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LHC Group Gestione

Criteri Gestione verificati 3/4

Informazioni chiave

Keith Myers

Amministratore delegato

US$4.3m

Compenso totale

Percentuale dello stipendio del CEO	23.12%
Mandato del CEO	29.1yrs
Proprietà del CEO	2.9%
Durata media del management	4.1yrs
Durata media del Consiglio di amministrazione	8.5yrs

Aggiornamenti recenti sulla gestione

Recent updates

Seeking Alpha • Aug 03

LHC Group GAAP EPS of $0.35 misses by $0.95, revenue of $576.2M misses by $29.82M

LHC Group press release (NASDAQ:LHCG): Q2 GAAP EPS of $0.35 misses by $0.95. Revenue of $576.2M (+5.6% Y/Y) misses by $29.82M.

Seeking Alpha • Jul 19

LHC Group: UnitedHealth Merger Is Worth Playing

UnitedHealth’s ongoing acquisition of LHC Group is an interesting merger arbitrage setup, potentially offering an annualized return of 10%. The spread has recently widened as the transaction has attracted the FTC’s attention. The merger still seems likely to close - both companies have a low overlap, the home healthcare market is highly fragmented and the Humana-Kindred merger is a closely comparable transaction. The main risks are antitrust concerns over vertical integration and legal challenges to UnitedHealth’s ongoing merger with Change Healthcare. This is one of the ongoing large-cap merger arbitrage cases where the spread has recently widened. Healthcare and insurance giant UnitedHealth Group (UNH) is buying in-home healthcare company LHC Group (LHCG) at $170 per share. Board/shareholder approvals are already in-the-pocket. The only remaining hurdle is antitrust approval. Until recently, the market was not pricing in any regulatory risk as the spread was around 2%. In June, however, the merger received a second information request from the FTC. Since the news, the spread has jumped and is currently at 5%. In early July, rumors appeared that the FTC’s probe is focused on workers’ pay. Regulatory investigation is currently ongoing and the FTC will have 30 days to finish the review once the companies submit all the required information. Red dot represents FTC’s second request date. Yellow dot is where rumors appeared that FTC’s request is focused on labor pay. FTC’s inquiry comes in light of several industry developments. Firstly, UNH’s other ongoing $13bn merger with Change Healthcare (CHNG) has received pushback from the DoJ. The trial is set for August. However, CHNG operates in a different industry (medical billing software) than LHCG and the UHN-CHNG transaction has a much higher business overlap compared to UNH-LHCG merger. Secondly, since Joe Biden’s executive order on promoting competition in 2021, antitrust regulators have been putting increasing attention on healthcare mergers, highlighting impact on workers’ wages and the degree of vertical integration. These two concerns could be at play in the LHCG-UNH transaction. Also, as of May, the FTC has shifted to a majority-democratic commission, possibly pointing to tighter regulatory scrutiny. Despite these risks, I see several reasons why the LHCG merger is likely to receive regulatory clearance: UNH and LHCG have a low service overlap. The home healthcare market is highly fragmented. The Kindred-Humana merger is a comparable transaction in the home healthcare space. Recent FTC ruling history suggests that healthcare mergers are blocked due to geographical overlap/dominant market shares - largely not applicable to UNH-LHCG. Moreover, seemingly no mergers were blocked solely on labor pay grounds. Let’s go through these one-by-one. Limited Business Overlap LHCG operates in the post-acute healthcare market. The primary focus is on home-based healthcare services which have historically made a lion’s share of revenues at ~80%. This includes two reportable segments - home health (~70%) and home-/community-based care (~10%). The company operates home nursing agencies through which it provides post-acute nursing, medically-oriented social services and therapy. Other segments (~20% of revenues) are hospices, facility-based healthcare services and other healthcare businesses. Meanwhile, UNH is a vertically-integrated multinational company - it runs both health insurance (UnitedHealthcare) and health services (Optum) businesses. The Optum arm provides a continuum of healthcare services, including primary care, virtual care, behavioral health and ambulatory surgery. Even so, the company’s presence in the post-acute in-home care market has been limited. Apparently, ever since the pandemic, UNH has sought to expand the segment. Still, some overlap with LHCG remains - UNH launched its own service HouseCalls as well as acquired start-ups Landmark Health and naviHealth. HouseCalls in an annual in-home medical assessment and not a post-acute care service. Having said that, the number of patient visits in 2021 were at ~2.1m compared to 12m+ patient encounters at LHCG, though the latter include hospice patients. NaviHealth is a software business. The company operates a platform which helps hospital systems and healthcare providers manage clinical decision-making and track patient data. It should be noted that the focus is also on post-acute healthcare services. Landmark Health provides in-home care, however, the focus is exclusively on the sickest and most complicated patients. Services are offered in addition to regular primary care providers, such as LHCG. As of 2019, the number of annual visits was at 400k. Home-Care Market The in-home care market in the US is highly fragmented. To illustrate this, the largest market share captured by Kindred at Home (not publicly-listed) in recent years has been stable at only around 6% while other largest peers (Amedisys and Encompass) have occupied only ~4%-~5%. Company LHCG AMED EHC Kindred at Home Market Cap 5.0 4.1 4.9 Enterprise Value 5.8 4.5 8.0 FY2021 Home Care Revenues ($bn) 1.6 1.4 0.9 Market Share 4.4% 5.0% 3.9% 6.0% Sources: Company filings and HealthCare Appraisers. LexisNexis Visually, LHCG (top-right) appears to cover similar geographies as the largest peers Kindred, Amedisys and Encompass: AMED 8-K Filing, LHCG Investor Presentation, EHC Investor Reference Book, Kindred Healthcare Investor Presentation (Kindred acquired Gentiva in 2015) Looking more specifically, LHCG’s share of the number of home care agencies in several states is significant at ~70% in Mississippi and ~50% in Kentucky. However, these areas have relatively low numbers of total home care providers. Plus, total agency number includes only Medicare-registered providers whose count stands at ~11k compared to a rough estimate of ~35k+ including non-licensed agencies. With this in mind, the merger is unlikely to result in UNH obtaining any alarming market power other than in several specific geographies where divestitures, if needed, could be reasonable to expect. This makes any antitrust pushback very unlikely.

