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Jun 30, 2021
Chemed Q2 2021 Earnings Report
Chemed's Q2 2021 performance was reported, with increased revenue and adjusted EPS, but decreased GAAP EPS due to declines in the VITAS segment.
Key Takeaways
Chemed Corporation reported a 6.0% increase in revenue to $532 million for Q2 2021. GAAP EPS decreased by 29.9% to $3.51, while adjusted EPS increased by 4.3% to $4.60. The VITAS segment experienced declines in net patient revenue and ADC, while the Roto-Rooter segment saw significant revenue growth.
Consolidated revenue increased by 6.0% to $532 million.
GAAP diluted EPS decreased by 29.9% to $3.51.
Adjusted diluted EPS increased by 4.3% to $4.60.
Roto-Rooter revenue increased by 26.1% to $220 million.
Revenue by Segment
Forward Guidance
Chemed increased its full-year 2021 adjusted earnings per diluted share guidance to a range of $18.20 to $18.50, compared to the initial guidance of $17.00 to $17.50.
Positive Outlook
- VITAS 2021 revenue, prior to Medicare Cap, is estimated to decline approximately 4.5% when compared to the prior year.
- Average Daily Census in 2021 is estimated to decline approximately 5.0%.
- Full-year Adjusted EBITDA margin, prior to Medicare Cap, is estimated to be 18.3%.
- Roto-Rooter is forecasted to achieve full-year 2021 revenue growth of 15.0% to 15.5%.
- Roto-Rooter’s Adjusted EBITDA margin for 2021 is estimated to be between 28% to 29%.
Challenges Ahead
- COVID-19 pandemic continues to disrupt healthcare system and general economy.
- Future rules, regulations and government mandates could materially impact the company’s ability to achieve this guidance.
- Reduced occupancy in senior housing has had a corresponding reduction in VITAS nursing home admissions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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