LHC Group (LHCG) Completes Acquisitions of Whispering Pines Health Services and HomeCall; Guides FY09 Sales, EPS

December 2, 2008 9:08 AM EST

LHC Group, Inc. (NASDAQ: LHCG) announced today that it has acquired 100% of the outstanding capital stock of Whispering Pines Health Services, Inc., located in Antlers, Oklahoma.

This acquisition will expand LHC Group's geographic footprint to 16 states. The service area of this acquisition spans 47 counties in Oklahoma and has an estimated total population of 2.9 million, with almost 14% over the age of 65. Whispering Pines Health Services, Inc. had net revenue for the most recent 12 months of approximately $172,000. This acquisition is not anticipated to add materially to LHC Group's earnings in 2008.

The Company also announced that it has closed on the previously announced acquisition of HomeCall, Inc., which consists of 12 home health agencies located in the certificate of need state of Maryland. The service area of this acquisition spans 19 counties in Maryland and has an estimated total population of 5.4 million, with almost 12% over the age of 65. Net revenue for HomeCall for the most recent 12 months was approximately $15.6 million. This acquisition is not expected to add materially to LHC Group's earnings in 2008.

Sees FY09 sales of $450-$470 million, versus the consensus of $436.20 million, and EPS of $1.90-$2.00, versus the Street estimate of $1.93.

LHC Group, Inc., through its subsidiaries, provides post-acute healthcare services primarily to Medicare beneficiaries in rural markets in the United States.

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