8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):  MAY 1, 2009

Commission File Number:  0-24260

AMEDISYS, INC.

(Exact Name of Registrant as specified in its Charter)

Delaware	11-3131700
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

5959 S. Sherwood Forest Blvd., Baton Rouge, LA 70816

(Address of principal executive offices, including zip code)

(225) 292-2031 or (800) 467-2662

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Information to be included in the report

Section 7 – Regulation FD

Item 7.01. Regulation FD Disclosure

In May 2009, representatives of Amedisys, Inc. (the “Company”) began making presentations at investor conferences using slides containing the information attached to this Current Report on Form 8-K as Exhibit 99.1. The Company expects to use these slides, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others during 2009.

By filing this report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.

The investor presentation slides include financial information not prepared in accordance with generally accepted accounting principles (“Non-GAAP Financial Measures”).

A reconciliation of the Non-GAAP Financial Measures included in the slides to financial information prepared in accordance with generally accepted accounting principles (“GAAP”), as required by Regulation G, appears as Exhibit 99.2 to this Current Report on Form 8-K

The Company is providing disclosure of the reconciliation of reported Non-GAAP Financial Measures used in the investor presentation slides, among other places, to its comparable financial measures on a GAAP basis. The Company believes that the Non-GAAP Financial Measures provide investors the ability to evaluate financial performance in a way that is comparable to measures reported by other home nursing companies.

The information contained in the slides is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements that it may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

In accordance with General Instruction B.2 of this Current Report on Form 8-K, the information presented herein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended, except as previously set forth by specific reference in such a filing.

Use of our Website to Distribute Material Company Information

Our company website address is www.amedisys.com, which we use as a channel of distribution for important company information. Important information, including press releases, analyst presentations and financial, clinical, compliance and other information regarding our company is routinely posted on and accessible on the “Investor Relations” subpage of our website, which is accessible by clicking on the tab labeled “Investors” on our website home page. We also use our website to expedite public access to time-critical information regarding our company in advance of or in lieu of distributing a press release or a filing with the SEC disclosing the same information. Therefore, investors should look to the “Investor Relations” subpage of our web site for important and time-critical information. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the “Investor Relations” subpage of our website.

Certain Forward-Looking Statements

When included in this press release, words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would,” “should” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: changes in Medicare and other medical payment levels, our ability to open agencies, acquire additional agencies and integrate and operate these agencies effectively, changes in or our failure to comply with existing Federal and State laws or regulations or the inability to comply with new government regulations on a timely basis, competition in the home health industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to attract and retain qualified personnel, changes in payments and covered services due to the economic downturn and deficit spending by Federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing due to the volatility and disruption of the capital and credit markets, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate, manage our information systems and various other matters, many of which are beyond our control.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statements included in this Current Report on Form 8-K may be based, except as required by law.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.	Description
99.1	Investor Relations Slide Show in use beginning May 2009
99.2	Reconciliations of Non-GAAP Financial Measures to GAAP Financial Measures

2

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Amedisys, Inc.
	(Registrant)
Date: May 1, 2009	By:	/s/ Dale E. Redman
		Dale E. Redman Chief Financial Officer and Duly Authorized Officer

3

Exhibit Index

Exhibit No.	Description
99.1	Investor Relations Slide Show in use beginning May 2009
99.2	Reconciliations of Non-GAAP Financial Measures to GAAP Financial Measures

4

EX-99.1

1

May 2009

www.amedisys.com

NASDAQ: AMED

2

Forward-Looking Statements

This presentation may include forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based upon current expectations and assumptions about
our business that are subject to a variety of risks and uncertainties that
could cause actual results to differ materially from those described in this
presentation. You should not rely on forward-looking statements a
prediction of future events. Additional information regarding factors that
could cause actual results to differ materially from those discussed in any
forward-looking statements are described in reports and registration
statements we file with the SEC, including our Annual Report on Form
10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K, copies of which are available on the Amedisys internet
website http://www.amedisys.com or by contacting the Amedisys Investor
Relations department at (800) 467-2662. We disclaim any obligation to
update any forward-looking statements or any changes in events, conditions
or circumstances upon which any forward-looking statement may be based.

3

Important Website Information

We encourage everyone to visit the Investors Section of our
website at www.amedisys.com, where we have posted additional
important information such as press releases, profiles concerning
our business and clinical operations and control processes, and
SEC filings. We intend to use our website to expedite public access
to time-critical information regarding the Company in advance of or
in lieu of distributing a press release or a filing with the SEC
disclosing the same information.

