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April 18, 2015 1:04 PM ET

Healthcare Providers and Services

Company Overview of VITAS Healthcare Corporation

Company Overview

VITAS Healthcare Corporation provides hospice and palliative care services for adult and pediatric patients with life-limiting illnesses in the United States. Its hospice services include pain and symptom management, and emotional and spiritual support for patients, as well as bereavement support for families. The company’s services also comprise routine home care, general inpatient care, continuous home care, and respite care services. It offers a range of life-limiting illnesses services, including cancer, stroke, heart disease, lung disease, liver disease, kidney disease, multiple sclerosis, ALS, Alzheimer’s, and AIDS. The company provides hospice care services in patients’ homes; in its ...

100 South Biscayne Boulevard

Suite 1300

Miami, FL 33131

United States

Founded in 1978

Phone:

305-374-4143

Key Executives for VITAS Healthcare Corporation

Chief Executive Officer
Age: 58
President and Chief Financial Officer
Age: 54
Senior Vice President of Operations
Chairman, Chairman of Chemed Corporation, President of Chemed Corporation, Chief Executive Officer of Chemed Corporation and Director of Chemed Corporation
Age: 60
Senior Vice President and General Counsel
Age: 60
Compensation as of Fiscal Year 2014.

VITAS Healthcare Corporation Key Developments

VITAS Healthcare Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Full-Year 2014

VITAS Healthcare Corporation reported earnings results for the third quarter and nine months ended September 30, 2014. Net revenue was $265 million in the third quarter of 2014, which is an increase of $11.4 million, or 4.5%, when compared to the prior-year period of $254 million. This revenue increase is comprised of an average Medicare reimbursement rate increase of 1.4% and a 2.8% increase in average daily census. Net income was $21,593,000 compared to $14,608,000 a year ago. Adjusted EBITDA was $38,339,000 compared to $37,314,000 a year ago. Income from operations was $33,320,000, compared to $22,394,000 a year ago. Income before income taxes was $34,736,000, compared to $23,650,000 a year ago. For the nine months, total revenue was $789.822 million, compared to $788.896 million a year ago. Net income was $60,645,000 compared to $55,237,000 a year ago. Adjusted EBITDA was $109,756,000 compared to $112,567,000 a year ago. Income from operations was $94,030,000, compared to $85,615,000 a year ago. Income before income taxes was $97,806,000, compared to $89,288,000 a year ago. Full-year 2014 revenue growth, prior to Medicare Cap, is estimated to be in the range of 1% to 2%. Admissions in 2014 are estimated to increase 2% and full-year adjusted EBITDA margin, prior to Medicare Cap, is estimated to be 14.5% to 15.0%.

VITAS Healthcare Corporation Announces Unaudited Financial Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Second Quarter, First Half and Full Year of 2014

VITAS Healthcare Corporation announced unaudited financial results for the first quarter ended March 31, 2014. For the quarter, the company reported service revenues and sales of $260.412 million against $271.326 million a year ago. Income from operations was $28.273 million against $31.557 million a year ago. Income before income taxes was $29.268 million against $32.575 million a year ago. Net income was $18.159 million against $20.142 million a year ago. EBITDA was $34.357 million against $37.626 million a year ago. Adjusted EBITDA was $33.939 million against $37.577 million a year ago. VITAS estimates its revenue growth will be constrained in the first half of 2014. This is primarily the result of the 2.0% Medicare rate cut implemented in the second quarter of 2013 as well as continued mix shift from high acuity care to routine home care. These factors will negatively impact revenue comparisons in the first half of 2014. Full-year 2014 revenue growth for VITAS, prior to Medicare Cap, is estimated to be in the range of 1% to 3%. Admissions in 2014 are estimated to increase 3% to 4% and full-year adjusted EBITDA margin, prior to Medicare Cap, is estimated to be 14.5% to 15.0%. Medicare Cap is estimated to be $5 million in 2014. Revenue, adjusted EBITDA and admissions growth is anticipated to begin in the second quarter of 2014, with the majority of this growth weighted to the second half of 2014.

VITAS Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the Full Year of 2014

VITAS reported unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company’s net revenue was $256 million in the fourth quarter of 2013, which is a decline of 6.1% when compared to $272.99 million for the prior-year period. This revenue decline is a combination of several factors. Medicare reimbursement rates, including sequestration, decreased approximately 0.6%, ADC declined 1.9%, a mix shift away from high acuity care reduced revenue 2.3% and a $3.0 million increase in Medicare Cap billing adjustment which equated to 1.1% of additional revenue decline. Adjusted EBITDA, excluding Medicare Cap, totaled $42.4 million in the quarter, a decrease of 5.4% over the prior-year period. Income from operations was $32.9 million compared to $38.42 million a year ago. Income before income taxes was $33.8 million compared to $39.6 million a year ago. Net income was $20.91 million compared to $24.58 million a year ago. For the year, the company’s service revenues and sales was $1,045.1 million compared to $1,067.04 million a year ago. Income from operations was $118.5 million compared to $136.2 million a year ago. Income before income taxes was $123.05 million compared to $139.7 million a year ago. Net income was $76.1 million compared to $86.6 million a year ago. The company provided earnings guidance for the full year of 2014. The company estimates its full-year 2014 revenue growth will continue to be constrained in the first half of 2014. This is a result of the first quarter of 2013 having Medicare rates 2% higher than the subsequent quarters. In addition, VITAS anticipates continued mix shift from high acuity care to routine home care will impact revenue comparisons for the first half of 2014. Full-year 2014 revenue growth for VITAS, prior to Medicare Cap, is estimated to be in the range of 1% to 3%. Adjusted EBITDA margin, prior to Medicare Cap, is estimated to be 14.5% to 15.0%. Medicare Cap is estimated to be $5.6 million in 2014. Revenue, adjusted EBITDA and admissions growth is anticipated to begin in the second quarter of 2014, with the majority of this growth weighted to the second half of 2014.

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