Chemed Reports First-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 first quarter ended March 31, 2012, versus the comparable prior-year period, as follows:

Consolidated operating results:
  • Revenue increased 6.7% to $353 million
  • GAAP Diluted EPS increased 26.2% to $1.06
  • Adjusted Diluted EPS increased 13.1% to $1.21

VITAS segment operating results:
  • Net Patient Revenue of $261 million, an increase of 10.7%
  • Average Daily Census (ADC) of 13,703, an increase of 6.1%
  • Admissions of 16,322, an increase of 3.3%
  • Net Income of $19.6 million, an increase of 8.3%
  • Adjusted EBITDA of $35.5 million, an increase of 6.8%
  • Adjusted EBITDA margin of 13.6%, a decrease of 49 basis points

Roto-Rooter segment operating results:
  • Revenue of $92.1 million, a decrease of 3.3%
  • Unit-for-unit job count of 168,778, a decrease of 4.2%
  • Net Income of $7.5 million, a decrease of 11.9%
  • Adjusted EBITDA of $14.0 million, a decrease of 9.9%
  • Adjusted EBITDA margin of 15.3%, a decrease of 111 basis points

VITAS

Net revenue for VITAS was $261 million in the first quarter of 2012, which is an increase of 10.7% over the prior-year period. This revenue growth was the result of increased ADC of 6.1%, driven by an increase in admissions of 3.3%, increased discharges of 4.1% and Medicare price increases of approximately 2.5%. Revenue growth was further enhanced by an additional day of revenue due to 2012 being a leap year, reversal of Medicare cap liabilities and favorable geographic mix shift within the patient base.

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