4

Investment Highlights

Focus on home nursing and related services to Medicare
population

Large, growing and highly fragmented industry

Strong internal revenue growth and cash flow with low
recurring routine cap ex

Proven operating model supported by sophisticated
technology system

Demonstrated ability to identify and integrate
acquisitions

Liquidity availability to fund external growth

Extensive delivery platform ideally positioned for
Medicare care management initiatives

Experienced management team

5

William F. Borne
Chairman and Chief Executive OfficerCEO since founding the Company in 1982

Larry R. Graham
President and Chief Operating Officer, DirectorJoined Amedisys in 1996; COO since 1999;
President since 2004

Dale E. Redman, CPA
Chief Financial OfficerJoined Amedisys in February 2007

Alice Ann Schwartz
Chief Information OfficerJoined Amedisys in 1998, CIO since 2004,
SVP Clinical Operations since 2003

Jeffrey Jeter
Chief Compliance OfficerJoined Amedisys in 2001

Management Team

6

Corporate Overview1

Founded in 1982, publicly listed
1994

540 locations in 37 states

Leading provider of home health
services

‒Services include skilled
nursing and therapy services

95% of Home Health revenue is
episodic based (both Medicare &
non-Medicare)

1For the quarter ended March 31, 2009

2Forecasted 2009 annual results as of 4/28/09.

Revenue Mix

Stats

Ш14,800 employees

Ш Daily visits = 21,900

Ш8,000,000 visits projected in 2009

Ш 2009 revenue guidance = $1.475billion2

7

Patient Overview

8

•85% receive care/
discharged within 2
episodes

•10% received care within
4 episodes

•5% - - Chronic Subset

Patient Length of Stay

9

Our Locations

10

Our Strategy

Focus on Medicare-eligible patients

Emphasize internal growth

Select, acquire and integrate quality home care agencies

Focus on leveraging our cost-efficient operating structure

Develop and deploy specialized programs for chronic
diseases and conditions

Expand care coordination platform

Start-up activities

11

Medicare Revenue Market Size

2006: Medicare spending
for home health reached
$14 billion and hospice
was $9.2 billion, giving a
combined total of $23.2
billion

2017: Home health will
contribute $36 billion and
hospice $20 billion of the
projected $56 billion

Source: CBO's March 2008 Baseline: MEDICARE

MEDICARE Home Health and Hospice Revenue

$ in billions

12

Home Nursing Market

Source: CMS Oscar data books and Medpac reports

13

Industry Growth Drivers

Trend from inpatient to home-based care:

‒Patient preference

‒Payor incentives

‒Technology advancements

Demographics - - aging population

‒8,000 Americans will become Medicare eligible each day
beginning in 2011 and by 2030, 57.8 million baby
boomers will be eligible for Medicare benefits1

Increased prevalence of chronic and co-morbid conditions

1Source: United States Census Bureau

14

Internal Growth

Internal revenue growth of 23% for Q1 2009

Internal growth driven by:

‒Overall industry growth

‒Increase in episodic-based admissions

•Focus on start-ups

‒Increase in episodic-based recertifications

•Higher acuity levels and co-morbidities, requiring
more intensive services

‒Increase in episodic-based revenue per episode

•Continued deployment of therapy intensive specialty
programs

15

Start-Up Strategy

Home health start-ups
typically generate $1.5 - $2.0
million in run-rate revenue
by the end of their second
year of operations

~ 18 months to recoup the
$250,000 - - $350,000
investment

40 home health and 5
hospice start-ups projected
in 2009

* Reported numbers are for home health start-ups

Yearly Start-Ups*

31

16

Acquisition Strategy

92

17

49

145

6

17

High Quality Health Care

Source: OCS Corporate Comparative Report

Period: 1/1/08 - 9/30/08

18

Higher Acuity Level Patients

Source: OCS BBI Reporter Corporate Comparative Report
Date Range:2005-2007

19

High Quality Outcomes

Outcomes - - September 2008

Amedisys vs. Nation

* Lower % is better

Source: www.medicare.gov

20

High Quality Health Care

Care Management

‒13 disease management programs

‒70 clinical tracks

Specialty Division

‒Balanced For Life first program in
division

‒Serves higher acuity patients

‒Rolled out to 234 locations through
March 2009

21

Investments in Technology

22

Comprehensive Compliance Program

Local Level

•Point of care system
enhances clinical
documentation accuracy
with real-time assessment
input

•Clinical nurse review of
assessments

•Physician review/approval

•Standardized care plans

•Weekly case conferences

•Monthly audits

•End of episode case review

Regional Level

Corporate Level

•Unannounced
compliance & billing
audits

•Regional directors
monitor compliance
status and resolve errors

•Real-time monitoring
capability of local level
activity via Point of Care
system

