Viemed Healthcare, Inc. (the “Company” or “Viemed”) (TSX: VMD.TO
and NASDAQ:VMD), a home medical equipment supplier that provides
post-acute respiratory care services in the United States,
announced today that it has reported its financial results for the
three and nine months ended September 30, 2020.
Operational highlights (all dollar
amounts are USD):
- The Company's core business has
once again contributed to a significant growth rate. Net revenues
attributable to the Company's core business for the quarter ended
September 30, 2020 were $24.9 million, an increase of 22% over net
revenues reported for the comparable quarter ended September 30,
2019. Net revenues attributable to the core business for the
quarter ended September 30, 2020 were up approximately 8% over the
quarter ended June 30, 2020. Total revenues for the current
quarter were $33.4 million which included approximately $8.6
million of product sales and services related to the ongoing
COVID-19 pandemic. Net revenues for the nine months ended September
30, 2020 were $70.8 million for the Company's core business and
$100.1 million for the company, which included COVID-19 related
sales and services.
- Net income for the quarter ended
September 30, 2020 totaled approximately $2.8 million, compared to
$2.9 million for the quarter ended September 30, 2019. Net
income for the nine months ended September 30, 2020 totaled
approximately $26.5 million, compared to $6.1 million for the
nine months ended September 30, 2019.
- Adjusted EBITDA for the quarter
ended September 30, 2020 totaled approximately $7.7 million, a 58%
increase as compared to the quarter ended September 30, 2019.
Adjusted EBITDA for the nine months ended September 30, 2020
totaled approximately $32.0 million, a 138% increase as compared to
the nine months ended September 30, 2019. 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 had an all time high
cash balance of $32.4 million at September 30, 2020 ($13.4
million at December 31, 2019) and an overall working capital
balance of $19.6 million ($1.9 million at December 31, 2019). Total
long-term debt as of September 30, 2020 was $7.2
million.
- The Company expects to generate net
revenues attributable to its core business of approximately $26
million to $27 million during the fourth quarter of 2020. In
addition to its core business, the Company is continuing to pursue
additional sales and support revenues related to the COVID-19
pandemic and estimates fourth quarter 2020 revenues of
approximately $5 million to $6 million related to the ongoing
COVID-19 pandemic. Total revenues for the fourth quarter are
estimated to be approximately $31 million to $33 million.
“This year has challenged the healthcare system
in an unprecedented manner with the ongoing respiratory pandemic
creating a strain on the acute care facilities around the country,”
said Casey Hoyt, Viemed's CEO. “I am extremely proud of the work
our team of skilled clinicians has done and will continue to do to
prevent emergency visits and readmissions. Our team has
assisted operations around the country, and we are realizing more
business with improved access to facilities and clinics. We
all look forward to a day where the pandemic is behind us, and
until then we will continue to serve as a resource while delivering
value to our shareholders.”
Conference Call Details
The Company will host a conference call to discuss third quarter
results on Thursday, November 5, 2020 at 11:00 a.m. EST.
The call-in numbers for participants are:
US Toll Free Dial In: 1-877-407-0784International Toll Free Dial
In: 1-201-689-8560Meeting ID Number: 13712010Live Event Call me™
Link (Available 15 minutes prior to start time for participant
entry)https://callme.viavid.com/?callme=true&passcode=13707099&h=true&info=company-email&r=true&B=6
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 a provider of in-home medical
equipment and post-acute respiratory healthcare services in the
United States. Viemed’s service offerings are focused on
effective in-home treatment with clinical practitioners providing
therapy and counseling to patients in their homes using cutting
edge technology. Visit our website at www.viemed.com.
