 Reinstates 2020 guidanceLAFAYETTE, La., Aug. 05, 2020 GLOBE NEWSWIRE -- LHC Group, Inc. NASDAQ: LHCG announced its financial results for the quarter ended June 30, 2020. Unless otherwise noted, all results are compared with the second quarter ended June 30, 2019.Second Quarter 2020 Financial Results Net service revenue decreased 5.9 to 487.3 million due to the impact of the COVID-19 pandemic. Net income attributable to LHC Groups common stockholders increased 78.8 to 44.7 million, or 1.43 per diluted share. Adjusted net income attributable to LHC Groups common stockholders increased 15.9 to 38.6 million, or 1.23 adjusted earnings per diluted share, compared with 33.3 million, or 1.07 per diluted share, in the same period in 2019. Adjusted results for the second quarter of 2020 exclude a pre-tax amount of 0.6 million in acquisition and de novo related expenses associated with acquisitions completed in late 2019 and in the first half of 2020, 0.7 million related to a loss on the sale of an asset and closure related expenses, 27.3 million in COVID-19 related costs and expenses for purchases of personal protective equipment PPE, supplies, employee related costs and expenses and other categories of costs and expenses incurred in response to the pandemic, and 36.8 million, net of non-controlling interest, in government stimulus income funded by the Coronavirus Aid, Relief, and Economic Security CARES Act and distributed through the Provider Relief Fund PRF. Adjusted EBITDA increased 8.8 to 57.7 million compared with 53.0 million in the same period in 2019. A reconciliation of all non-GAAP financial results can be found in separate tables at the end of this release. Operational and Strategic Highlights LHC Groups quality and patient satisfaction scores continue to exceed the national average and outpace industry peers. Organic growth in home health admissions declined 4.7 in the second quarter of 2020 compared with the same period in 2019 due to the impact of the COVID-19 pandemic. Home health organic admissions, when compared with the same periods in 2019, declined 14.3 in April, declined 6.7 in May, increased 7.0 in June and increased 8.5 in July. Organic growth in hospice admissions was 1.8 in the second quarter of 2020 compared with the same period in 2019. Hospice organic admissions, when compared with the same periods in 2019, declined 7.2 in April, increased 2.7 in May, increased 10.4 in June and increased 9.7 in July. On August 1, 2020, LHC Group finalized a joint venture with Orlando Health to enhance home health and home and community based services HCBS in the state of Florida. The joint venture includes six total locations three Orlando Health providers and three LHC Group providers in Orlando, Clermont, Kissimmee, and Altamonte Springs. LHC Group expects incremental annualized revenue from this joint venture of approximately 3.5 million.Commenting on the results, Keith G. Myers, LHC Groups Chairman and Chief Executive Officer, said, The courageous work of our employees during these unprecedented times, and their energy, enthusiasm and unwavering desire to care for those in our charge is nothing short of amazing. During the significant disruption over the past several months of this public health emergency, LHC Group has been essential to our hospital and health system partners, referral sources and the patients, families and communities we are privileged to serve. Similar to other challenges the in-home healthcare industry has faced in the past, we know that we are a much stronger organization now as a result of the rigorous protocols and care models in place, rapid adoption of technology, and investments we have made in our employees and personal protective equipment. The governmental support our industry has received through the CARES Act and other measures is very encouraging and complements the ongoing shift to delivering more care to the patient in the safety and comfort of the home. COVID-19 Update The COVID-19 pandemic had an impact on our operations and financial results for the second quarter of 2020 with a continued impact expected in the second half of 2020, although to a lesser extent than what we have experienced to date. During the quarter, we incurred 27.3 million 20.2 million net of tax, or 0.64 per diluted share, in additional COVID-19 costs and expenses related to personal protective equipment PPE, supplies, employee related costs and expenses, including, without limitation, bonuses, increased wages, wage supplements and PTO replenishments for front line caregivers, and other categories of costs and expenses incurred in response to the pandemic.We experienced lower year-over-year patient volumes in the second quarter from our referral sources related