Seeking Alpha • Jul 06

FTC second request in LHC Group/UnitedHealth said to probe pay, labor market

The FTC's second request into UnitedHealth's (NYSE:UNH) planned $5.4 billion purchase of LHC Group (NASDAQ:LHCG) is said to be centered on workers' pay in the home healthcare space. The companies received a second request early last month that was unexpected, according to a Dealreporter item, which cited sources familiar. Kindred Healthcare's sale to Apollo Global also received a second request from the FTC. The FTC is said to be looking at how pay in the healthcare space and how minimum wage workers have trouble bargaining for higher wages, according to the report. UnitedHealth (UNG) agreed to buy home health business LHC Group for $170/share in late March.

Analisi delle retribuzioni degli amministratori delegati

Come è cambiata la remunerazione di Keith Myers rispetto agli utili di LHC Group?
Data	Compenso totale	Stipendio	Utili della società
Dec 31 2022	n/a	n/a	US$40m
Sep 30 2022	n/a	n/a	US$63m
Jun 30 2022	n/a	n/a	US$73m
Mar 31 2022	n/a	n/a	US$101m
Dec 31 2021	US$4m	US$996k	US$116m
Sep 30 2021	n/a	n/a	US$130m
Jun 30 2021	n/a	n/a	US$117m
Mar 31 2021	n/a	n/a	US$124m
Dec 31 2020	US$3m	US$996k	US$112m
Sep 30 2020	n/a	n/a	US$103m
Jun 30 2020	n/a	n/a	US$119m
Mar 31 2020	n/a	n/a	US$99m
Dec 31 2019	US$5m	US$900k	US$96m
Sep 30 2019	n/a	n/a	US$94m
Jun 30 2019	n/a	n/a	US$86m
Mar 31 2019	n/a	n/a	US$77m
Dec 31 2018	US$4m	US$750k	US$64m
Sep 30 2018	n/a	n/a	US$61m
Jun 30 2018	n/a	n/a	US$51m
Mar 31 2018	n/a	n/a	US$46m
Dec 31 2017	US$3m	US$735k	US$50m
Sep 30 2017	n/a	n/a	US$41m
Jun 30 2017	n/a	n/a	US$40m
Mar 31 2017	n/a	n/a	US$38m
Dec 31 2016	US$3m	US$700k	US$37m

