Chemed Reports Second-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 second quarter ended June 30, 2013, versus the comparable prior-year period, as follows:

Consolidated operating results:
  • Revenue increased 0.9% to $357 million
  • GAAP Diluted EPS, including litigation settlement, decreased 30.0% to $0.77
  • Adjusted Diluted EPS increased 14.3% to $1.44

VITAS segment operating results:
  • Net Patient Revenue of $264 million, a decrease of 0.6%
  • Average Daily Census (ADC) of 14,679, an increase of 4.0%
  • Admissions of 15,721, a decrease of 1.2%
  • Net Income of $20.5 million, an increase of 0.3%
  • Adjusted EBITDA of $37.7 million, an increase of 1.7%
  • Adjusted EBITDA margin of 14.3%, an increase of 32 basis points

Roto-Rooter segment operating results:
  • Revenue of $93.6 million, an increase of 5.3%
  • Unit-for-unit job count of 162,432, an increase of 1.0%
  • Net Income, including litigation settlement, of $1.4 million
  • Adjusted EBITDA of $18.9 million, an increase of 31.1%
  • Adjusted EBITDA margin of 20.2%, an increase of 398 basis points

VITAS

Net revenue for VITAS was $264 million in the second quarter of 2013, which is a decline of 0.6% when compared to the prior-year period. This revenue decline is a combination of Medicare reimbursement rates decreasing approximately 1.1%, increased ADC of 4.0% and level of care mix shifting as the proportion of high acuity days-of-care declined 89 basis points.

In the second quarter of 2013, VITAS recorded a Medicare Cap billing adjustment of $0.9 million related to one provider number.

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