- Internet revenues attributable to the Firm’s core enterprise for the quarter ended June 30, 2023 reached a brand new Firm report of $43.3 million, representing a rise of $10.2 million, or 31%, over core web revenues reported for the comparable quarter ended June 30, 2022. Internet revenues for the quarter ended June 30, 2023 included roughly $2.5 million of revenues associated to the HMP acquisition and have been up roughly 9% over the quarter ended March 31, 2023.
- Internet revenue for the quarter ended June 30, 2023 totaled $2.3 million. Adjusted EBITDA for the quarter ended June 30, 2023 totaled $9.8 million, a 52% improve as in comparison with the quarter ended June 30, 2022. A reconciliation of reported non-GAAP monetary measures to their most immediately comparable U.S. GAAP monetary measures may be discovered within the tables accompanying this press launch.
- On June 1, 2023, the Firm accomplished its acquisition of Dwelling Medical Merchandise, Inc. (“HMP”), which operates in Tennessee, Alabama, and Mississippi. Viemed acquired 100% of the fairness possession of HMP in alternate for roughly $28 million in money at closing, topic to post-closing web working capital and different changes. The outcomes of HMP’s operations have been included within the consolidated monetary statements because the date of acquisition and have been instantly accretive to web revenue and earnings per share.
- As of June 30, 2023, the Firm maintains a powerful money stability of $10.2 million ($16.9 million at December 31, 2022) and an total working capital stability of $4.4 million ($20.9 million at December 31, 2022). Long run debt as of June 30, 2023 amounted to $12.1 million (the Firm had no long run debt at December 31, 2022) and the Firm has $47 million out there below present credit score services.
- The Firm expects to generate web revenues of roughly $49.0 million to $50.2 million in the course of the third quarter of 2023.
“We discover ourselves in an distinctive place, leveraging the prevailing tailwinds within the working surroundings to increase our attain and influence on extra sufferers than ever earlier than,” stated Casey Hoyt, Viemed’s CEO. “The inspiration of our success lies in our strong and resilient enterprise mannequin, which has persistently demonstrated its power in assembly challenges head-on and driving sustainable progress. We are actually taking our progress to new heights by executing on strategic and accretive acquisitions that complement our present capabilities. These acquisitions function highly effective catalysts, accelerating the enlargement of our complete respiratory choices.”
Convention Name Particulars
The Firm will host a convention name to debate second quarter outcomes on Thursday, August 10, 2023 at 11:00 a.m. ET.
events could take part within the name by dialing:
877-407-6176 (US Toll-Free)
201-689-8451 (Worldwide)
Stay Audio Webcast: https://occasion.choruscall.com/mediaframe/webcast.html?webcastid=COGHUH2E
Following the conclusion of the decision, an audio recording and transcript of the decision may be accessed on the Firm’s web site.
ABOUT Viemed Healthcare, INC.
Viemed is a supplier of in-home medical tools and post-acute respiratory healthcare companies in the US. Viemed’s service choices are centered on efficient in-home therapy with scientific practitioners offering remedy and counseling to sufferers of their houses utilizing innovative know-how. Go to our web site at www.viemed.com.
For additional data, please contact:
Glen Akselrod
Bristol Capital
905-326-1888
glen@bristolir.com
Todd Zehnder
Chief Working Officer
Viemed Healthcare, Inc.
