Chemed Corporation (NYSE:CHE) Q1 2024 Earnings Call Transcript April 25, 2024

Chemed Corporation  isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good day and thank you for standing by. Welcome to the Chemed Corporation First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker for today, Holley Schmidt. Please go ahead Holley.

Holley Schmidt: Good morning. Our conference call this morning will review the financial results for the first quarter of 2024 ended March 31st, 2024. Before we begin, let me remind you that the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 apply to this conference call. During the course of this call, the company will make various remarks concerning management's expectations, predictions, plans, and prospects that constitute forward-looking statements. Actual results may differ materially from those projected by these forward-looking statements as a result of a variety of factors, including those identified in the company's news release of April 24th and in various other filings with the SEC.

You are cautioned that any forward-looking statements reflect management's current view only and that the company undertakes no obligation to revise or update such statements in the future. In addition management may also discuss non-GAAP operating performance results during today's call including earnings before interest taxes depreciation and amortization or EBITDA and adjusted EBITDA. A reconciliation of these non-GAAP results is provided in the company's press release dated April 24th, which is available on the company's website at chemed.com. I would now like to introduce our speakers for today; Kevin McNamara President and Chief Executive Officer of Chemed Corporation; Mike Witzeman, Chief Financial Officer of Chemed; and Nick Westfall, Chairman and Chief Executive Officer of Chemed's VITAS Healthcare Corporation subsidiary.

I will now turn the call over to Kevin McNamara.

Kevin McNamara: Thank you, Holley. Good morning. Welcome to Chemed Corporation's first quarter 2024 conference call. I will begin with highlights for the quarter and Mike and Nick will follow-up with additional operating details. I will then open up the call for questions. We are very pleased with the strong operating metrics at VITAS in the first quarter of 2024. In the quarter, our admissions increased 4.5% over the prior year period. These strong admissions continue to drive higher patient census. In the first quarter of 2024, our average daily census or ADC expanded 1,835, an increase of 10.3% when compared to the prior year quarter and 1.6% when compared with the fourth quarter of 2023. VITAS' continued improvement in operating metrics as a result of our continued strength in hiring and retaining licensed staff.

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To continue reading the Q&A session, please click here.