Chemed(US:CHE)2025-04-23 20:30Revenue Growth - Revenue increased by 9.8% to $646.9 million in Q1 2025 compared to the prior year[3] - Net Patient Revenue for VITAS was $407.4 million, reflecting a 15.1% increase year-over-year[6] - Roto-Rooter generated revenue of $239.5 million, an increase of 1.8% compared to the previous year[11] - Service revenues and sales for Q1 2025 were $646,943,000, up from $589,233,000 in Q1 2024, reflecting a growth of 9.8%[38] - VITAS segment net revenue for Q1 2025 reached $407,400,000, up from $354,007,000 in Q1 2024, indicating a year-over-year increase of 15.1%[45] - Homecare revenue within the VITAS segment was $351,566,000 in Q1 2025, compared to $304,860,000 in Q1 2024, marking a growth of 15.3%[45] Earnings Performance - GAAP Diluted Earnings-per-Share (EPS) rose by 14.6% to $4.86, while Adjusted Diluted EPS increased by 8.3% to $5.63[3] - Net income for Q1 2025 was $71,757,000, an increase of 10.7% compared to $65,017,000 in Q1 2024[36] - Adjusted net income for Q1 2025 was $83,074,000, compared to $79,831,000 in Q1 2024, reflecting a growth of 4.5%[42] - The diluted earnings per share for Q1 2025 was $4.86, up from $4.24 in Q1 2024, representing an increase of 14.6%[42] Operational Metrics - Average Daily Census (ADC) grew by 13.1% to 22,244, with admissions increasing by 7.3% to 18,139[3] - Average daily census (ADC) for homecare increased to 18,140 days in Q1 2025 from 15,911 days in Q1 2024, a rise of 14.2%[45] - Total admissions for VITAS in Q1 2025 were 18,139, up from 16,911 in Q1 2024, representing an increase of 7.2%[45] - The average length of stay for patients increased to 118.7 days in Q1 2025 from 103.9 days in Q1 2024, suggesting a longer duration of care provided[45] Financial Position - As of March 31, 2025, Chemed had total cash and cash equivalents of $173.9 million and no debt[16] - Total current assets decreased to $502,385,000 in Q1 2025 from $539,617,000 in Q1 2024, a decline of 6.8%[34] - Total liabilities remained relatively stable at $544,753,000 in Q1 2025 compared to $544,138,000 in Q1 2024[34] - Cash and cash equivalents decreased to $173,882,000 in Q1 2025 from $313,350,000 in Q1 2024, a decrease of 44.7%[36] - Total stockholders' equity slightly decreased to $1,181,762,000 in Q1 2025 from $1,183,495,000 in Q1 2024[34] Cash Flow and Investments - Net cash provided by operating activities was $32,744,000 in Q1 2025, down from $84,549,000 in Q1 2024, a decline of 61.2%[36] - Capital expenditures for Q1 2025 were $13,280,000, compared to $12,163,000 in Q1 2024, an increase of 9.2%[36] - The company repurchased 50,000 shares for $29.8 million, with approximately $225.6 million remaining under its share repurchase authorization[18] - The company purchased $33,222,000 in treasury stock during Q1 2025, compared to $38,460,000 in Q1 2024[36] Efficiency and Collection - Adjusted EBITDA for VITAS was $70.3 million, up 15.9% from the prior year, with an adjusted EBITDA margin of 17.2%[9] - Adjusted EBITDA for Q1 2025 was $121,692,000, compared to $114,622,000 in Q1 2024, reflecting a growth of 6.1%[40] - The estimated uncollectible accounts as a percentage of revenues decreased to 0.6% in Q1 2025 from 1.1% in Q1 2024, indicating improved revenue collection efficiency[46] - The company reported a decrease in accounts receivable by $67,424,000 in Q1 2025, contrasting with an increase of $5,345,000 in Q1 2024[36]