Amedisys Turns To Loss In Q3

(RTTNews) - Amedisys (AMED), a home health and hospice company, posted third-quarter net loss from continuing operations of $90.4 million, or $2.87 per share, compared with a profit of $10.4 million, or $0.34 per share, a year earlier. Excluding items, the company reported a loss of 1 cent per share from continuing operations attributable to Amedisys' common stockholders in the latest period.

Net service revenue of $301.64 million in the quarter, was down compared with $364.34 million in 2012.

The company said in a statement, "During the third quarter of 2013, we recorded an accrual of $150 million related to the tentative settlement of both the U.S. Department of Justice investigation and the Stark Law Self-Referral matter (the "U.S. Department of Justice settlement"). We have agreed to this tentative settlement without any admission of wrongdoing in order to resolve these matters and to avoid the uncertainty and expense of protracted litigation. In connection with the tentative settlement, we expect to enter into a corporate integrity agreement with the Office of the Inspector General - HHS."