337-504-3802
investorinfo@viemed.com
Ahead-Wanting Statements
Sure statements contained on this press launch could represent “forward-looking statements” throughout the that means of the U.S. Personal Securities Litigation Reform Act of 1995 or “forward-looking data” as such time period is outlined in relevant Canadian securities laws (collectively, “forward-looking statements”). Usually, however not at all times, forward-looking statements may be recognized by way of phrases comparable to “plans”, “expects”, “is anticipated”, “funds”, “potential”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, or “tasks”, or the negatives thereof or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “will”, “ought to”, “could”, “might”, “would”, “would possibly” or “will probably be taken”, “happen” or “be achieved” or the unfavorable of those phrases or comparable terminology. All statements apart from statements of historic reality, together with those who categorical, or contain discussions as to, expectations, beliefs, plans, aims, assumptions or future occasions or efficiency, together with the Firm’s web income steering for the third quarter, usually are not historic information and could also be forward-looking statements and should contain estimates, assumptions and uncertainties that would trigger precise outcomes or outcomes to vary materially from these expressed within the forward-looking statements. Such statements replicate the Firm’s present views and intentions with respect to future occasions, and present data out there to the Firm, and are topic to sure dangers, uncertainties and assumptions. Many components might trigger the precise outcomes, efficiency or achievements which may be expressed or implied by such forward-looking statements to fluctuate from these described herein ought to a number of of those dangers or uncertainties materialize. These components embrace, with out limitation: the overall enterprise, market and financial situations within the areas by which the Firm operates; the influence of the COVID-19 pandemic and the actions taken by governmental authorities, people and firms in response to the pandemic on our enterprise, monetary situation and outcomes of operations, together with on the Firm’s affected person base, revenues, workers, and tools and provides; important capital necessities and working dangers that the Firm could also be topic to; the power of the Firm to implement enterprise methods and pursue enterprise alternatives; volatility out there value of the Firm’s frequent shares; the Firm’s novel enterprise mannequin; the state of the capital markets; the supply of funds and sources to pursue operations; reductions in reimbursement charges and audits of reimbursement claims by varied governmental and personal payor entities; dependence on few payors; doable new drug discoveries; dependence on key suppliers; granting of permits and licenses in a extremely regulated enterprise; competitors; disruptions in or assaults (together with cyber-attacks) on the Firm’s data know-how, web, community entry or different voice or information communications methods or companies; the evolution of varied forms of fraud or different prison habits to which the Firm is uncovered; problem integrating newly acquired companies; the influence of recent and modifications to, or utility of, present legal guidelines and laws; the general tough litigation and regulatory surroundings; elevated competitors; elevated funding prices and market volatility because of market illiquidity and competitors for funding; vital accounting estimates and modifications to accounting requirements, insurance policies, and strategies utilized by the Firm; the Firm’s standing as an rising progress firm and a smaller reporting firm; and the incidence of pure and unnatural catastrophic occasions or well being epidemics or issues, such because the COVID-19 pandemic, and claims ensuing from such occasions or issues; in addition to these danger components mentioned or referred to within the Firm’s disclosure paperwork filed with the U.S. Securities and Change Fee (the “SEC”) out there on the SEC’s web site at www.sec.gov, together with the Firm’s most up-to-date Annual Report on Type 10-Okay and Quarterly Report on Type 10-Q, and with the securities regulatory authorities in sure provinces of Canada out there at www.sedar.com . Ought to any issue have an effect on the Firm in an surprising method, or ought to assumptions underlying the forward-looking statements show incorrect, the precise outcomes or occasions could differ materially from the outcomes or occasions predicted. Any such forward-looking statements are expressly certified of their entirety by this cautionary assertion. Furthermore, the Firm doesn’t assume accountability for the accuracy or completeness of such forward-looking statements. The forward-looking statements included on this press launch are made as of the date of this press launch and the Firm undertakes no obligation to publicly replace or revise any forward-looking statements, apart from as required by relevant regulation.