For further information, please contact:
Glen AkselrodBristol Capital905-326-1888glen@bristolir.com
Todd ZehnderChief Operating OfficerViemed Healthcare,
Inc.337-504-3802investorinfo@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”, or “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; the impact of the COVID-19 pandemic and the actions taken
by governmental authorities, individuals and companies in response
to the pandemic on our business, financial condition and results of
operations, including on the Company's patient base and revenues,
employees, and equipment and supplies; the Company may be subject
to significant capital requirements and operating risks; the
ability of the Company to implement business strategies and pursue
business opportunities; volatility in the market price of shares in
the capital of the Company; the Company’s novel business model; the
risk that the clinical application of treatments that demonstrate
positive results in a study may not be positively replicated or
that such test results may not be predictive of actual treatment
results or may not result in the adoption of such treatments by
providers; the state of the capital markets; the availability of
funds and resources to pursue operations; decline of reimbursement
rates; dependence on few payors; possible new drug discoveries;
dependence on key suppliers; granting of permits and licenses in a
highly regulated business; competition; low profit market segments;
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; the failure of third parties to comply with
their obligations; 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; changes in foreign
currency rates; 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 impact of the previously
disclosed restatement and correction of the Company's previously
issued financial statements; the previously disclosed identified
material weakness in the Company's internal control over financial
reporting and the Company's ability to remediate that material
weakness; the initiation of legal or regulatory proceedings with
respect to the restatement and corrections; the adverse effects on
the Company's business, results of operations, financial condition
and stock price, as a result of the restatement and correction
process; the Company’s status as an emerging growth company and a
foreign private issuer; and the occurrence of natural and unnatural
catastrophic events or health epidemics or concerns, such as the
recent COVID-19 pandemic, 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 September 30, 2020 |
|
At December 31, 2019 |
ASSETS |
|
|
|
|
Current
assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
32,396 |
|
|
|
$ |
13,355 |
|
|
Accounts receivable, net of allowance for doubtful accounts of
$8,788 and $7,782 at September 30, 2020 and December 31, 2019,
respectively |
|
11,489 |
|
|
|
11,534 |
|
|
Inventory, net of inventory reserve of $805 and $0 at September 30,
2020 and December 31, 2019, respectively |
|
2,762 |
|
|
|
1,360 |
|
|
Prepaid expenses and other assets |
|
3,333 |
|
|
|
1,562 |
|
|
Total current
assets |
|
$ |
49,980 |
|
|
|
$ |
27,811 |
|
|
Long-term
assets |
|
|
|
|
Property and equipment, net |
|
56,317 |
|
|
|
54,772 |
|
|
Equity method investment |
|
79 |
|
|
|
13 |
|
|
Deferred tax asset |
|
7,593 |
|
|
|
— |
|
|
Total long-term
assets |
|
$ |
63,989 |
|
|
|
$ |
54,785 |
|
|
TOTAL
ASSETS |
|
$ |
113,969 |
|
|
|
$ |
82,596 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Current
liabilities |
|
|
|
|
Trade payables |
|
$ |
7,553 |
|
|
|
$ |
4,700 |
|
|
Deferred revenue |
|
3,612 |
|
|
|
3,315 |
|
|
Income taxes payable |
|
368 |
|
|
|
86 |
|
|
Accrued liabilities |
|
12,793 |
|
|
|
8,968 |
|
|
Current portion of lease liabilities |
|
4,207 |
|
|
|
7,093 |
|
|
Current portion of long-term debt |
|
