Chemed Reports Second-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 second quarter ended June 30, 2012, versus the comparable prior-year period, as follows:

Consolidated operating results:
  • Revenue increased 6.2% to $354 million
  • GAAP Diluted EPS increased 17.0% to $1.10
  • Adjusted Diluted EPS increased 15.6% to $1.26

VITAS segment operating results:
  • Net Patient Revenue of $265 million, an increase of 9.1%
  • Average Daily Census (ADC) of 14,111, an increase of 6.0%
  • Admissions of 15,912, an increase of 4.0%
  • Net Income of $20.4 million, an increase of 9.9%
  • Adjusted EBITDA of $37.1 million, an increase of 9.4%
  • Adjusted EBITDA margin of 14.0%, an increase of 4 basis points

Roto-Rooter segment operating results:
  • Revenue of $89.0 million, a decrease of 1.4%
  • Unit-for-unit job count of 160,746, a decrease of 3.1%
  • Net Income of $8.1 million, a decrease of 11.2%
  • Adjusted EBITDA of $14.4 million, a decrease of 8.7%
  • Adjusted EBITDA margin of 16.2%, a decrease of 128 basis points

VITAS

Net revenue for VITAS was $265 million in the second quarter of 2012, which is an increase of 9.1% over the prior-year period. This revenue growth was the result of increased ADC of 6.0%, driven by an increase in admissions of 4.0%, increased discharges of 4.4% and Medicare price increases of approximately 2.5%. Revenue growth was further enhanced by geographic mix shift within the patient base and a favorable comparison of Medicare cap.

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