| Viemed Healthcare, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in 1000’s of U.S. {Dollars}, besides share quantities) (Unaudited) |
||||||
| At June 30, 2023 |
At December 31, 2022 |
|||||
| ASSETS | ||||||
| Present belongings | ||||||
| Money and money equivalents | $ | 10,224 | $ | 16,914 | ||
| Accounts receivable, web | 17,893 | 15,379 | ||||
| Stock | 4,476 | 3,574 | ||||
| Earnings tax receivable | 1,029 | 26 | ||||
| Pay as you go bills and different belongings | 2,327 | 3,849 | ||||
| Whole present belongings | $ | 35,949 | $ | 39,742 | ||
| Lengthy-term belongings | ||||||
| Property and tools, web | 72,884 | 67,743 | ||||
| Finance lease right-of-use belongings | 538 | — | ||||
| Working lease right-of-use belongings | 516 | 694 | ||||
| Fairness investments | 1,942 | 2,155 | ||||
| Debt funding | 2,110 | 2,000 | ||||
| Deferred tax asset | 3,844 | 3,119 | ||||
| Identifiable intangibles, web | 688 | — | ||||
| Goodwill | 29,759 | — | ||||
| Different long-term belongings | 887 | 1,590 | ||||
| Whole long-term belongings | $ | 113,168 | $ | 77,301 | ||
| TOTAL ASSETS | $ | 149,117 | $ | 117,043 | ||
| LIABILITIES | ||||||
| Present liabilities | ||||||
| Commerce payables | $ | 6,167 | $ | 2,650 | ||
| Deferred income | 5,960 | 4,624 | ||||
| Accrued liabilities | 15,509 | 11,092 | ||||
| Finance lease liabilities, present portion | 375 | — | ||||
| Working lease liabilities, present portion | 395 | 495 | ||||
| Present debt | 3,169 | — | ||||
| Whole present liabilities | $ | 31,575 | $ | 18,861 | ||
| Lengthy-term liabilities | ||||||
| Accrued liabilities | 637 | 889 | ||||
| Finance lease liabilities, much less present portion | 143 | — | ||||
| Working lease liabilities, much less present portion | 143 | 199 | ||||
| Lengthy-term debt | 12,114 | — | ||||
| Whole long-term liabilities | $ | 13,037 | $ | 1,088 | ||
| TOTAL LIABILITIES | $ | 44,612 | $ | 19,949 | ||
| Commitments and Contingencies | — | — | ||||
| SHAREHOLDERS’ EQUITY | ||||||
| Widespread inventory – No par worth: limitless approved; 38,400,422 and 38,049,739 issued and excellent as of June 30, 2023 and December 31, 2022, respectively | 17,850 | 15,123 | ||||
| Extra paid-in capital | 13,488 | 12,125 | ||||
| Retained earnings | 73,167 | 69,846 | ||||
| TOTAL SHAREHOLDERS’ EQUITY | $ | 104,505 | $ | 97,094 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 149,117 | $ | 117,043 | ||
| Viemed Healthcare, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Expressed in 1000’s of U.S. {Dollars}, besides excellent shares and per share quantities) (Unaudited) |
|||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Income | $ | 43,311 | $ | 33,310 | $ | 82,867 | $ | 65,565 | |||||||
| Price of income | 17,205 | 12,920 | 32,757 | 25,432 | |||||||||||
| Gross revenue | $ | 26,106 | $ | 20,390 | $ | 50,110 | $ | 40,133 | |||||||
| Working bills | |||||||||||||||
| Promoting, normal and administrative | 20,563 | 17,536 | 40,325 | 33,312 | |||||||||||
| Analysis and improvement | 758 | 672 | 1,538 | 1,304 | |||||||||||
| Inventory-based compensation | 1,471 | 1,271 | 2,862 | 2,576 | |||||||||||
| Depreciation | 298 | 243 | 538 | 480 | |||||||||||
| Loss (achieve) on disposal of property and tools | 117 | (110 | ) | 95 | (124 | ) | |||||||||
| Different (revenue) expense, web | (2 | ) | (223 | ) | (83 | ) | (664 | ) | |||||||
| Earnings from operations | $ | 2,901 | $ | 1,001 | $ | 4,835 | $ | 3,249 | |||||||
| Non-operating revenue and bills | |||||||||||||||
