Q2 2024 Chemed Corp Earnings Call Transcript
Key Points
- Chemed Corp (CHE) reported a significant 11% increase in admissions for VITAS in Q2 2024 compared to the same period in 2023.
- The acquisition of Covenant Health positively impacted operating metrics, contributing $8.2 million to $8.7 million in revenue and $1.6 million to $1.8 million in net income.
- VITAS was awarded a Certificate of Need to provide hospice services in Pasco County, Florida, opening new growth opportunities.
- VITAS achieved an average daily census increase of 14.4% year-over-year, reflecting strong operational performance.
- Chemed Corp (CHE) raised its full-year 2024 guidance for VITAS, estimating a 16.3% to 17.3% revenue increase compared to 2023.
- Roto-Rooter experienced a 5% decline in quarterly revenue compared to the prior year, with residential revenue down 1.6% and commercial revenue down 8.2%.
- Overall call volume for Roto-Rooter decreased by 6.1% year-over-year, indicating lower demand.
- Roto-Rooter's adjusted EBITDA decreased by 9.2% in Q2 2024 compared to the prior year, reflecting operational challenges.
- Increased competition in the home services market, particularly in internet marketing, has impacted Roto-Rooter's performance.
- The commercial sector of Roto-Rooter continues to face demand issues, with small business owners behaving similarly to residential customers, leading to decreased revenue.
(Operator Instructions) As a reminder, today's program is being recorded.
And now I'd like to introduce your host for today's program, Holley Schmidt. Please go ahead, ma'am
Good morning. Our conference call this morning will review the financial results for the second quarter of 2024 ended June 30, 2024. Before we begin, let me remind you that the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 apply to this conference call.
During the course of this call, the company will make various remarks concerning management's expectations, predictions, plans, and prospects that constitute forward-looking statements.
Actual results may differ materially from those projected by these forward-looking statements as a result of a variety of factors, including those identified in the company's news release of July 24t and in various other filings with the SEC. You are cautioned that any forward-looking statements reflect management's current view
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