September 23, 2017 3:40 PM 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 155 leased and owned facilities; and 32 inpatient units in 19 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
Age: 38
President and Chief Financial Officer
Age: 57
Chief Operating Officer
Chairman of the Board
Age: 63
Chief Information Officer and Executive Vice President
Compensation as of Fiscal Year 2017.

VITAS Healthcare Corporation Key Developments

VITAS Healthcare Appoints Joel Wherley as Chief Operating Officer

VITAS Healthcare announced the appointment of Joel Wherley as Chief Operating Officer. Reporting to VITAS Chief Executive Officer Nick Westfall, Joel oversees operations of the company’s 44 hospice programs in 14 states, which care for more than 16,300 hospice patients and their families on a daily basis. He joined VITAS in 2016 as senior vice president of hospice operations, where he led daily operations for VITAS programs in Illinois, Kansas, Missouri and Texas.

VITAS Mulls Acquisitions

VITAS Healthcare Corporation is looking for acquisition opportunities. Nicholas Michael Westfall, Chief Executive Officer of VITAS, said, No, just to complement a few of Kevin's comments. Bill, as you pointed out, most of all of our growth, almost exclusively, has been organically over the past few years. We do have a few new starts and de novos that have just recently opened up or are in the pipeline here in 2017. And between the combination of new starts and/or the potential for acquisitions, we're always evaluating the markets we're not in today, what the right entrance strategy would be if we want to be into those markets. And from an acquisition perspective, as we've stated, I think, over the past few years and the past few quarters, we'll be opportunistic related to any of those opportunities that very frequently come across but have to be the right situation, have the right valuation associated with it and have some business and strategic value for us long term. So our game plan will remain consistent with how it's been in the past. And the combination of those sort of 3 pillars should allow for the growth that we're projecting and forecasting in our guidance.

VITAS Healthcare Corporation Reports Earnings Results for the First Quarter Ended March 31, 2017; Provides Earnings Guidance for 2017

VITAS Healthcare Corporation reported earnings results for the first quarter ended March 31, 2017. Net revenue for VITAS was $282 million in the first quarter of 2017, which is an increase of 1.7%, when compared to the prior-year period. This revenue increase is comprised of an average net Medicare reimbursement rate increase of approximately 1.6%, a 3.6% increase in average daily census, offset by acuity mix shift which negatively impacted revenue 2.4% as well as the 1.1% negative impact from having one less day in the quarter when compared to the prior-year period. In the first quarter of 2017, VITAS had a 26.1/73.9 RHC Days-of-Care ratio and generated approximately $1.4 million in SIA revenue. This compares to a 2016 RHC Days-of-Care ratio of 25.0/75.0 and SIA revenue of $1.0 million. Average revenue per patient per day in the quarter was $193.37, which is 0.8% below the prior-year period. Routine home care reimbursement and high acuity care averaged $163.37 and $715.10, respectively. Adjusted EBITDA totaled $38.4 million in the quarter, an increase of 7.0% over the prior-year period. Adjusted EBITDA margin was 13.6% in the quarter which is 67 basis points higher than the prior-year period. Net Income, including discrete items, of $20.6 million, an increase of 7.9%. Revenue growth for VITAS in 2017, prior to Medicare Cap, is estimated to be in the range of 4% to 5%. Admissions and Average Daily Census in 2017 are estimated to expand approximately 3% to 4% and full-year Adjusted EBITDA margin, prior to Medicare Cap, is estimated to be 14.5% to 15.0%.

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