Highlights:
- Net service revenue was $161.8 million for the first quarter of 2011;
- Diluted earnings per share was $0.42 for the first quarter of 2011;
- Organic growth in total new admissions was 11.8% for the first quarter of 2011; and
- Company reaffirms FY 2011 guidance.
LAFAYETTE, La., May 4, 2011 (GLOBE NEWSWIRE) -- LHC Group, Inc. (Nasdaq:LHCG), a national provider of home health and hospice services, announced today its financial results for the three months ended March 31, 2011.
Financial Results for the First Quarter
- Net service revenue for the first quarter of 2011 increased to $161.8 million compared with $145.2 million for the same period in 2010.
- Days sales outstanding, or DSO, for the three months ended March 31, 2011, was 45 days.
- Net income attributable to LHC Group for the first quarter of 2011 decreased to $7.7 million compared with $11.7 million for the same period in 2010.
- Diluted earnings per share decreased to $0.42 for the first quarter of 2011 compared with $0.64 for the same period in 2010.
In commenting on the results, Keith G. Myers, Chief Executive Officer of LHC Group, said, "I am very proud of our team for their outstanding performance in the first quarter, as we adapted to a 5.2% reimbursement cut and prepared for the face to face requirements and the new therapy rules that went into effect on April 1st. In spite of the reimbursement and regulatory challenges we faced in the quarter, we continued to improve quality outcomes and gain market share, as evidenced by our double digit organic admissions growth. I have never been more proud of our team's ability to successfully navigate change, while at the same time continuing to fulfill our commitment to providing the highest quality care to the growing number of patients, families and communities we are privileged to serve."
Guidance
The Company reaffirms its guidance issued on March 2, 2011, of net revenue in the range of $660 million to $670 million and fully diluted earnings per share in the range of $2.15 to $2.25. This guidance does not take into account the impact of any future acquisitions or share repurchases, if made, or de novo locations, if opened, or future reimbursement changes, if any.
Conference Call
LHC Group will host a conference call on Thursday, May 5, 2011, at 11:00 a.m. Eastern time to discuss its first quarter 2011 results. The toll-free number to call for this interactive teleconference is (866) 393-1608 (international callers should call 973-890-8327). A telephonic replay of the conference call will be available through midnight on Thursday, May 12, 2011, by dialing (800) 642-1687 (international callers should call 706-645-9291) and entering confirmation number 44146917. A live broadcast of LHC Group's conference call will be available under the Investor Relations section of the Company's website, . A one-year online replay will be available approximately an hour following the conclusion of the live broadcast.
About LHC Group, Inc.
LHC Group, Inc. is a national provider of home health and hospice services, providing quality, cost-effective healthcare to patients within the comfort and privacy of their home or place of residence. LHC Group provides a comprehensive array of post-acute healthcare services through home health, hospice and private duty locations in its home-based division and long-term acute care hospitals in its facility-based division.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company's future financial performance and the strength of the Company's operations. Such forward-looking statements may be identified by words such as "continue," "expect," and similar expressions. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including changes in reimbursement, changes in government regulations, changes in LHC Group's relationships with referral sources, increased competition for LHC Group's services, increased competition for joint venture and acquisition candidates, changes in the interpretation of government regulations, and other risks set forth in Item 1A. Risk Factors in LHC Group's Annual Report on Form 10-K for the year ended December 31, 2010, filed with the Securities and Exchange Commission. LHC Group undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Eric Elliott Vice President of Investor Relations (337) 233-1307 eric.elliott@lhcgroup.com
