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Home Health & Hospice Week

Industry Note:

After Senate Therapy Report, 'Big 4' Co. Reports Huge Loss

Published on Mon Oct 04, 2010

The near future is looking bleak for publicly traded home care companies. The first of the"big four" to report its earnings following the Senate's damning therapy report, Amedisys Inc. disclosed a whopping $423.7 million loss on $374.9 million in revenues for the quarter ended Sept. 30. That compares to a $21.8 million profit on $404.7 million in revenues for the same period in 2010. The loss was due in part to a big $574 million write-down the company took after conducting an impairment test. "This was a difficult quarter for the company," CEO William Borne says in the earnings release. Heads roll: Key top execs are departing, Amedisys also has announced. COO Mike Snow is leaving and CFO Dale Redman will retire in early 2012. And the Baton Rouge, La.,-based chain plans to close or sell 50 locations. "Amedisys' management shake-up, its weak operating and financial trajectory, and the highly [...]
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