Compensazione vs Mercato: La retribuzione totale di Keith ($USD 4.31M ) è inferiore alla media delle aziende di dimensioni simili nel mercato US ($USD 8.19M ).

Compensazione vs guadagni: La retribuzione di Keith è aumentata di oltre il 20%, mentre gli utili aziendali sono diminuiti di oltre il 20% nell'ultimo anno.

AMMINISTRATORE DELEGATO

Keith Myers (63 yo)

29.1yrs

Mandato

US$4,307,489

Compensazione

Mr. Keith G. Myers has been the Co-Founder, Chairman and Chief Executive Officer of LHC Group, Inc. since 1994 and served as its President since December 31, 2019 until June 2020. Mr. Myers has been Direct...

Gruppo dirigente

Nome	Posizione	Mandato	Compensazione	Proprietà
Keith Myers	Co-Founder	29.1yrs	US$4.31m	2.91% $ 154.0m
Joshua Proffitt	President & Chief Operating Officer	2.7yrs	US$3.08m	0.38% $ 20.0m
Dale Mackel	Executive VP	2.3yrs	US$627.34k	0.058% $ 3.1m
Nicholas Gachassin	Executive VP & General Counsel	4.1yrs	US$887.44k	0.051% $ 2.7m
Bruce Greenstein	Executive VP and Chief Strategy & Innovation Officer	4.4yrs	US$2.12m	0.13% $ 7.0m
John Indest	Consultant & Independent Director	11.4yrs	US$211.28k	0.11% $ 6.0m
Kimberly Seymour	Senior VP & Chief Accounting Officer	2.7yrs	Nessun dato	0.018% $ 953.7k
Mohammad Ali	Chief Information Officer	3.2yrs	Nessun dato	Nessun dato
Marcus Macip	Executive VP & Chief Administrative Officer	no data	Nessun dato	Nessun dato
JoAnne Little	Senior VP & Chief Compliance Officer	10.1yrs	Nessun dato	Nessun dato
Mark Willis	Senior VP & Chief Communications Officer	no data	Nessun dato	Nessun dato
Melanie Kuehn	Division President of Operations – Acadia Division Home Health	no data	Nessun dato	Nessun dato

4.1yrs

Durata media

55yo

Età media

Gestione esperta: Il team dirigenziale di LHCG è considerato esperto (durata media dell'incarico 4.1 anni).

Membri del Consiglio di amministrazione

Nome	Posizione	Mandato	Compensazione	Proprietà
Keith Myers	Co-Founder	29.1yrs	US$4.31m	2.91% $ 154.0m
John Indest	Consultant & Independent Director	22.7yrs	US$211.28k	0.11% $ 6.0m
Ronald Nixon	Independent Director	21.6yrs	US$208.66k	0.087% $ 4.6m
Clifford Holtz	Lead Independent Director	5.3yrs	US$553.66k	0.039% $ 2.0m
Jonathan Goldberg	Independent Director	5.3yrs	US$218.66k	0.19% $ 9.8m
Tyree Wilburn	Transitional Advisory Council	3.9yrs	US$164.95k	Nessun dato
W. Reed	Independent Director	5.3yrs	US$218.78k	0.45% $ 23.7m
William Turner	Independent Director	8.5yrs	US$228.91k	0.046% $ 2.4m
Teri Fontenot	Independent Director	3.9yrs	US$225.78k	0.025% $ 1.3m
Monica Azare	Independent Director	15.3yrs	US$214.28k	0.098% $ 5.2m
Jake Delhomme	Member of Founder's Advisory Board	9.2yrs	Nessun dato	Nessun dato

8.5yrs

Durata media

66yo

Età media

Consiglio di amministrazione esperto: I membri del consiglio di amministrazione di LHCG sono considerati esperti (durata media dell'incarico 8.5 anni).

