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Amedisys, Inc. (AMED)

Q1 2019 Results Conference Call

May 01, 2019 11:00 AM ET

Company Participants

Nick Muscato - Vice President of Strategic Finance

Paul Kusserow - President and Chief Executive Officer

Scott Ginn - Chief Financial Officer

Chris Gerard - Chief Operating Officer

Dave Kemmerly - General Counsel and Vice President of Government Affairs

Conference Call Participants

Jason Plagman - Jefferies

Matt Larew - William Blair

Joanna Gajuk - Bank of America

Matthew Gillmor - Robert Baird

Kevin Ellich - Craig-Hallum

Patrick Feeley - Barclays

Dana Hambly - Stephens

Frank Morgan - RBC Capital Markets

Presentation

Operator

Greetings and welcome to the Amedisys First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator instructions]. As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Nick Muscato, Vice President of Strategic Finance, please begin.

Nick Muscato

Thank you operator and welcome to the Amedisys Investor Call to discuss the results of the first quarter ended March 31st, 2019. A copy of our press release, supplemental slides and related Form 8-K filing with the SEC are available on the Investor Relations page of our website. Speaking on today's call from Amedisys will be Paul Kusserow, President and Chief Executive Officer and Scott Ginn, Chief Financial Officer. Also joining us is Chris Gerard, Chief Operating Officer and Dave Kemmerly; General Counsel and Vice President of Government Affairs.

Before we get started with our call I would like to remind everyone that statements made on this conference call today may constitute forward-looking statements and are protected under the Safe Harbor of the Private Securities Litigation Reform Act. These forward-looking statements are based on information available to Amedisys today. The company assumes no obligation to update information provided on this call to reflect subsequent events other than as required under applicable securities laws. These forward-looking statements may involve a number of risks and uncertainties which may cause the Company's results or actual outcomes to differ materially from such statements. These risks and uncertainties include factors detailed in our SEC filings, including our Forms 10-K, 10-Q and 8-K. In addition, as required by SEC Regulation G, a reconciliation of any non-GAAP measure mentioned during our call today to the most comparable GAAP measure will be available in our Form 8-K.

Thank you. And now I'll turn the call over to Amedisys CEO, Paul Kusserow.

Paul Kusserow

Thanks, Nick. And welcome to the Amedisys 2019 first quarter earnings call. I'm very pleased to report that we have continued our great momentum generated in 2018 during the first quarter of 2019. For the quarter on an adjusted basis, we generated $468 million in adjusted revenue, up 17% year-over-year. Adjusted EBITDA of $55 million, up 32% year-over-year and adjusted earnings per share of $1.11, up 41% year-over-year. None of our performance this quarter would be possible without our over 21,000 employees whose unwavering commitment to providing outstanding care to our patients in their homes is nothing short of inspirational. I want to thank everyone of you for helping us to deliver such strong results.

With that let's dive right into the progress we've made within our four strategic areas of focus, beginning with clinical distinction. For the 2019 preview, our Quality of Patient Care Star QPC score was 4.27. We had 52 care centers at 5 stars. As you will recall, CMS has introduced a new measure into the calculation of the QPC and removed a measure previously used to calculate star scores. The new calculation includes improvement in management of oral meds and no longer includes drug education, a measure in which we performed extremely well. We continue to lead the industry in QPC, but we dropped slightly in the switch-up. That being said, we are not satisfied with this result and we will not be satisfied until we improve our performance with the new measure and get back to where we were. Providing quality care to our patients is what gets us out of bed every morning and we remain focused on driving our score higher. I would like to acknowledge and applaud all of our clinicians who are constantly providing outstanding care and always striving to best our already impressive results.

Our focus on clinical quality continues to generate financial returns as our performance in Home Health Value Based Purchasing, VBP of this pilot program indicates. For the first quarter, we received approximately $364,000 in bonus payment from CMS. We believe very strongly the quality should drive reimbursement and we continue to advocate that this demo be expanded nationwide and institutionalized as a better way for CMS to generate significant tax peer savings and drive quality patient outcomes. For our Hospice business, the Hospice compare May 2019 preview of quality metrics shows Amedisys once again has outperformed the national average in all seven measurement categories. We are very pleased with these results and expect our clinical quality to continue to improve in Hospice. These quality metrics are extremely important to us as we continue to invest in and grow our Hospice footprint.

Moving onto employer of choice. Turnover is another key metric and major focus area for Amedisys in 2019. Hiring and retaining our associates is extremely important for us to both the quality of care we provide and our ability to grow. As of the end of the first quarter, our voluntary turnover was approximately 17%. We are working to turn the turnover into a science as we are continually testing, surveying, interviewing and refining our people processes daily as we strive to lower our turnover numbers. Much like our quality scores, we are proud of the work we have done here, but we will not be satisfied until we lower this number even more.

Read the rest of this transcript on seekingalpha.com