Almost Family (AFAM) Misses Q2 EPS by 3c

Almost Family (NASDAQ: AFAM) reported Q2 EPS of $0.61, $0.03 worse than the analyst estimate of $0.64. Revenue for the quarter came in at $156 million versus the consensus estimate of $155.19 million.

William Yarmuth, Chairman and Chief Executive Officer, commented: “We are pleased with our quarterly results as we produced record revenues and solid performance while continuing with the integration of recent significant acquisition activity. This is the first quarter in which our HCI segment has generated positive earnings without an ACO shared savings payment. In only two years since its inception, the HCI segment has established a meaningful business presence with an expectation of on-going profitability. Over the balance of 2016 we will continue to integrate our recent acquisitions, focus on the operation and growth of our existing operations and seek additional acquisition opportunities.”

Steve Guenthner, President added: “We remain optimistic about the future and comparatively favorable capital market and regulatory conditions. The recently released 2017 preliminary rule on Medicare home health reimbursement marks the last of four years of rebasing of home health rates. We feel CMS’ recently announced pre-claim review process, which may initially be somewhat burdensome, if properly implemented should serve to reduce real and perceived payment error rates and help build a relationship of trust between the Program and providers that is critical to home health achieving its real potential in the health care delivery system. We support CMS’ program integrity efforts and will continue to work with them to find the best approaches to implementation.”

Yarmuth concluded: “The knowledge we are gaining from our HCI investments and their overall role in various models to control costs through well managed care only reinforces our overarching thesis that home health care is essential to the future of and will play an ever growing part in our health care delivery system. We will build on this, and our accomplishments to date, as we seek to maintain our growth trajectory. I want to thank our 14,000+ employees for their continued commitment to our important mission-based work and express my confidence in our ability to continue to be a leader in the industry.”

For earnings history and earnings-related data on Almost Family (AFAM) click here.

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