Analisi aziendale e situazione dei dati finanziari

Dati	Ultimo aggiornamento (ora UTC)
Analisi dell'azienda	2023/02/23 12:58
Prezzo dell'azione a fine giornata	2023/02/21 00:00
Utili	2022/12/31
Utili annuali	2022/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

Pacchetto	Dati	Tempistica	Esempio Fonte USA ^*
Dati finanziari della società	10 anni	Conto economico Rendiconto finanziario Bilancio	Modulo SEC 10-K Modulo SEC 10-Q
Stime di consenso degli analisti	+3 anni	Previsioni finanziarie Obiettivi di prezzo degli analisti	Rapporti di ricerca degli analisti Blue Matrix
Prezzi di mercato	30 anni	Prezzi delle azioni Dividendi, scissioni e azioni	Dati di mercato ICE Modulo SEC S-1
Proprietà	10 anni	Top azionisti Insider trading	Modulo 4 SEC Modulo 13D SEC
Gestione	10 anni	Team di leadership Consiglio di amministrazione	Modulo SEC 10-K Modulo SEC DEF 14A
Sviluppi principali	10 anni	Annunci aziendali	Modulo 8-K SEC

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina GitHub; abbiamo anche delle guide su come utilizzare i nostri report e dei tutorial su YouTube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

LHC Group, Inc. è coperta da 20 analisti. 8 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

Analista	Istituzione
Matthew Gillmor	Baird
Steven Valiquette	Barclays
Sarah James	Barclays

This company has been acquired

LHC Group Gestione

Criteri Gestione verificati 3/4

Informazioni chiave

Aggiornamenti recenti sulla gestione

Insufficient new directors

Insufficient new directors

Insufficient new directors

Executive VP & General Counsel recently sold US$100k worth of stock

Independent Director recently sold US$1.0m worth of stock

LHC Group, Inc., Annual General Meeting, Jun 10, 2021

Recent updates

Full year 2022 earnings: EPS and revenues miss analyst expectations

Consensus forecasts updated

Insufficient new directors

Consensus EPS estimates fall by 20%

Third quarter 2022 earnings: EPS and revenues miss analyst expectations

LHC Group, Inc. to Report Q3, 2022 Results on Nov 02, 2022

Consensus forecasts updated

Consensus forecasts updated

LHC Group, Inc. (NasdaqGS:LHCG) announced an agreement to acquire Three Rivers Home Health Services, Inc.

Consensus EPS estimates fall by 35%

Second quarter 2022 earnings: EPS and revenues miss analyst expectations

LHC Group GAAP EPS of $0.35 misses by $0.95, revenue of $576.2M misses by $29.82M

LHC Group: UnitedHealth Merger Is Worth Playing

LHC Group, Inc. to Report Q2, 2022 Results on Aug 03, 2022

FTC second request in LHC Group/UnitedHealth said to probe pay, labor market

First quarter 2022 earnings: EPS misses analyst expectations

Insufficient new directors

LHC Group, Inc. to Report Q1, 2022 Results on May 04, 2022

Insufficient new directors

OptumHealth, Inc. entered into a definitive agreement to acquire LHC Group, Inc. (NasdaqGS:LHCG) for $5.5 billion.

Full year 2021 earnings: EPS misses analyst expectations

LHC Group, Inc. Provides Earnings Guidance for the First Quarter and Full Year of 2022

Executive VP & General Counsel recently sold US$100k worth of stock

Investor sentiment improved over the past week

LHC Group, Inc. (NasdaqGS:LHCG) announces an Equity Buyback for $250 million worth of its shares.

