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 its financial
results for the three and nine months ended September 30, 2021.
Operational highlights (all dollar
amounts are USD):
- Total net revenues for the current
quarter were $29.3 million and included $1.5 million of net
revenues for contact and vaccine tracing services and product sales
related to the COVID-19 pandemic. Net revenues attributable to the
Company's core business for the quarter ended September 30, 2021
were $27.8 million, a new Company record, and an increase of $2.9
million, or 12%, over core business revenues reported for the
comparable quarter ended September 30, 2020. Net revenues
attributable to the core business were up approximately 6% from the
second quarter of 2021.
- Net income for the quarter ended
September 30, 2021 totaled $1.8 million, compared to
$2.8 million for the quarter ended September 30, 2020. Net
income for the nine months ended September 30, 2021 totaled $5.0
million, compared to $26.5 million for the nine months ended
September 30, 2020. In the prior year comparable period, net income
included an income tax benefit of $5.3 million and $29.3
million of COVID-19 response sales and services during the height
of the COVID-19 pandemic.
- Adjusted EBITDA for the quarter
ended September 30, 2021 totaled $7.4 million and Adjusted EBITDA
for the nine months ended September 30, 2021 totaled $19.7 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 had a cash balance of
$26.9 million at September 30, 2021 ($31.0 million at December 31,
2020) and an overall working capital balance of $27.2 million at
September 30, 2021 ($24.2 million at December 31, 2020). Long-term
debt as of September 30, 2021 was $4.3 million ($5.8 million at
December 31, 2020).
- The Company grew its ventilator
patient count to 8,200 at September 30, 2021, compared to 8,103 at
June 30, 2021.
- The Company expects to generate net
revenues attributable to its core business of approximately $27.8
million to $28.8 million during the fourth quarter of 2021. While
the Company's COVID-19 response related business has slowed during
the current year, the Company is continuing to pursue additional
sales and support revenues and estimates fourth quarter 2021 net
revenues of approximately $1.5 million to $1.7 million related to
the COVID-19 pandemic. Total net revenues for the fourth quarter of
2021 are estimated to be approximately $29.3 million to $30.5
million.
“We are excited to report another record
breaking quarter despite headwinds associated with the Delta
variant,” said Casey Hoyt, Viemed's CEO. “The resiliency of our
workforce and the strength of our relationships has driven our
continued growth during these unprecedented times. The nationwide
sales training programs conducted during the previous quarters have
concluded and are expected to give our sales force new products to
add to our superior service model. As we look forward, we continue
to believe that our ability to provide technology enabled
healthcare in the home setting will create enormous value and
positive patient outcomes.”
Conference Call Details
The Company will host a conference call to discuss second
quarter results on Tuesday, November 2, 2021 at 11:00 a.m. ET.
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: 13723389Live 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, 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.
