Amedisys Profit Tanks, Drops to $5.42 Million in Q1
Amedisys (NASDAQ: AMED) reported first-quarter net income attributable to the company of $5.42 million or $0.18 per share versus $15.29 million or $0.53 per share last year.
Net income from continuing operations attributable to the company for the quarter fell year-over-year to $6.5 million or $0.22 per share from $16.9 million or $0.59 per share.
Net service revenue of $370.8 million during the first quarter of 2012, an increase of 3.2% from the previous year.
“Results for the quarter met our expectations, and we are on track to meet our plans for the year. We believe the organizational changes we implemented in the second half of 2011 are having a positive impact on results,” said William F. Borne, Chief Executive Officer.
In the year ahead, the company said it expects net service revenue to be in the range of $1.475 billion to $1.525 billion.
“The health care industry is in the midst of significant changes brought on by cost pressures and reform legislation,” continued Mr. Borne. “We see opportunity in these changes and are working to position the company for the industry’s long term favorable trends, including patient preference for care delivered at home, the lowest cost setting for care and growing demographics.”
Written by John Yedinak