Final Transcript

CORPORATE PARTICIPANTS

Doug Cannon
Odyssey HealthCare, Inc. Former CFO and SVP

Bob Lefton
Odyssey HealthCare, Inc. CEO and President

CONFERENCE CALL PARTICIPANTS

Darren Lehrich
Deutsche Bank Analyst

Kevin Fischbeck
Lehman Brothers Analyst

Kemp Dolliver
Cowen & Co. Analyst

Armand Givorkin
Citigroup Analyst

Eric Gommel
Stifel Nicolaus Analyst

Frank Morgan
Jefferies & Company Analyst

Balaji Gandhi
Oppenheimer Analyst

Deborah Fine
Fine Capital Partners Analyst

PRESENTATION

     Good day, ladies and gentlemen, and welcome to the third quarter 2006 Odyssey HealthCare earnings conference call. My name is Shanique, and I will be your coordinator for today. At this time, all participants are in a listen-only mode.

We will be facilitating a question and answer session towards the end of this conference. If at any time during the call you require assistance, please press *, followed by 0, and an operator will be happy to assist you. As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the presentation over to your host for todays call, Mr. Doug Cannon. Please proceed.

     Doug Cannon Odyssey HealthCare, Inc.

     Thank you, Shanique. Let me welcome everyone to the conference call for Odysseys third quarter 2006 results. Presenting for the company today are Bob Lefton, CEO, and myself, Doug Cannon. Dirk Allison, our new CFO, is also on the call today.

Before I turn the call over to Bob, I want to take care of a few housekeeping items. The first, as it relates to forward-loOkaying statements.

Certain statements in this presentation are forward-loOkaying statements within the meaning of the federal securities laws. Such forward-loOkaying statements are based on managements current expectations, and are subject to known and unknown risks, uncertainties and assumptions, which may cause the forward-loOkaying events and circumstances discussed in this presentation to differ materially from those anticipated or implied by the forward-loOkaying statements.

Thomson StreetEvents

www.streetevents.com

Contact Us

2

2006 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

Final Transcript

Such risks, uncertainties and assumptions include, but are not limited to, those risks, uncertainties and assumptions identified in our press release dated October 30th, 2006, and the disclosures contained under the headings Government Regulation and Payment Structure in Item 1, Business, and Item 1A, Risk Factors of Odyssey in Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 10, 2006, and in Odysseys most recent report on Form 10-Q and its other filings with the Securities and Exchange Commission.

Many of these factors are beyond the ability of the company to control or predict. Given these uncertainties, listeners are cautioned not to place undue reliance on such forward-loOkaying statements, which reflect managements views only as of todays date.

The company undertakes no obligation to revise or update any of the forward-loOkaying statements, or publicly announce any updates or revisions to any of the forward-loOkaying statements, to reflect any change in the companys expectations or any change in events, conditions, circumstances or assumptions underlying such statements.

As part of this presentation, certain non-GAAP financial measures may be discussed. I refer you to our press release dated October 30th, 2006, which is available on our website at www.odsyhealth.com, under our Investor Relations tab, for a reconciliation of these non-GAAP financial measures to the corresponding GAAP financial measures.