1,815 |
|
|
|
1,750 |
|
|
Total current
liabilities |
|
$ |
30,348 |
|
|
|
$ |
25,912 |
|
|
Long-term
liabilities |
|
|
|
|
Accrued liabilities |
|
1,210 |
|
|
|
2,317 |
|
|
Long-term lease liabilities |
|
952 |
|
|
|
3,039 |
|
|
Long-term debt |
|
6,261 |
|
|
|
7,629 |
|
|
Total long-term
liabilities |
|
$ |
8,423 |
|
|
|
$ |
12,985 |
|
|
TOTAL
LIABILITIES |
|
$ |
38,771 |
|
|
|
$ |
38,897 |
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
— |
|
|
|
— |
|
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
Common stock - No par value: unlimited authorized; 39,145,182 and
37,952,660 issued and outstanding as of September 30, 2020 and
December 31, 2019, respectively |
|
9,085 |
|
|
|
3,366 |
|
|
Additional paid-in capital |
|
6,019 |
|
|
|
6,377 |
|
|
Accumulated other comprehensive loss |
|
(478 |
) |
|
|
(157 |
) |
|
Retained earnings |
|
60,572 |
|
|
|
34,113 |
|
|
TOTAL SHAREHOLDERS'
EQUITY |
|
$ |
75,198 |
|
|
|
$ |
43,699 |
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
$ |
113,969 |
|
|
|
$ |
82,596 |
|
|
VIEMED HEALTHCARE,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
INCOME AND COMPREHENSIVE INCOME(Expressed in
thousands of U.S. Dollars, except outstanding shares and per share
amounts)(Unaudited)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2020 |
|
|
2019 |
|
|
2020 |
|
2019 |
Revenue |
$ |
33,447 |
|
|
|
$ |
20,368 |
|
|
|
$ |
100,107 |
|
|
|
$ |
58,808 |
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
13,994 |
|
|
|
6,318 |
|
|
|
39,174 |
|
|
|
17,045 |
|
|
|
|
|
|
|
|
|
|
Gross
profit |
$ |
19,453 |
|
|
|
$ |
14,050 |
|
|
|
$ |
60,933 |
|
|
|
$ |
41,763 |
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
Selling, general and administrative |
13,550 |
|
|
|
10,231 |
|
|
|
40,555 |
|
|
|
31,207 |
|
|
Research and development |
|
243 |
|
|
|
|
208 |
|
|
|
|
688 |
|
|
|
645 |
|
|
Stock-based compensation |
1,234 |
|
|
|
1,064 |
|
|
|
3,581 |
|
|
|
2,978 |
|
|
Depreciation |
202 |
|
|
|
193 |
|
|
|
612 |
|
|
|
460 |
|
|
Loss (gain) on disposal of property and equipment |
203 |
|
|
|
167 |
|
|
|
(2,424 |
) |
|
|
308 |
|
|
Other (income) expense |
(19 |
) |
|
|
1 |
|
|
|
(3,593 |
) |
|
|
(1 |
) |
|
Income from
operations |
$ |
4,040 |
|
|
|
$ |
2,186 |
|
|
|
$ |
21,514 |
|
|
|
$ |
6,166 |
|
|
|
|
|
|
|
|
|
|
Non-operating
expenses |
|
|
|
|
|
|
|
Unrealized gain on warrant conversion liability |
— |
|
|
|
(800 |
) |
|
— |
|
|
|
(363 |
) |
|
(Gain) loss from equity method investment |
|
(21 |
) |
|
|
|
|
26 |
|
|
|
|
(36 |
) |
|
|
77 |
|
|
Interest expense, net of interest income |
116 |
|
|
|
56 |
|
|
|
409 |
|
|
|
102 |
|
|
|
|
|
|
|
|
|
|
Net income before
taxes |
3,945 |
|
|
|
2,904 |
|
|
|
21,141 |
|
|
|
6,350 |
|
|
Provision (benefit) for income taxes |
1,141 |
|
|
|
51 |
|
|
|
(5,318 |
) |
|
|
213 |
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
2,804 |
|
|
|
$ |
2,853 |
|
|
|
$ |
26,459 |
|
|
|
$ |
6,137 |
|
|
|
|
|
|
|
|
|
|
Other Comprehensive
Income |
|
|
|
|
|
|
|
Change in unrealized gain (loss) on derivative instruments, net of
tax |
24 |
|
|
|
(88 |
) |
|
|
(321 |
) |
|
|
(236 |
) |
|
Other Comprehensive
Loss |
$ |
24 |
|
|
|
$ |
(88 |
) |
|
|
$ |
(321 |
) |
|
|
$ |
(236 |
) |
|
|
|
|
|
|
|
|
|
Comprehensive
Income |
$ |
2,828 |
|
|
|
$ |
2,765 |
|
|
|
$ |
26,138 |
|
|
|
$ |
5,901 |
|
|
|
|
|
|
|
|
|
|
Net income per
share |
|
|
|
|
|
|
|
Basic |
$ |
0.07 |
|
|
|
$ |
0.08 |
|
|
|
$ |
0.69 |
|
|
|
$ |
0.17 |
|
|
Diluted |
$ |
0.07 |
|
|
|
$ |
0.07 |
|
|
|
$ |
0.66 |
|
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding: |
|
|
|
|
|
|
|
Basic |
39,107,640 |
|
|
|
37,812,921 |
|
|
|
38,603,267 |
|
|
|
37,775,775 |
|
|
Diluted |
41,155,668 |
|
|
|
40,051,422 |
|
|
|
40,377,608 |
|
|
|
39,768,877 |
|
|
VIEMED HEALTHCARE,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Expressed in thousands of U.S.
