Major acquisition fuels earnings success for VITAS in Q2
08/06/24 at 03:05 AM
Major acquisition fuels earnings success for VITAS in Q2
McKnight's Home Care; by Adam Healy; 7/25/24
VITAS Healthcare Corporation, the hospice subsidiary of Chemed Corporation, produced impressive second quarter earnings driven by workforce investments and a big-ticket acquisition [Covenant Health] that closed in April. In the quarter ended June 30, VITAS’ net income skyrocketed by 88.5% year-over-year to $49.2 million, according to an earnings report. Its revenues improved 16.7% to $374.5 million as patient admissions and average daily census increased by 11% and 14.4%, respectively, compared to the prior year quarter.