Third quarter 2021 earnings released: EPS US$0.89 (vs US$0.47 in 3Q 2020)

Price target decreased to US$212

Price target decreased to US$222

LHC Group, Inc. (NasdaqGS:LHCG) agreed to acquire Generations Home Health.

LHC Group, Inc. (NasdaqGS:LHCG) acquired Heart of Hospice, LLC from Evening Post Industries, Inc.

Investor sentiment deteriorated over the past week

Second quarter 2021 earnings released: EPS US$1.21 (vs US$1.44 in 2Q 2020)

LHC Group, Inc. (NasdaqGS:LHCG) completed the acquisition of Cavalier Healthcare Services Inc.

LHC Group, Inc. (NasdaqGS:LHCG) entered into an agreement to acquire Ashley County Medical Center Home Health.

Lead Independent Director Wilbert Tauzin has left the company

LHC Group, Inc. (NasdaqGS:LHCG) signed a definitive agreement to acquire Heart of Hospice, LLC from Evening Post Industries, Inc.

Independent Director recently sold US$1.0m worth of stock

LHC Group, Inc. (NasdaqGS:LHCG) entered into an agreement to acquire Heart ‘n Home Hospice & Palliative Care, LLC.

LHC Group, Inc. (NasdaqGS:LHCG) agreed to acquire two hospice care provider in Tucson from La Casa de la Raza, Inc.

First quarter 2021 earnings released: EPS US$1.11 (vs US$0.71 in 1Q 2020)

LHC Group, Inc. Raises Revenue Guidance for the Full Year 2021

LHC Group, Inc. (NasdaqGS:LHCG), Texas Health Resources Inc. and North Texas Health Facilities Management, Inc entered into an agreement to acquire Regent Home Health.

Lhc Group and Orlando Health Expands Partnership in Florida

Revenue and earnings miss expectations

Full year 2020 earnings released: EPS US$3.59 (vs US$3.10 in FY 2019)

New 90-day low: US$188

LHC Group, Inc., Annual General Meeting, Jun 10, 2021

LHC Group, Inc. to Report Q4, 2020 Results on Feb 25, 2021

LHC Group, Inc. (NasdaqGS:LHCG) completed the acquisition of East Valley Hospice and East Valley Palliative Care.

New 90-day low: US$196

LHC Group, Inc. (NasdaqGS:LHCG) agreed to acquire Grace Hospice Of Oklahoma.

Analysts update estimates

LHC Group, Inc. (NasdaqGS:LHCG) entered into an agreement to acquire East Valley Hospice and East Valley Palliative Care.

Revenue beats expectations, earnings disappoint

Third quarter 2020 earnings released: EPS US$0.47

LHC Group, Inc. Revises Earnings Guidance for the Full Year 2020

LHC Group, Inc. Appoints Dale G. Mackel to Serve as its Executive Vice President and Treasurer

LHC Group and CHRISTUS Health Expand Joint Venture Partnership in Texas

LHC Group, Inc. to Report Q3, 2020 Results on Nov 04, 2020

Lhc Group, Inc. Finalizes Two New Joint Venture Agreements in Georgia, Purchases Colorado Hospice Provider

LHC Group, Inc. (NasdaqGS:LHCG) completed the acquisition of unknown minority stake in Norton Healthcare, Inc.

LHC Group, Inc. (NasdaqGS:LHCG) completed the acquisition of Home Health and Home and Community Based Services from VNA of Maryland and Elite Home Care Services.

LHC Group, Inc. Provides Earnings Guidance for the Full Year 2020

LHC Group, Inc. (NasdaqGS:LHCG) completed the acquisition of stakes in two locations in Bryant, Arkansas from Saline Memorial Hospital.

LHC Group, Inc. to Report Q2, 2020 Results on Aug 05, 2020

Analisi delle retribuzioni degli amministratori delegati

AMMINISTRATORE DELEGATO

Gruppo dirigente