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LHC beats, ups guidance

May 4, 2017

LHC Group (NASDAQ: LHCG) reported Q1 EPS of $0.53, $0.09 better than the analyst estimate of $0.44. Revenue for the quarter came in at $246.6 million versus the consensus estimate of $242.17 million.

GUIDANCE:

LHC Group sees FY2017 EPS of $2.23-$2.33. LHC Group sees FY2017 revenue of $1.02-1.04 million.

FY 2017 Guidance

LHC Group today raised its fiscal year 2017 guidance for net service revenue to be in an expected range of $1.02 billion to $1.04 billion, from the previous range of $1 billion to $1.03 billion, and fully diluted earnings per share to be in an expected range of $2.23 to $2.33, from the previous range of $2.07 to $2.23. As of January 1, 2017, the Company adopted a new accounting standard, ASU 2016-09, under which adjustments to the income tax effects of share-based awards are now recognized in the income statement as a component of the provision for income taxes when the awards vest, instead of through equity on the balance sheet. The Company’s financial guidance includes the $838,000 income tax benefit, or $0.05 per diluted share, related to the adoption of this new accounting standard.

The Company’s financial guidance does not take into account the recently announced definitive agreement with Baptist Memorial Health Care, the impact of future reimbursement changes, if any, future acquisitions, if made, de novo locations, if opened, or future legal expenses, if necessary.

Financial Results for the First Quarter of 2017 Compared with the First Quarter of 2016

  • Net service revenue increased 10.8% to $246.6 million for the first quarter of 2017 compared with $222.6 million for the first quarter of 2016.
  • Net income attributable to LHC Group was $9.5 million, or $0.53 per diluted share, for the first quarter of 2017 compared with $7.7 million, or $0.44 per diluted share, for the first quarter of 2016. Results for the first quarter of 2017 included a lower tax expense for the quarter due to an excess tax benefit of $838,000, or $0.05 per diluted share, associated with the adoption of a new accounting standard for stock-based compensation.
  • Total comparable-quarter organic growth in home health admissions for the first quarter was 11.7%.
  • Total comparable-quarter organic growth in hospice admissions for the first quarter was 6.2%.

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