| Earnings from fairness technique investments | 137 | 446 | 172 | 769 | |||||||||||
| Curiosity revenue (expense), web | 20 | (59 | ) | 69 | (123 | ) | |||||||||
| Internet revenue earlier than taxes | 3,058 | 1,388 | 5,076 | 3,895 | |||||||||||
| Provision for revenue taxes | 728 | 421 | 1,229 | 1,166 | |||||||||||
| Internet revenue | $ | 2,330 | $ | 967 | $ | 3,847 | $ | 2,729 | |||||||
| Different complete revenue (loss) | |||||||||||||||
| Change in unrealized achieve/loss on by-product devices, web of tax | — | 59 | — | 222 | |||||||||||
| Different complete revenue (loss) | $ | — | $ | 59 | $ | — | $ | 222 | |||||||
| Complete revenue | $ | 2,330 | $ | 1,026 | $ | 3,847 | $ | 2,951 | |||||||
| Internet revenue per share | |||||||||||||||
| Fundamental | $ | 0.06 | $ | 0.02 | $ | 0.10 | $ | 0.07 | |||||||
| Diluted | $ | 0.06 | $ | 0.02 | $ | 0.10 | $ | 0.07 | |||||||
| Weighted common variety of frequent shares excellent: | |||||||||||||||
| Fundamental | 38,324,249 | 38,773,580 | 38,240,902 | 39,195,317 | |||||||||||
| Diluted | 40,676,951 | 39,752,928 | 40,383,616 | 40,056,953 | |||||||||||
| Viemed Healthcare, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in 1000’s of U.S. {Dollars}) (Unaudited) |
||||||||
| Six Months Ended June 30, | ||||||||
| 2023 | 2022 | |||||||
| Money flows from working actions | ||||||||
| Internet revenue | $ | 3,847 | $ | 2,729 | ||||
| Changes for: | ||||||||
| Depreciation | 9,968 | 7,136 | ||||||
| Change in stock reserve | — | (1,418 | ) | |||||
| Inventory-based compensation expense | 2,862 | 2,576 | ||||||
| Distributions of earnings acquired from fairness technique investments | 392 | 612 | ||||||
| Earnings from fairness technique investments | (172 | ) | (769 | ) | ||||
| Earnings from debt funding | (110 | ) | — | |||||
| Loss (achieve) on disposal of property and tools | 95 | (124 | ) | |||||
| Deferred revenue tax (profit) expense | (725 | ) | 745 | |||||
| Modifications in working capital, web of results from acquisitions: | ||||||||
| Accounts receivable, web | (500 | ) | (1,464 | ) | ||||
| Stock | (320 | ) | 1,022 | |||||
| Pay as you go bills and different belongings | 2,076 | (634 | ) | |||||
| Commerce payables | (488 | ) | (243 | ) | ||||
| Deferred income | 604 | 649 | ||||||
| Accrued liabilities | 1,593 | (87 | ) | |||||
| Earnings tax payable/receivable | (1,003 | ) | 1,362 | |||||
| Internet money supplied by working actions | $ | 18,119 | $ | 12,092 | ||||
| Money flows from investing actions | ||||||||
| Buy of property and tools | (10,759 | ) | (10,989 | ) | ||||
| Funding in fairness investments | (7 | ) | (121 | ) | ||||
| Money paid for acquisition of HMP, web of money acquired | (27,121 | ) | — | |||||
| Proceeds from sale of property and tools | 1,775 | 615 | ||||||
| Internet money utilized in investing actions | $ | (36,112 | ) | $ | (10,495 | ) | ||
| Money flows from financing actions | ||||||||
| Proceeds from train of choices | 1,228 | — | ||||||
| Proceeds from time period notes | 5,000 | — | ||||||
| Principal funds on time period notes | (1,357 | ) | (78 | ) | ||||
| Proceeds from revolving credit score services | 8,000 | — | ||||||
| Funds on revolving credit score services | (1,005 | ) | (872 | ) | ||||
| Shares redeemed to pay revenue tax | (526 | ) | (119 | ) | ||||
| Shares repurchased below the share repurchase program | — | (7,001 | ) | |||||
| Repayments of lease liabilities | (37 | ) | (13 | ) | ||||
| Internet money supplied by (utilized in) financing actions | $ | 11,303 | $ | (8,083 | ) | |||
