Chemed Reports Fourth-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 fourth quarter ended December 31, 2012, versus the comparable prior-year period, as follows:

Consolidated operating results:
  • Revenue increased 5.2% to $369 million
  • GAAP Diluted EPS increased 6.9% to $1.40
  • Adjusted Diluted EPS increased 8.3% to $1.57

VITAS segment operating results:
  • Net Patient Revenue of $273 million, an increase of 7.2%
  • Average Daily Census (ADC) of 14,465, an increase of 5.4%
  • Admissions of 16,004, an increase of 5.4%
  • Net Income of $24.6 million, an increase of 8.4%
  • Adjusted EBITDA of $44.0 million, an increase of 9.8%
  • Adjusted EBITDA margin of 16.1%, a increase of 38 basis points

Roto-Rooter segment operating results:
  • Revenue of $95.6 million, a decrease of 0.1%
  • Unit-for-unit job count of 168,144, a decrease of 2.1%
  • Net Income of $9.2 million, a decrease of 0.8%
  • Adjusted EBITDA of $17.1 million, a decrease of 4.2%
  • Adjusted EBITDA margin of 17.9%, a decrease of 76 basis points

VITAS

Net revenue for VITAS was $273 million in the fourth quarter of 2012, which is an increase of 7.2% over the prior-year period. This revenue growth was the result of increased ADC of 5.4%, driven by an increase in admissions of 5.4%, increased discharges of 5.4% and Medicare price increases of approximately 0.9%. Revenue growth in the quarter was also enhanced by lower Medicare Cap billing limitations.

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