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Dec 31, 2022
Chemed Q4 2022 Earnings Report
Chemed's Q4 2022 financial performance reflected revenue growth and increased earnings per share.
Key Takeaways
Chemed Corporation reported a 1.0% increase in revenue to $547 million for Q4 2022. GAAP diluted EPS was $4.13, and adjusted diluted EPS increased by 2.7% to $5.39. The VITAS segment experienced a revenue decline, while Roto-Rooter showed revenue growth.
Consolidated revenue increased by 1.0% to $547 million.
GAAP diluted Earnings-per-Share (EPS) was $4.13.
Adjusted Diluted EPS increased by 2.7% to $5.39.
Roto-Rooter's revenue increased by 6.1% to $239 million.
Chemed
Chemed
Chemed Revenue by Segment
Chemed Revenue by Geographic Location
Revenue by Segment
VITAS Revenue
CapyFin.comRoto-Rooter Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Chemed provided guidance for 2023, estimating increased revenue for both VITAS and Roto-Rooter, and provided an earnings per share range.
Positive Outlook
- VITAS 2023 revenue is estimated to increase 6.0% to 7.0%.
- VITAS ADC is estimated to increase 3.5% to 4.0%.
- Roto-Rooter is forecasted to achieve full-year 2023 revenue growth of 5.0% to 5.5%.
- Roto-Rooter’s adjusted EBITDA margin for 2023 is expected to be 29.3% to 29.5%.
- Full-year 2023 earnings per diluted share is estimated to be in the range of $20.75 to $21.10.
Challenges Ahead
- VITAS forecasted revenue growth is negatively impacted by 75-basis points due to sequestration relief comparison.
- Majority of VITAS census growth expected in the second half of 2023.
- VITAS full year adjusted EBITDA margin is estimated to be 16.3% to 16.6%.
- Estimated $11 million for Medicare Cap billing limitations in calendar year 2023.
- Current 2023 guidance assumes an effective corporate tax rate on adjusted earnings of 25.1%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income