VITAS Hospice Services, LLC operates inpatient hospice facilities that provide end-life care hospice services and hospice programs in the United States. It offers hospice care services for adult and pediatric patients with various life-limiting illnesses, including cancer, stroke, heart diseases, lung diseases, liver diseases, kidney diseases, multiple sclerosis, ALS, Alzheimer disuse, and AIDS; and hospice services in patients’ homes and inpatient hospice units, as well as in hospitals, nursing homes, assisted living communities, and residential care facilities. The company provides palliative care services for patients and physicians; VITAS Telecare, a direct line access to medical advice,...
100 South Biscayne Boulevard
Miami, FL 33131
Founded in 2001
VITAS Hospice Services, L.L.C. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Full Year 2013
Oct 28 13
VITAS Hospice Services, L.L.C. reported unaudited earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported that net revenue was $254 million, which is a decline of 5.2% when compared to the prior-year period. This revenue decline is a combination of Medicare reimbursement rates decreasing approximately 1.1%, ADC that was essentially equal to the prior year, a Medicare billing adjustment of $3.2 million and level of care mix shift. This shift in level of care negatively impacted revenue approximately $6 million in the quarter. Adjusted EBITDA, excluding Medicare Cap, totaled $40.5 million in the quarter, an increase of 1.8% over the prior-year period. Net income was $14.608 million compared to $21.940 million a year ago. EBITDA was $28.781 million compared to $40.340 million a year ago. Adjusted EBITDA was $37.314 million compared to $39.774 million a year ago. Income from operations was $22.394 million compared to $34.547 million a year ago. Income before income taxes was $23.650 million compared to $34.456 million a year ago.
For the nine months, the company reported service revenues and sales of $788.896 million compared to $794.050 million a year ago. Income from operations was $85.615 million compared to $97.762 million a year ago. Income before income taxes was $89.288 million compared to $100.079 million a year ago. Net income was $55.237 million compared to $61.999 million a year ago. EBITDA was $104.576 million compared to $114.255 million a year ago. Adjusted EBITDA was $112.567 million compared to $112.317 million a year ago.
The company estimates its full-year 2013 revenue will continue to be constrained in the fourth quarter of 2013. This is a result of mix shift from high acuity care to routine home care. Full-year 2013 revenue, prior to Medicare Cap, is estimated to be approximately 1% below the prior year. Admissions in 2013 are estimated to decline approximately 3% 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 $1.8 million in the fourth quarter of 2013.