Call Start: 10:00 January 1, 0000 10:42 AM ET
Chemed Corporation (NYSE:CHE)
Q4 2023 Earnings Conference Call
February 28, 2024, 10:00 am ET
Company Participants
Holley Schmidt - Assistant Controller
Kevin McNamara - President & CEO
Mike Witzeman - CFO
Nick Westfall - CEO, VITAS Healthcare Corporation
Conference Call Participants
Joanna Gajuk - Bank of America
Michael Murray - RBC Capital Markets
Holley Schmidt
[Call Starts Abruptly]
Financial Results for the Fourth Quarter of 2023 ended December 31, 2023.
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 February 27 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 February 27, 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, 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 fourth quarter 2023 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.
Our fourth quarter 2023 operating results released last night reflect continued improvement in our VITAS' operational metrics. In the quarter, our admissions increased 7% over the prior year period. These strengthening admissions continue to drive higher patient census. In the fourth quarter, our Average Daily Census, or ADC expanded 1,918, an increase of 11% when compared to the prior year quarter and 2.6% when compared to the third quarter of 2023. During the fourth quarter, we surpassed our pre-pandemic ADC all-time high.