Baton Rouge-based home health company Amedisys Inc. reported second-quarter earnings plunged to $1.8 million, or 6 cents per share, compared to $7.9 million, or 26 cents per share, a year earlier.
The company’s revenue dipped to $313.1 million from $363 million a year earlier.
However, the company said its earnings were dampened by costs related to closing unprofitable care centers and legal fees associated with ongoing federal investigations into the firm’s Medicare billing practices. In June, Amedisys announced it would sell 35 centers and consolidate 15 others.
Those costs helped lower Amedisys’ earnings by $3.6 million, or 11 cents per share, according to the company. In addition, the Medicare cuts from the federal budget sequester hacked 9 cents per share from the company’s earnings.
Stock analysts surveyed by Thomson Reuters had forecast earnings of 10 cents per share on revenue of $328 million.
Amedisys also repeated its 2013 earnings forecast to a range of 45 cents to 55 cents per share on revenue of $1.24 billion to $1.28 billion.