Dollars)(Unaudited)
|
|
Nine Months Ended September 30, |
|
|
2020 |
|
2019 |
Cash flows from
operating activities |
|
|
|
|
Net income |
|
$ |
26,459 |
|
|
|
$ |
6,137 |
|
|
Adjustments for: |
|
|
|
|
Depreciation |
|
6,745 |
|
|
|
4,398 |
|
|
Change in allowance for doubtful accounts |
|
7,031 |
|
|
|
6,937 |
|
|
Share-based compensation |
|
3,581 |
|
|
|
2,978 |
|
|
Unrealized gain on warrant conversion liability |
|
— |
|
|
|
(363 |
) |
|
(Gain) loss on equity method investment |
|
(36 |
) |
|
|
77 |
|
|
(Gain) loss on disposal of property and equipment |
|
(2,424 |
) |
|
|
308 |
|
|
Deferred income taxes (benefit) |
|
(7,593 |
) |
|
|
— |
|
|
Net change in working
capital |
|
|
|
|
Increase in accounts receivable |
|
(6,986 |
) |
|
|
(9,827 |
) |
|
(Increase) decrease in inventory |
|
(1,402 |
) |
|
|
1,621 |
|
|
Increase in prepaid expenses and other current assets |
|
(1,771 |
) |
|
|
(1,321 |
) |
|
Increase (decrease) in trade payables |
|
2,739 |
|
|
|
(1,813 |
) |
|
Increase in deferred revenue |
|
297 |
|
|
|
770 |
|
|
Increase in accrued liabilities |
|
2,397 |
|
|
|
1,909 |
|
|
Increase (decrease) in income tax payable |
|
282 |
|
|
|
(124 |
) |
|
Net cash provided by
operating activities |
|
$ |
29,319 |
|
|
|
$ |
11,687 |
|
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
Purchase of property and equipment |
|
(8,204 |
) |
|
|
(10,582 |
) |
|
Investment in equity method investment |
|
(30 |
) |
|
|
— |
|
|
Proceeds from sale of property and equipment |
|
5,187 |
|
|
|
350 |
|
|
Net cash used in
investing activities |
|
$ |
(3,047 |
) |
|
|
$ |
(10,232 |
) |
|
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
|
Proceeds from exercise of options |
|
1,780 |
|
|
|
136 |
|
|
Proceeds from exercise of warrants |
|
— |
|
|
|
261 |
|
|
(Principal payments) net proceeds on notes payable |
|
(104 |
) |
|
|
4,837 |
|
|
(Principal payments) net proceeds on term note |
|
(1,199 |
) |
|
|
4,966 |
|
|
Shares repurchased and canceled under the Normal Course Issuer
Bid |
|
— |
|
|
|
(1,522 |
) |
|
Repayments of lease liabilities |
|
(7,708 |
) |
|
|
(7,916 |
) |
|
Net cash (used in)
provided by financing activities |
|
$ |
(7,231 |
) |
|
|
$ |
762 |
|
|
|
|
|
|
|
Net increase in cash
and cash equivalents |
|
19,041 |
|
|
|
2,217 |
|
|
Cash and cash
equivalents at beginning of year |
|
13,355 |
|
|
|
10,413 |
|
|
Cash and cash
equivalents at end of period |
|
$ |
32,396 |
|
|
|
$ |
12,630 |
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information |
|
|
|
|
Cash paid during the period for interest |
|
$ |
437 |
|
|
|
$ |
91 |
|
|
Cash paid during the period for income taxes, net of refunds
received |
|
$ |
1,975 |
|
|
|
$ |
338 |
|
|
Supplemental
disclosures of non-cash transactions |
|
|
|
|
Property and equipment financed through finance leases |
|
$ |
3,002 |
|
|
|
$ |
14,735 |
|
|
Property and equipment financed through leases under FASB ASC
842 |
|
$ |
57 |
|
|
|
$ |
2,052 |
|
|
Non-GAAP Financial Measures
This press release refers to “Adjusted EBITDA”
which is a non-GAAP financial measure that does not have a
standardized meaning prescribed by U.S. GAAP. The Company's
presentation of this financial measure may not be comparable to
similarly titled measures used by other companies. Adjusted EBITDA
is defined as net income (loss) before interest expense, income tax
expense (benefit), depreciation and amortization, unrealized (gain)
loss on warrant conversion liability and stock-based compensation.
