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Chemed Reports Third-Quarter 2013 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, 2013, versus the comparable prior-year period, as follows:

Consolidated operating results:
  • Revenue decreased 3.8% to $341 million
  • GAAP Diluted EPS, including litigation, decreased 12.1% to $0.94
  • Adjusted Diluted EPS increased 6.3% to $1.36

VITAS segment operating results:
  • Net Patient Revenue of $254 million, a decrease of 5.2%
  • Average Daily Census (ADC) of 14,241, a decrease of 0.3%
  • Admissions of 14,555, a decrease of 6.3%
  • Net Income, including litigation costs, of $14.6 million, a decrease of 33.4%
  • Adjusted EBITDA of $37.3 million, a decrease of 6.2%
  • Adjusted EBITDA margin of 14.7%, a decrease of 15 basis points

Roto-Rooter segment operating results:
  • Revenue of $86.9 million, an increase of 0.6%
  • Unit-for-unit job count of 150,080, a decrease of 4.9%
  • Net Income, including litigation, of $8.2 million, an increase of 33.1%
  • Adjusted EBITDA of $16.2 million, an increase of 27.6%
  • Adjusted EBITDA margin of 18.6%, an increase of 393 basis points

VITAS

Net revenue for VITAS was $254 million in the third quarter of 2013, which is a decline of 5.2% when compared to the prior-year period. This revenue decline is a combination of Medicare reimbursement rates decreasing approximately 1.1%, ADC that was essentially equal to the prior year, a Medicare billing adjustment of $3.2 million and level of care mix shift. This shift in level of care negatively impacted revenue approximately $6 million in the quarter.

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