Home Health Market Regains Wall Street Losses
The stock market performance of the three largest home health companies continued to rise month over month in March, up 6.21% since February and up 15.0% for the trailing 12-month period. Tracked by healthcare merger and acquisition advisory firm Stoneridge Partners, the index performance of the companies Almost Family (NASDAQ: AFAM), LHC Group (NASDAQ: LHCG) and Amedisys (NASDAQ: AMED) is still down year to date by 1.38%, the Stoneridge home health index shows.
Stoneridge tracks the index against the performance of the S&P 500 index to show the relative health of the home health industry. In its March report, the company noted that for the trailing 24-month period, the index is up more than 101%.
Among the individual company stocks, Amedisys experienced a 10.98-point uptick during the month, while Addus saw a 6.22-point decline. Overall, the index is off more than 5% from its record-high, established in August.
“Over the long term, the home health industry is poised for tremendous growth, driven by an aging U.S. population, patients’ desire for independence, and home health as a cheaper care modality,” Zack’s equity analysts wrote during the month in their coverage of the sector.
Written by Elizabeth Ecker