,272
Average visits per completed and billed Medicare episodes		16.7				16.4				16.9				16.0
Organic growth:(1)
Net revenue		4.6	%			2.7	%			6.4	%			4.1	%
Net Medicare revenue		4.2	%			1.7	%			4.8	%			2.9	%
Total new admissions		8.7	%			1.7	%			8.0	%			4.4	%
Medicare new admissions		6.4	%			0.9	%			4.9	%			4.1	%
Average daily census		2.2	%			-0.4	%			2.5	%			-1.8	%
Average Medicare daily census		0.7	%			-0.9	%			1.2	%			-2.6	%
Medicare completed and billed episodes		3.7	%			-0.6	%			2.9	%			0.3	%
Community-Based Services:
Locations		11				13				11				13
Acquired		0				0				0				1
De novo		0				0				0				0
Divested/Consolidated		0				1				2				1
Average daily census		1,619				1,337				1,613				1,316
Billable hours		330,350				303,596				634,837				597,612
Revenue per billable hour	$	32			$	34			$	33			$	34
Hospice-Based Services:
Locations		62				38				62				38
Acquired		1				0				7				0
De novo		0				0				0				0
Divested/Consolidated		0				0				1				0
Admissions		2,523				1,497				4,986				2,978
Average daily census		2,615				1,446				2,520				1,402
Patient days		237,968				131,565				458,662				253,744
Average revenue per patient day	$	142			$	142			$	141			$	140
Facility-Based Services:
Long-term Acute Care
Locations		8				8				8				8
Patient days		13,929				15,393				29,466				31,555
Average revenue per patient day	$	1,239			$	1,125			$	1,224			$	1,157
(1) Organic growth is calculated as the sum of same store plus de novo for the period divided by total from the same period in the prior year.

LHC GROUP, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO LHC GROUP, INC.
(Amounts in thousands)
(Unaudited)
	Three Months Ended June 30, 2016				Six Months Ended June 30, 2016
Income before income taxes	$	13,060			$	26,088
Severance (1)		1,134				1,134
Loss on disposal of asset (2)		996				996
Transaction related costs (3)		686				686
Interest expense related to reduction to uncertain tax position (5)		(382	)			(382	)
Adjusted pre-tax income	$	15,494			$	28,522
Income tax expense (4)		(4,751	)			(10,093	)
Reduction to uncertain tax position (5)		(1,601	)			(1,601	)
Adjusted net income attributable to LHC Group, Inc.’s common stockholders	$	9,142			$	16,828

RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO LHC GROUP, INC. PER DILUTED SHARE
(Unaudited)
	Three Months Ended June 30, 2016				Six Months Ended June 30, 2016
Net income attributable to LHC Group, Inc.’s common stockholders per diluted share	$	0.54			$	0.97
Add:
Severance (1)		0.04				0.04
Loss on disposal of asset (2)		0.03				0.03
Transaction related costs (3)		0.02				0.02
Subtract:
Reduction to uncertain tax position and related interest expense (5)		(0.11	)			(0.11	)
Adjusted net income attributable to LHC Group, Inc.’s common stockholders per diluted share	$	0.52			$	0.95
(1) On April 8, 2016, the Company’s Executive Vice President, Chief Financial Officer and Treasurer tendered her resignation, effective on April 30, 2016. In connection with her resignation and the termination of her employment, she received the compensation and benefits provided for in Section 7(a) of her employment agreement that was filed with the Securities and Exchange Commission.
(2) Loss on disposal of damaged aircraft and associated legal and professional fees.
(3) Cost associated with Professional Healthcare Resources and East Arkansas Health Holdings transactions.
(4) Income tax expense is calculated at 41% of our adjusted pre-tax income less the $1.6 million reduction to the uncertain tax position.
(5) During the June 30, 2016 quarter, the Company reduced the unrecognized tax benefit by $1.6 million and related interest of $383,000 to reflect its expectations of the potential outcome of the appeal to defend its original position of the deductibility of the full settlement amount on its 2011 tax return.

We have included certain financial measures in this press release, including adjusted net income attributable to LHC Group and adjusted net income attributable to LHC Group per diluted share, which are “non-GAAP financial measures” as defined under the rules and regulations promulgated by the SEC. We define adjusted net income attributable to LHC Group as net income attributable to LHC Group adjusted for the after-tax impact of severance costs, loss on disposal of asset, acquisition transaction costs and reduction in unrecognized tax benefit and related interest. We define adjusted net income attributable to LHC Group per diluted share as net income attributable to LHC Group adjusted for the after-tax impact of severance costs, loss on disposal of asset, acquisition transaction costs and reduction in unrecognized tax benefit and related interest divided by weighted average diluted shares outstanding.

Adjusted net income attributable to LHC Group and adjusted net income attributable to LHC Group per diluted share are supplemental measures of our performance and are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). Adjusted net income attributable to LHC Group and adjusted net income attributable to LHC Group per diluted share are not measures of our financial performance under GAAP and should not be considered as alternatives to net income attributable to LHC Group, net income attributable to LHC Group per diluted share or any other performance measures derived in accordance with GAAP. Our measurements of adjusted net income attributable to LHC Group and adjusted net income attributable to LHC Group per diluted share may not be comparable to similarly titled measures of other companies. We have included information concerning adjusted net income attributable to LHC Group and adjusted net income attributable to LHC Group per diluted share in this press release because we believe that such information is used by certain investors as measures of a company’s historical performance. We believe these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of issuers of equity securities, many of which present adjusted net income and adjusted net income per diluted share when reporting their results. Our presentation of adjusted net income attributable to LHC Group and adjusted net income attributable to LHC Group per diluted share should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.

 

Contact:    
Eric Elliott
Senior Vice President of Finance
(337) 233-1307
eric.elliott@lhcgroup.com

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