Viemed Healthcare Announces Share Repurchase Program
March 08 2022 - 7:30AM
Viemed Healthcare, Inc. (the “
Company” or
“
Viemed”) (NASDAQ:VMD and TSX:VMD.TO), a home
medical equipment supplier and the nation’s largest independent
provider of ventilation that provides post-acute respiratory care
services, today reported that its Board of Directors has authorized
and approved a share repurchase program on Nasdaq.
Under the share repurchase program, Viemed may
repurchase up to 1,984,014 common shares of the Company (the
“Common Shares”) from time to time in accordance
with applicable securities laws, representing approximately 5% of
the total issued and outstanding Common Shares as of March 4,
2022.
The Company intends to repurchase Common Shares
through open market purchases, block purchases or otherwise in
accordance with applicable securities laws. Subject to certain
exceptions for block purchases, daily purchases on Nasdaq will be
limited to 25% of the average daily trading volume on Nasdaq for
the four calendar weeks preceding the date of purchase.
“Based on the strength of our balance sheet and
excess free cash flow, we believe we are well positioned to execute
on this attractive opportunity to increase shareholder value while
maintaining resources to fund our operations and continued growth,”
said Casey Hoyt, Viemed CEO. “This program demonstrates our
confidence in the Viemed business and our commitment to creating
long term sustainable value for our shareholders.”
All Common Shares will be purchased through the
facilities of Nasdaq, and payment for the Common Shares will be in
accordance with applicable securities laws. The price paid for the
Common Shares will be the market price at the time of purchase,
plus applicable brokerage fees, or such other prices as may be
permitted by applicable securities laws. There can be no assurance
as to the precise number of Common Shares that will be repurchased
under the program, if any. The Company may discontinue its
purchases at any time, subject to compliance with applicable
securities laws. The Common Shares purchased by the Company will
be cancelled and returned to treasury.
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 market price of the Common Shares, the availability
of Common Shares for repurchase and the available funds for the
repurchase of Common Shares, 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, revenues, employees, and equipment and supplies;
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 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; 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 and the recall of certain Royal Philips
BiPAP and CPAP devices and ventilators that we distribute and sell;
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 Company’s status as an emerging growth company; and the
occurrence of natural and unnatural catastrophic events or health
epidemics or concerns, such as the 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.
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