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LHC Group, Inc

lhcgroup.com

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2022 10-K, filed Feb 22, 2023. Its latest SEC filing is a 15-12G from Mar 6, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Provides home health care, including skilled nursing and therapy, to homebound patients; also provides hospice and other post-acute care to patients.

How Did They Make Money?

Medicare, Medicaid and commercial health plans pay for care as it is delivered. Medicare pays for home health care by 30-day periods and hospice care by daily rates; LTACHs receive a fixed amount for each patient case.

revenue
SegmentShareRevenue
Home Health
Usage-based

67%
FY2019: 72%
Hospice
Usage-based

18%
FY2019: 11%
Home and Community-Based
7.9%
FY2019: 10%
Facility-Based
Sold outright
5.6%
FY2019: 5.4%
HCI
1.6%
FY2019: 1.4%

Who Were Their Customers?

Serves primarily Medicare beneficiaries, with other care paid for by Medicaid, managed-care plans, commercial insurers and other payors. Patients receive services through its agencies and facilities; hospital partners also operate joint ventures, and Medicare patients can choose from available providers.

Did Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2022 and turned 1 cent into free cash flow.

Operating income, FY2022
5% of revenue
▼ −42% vs FY2021 ($185.6M, 8%)
Net income, FY2022
3% of revenue
▼ −58% vs FY2021 ($143.6M, 6%)
Free cash flow, FY2022
1% of revenue
▲ Now profitable vs FY2021 (−$133.3M, −6%)

How Were They Changing?

Grew. Revenue grew 26% in 4 years, from $1.8B in FY2018 to $2.3B in FY2022, about 6% a year.

Revenue over time
Home Health Hospice Home and Community-Based Facility-Based HCI
$2.5B$1.3B$0

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