•Compliance training for all
employees

•Compliance concerns hotline

•Compliance review of metric
variances

•Compliance manager site
visits

•Semi-annual
clinical/compliance reviews

•Annual Sarbanes-Oxley audit

•Annual billing competency
testing

http://www.amedisys.com/pdf/Compliance3/Compliance_Controls.pdf

23

Medicare Reimbursement

Implemented in October 2000

‒Base payment for 60-day episode of care

‒Adjusted for patient acuity and market factors

2008 CMS issued reimbursement changes

‒Better alignment of reimbursement with patient needs

‒Expands HHRG’s from 80 to 153

‒More integrated reimbursement for therapy

‒Allocation of more dollars to later episodes

‒Benefits agencies with a greater mix of higher-acuity patients

2009 Changes

‒Market basket increase of 2.9%

‒Increase offset by 2.75% case mix creep adjustment

‒No rural add-on payment

24

Strong revenue growth

EPS growth of greater than 20% for six consecutive years

Stable margins

Low leverage

Strong cash flow from operations

Financial Highlights

25

Financial Highlights

26

Summary Financial Results

1 Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest (income) expense, and depreciation and amortization plus certain

TLC integration costs and less the Alliance gain. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from

operating activities, or other traditional indicators of operating performance. This calculation of adjusted EBITDA may not be comparable to a similarly titled measure reported by other

companies, since not all companies calculate this non-GAAP financial measure in the same manner.

2Adjusted diluted earnings per share is defined as diluted earnings per share plus the earnings per share effect of certain TLC acquisition costs and less the earnings per share effect of
the Alliance gain. Adjusted diluted earnings per share should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating
activities, or other traditional indicators of operating performance. This calculation of adjusted diluted earnings per share may not be comparable to a similarly titled measure reported by
other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

($ in millions, except per share data)

2007

2008

Q108

Q109

Net revenue

$697.9

$1,187.4

$213.1

$341.8

Period-over-period growth

29.0%

70.1%

38.7%

60.4%

Gross margin

368.9

624.8

112.3

176.8

Percent of revenue

52.9%

52.6%

52.7%

51.7%

CFFO

93.1

150.7

25.7

54.5

Adjusted EBITDA1

109.8

181.4

32.3

54.0

Percent of revenue

15.7%

15.3%

15.2%

15.8%

Adjusted fully-diluted EPS2

$2.32

$3.31

$0.62

$0.99

27

2007

2008

1Q08

1Q09

Agencies at period end

354

528

480

540

Period-over-period growth

28.7%

49.2%

65.5%

12.5%

Total visits

4,302,830

7,004,200

1,280,957

2,018,920

Period-over-period growth

25.2%

62.8%

31.8%

57.6%

Episodic-based admissions

129,649

199,371

38,859

56,112

Period-over-period growth

19.9%

53.8%

23.0%

44.4%

Episodic-based completed
episodes

219,855

353,076

65,295

96,299

Period-over-period growth

27.1%

60.6%

33.3%

47.5%

Episodic-based revenue per
episode

$2,660

$2,854

$2,673

$3,033

Period-over-period growth

1.0%

7.3%

1.2%

13.5%

Summary Performance Results

28

Dec. 31, 2008

Mar. 31, 2009

Assets

Cash

$2.8

$25.6

Accounts Receivable, Net

175.7

154.4

Property and Equipment

79.3

80.7

Goodwill

733.9

736.3

Other

78.5

89.4

Total Assets

$ 1,070.2

$ 1,086.4

Liabilities and Equity

Debt

$328.5

$310.9

All Other Liabilities

179.6

177.4

Equity

562.1

598.1

Total Liabilities and Equity

$ 1,070.2

$ 1,086.4

Leverage Ratio

1.6x

1.4x

Summary Balance Sheet

($ in millions)

29

Days Revenue Outstanding
(DSO)

(1)Our calculation of days revenue outstanding, net at March 31, 2008 is derived by dividing our ending net patient accounts receivable (i.e. net of estimated revenue adjustments, allowance for doubtful
accounts and excluding the patient accounts receivable assumed in the TLC Health Care Services, Inc. (“TLC”) and Family Home Health Care, Inc. & Comprehensive Home Healthcare Services, Inc.
(“HMA”) acquisitions) by our average daily net patient revenue, excluding the results of TLC and HMA for the three-month period ended March 31, 2008.

