Viemed Healthcare Announces Third Quarter 2024 Financial Results

LAFAYETTE, La., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the "Company" or "Viemed") (NASDAQ:VMD), a national leader in respiratory care and technology-enabled home medical equipment services, announced today that it has reported its financial results for the three and nine months ended September 30, 2024.

Operational highlights (all dollar amounts are USD; comparisons are to the period ended September 30, 2023 unless otherwise noted):

   -- Net revenues increased 17.4% for the quarter ended September 30, 2024 to 
      $58.0 million, setting another Company record, and increased 5.5% 
      sequentially over the second quarter ended June 30, 2024. Excluding 
      acquired revenue of $1.1 million, non-acquired net revenues increased by 
      15% for the quarter ended September 30, 2024. 
   -- Net income increased 33% for the quarter ended September 30, 2024 to $3.9 
      million, or $0.10 per diluted share. Adjusted EBITDA for the quarter 
      ended September 30, 2024 increased 15.5% to $14.0 million. A 
      reconciliation of reported non-GAAP financial measures to their most 
      directly comparable U.S. GAAP financial measures can be found in the 
      tables accompanying this press release. 
   -- The Company increased its ventilator patient count by 11.0% to 11,374 on 
      September 30, 2024 and increased ventilator patient count by 4.3% 
      sequentially from June 30, 2024. 
   -- The Company increased its sleep therapy patient count by 11.0% 
      sequentially to 19,478 on September 30, 2024; the Company also increased 
      its sleep resupply orders by 9.7% sequentially to 22,143 on September 30, 
      2024. 
   -- As of September 30, 2024, the Company maintains a strong cash balance of 
      $11.3 million and an overall working capital balance of $11.3 million. 
      Long term debt as of September 30, 2024 amounted to $3.7 million and the 
      Company has $55.3 million available under existing credit facilities. 
   -- The Company exceeded the high end of its previously projected net revenue 
      range for the third quarter of 2024, and now expects to generate net 
      revenues of approximately $59.7 million to $60.9 million during the 
      fourth quarter of 2024. 

Casey Hoyt, Viemed's CEO, noted, "Viemed continues to earn a trusted place in the home with our high-touch, technology-enabled clinical approach to delivering complex respiratory care services. As a vital link between patients, providers and payers, we are demonstrating Viemed's value in increasing patient satisfaction, improving compliance, and reducing rehospitalizations. This valuable position is helping us increase the patient population that we can serve for non-invasive ventilation, sleep, staffing and other complementary services.

"The combination of Viemed's well-earned place in the home, the sales force restructuring initiatives we completed earlier this year, and the operational efficiencies facilitating greater patient compliance are fueling our strong organic revenue growth. The improved outlook for the balance of 2024 is predicated on continued benefits from these sales initiatives and operational efficiencies driving organic growth and greater penetration of our underserved markets through expanded service and home-based product offerings," added Mr. Hoyt.

Conference Call Details

The Company will host a conference call to discuss third quarter results on Thursday, November 7, 2024 at 12:00 p.m. ET.

Interested parties may participate in the call by dialing:

877-407-6176 (US Toll-Free)

+1 201-689-8451 (International)

Live Audio Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=qSIpA5NC

Following the conclusion of the call, an audio recording and transcript of the call can be accessed on the Company's website.

ABOUT VIEMED HEALTHCARE, INC.

Viemed is an in-home clinical care provider of post-acute respiratory healthcare equipment and services in the United States, including non-invasive ventilators (NIV), sleep therapy, staffing, and other complementary products and services. Viemed focuses on efficient and effective in-home treatment with clinical practitioners providing therapy, education and counseling to patients in their homes using high-touch and high-tech services. Visit our website at www.viemed.com.

For further information, please contact:

Glen Akselrod

Bristol Capital

905-326-1888

glen@bristolir.com

Todd Zehnder

Chief Operating Officer

Viemed Healthcare, Inc.

337-504-3802

investorinfo@viemed.com

Forward-Looking Statements

Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or "forward-looking information" as such term is defined in applicable Canadian securities legislation (collectively, "forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "potential", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "projects", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "will", "should", "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. All statements other than statements of historical fact, including those that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance, including the Company's net revenue guidance for the fourth quarter, are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking statements to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: the general business, market and economic conditions in the regions in which the Company operates; significant capital requirements and operating risks that the Company may be subject to; the ability of the Company to implement business strategies and pursue business opportunities; volatility in the market price of the Company's common shares; the state of the capital markets; the availability of funds and resources to pursue operations; inflation; reductions in reimbursement rates and audits of reimbursement claims by various governmental and private payor entities; dependence on few payors; possible new drug discoveries; dependence on key suppliers; granting of permits and licenses in a highly regulated business; competition; disruptions in or attacks (including cyber-attacks) on the Company's information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; difficulty integrating newly acquired businesses; the impact of new and changes to, or application of, current laws and regulations; the overall difficult litigation and regulatory environment; increased competition; increased funding costs and market volatility due to market illiquidity and competition for funding; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; the Company's status as an emerging growth company; and the occurrence of natural and unnatural catastrophic events or health epidemics or concerns, and claims resulting from such events or concerns; as well as those risk factors discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and with the securities regulatory authorities in certain provinces of Canada available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

 
 
                        VIEMED HEALTHCARE, INC. 
                 CONDENSED CONSOLIDATED BALANCE SHEETS 
         (Expressed in thousands of U.S. Dollars, except share 
                                amounts) 
                              (Unaudited) 
 
                                    At                      At 
                             September 30, 2024      December 31, 2023 
                           ---------------------  ---------------------- 
ASSETS 
Current assets 
    Cash and cash 
     equivalents             $            11,347    $           12,839 
    Accounts receivable, 
     net                                  27,051                18,451 
    Inventory                              4,311                 4,628 
    Prepaid expenses and 

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November 06, 2024 16:45 ET (21:45 GMT)