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Dec 31, 2023
Chemed Q4 2023 Earnings Report
Chemed's Q4 2023 earnings were reported, with revenue and EPS increasing.
Key Takeaways
Chemed Corporation reported a 7.2% increase in revenue to $585.9 million and a 42.9% increase in GAAP EPS to $5.90 for the fourth quarter of 2023. Adjusted EPS increased by 35.0% to $6.60. VITAS Healthcare saw a 13.6% increase in net patient revenue, while Roto-Rooter's revenue decreased slightly by 1.1%.
Consolidated revenue increased by 7.2% to $585.9 million.
GAAP Diluted Earnings-per-Share (EPS) increased by 42.9% to $5.90.
Adjusted Diluted EPS increased by 35.0% to $6.60.
VITAS net patient revenue increased by 13.6%, driven by an 11.0% increase in ADC.
Revenue by Segment
Forward Guidance
Chemed provided guidance for 2024, estimating VITAS revenue growth of 9.0% to 9.8% and ADC growth of 6.5% to 7.0%. Roto-Rooter is forecasted to achieve revenue growth of 3.5% to 4.0%. Full-year adjusted EPS is estimated to be in the range of $23.30 to $23.70.
Positive Outlook
- VITAS 2024 revenue is estimated to increase 9.0% to 9.8%.
- VITAS ADC is estimated to increase 6.5% to 7.0%.
- Roto-Rooter is forecasted to achieve full-year 2024 revenue growth of 3.5% to 4.0%.
- Full-year 2024 adjusted EPS is estimated to be in the range of $23.30 to $23.70.
- Roto-Rooter’s adjusted EBITDA margin for 2024 is expected to be 28.7% to 29.1%.
Challenges Ahead
- Medicare Cap billing limitations are estimated to be $9.5 million in calendar year 2024.
- VITAS is facing challenges in predicting patient length of stay.
- VITAS is facing challenges in estimating potential Medicare reimbursement obligations.
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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