to various COVID-19 policies implemented by local, state and federal public health and governmental authorities, a reduction in home visits, and a reduction in elective procedures. As the second quarter progressed, we saw weekly improvement in all of these areas with home health average daily census, admissions and organic growth recovering from their low points the week of April 13, 2020 and steadily improving with average daily census reaching pre-COVID levels by the week of June 1, 2020. Home health average daily census, admissions and organic growth for the month of July also exceeded prior-year levels for July 2019.We continue to invest in creating the safest environment possible for our employees, patients and communities we serve. The robust employee pre-screening, patient and employee protection protocols and other infection control procedures we implemented in March in accordance with Centers for Disease Control recommendations for all 32,000 employees remain in place, and we have also secured adequate par levels of PPE to ensure we are able to continue providing care in the home setting. In addition, we have implemented a number of programs to support our employees, including a special COVID-19 pandemic grant program as part of our 501c3 LHC Group Purpose Fund that supports employees experiencing financial hardships, retirement plan amendments, special cash-in opportunities for accumulated paid time off, expanded offerings in our employee assistance program, a wage supplement program designed to restore certain lost wages for frontline direct patient care-giving employees that qualified, and a PTO replenishment program designed to restore certain hours of paid time off for front line direct patient care-giving employees that qualified and for any employees who previously donated their PTO hours to these front line direct patient caregivers.LHC Group has also implemented a number of cost containment initiatives, including eliminating non-essential travel and expenses along with employee flexing, furloughs, and other measures. We continue to have strong access to capital with over 507.2 million of available liquidity from cash and our revolving credit facility net of the 310.7 million liability associated with the Medicare Accelerated and Advance Payments.During April 2020, we received funds totaling 310.7 million under the Medicare Accelerated and Advance Payment Program as provided for by the CARES Act. The accelerated Medicare payments are interest free and the program currently requires that the Centers for Medicare and Medicaid Services CMS recoup the accelerated payments beginning 120 days after receipt by the provider, by withholding future Medicare fee-for service payments for claims until such time as the full accelerated payment has been recouped. The program currently requires Medicare Part A providers to repay the funds within 210 days of receipt. Cash flows from operations for the second quarter of 2020 included 310.7 million of accelerated Medicare payments, all of which remains deferred on the balance sheet at June 30, 2020.Also during April 2020, we received funds totaling 88.7 million related to the Provider Relief Fund as provided for by the CARES Act. We recognized 44.4 million 27.2 million net of non-controlling interest and tax, or 0.87 per diluted share, in government stimulus income during the second quarter of 2020 related to general distribution funds received from the Provider Relief Fund. Cash flows from operations for the second quarter of 2020 included 44.4 million of Provider Relief Fund distributions, of which 44.3 million remains deferred on the balance sheet at June 30, 2020.COVID-19 Trends Please refer to the supplemental information that can be found under Quarterly Results on the Companys Investor Relations page to access more detailed statistics on pre-COVID-19 and post-COVID-19 trends.Full Year 2020 Guidance The Company is reinstating full year 2020 guidance after withdrawing it on May 7, 2020, due to the uncertainty around the COVID-19 pandemic. Full year 2020 net service revenue is expected to be in a range of 2.0 billion to 2.05 billion, adjusted earnings per diluted share is expected to be in a range of 4.60 to 4.80, and Adjusted EBITDA, less non-controlling interest, is expected to be in a range of 220 million to 230 million.The Companys guidance ranges reflect a number of assumptions that are subject to change based on uncertainties related to the impact of the COVID-19 pandemic. The Companys guidance ranges do not take into account the impact of future reimbursement changes, if any, future acquisitions, if made, de novo locations, if opened, location closures, if any, or future legal expenses, if necessary.Joshua L. 