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Chemed Reports Third-Quarter 2012 Results

Chemed Corporation (Chemed) (NYSE:CHE), which operates VITAS Healthcare Corporation (VITAS), the nation’s largest provider of end-of-life care, and Roto-Rooter, the nation’s largest commercial and residential plumbing and drain cleaning services provider, reported financial results for its third quarter ended September 30, 2012, versus the comparable prior-year period, as follows:

Consolidated operating results:

  • Revenue increased 3.8% to $354 million
  • GAAP Diluted EPS increased 2.9% to $1.07
  • Adjusted Diluted EPS increased 6.7% to $1.28

VITAS segment operating results:

  • Net Patient Revenue of $268 million, an increase of 5.9%
  • Average Daily Census (ADC) of 14,277, an increase of 4.5%
  • Admissions of 15,539, an increase of 4.4%
  • Net Income of $21.9 million, an increase of 4.6%
  • Adjusted EBITDA of $39.8 million, an increase of 5.2%
  • Adjusted EBITDA margin of 14.8%, a decrease of 11 basis points

Roto-Rooter segment operating results:

  • Revenue of $86.4 million, a decrease of 2.4%
  • Unit-for-unit job count of 157,815, a decrease of 3.0%
  • Net Income of $6.1 million, a decrease of 23.3%
  • Adjusted EBITDA of $12.7 million, a decrease of 15.3%
  • Adjusted EBITDA margin of 14.7%, a decrease of 223 basis points

VITAS

Net revenue for VITAS was $268 million in the third quarter of 2012, which is an increase of 5.9% over the prior-year period. This revenue growth was the result of increased ADC of 4.5%, driven by an increase in admissions of 4.4%, increased discharges of 4.5% and Medicare price increases of approximately 2.5%. Revenue growth was partially offset by mix shift between routine home care and high acuity care.

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