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    Christian Malachy Porter • Bank of America

    Christian Malachy Porter's questions to Chemed Corp (CHE) leadership

    Christian Malachy Porter's questions to Chemed Corp (CHE) leadership • Q4 2024

    Question

    Christian Porter from Bank of America asked about the reasons for the projected decline in VITAS's 2025 EBITDA margin despite strong revenue growth, whether the Medicare Cap would be a persistent headwind, and the basis for confidence in Roto-Rooter's 2025 revenue guidance and seasonality.

    Answer

    VITAS CEO Nicholas Westfall explained the margin moderation is a deliberate strategy to manage Medicare Cap exposure by focusing on shorter-stay hospital admissions, which ensures long-term sustainability. He and CEO Kevin McNamara clarified that managing the cap is a normal course of business, not a new headwind. For Roto-Rooter, Kevin McNamara cited strong performance in late Q4 and early Q1 2025 as the basis for confidence, noting that 2025 will benefit from easier year-over-year comparisons after a weak 2024.

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    Christian Malachy Porter's questions to Encompass Health Corp (EHC) leadership

    Christian Malachy Porter's questions to Encompass Health Corp (EHC) leadership • Q3 2024

    Question

    Christian Porter, on behalf of Joanna Gajuk, inquired about the primary drivers of the strong same-store volume growth and the specific contribution from new bed additions.

    Answer

    Mark Tarr, President and CEO, attributed the growth to broad-based demand across all geographies and key clinical categories like stroke and neurology, leading to market share gains. Douglas Coltharp, CFO, added that the 115 same-store bed additions year-to-date and the continued ramp-up of de novo hospitals from 2023 provided a significant tailwind to same-store performance.

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