| Internet lower in money and money equivalents | (6,690 | ) | (6,486 | ) | ||||
| Money and money equivalents at starting of 12 months | 16,914 | 28,408 | ||||||
| Money and money equivalents at finish of interval | $ | 10,224 | $ | 21,922 | ||||
| Supplemental disclosures of money stream data | ||||||||
| Money paid in the course of the interval for curiosity | $ | 169 | $ | 128 | ||||
| Money paid (acquired) in the course of the interval for revenue taxes, web of refunds | $ | 3,093 | $ | (940 | ) | |||
Non-GAAP Monetary Measures
This press launch refers to “Adjusted EBITDA”, which is a monetary measure that isn’t ready in accordance with usually accepted accounting ideas in the US (“GAAP”). Administration believes Adjusted EBITDA supplies useful data with respect to the Firm’s working efficiency as considered by administration, together with a view of the Firm’s enterprise that isn’t depending on the influence of the Firm’s capitalization construction and objects that aren’t a part of the Firm’s day-to-day operations. Administration makes use of Adjusted EBITDA (i) to match the Firm’s working efficiency on a constant foundation, (ii) to calculate incentive compensation for the Firm’s workers, (iii) for planning functions, together with the preparation of the Firm’s inner annual working funds, and (iv) to guage the efficiency and effectiveness of the Firm’s operational methods. Accordingly, administration believes that Adjusted EBITDA supplies helpful data in understanding and evaluating the Firm’s working efficiency in the identical method as administration. In calculating Adjusted EBITDA, sure objects (principally non-cash) are excluded from web revenue together with curiosity, taxes, inventory based mostly compensation, and depreciation of property and tools. Starting with monetary outcomes reported for durations in fiscal 12 months 2023, Adjusted EBITDA additionally excludes transaction prices and bills associated to acquisition and integration efforts related to not too long ago introduced or accomplished acquisitions. This modification permits buyers to match period-over-period outcomes on a extra constant foundation with out the results of acquisitions. Now we have recast Adjusted EBITDA for prior durations when reported to evolve to the modified presentation.
The next desk is a reconciliation of web revenue (loss), essentially the most immediately comparable U.S. GAAP measure, to Adjusted EBITDA, on a historic foundation for the durations indicated:
| Viemed Healthcare, INC. Reconciliation of Internet Earnings to Non-GAAP Adjusted EBITDA (Expressed in 1000’s of U.S. {Dollars}) (Unaudited) |
||||||||||||||||||
| For the quarter ended | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||
| Internet Earnings | $ | 2,330 | $ | 1,517 | $ | 2,438 | $ | 1,055 | $ | 967 | $ | 1,762 | $ | 4,087 | $ | 1,789 | ||
| Add again: | ||||||||||||||||||
| Depreciation | 5,207 | 4,762 | 4,373 | 4,120 | 3,740 | 3,397 | 3,120 | 2,867 | ||||||||||
| Curiosity expense (revenue) | (20 | ) | (49 | ) | 32 | 42 | 59 | 64 | 69 | 75 | ||||||||
| Inventory-based compensation (a) | 1,471 | 1,391 | 1,317 | 1,309 | 1,271 | 1,305 | 1,305 | 1,302 | ||||||||||
| Transaction prices (b) | 94 | 206 | — | — | — | — | — | — | ||||||||||
| Earnings tax expense | 728 | 501 | 1,146 | 456 | 421 | 745 | 968 | 1,386 | ||||||||||
| Adjusted EBITDA | $ | 9,810 | $ | 8,328 | $ | 9,306 | $ | 6,982 | $ | 6,458 | $ | 7,273 | $ | 9,549 | $ | 7,419 | ||
(a) Represents non-cash, equity-based compensation expense related to choice and RSU awards.
