Why Amedisys (AMED) Stock Is Up Today

NEW YORK (TheStreet) -- Shares of Amedisys Inc.  (AMED) are spiking 29% to $20.73 today following the health care company's higher than expected second quarter earnings, helped by the closing some of its hospices and home health care centers to reduce costs.

Adjusted net income for the second quarter rose to $8 million, or 25 cents per share, up from $5.8 million, or 18 cents per share, a year earlier and beating the consensus estimate of 4 cents by 21 cents. 

Revenue fell -3.5% year-over-year to $305 million, compared to the $316 million in the same quarter of 2013, but ahead of analysts' estimate of $289.9 million.

Amedisys announced yesterday that it entered into a new $70 million six year second lien term loan facility, with proceeds being used to pay down outstanding balances.

AMED Chart AMED data by YCharts

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