Home health care and hospice provider Amedisys (NASDAQ: AMED) today announced adjusted earnings from continuing operations down 38% in the second quarter to $5.4 million or $0.17 per diluted share. The adjusted results reflect the addition of exit activity costs, the gain on sale of care centers and legal fees associated with investigations, the company said.
The company updated its guidance to project net service revenue in the range of $1.24 billion to $1.28 billion for 2013,
Net service revenue is anticipated to be in the range of $1.240 billion to $1.280 billion, with diluted earnings per share is expected to be in the range of $0.45 to $0.55 based on 31.5 million shares outstanding.
“We are pleased to report adjusted earnings for the second quarter of $0.17 per share, an improvement of $0.03 sequentially,” said Amedisys CEO William Borne, in a press release. “Despite a $0.09 negative impact from sequestration and continued lower volumes, reductions in operating expenses led to the improved results. We continue to make progress on numerous strategic initiatives focused on growth, increasing efficiency and continued improvement in patient outcomes.”
The company announced in June it would divest 35 home health centers. It has recently been involved in a lawsuit alleging insider trading among the company’s executives.
Written by Elizabeth Ecker
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