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  BasedBased   
Services Services ServicesServices 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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