September 26, 2016 12:38 AM ET

Healthcare Providers and Services

Company Overview of VITAS Healthcare Corporation

Company Overview

VITAS Healthcare Corporation provides hospice and palliative care services in the United States. It offers routine home care, general inpatient care, continuous home care, and respite care services. The company provides services to its patients through a network of physicians, registered nurses, home health aides, social workers, clergy, and volunteers. It operates 44 programs from 148 leased facilities; and 33 inpatient units in 16 states and the District of Columbia. The company was founded in 1978 and is headquartered in Miami, Florida. VITAS Healthcare Corporation is a subsidiary of Chemed Corporation.

201 South Biscayne Boulevard

Suite 400

Miami, FL 33131

United States

Founded in 1978

Phone:

305-374-4143

Key Executives for VITAS Healthcare Corporation

Chief Executive Officer and Chief Operating Officer
President and Chief Financial Officer
Age: 56
Chairman, Chairman of Chemed Corporation, Chief Executive Officer of Chemed Corporation, President of Chemed Corporation and Director of Chemed Corporation
Age: 62
Chief Accounting Officer and Senior Vice President
Chief Information Officer and Executive Vice President
Compensation as of Fiscal Year 2016.

VITAS Healthcare Corporation Key Developments

Vitas Healthcare Corporation Announces Executive Changes

VITAS Healthcare Corporation announced that Chief Executive Officer Timothy S. O'Toole has decided to retire. He will, however, stay on to help the company in a consulting capacity. Known for his innovative and aggressive leadership, Tim led the company to unprecedented economic growth while maintaining the highest quality level of end-of-life care for patients and their families. Tim joined CHEMED in 1978 and held a number of positions in his 38 years with the company, including Treasurer. VITAS Chief Operating Officer Nick Westfall, who has been in charge of all VITAS field operations for the last several years, has been named the new CEO.

VITAS Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2016; Provides Earnings Guidance for 2016

VITAS reported unaudited earnings results for the first quarter ended March 31, 2016. For the quarter, service revenues and sales were $277,528,000 against $269,613,000 a year ago. Income from operations was $28,684,000 against $30,195,000 a year ago. Income before income taxes was $30,769,000 against $31,431,000 a year ago. Net income was $19,087,000 against $19,315,000 a year ago. EBITDA was $35,623,000 against $36,333,000 a year ago. Adjusted EBITDA was $35,908,000 against $35,954,000 a year ago. Including the impact of the change in Medicare hospice reimbursement previously discussed, full-year 2016 revenue growth for VITAS, prior to Medicare Cap, is estimated to be in the range of 2.5% to 3.5%. Admissions in 2016 are estimated to increase 3% and full-year adjusted EBITDA margin, prior to Medicare Cap, is estimated to be 14% to 15%. This guidance includes $3.8 million for Medicare Cap billing limitations.

VITAS Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the Year 2016

VITAS reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net revenue was $284 million in the fourth quarter of 2015, which is an increase of $10.1 million, or 3.7%, when compared to the prior-year period. This revenue increase is comprised of an average Medicare reimbursement rate increase of approximately 0.6%, a 5.8% increase in average daily census, offset by level of care and geographic mix shift, when compared to the prior year. Adjusted EBITDA, excluding Medicare Cap, totaled $46.4 million in the quarter, an increase of 2.7% over the prior-year period. Adjusted EBITDA margin, excluding the impact from Medicare Cap, was 16.3% in the quarter which is a decline of 19 basis points when compared to the prior-year. Income from operations was $40.373 million against $40.205 million a year ago. Net income was $26.508 million against $25.542 million a year ago. EBITDA was $47.215 million against $46.652 million a year ago. For the year, the company reported service revenues and sales was 1,115.551 million against $1,064.205 million a year ago. Income from operations was $143.538 million against $134.235 million a year ago. Net income was $93.346 million against $86.186 million a year ago. EBITDA was $169.768 million against $158.719 million a year ago. Adjusted EBITDA was $167.498 million against $155.449 million a year ago. For the full-year 2016 revenue growth for VITAS, prior to Medicare Cap, is estimated to be in the range of 2.5% to 3.5%. Admissions in 2016 are estimated to increase 3% and full-year Adjusted EBITDA margin, prior to Medicare Cap, is estimated to be 14% to 15%. This guidance includes $5.0 million for Medicare Cap billing limitations.

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