(2)Our calculation of days revenue outstanding, net is derived by dividing our ending net patient accounts receivable (i.e. net of estimated revenue adjustments and allowance for doubtful accounts) by our
average daily net patient revenue for the three-month period.

(1)

30

Liquidity

Available line of credit (LOC): 3/31/09=$166m

2009 Estimated CFFO - Cap Ex - Required Debt Pay=$140m

31

Summary

Strong revenue growth

EPS growth of greater than 20% for six consecutive years

Stable margins

Low leverage

Strong cash flow from operations

32

Guidance1

1Guidance excludes the effects of future acquisitions, if they are made.

2Provided as of the date of our Form 8-K filed with the Securities and Exchange Commission on April 28, 2009.

Calendar Year 20092

Net revenue:$1.425 - $1.475 billion

EPS:$4.10 - $4.30

Diluted shares:27.5million

33

Contact Information

Kevin B. LeBlanc

Director of Investor Relations

Amedisys, Inc.

5959 S. Sherwood Forest Boulevard

Baton Rouge, LA 70816

Office - 225.292.2031

Fax - - 225.295.9653

kleblanc@amedisys.com

We encourage everyone to visit the Investors section on our website at www.amedisys.com, where we
have posted additional important information such as press releases, profiles concerning our business and
clinical operations and control processes, and SEC filings. We intend to use our website to expedite public
access to time-critical information regarding the Company in advance of or in lieu of distributing a press
release or a filing with the SEC disclosing the same information.

EX-99.2

Exhibit 99.2

AMEDISYS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL STATEMENTS

(Amounts in thousands)

Earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA
	For the year ended December 31,					For the three-month periods ended March 31,
	2007			2008		2008		2009
Net income attributable to Amedisys, Inc.	$	65,113		$	86,682	$	16,464	$	27,022
Add:
Provision for income taxes		38,298			54,714		10,772		17,286
Interest expense (income), net		(3,150	)		15,600		658		3,374
Depreciation and amortization		13,749			20,406		4,424		6,282
EBITDA (1)	$	114,010			177,402	$	32,318		53,964
Add:
Certain TLC acquisition costs (2)		-			3,991		-		-
Less:
Alliance (3)		(4,212	)		-		-		-
Adjusted EBITDA (4)	$	109,798		$	181,393	$	32,318	$	53,964
Adjusted Net Income Attributable to Amedisys, Inc. Reconciliation
	For the year ended December 31,					For the three-month periods ended March 31,
	2007			2008		2008		2009
Net income attributable to Amedisys, Inc.	$	65,113		$	86,682	$	16,464	$	27,022
Add:
Certain TLC acquisition costs (2)		-			2,446		-		-
Less:
Alliance (3)		(4,212	)		-		-		-
Adjusted net income attributable to Amedisys, Inc. (5)	$	60,901		$	89,128	$	16,464	$	27,022
Adjusted Diluted Earnings Per Share Reconciliation
	For the year ended December 31,					For the three-month periods ended March 31,
	2007			2008		2008		2009
Diluted earnings per share	$	2.48		$	3.22	$	0.62	$	0.99
Add:
Certain TLC acquisition costs (2)		-			0.09		-		-
Less:
Alliance (3)		(0.16	)		-		-		-
Adjusted diluted earnings per share (6)	$	2.32		$	3.31	$	0.62	$	0.99

(1)	EBITDA is defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest (income) expense, and depreciation and amortization. EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
(2)	Certain TLC integration costs incurred primarily for the payment of severances for TLC employees and for the conversion of the acquired TLC agencies to our operating systems including our Point of Care network.
(3)	Alliance Home Health, Inc. (“Alliance”), a wholly owned subsidiary of ours, filed for Chapter 7 federal bankruptcy proceedings in September 2000. That case is now concluded. As a result, the remaining $4.2 million liabilities of Alliance were extinguished and we are not liable for any of these obligations. The discharge of the liabilities resulted in a non-taxable event.
(4)	Adjusted EBITDA is defined as net income attributable to Amedisys, Inc.before provision for income taxes, net interest (income) expense, and depreciation and amortization plus certain TLC integration costs and less the Alliance gain. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
(5)	Adjusted net income attributable to Amedisys, Inc. is defined as net income plus certain TLC acquisition costs and less the Alliance gain. Adjusted net income attributable to Amedisys, Inc. should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted net income attributable to Amedisys, Inc. may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
(6)	Adjusted diluted earnings per share is defined as diluted earnings per share plus the earnings per share effect of certain TLC acquisition costs and less the earnings per share effect of the Alliance gain. Adjusted diluted earnings per share should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted diluted earnings per share may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

1