LAFAYETTE, La., July 30, 2019 (GLOBE NEWSWIRE) -- LHC Group, Inc. (NASDAQ: LHCG) announced today that it has agreed to purchase a home health and home and community based services (HCBS) provider located in Baltimore from VNA of Maryland and Elite Home Care Services.
The agreement is expected to close on September 1, subject to customary closing conditions. LHC Group expects annualized revenue from this purchase of approximately $35 million and that it will not materially affect its 2019 diluted earnings per share. To date in 2019, LHC Group has acquired or agreed to acquire 12 home health, five hospice, and one HCBS locations in four states and the District of Columbia, representing annualized revenue of approximately $72.5 million.
The provider’s home health services will continue to operate under the current name of VNA of Maryland. HCBS services will operate under the name of Maryland Private Care. The provider serves patients in Baltimore and the licensed service area with in-home healthcare.
LHC Group will continue to work with current referral sources and patients to ensure there is no interruption in the continuity of care.
Home healthcare is an effective and affordable solution for many patients’ healthcare needs and situations. Home health professionals treat a wide range of medical conditions, allowing patients to rest and recover in the comfort of home.
HCBS caregivers offer personal assistance with everything from grooming and light housekeeping to transportation and errand running. They will come to a patient’s home or assisted living facility and help with day-to-day needs, providing care and companionship when it’s needed most.
“We are excited by this opportunity to expand our footprint in Maryland and provide quality in-home care for even more patients,” said Keith Myers, LHC Group chairman and CEO. “VNA Home Health of Maryland has a long history of providing great care in this state. We look forward to continuing and enhancing that level of care as we help more people recover and manage their health conditions in the comfort of home.”
“This agreement with LHC Group is the right decision at the right time,” said Barry Ray, VNA of Maryland CEO. “As a leading provider of in-home care, LHC Group will provide VNA with more staff resources, new paths for growth and development, and, most importantly, expanded care capabilities and a solid support system for the patients and families we serve.”
LHC Group is a leading national provider of in-home healthcare services and the joint venture partner of choice for 350 hospitals across the United States.
About LHC Group, Inc.
LHC Group, Inc. is a national provider of in-home healthcare services and innovations, providing high-quality and affordable healthcare services to patients in the privacy and comfort of the home or place of residence. LHC Group’s services cover a wide range of healthcare needs for patients and families dealing with illness, injury, or chronic conditions. The company’s 32,000 employees deliver home health, hospice, home and community based services, and facility-based care in 35 states and the District of Columbia – reaching 60 percent of the U.S. population aged 65 and older. LHC Group is the preferred in-home healthcare partner for 350 leading hospitals around the country. In 2019, the company was named to the inaugural Forbes list of “America’s Best-in-State Employers.”
Forward-looking Statements
Certain statements and information in this press release may be deemed to contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, and all statements, other than statements of historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as “believe”, “hope”, “may”, “anticipate”, “should”, “intend”, “plan”, “will”, “expect”, “estimate”, “project”, “positioned”, “strategy” and similar expressions, and are based on assumptions and assessments made by LHC Group’s management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this press release are made as of the date hereof, and LHC Group undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in LHC Group’s most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, including the sections entitled “Risk Factors”, as well LHC Group’s current reports on Form 8-K, filed with the Securities and Exchange Commission.
Contacts:
LHCG Investor Relations
Eric Elliott
(337) 233-1307
Eric.Elliott@LHCgroup.com
LHCG Media Relations
Mark Willis
(337) 769-0673
Mark.Willis@LHCgroup.com