Management believes Adjusted EBITDA provides helpful information
with respect to the Company’s operating performance as viewed by
management, including a view of the Company’s business that is not
dependent on the impact of the Company’s capitalization structure
and items that are not part of the Company’s day-to-day operations.
Management uses Adjusted EBITDA (i) to compare the Company’s
operating performance on a consistent basis, (ii) to calculate
incentive compensation for the Company’s employees, (iii) for
planning purposes, including the preparation of the Company’s
internal annual operating budget, and (iv) to evaluate the
performance and effectiveness of the Company’s operational
strategies. Accordingly, management believes that Adjusted EBITDA
provides useful information in understanding and evaluating the
Company’s operating performance in the same manner as management.
The following table is a reconciliation of net income (loss), the
most directly comparable U.S. GAAP measure, to Adjusted EBITDA, on
a historical basis for the periods indicated:
VIEMED HEALTHCARE,
INC.Reconciliation of Net Income (Loss) to
Non-GAAP Adjusted EBITDA(Expressed in thousands of
U.S. Dollars)(Unaudited)
For the quarter ended |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
December 31, 2019 |
September 30, 2019 |
June 30, 2019 |
March 31, 2019 |
December 31, 2018 |
Net
Income |
$ |
2,804 |
|
$ |
19,412 |
|
|
$ |
4,243 |
|
$ |
2,388 |
|
$ |
2,853 |
|
|
$ |
1,326 |
|
$ |
1,958 |
|
$ |
2,968 |
|
|
Add back: |
|
|
|
|
|
|
|
|
Depreciation |
2,425 |
|
2,190 |
|
|
2,130 |
|
2,003 |
|
1,659 |
|
|
1,444 |
|
1,295 |
|
1,177 |
|
|
Interest expense |
116 |
|
135 |
|
|
158 |
|
212 |
|
56 |
|
|
20 |
|
26 |
|
30 |
|
|
Unrealized (gain) loss on warrant conversion liability |
— |
|
— |
|
|
— |
|
— |
|
(800 |
) |
|
268 |
|
169 |
|
(210 |
) |
|
Stock-based compensation |
1,234 |
|
1,196 |
|
|
1,151 |
|
908 |
|
1,064 |
|
|
1,034 |
|
880 |
|
804 |
|
|
Income tax expense (benefit) |
1,141 |
|
(6,646 |
) |
|
187 |
|
58 |
|
51 |
|
|
24 |
|
138 |
|
127 |
|
|
Adjusted EBITDA |
$ |
7,720 |
|
$ |
16,287 |
|
|
$ |
7,869 |
|
$ |
5,569 |
|
$ |
4,883 |
|
|
$ |
4,116 |
|
$ |
4,466 |
|
$ |
4,896 |
|
|
|
|
Three Months Ended September 30, 2020 |
|
Nine Months Ended September 30, 2020 |
Net
Income |
|
$ |
2,804 |
|
|
$ |
26,459 |
|
|
Add back: |
|
|
|
|
Depreciation |
|
2,425 |
|
|
6,745 |
|
|
Interest expense |
|
116 |
|
|
409 |
|
|
Unrealized (gain) loss on warrant conversion liability |
|
— |
|
|
— |
|
|
Stock-based compensation |
|
1,234 |
|
|
3,581 |
|
|
Income tax (benefit) expense |
|
1,141 |
|
|
(5,318 |
) |
|
Adjusted EBITDA |
|
$ |
7,720 |
|
|
$ |
31,876 |