(b) Represents transaction prices and bills associated to acquisition and integration efforts related to not too long ago introduced or accomplished acquisitions.
| Three Months Ended June 30, 2023 |
Six Months Ended June 30, 2023 |
|||||||
| Internet Earnings | $ | 2,330 | $ | 3,847 | ||||
| Add again: | ||||||||
| Depreciation | 5,207 | 9,969 | ||||||
| Curiosity expense | (20 | ) | (69 | ) | ||||
| Inventory-based compensation (a) | 1,471 | 2,862 | ||||||
| Transaction prices (b) | 94 | 300 | ||||||
| Earnings tax expense (profit) | 728 | 1,229 | ||||||
| Adjusted EBITDA | $ | 9,810 | $ | 18,138 | ||||
(a) Represents non-cash, equity-based compensation expense related to choice and RSU awards.
(b) Represents transaction prices and bills associated to acquisition and integration efforts related to not too long ago introduced or accomplished acquisitions.
Use of Non-GAAP Monetary Measures
Adjusted EBITDA must be thought of along with, not as an alternative choice to, or superior to, monetary measures calculated in accordance with U.S. GAAP. It’s not a measurement of the Firm’s monetary efficiency below U.S. GAAP and shouldn’t be thought of as a substitute for income or web revenue, as relevant, or another efficiency measures derived in accordance with U.S. GAAP and will not be akin to different equally titled measures of different corporations or companies. Adjusted EBITDA has limitations as an analytical software and you shouldn’t take into account it in isolation or as an alternative choice to evaluation of the Firm’s working outcomes as reported below U.S. GAAP. Adjusted EBITDA doesn’t replicate the influence of sure money costs ensuing from issues the Firm considers to not be indicative of ongoing operations; and different corporations within the Firm’s business could calculate Adjusted EBITDA otherwise than we do, limiting its usefulness as a comparative measure.
| Viemed Healthcare, INC. Key Monetary and Operational Data (Expressed in 1000’s of U.S. {Dollars}, besides vent sufferers) (Unaudited) |
||||||||||||||||||||||||
| For the quarter ended | June 30, 2023 |
March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||||||
| Monetary Data: | ||||||||||||||||||||||||
| Income | $ | 43,311 | $ | 39,556 | $ | 37,508 | $ | 35,759 | $ | 33,310 | $ | 32,255 | $ | 31,962 | $ | 29,285 | ||||||||
| Gross Revenue | $ | 26,106 | $ | 24,004 | $ | 22,896 | $ | 21,651 | $ | 20,390 | $ | 19,743 | $ | 19,662 | $ | 18,381 | ||||||||
| Gross Revenue % | 60 | % | 61 | % | 61 | % | 61 | % | 61 | % | 61 | % | 62 | % | 63 | % | ||||||||
| Internet Earnings | $ | 2,330 | $ | 1,517 | $ | 2,438 | $ | 1,055 | $ | 967 | $ | 1,762 | $ | 4,087 | $ | 1,789 | ||||||||
| Money (As of) | $ | 10,224 | $ | 23,544 | $ | 16,914 | $ | 21,478 | $ | 21,922 | $ | 29,248 | $ | 28,408 | $ | 26,867 | ||||||||
| Whole Property (As of) | $ | 149,117 | $ | 124,634 | $ | 117,043 | $ | 119,419 | $ | 115,904 | $ | 119,007 | $ | 117,962 | $ | 115,486 | ||||||||
| Adjusted EBITDA (1) | $ | 9,810 | $ | 8,328 | $ | 9,306 | $ | 6,982 | $ | 6,458 | $ | 7,273 | $ | 9,549 | $ | 7,419 | ||||||||
| Operational Data: | ||||||||||||||||||||||||
| Vent Sufferers (2) | 10,005 | 9,337 | 9,306 | 9,127 | 8,837 | 8,434 | 8,405 | 8,200 | ||||||||||||||||
(1) Check with “Non-GAAP Monetary Measures” part above for definition of Adjusted EBITDA.
(2) Vent Sufferers represents the variety of lively ventilator sufferers on recurring billing service on the finish of every calendar quarter.