|
|
Use of Non-GAAP Financial Measures
Adjusted EBITDA should be considered in addition
to, not as a substitute for, or superior to, financial measures
calculated in accordance with U.S. GAAP. It is not a measurement of
the Company’s financial performance under U.S. GAAP and should not
be considered as an alternative to revenue or net income, as
applicable, or any other performance measures derived in accordance
with U.S. GAAP and may not be comparable to other similarly titled
measures of other businesses. Adjusted EBITDA has limitations as an
analytical tool and you should not consider it in isolation or as a
substitute for analysis of the Company’s operating results as
reported under U.S. GAAP. Adjusted EBITDA does not reflect the
impact of certain cash charges resulting from matters the Company
considers not to be indicative of ongoing operations; and other
companies in the Company’s industry may calculate Adjusted EBITDA
differently than we do, limiting its usefulness as a comparative
measure.
VIEMED HEALTHCARE,
INC.Key Financial and Operational
Information(Expressed in thousands of U.S.
Dollars, except vent
patients)(Unaudited)
For the quarter ended |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
December 31, 2019 |
September 30, 2019 |
June 30, 2019 |
March 31, 2019 |
December 31, 2018 |
Financial
Information: |
|
|
|
|
|
|
|
Revenue |
$ |
33,447 |
|
$ |
42,854 |
|
$ |
23,806 |
|
$ |
21,448 |
|
$ |
20,368 |
|
$ |
20,325 |
|
$ |
18,115 |
|
$ |
18,363 |
|
Gross Profit |
$ |
19,453 |
|
$ |
25,927 |
|
$ |
15,553 |
|
$ |
14,243 |
|
$ |
14,050 |
|
$ |
14,639 |
|
$ |
13,074 |
|
$ |
13,519 |
|
Gross Profit % |
58 |
% |
61 |
% |
65 |
% |
66 |
% |
69 |
% |
72 |
% |
72 |
% |
74 |
% |
Net Income |
$ |
2,804 |
|
$ |
19,412 |
|
$ |
4,243 |
|
$ |
2,388 |
|
$ |
2,853 |
|
$ |
1,326 |
|
$ |
1,958 |
|
$ |
2,968 |
|
Cash (As of) |
$ |
32,396 |
|
$ |
29,707 |
|
$ |
8,409 |
|
$ |
13,355 |
|
$ |
12,630 |
|
$ |
7,691 |
|
$ |
7,410 |
|
$ |
10,413 |
|
Total Assets (As of) |
$ |
113,969 |
|
$ |
112,178 |
|
$ |
86,801 |
|
$ |
82,596 |
|
$ |
79,981 |
|
$ |
71,014 |
|
$ |
58,718 |
|
$ |
53,653 |
|
Adjusted EBITDA(1) |
$ |
7,720 |
|
$ |
16,287 |
|
$ |
7,869 |
|
$ |
5,569 |
|
$ |
4,883 |
|
$ |
4,116 |
|
$ |
4,466 |
|
$ |
4,896 |
|
Operational Information: |
|
|
|
|
|
|
|
Vent Patients(2) |
7,788 |
|
7,705 |
|
7,965 |
|
7,759 |
|
7,421 |
|
7,130 |
|
6,393 |
|
5,905 |
|
(1) Refer to "Non-GAAP Financial Measures"
section above for definition of Adjusted EBITDA.
(2) Vent Patients represents the number of
active ventilator patients on recurring billing service at the end
of each calendar quarter.
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