VIEMED HEALTHCARE,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(Expressed in thousands of U.S. Dollars,
except share amounts)(Unaudited)
|
|
AtSeptember 30, 2021 |
|
AtDecember 31, 2020 |
ASSETS |
|
|
|
|
Current
assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
26,867 |
|
|
|
$ |
30,981 |
|
Accounts receivable, net of allowance for doubtful accounts of
$7,115 and $9,013 at September 30, 2021 and December 31, 2020,
respectively |
|
12,696 |
|
|
|
12,373 |
|
Inventory, net of inventory reserve of $1,237 and $1,353 at
September 30, 2021 and December 31, 2020, respectively |
|
2,622 |
|
|
|
2,310 |
|
Income tax receivable |
|
1,420 |
|
|
|
— |
|
Prepaid expenses and other assets |
|
3,761 |
|
|
|
1,511 |
|
Total current
assets |
|
$ |
47,366 |
|
|
|
$ |
47,175 |
|
Long-term
assets |
|
|
|
|
Property and equipment, net |
|
59,036 |
|
|
|
55,056 |
|
Equity investments |
|
1,942 |
|
|
|
733 |
|
Deferred tax asset |
|
6,281 |
|
|
|
8,733 |
|
Other long-term assets |
|
861 |
|
|
|
863 |
|
Total long-term
assets |
|
$ |
68,120 |
|
|
|
$ |
65,385 |
|
TOTAL
ASSETS |
|
$ |
115,486 |
|
|
|
$ |
112,560 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Current
liabilities |
|
|
|
|
Trade payables |
|
$ |
4,734 |
|
|
|
$ |
2,096 |
|
Deferred revenue |
|
3,795 |
|
|
|
3,409 |
|
Income taxes payable |
|
— |
|
|
|
340 |
|
Accrued liabilities |
|
9,283 |
|
|
|
12,595 |
|
Current portion of lease liabilities |
|
481 |
|
|
|
2,741 |
|
Current portion of long-term debt |
|
1,906 |
|
|
|
1,836 |
|
Total current
liabilities |
|
$ |
20,199 |
|
|
|
$ |
23,017 |
|
Long-term
liabilities |
|
|
|
|
Accrued liabilities |
|
730 |
|
|
|
1,292 |
|
Long-term lease liabilities |
|
834 |
|
|
|
762 |
|
Long-term debt |
|
4,347 |
|
|
|
5,796 |
|
Total long-term
liabilities |
|
$ |
5,911 |
|
|
|
$ |
7,850 |
|
TOTAL
LIABILITIES |
|
$ |
26,110 |
|
|
|
$ |
30,867 |
|
|
|
|
|
|
Commitments and
Contingencies |
|
— |
|
|
|
— |
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
Common stock - No par value: unlimited authorized; 39,630,446 and
39,185,182 issued and outstanding as of September 30, 2021 and
December 31, 2020, respectively |
|
13,957 |
|
|
|
9,181 |
|
Additional paid-in capital |
|
6,501 |
|
|
|
7,320 |
|
Accumulated other comprehensive loss |
|
(330 |
) |
|
|
(451 |
) |
Retained earnings |
|
69,248 |
|
|
|
65,643 |
|
TOTAL SHAREHOLDERS'
EQUITY |
|
$ |
89,376 |
|
|
|
$ |
81,693 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
$ |
115,486 |
|
|
|
$ |
112,560 |
|
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, |
|
2021 |
|
|
2020 |
|
|
2021 |
|
2020 |
Revenue |
$ |
29,285 |
|
|
|
$ |
33,447 |
|
|
|
$ |
85,100 |
|
|
|
$ |
100,107 |
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
10,904 |
|
|
|
13,994 |
|
|
|
31,352 |
|
|
|
39,174 |
|
|
|
|
|
|
|
|
|
|
Gross
profit |
$ |
18,381 |
|
|
|
$ |
19,453 |
|
|
|
$ |
53,748 |
|
|
|
$ |
60,933 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
Selling, general and administrative |
13,260 |
|
|
|
13,550 |
|
|
|
40,653 |
|
|
|
40,555 |
|
|
Research and development |
576 |
|
|
|
|
243 |
|
|
|
1,498 |
|
|
|
688 |
|
|
Stock-based compensation |
1,302 |
|
|
|
1,234 |
|
|
|
3,845 |
|
|
|
3,581 |
|
|
Depreciation |
211 |
|
|
|
202 |
|
|
|
618 |
|
|
|
612 |
|
|
Loss (gain) on disposal of property and equipment |
145 |
|
|
|
203 |
|
|
|
304 |
|
|
|
(2,424 |
) |
|
Other expense (income) |
(32 |
) |
|
|
(19 |
) |
|
|
(85 |
) |
|
|
(3,593 |
) |
|
Income from
operations |
$ |
2,919 |
|
|
|
$ |
4,040 |
|
|
|
$ |
6,915 |
|
|
|
$ |
21,514 |
|
|
|
|
|
|
|
|
|
|
Non-operating income
and expenses |
|
|
|
|
|
|
|
Income from equity method investments |
(331 |
) |
|
|
|
(21 |
) |
|
|
|
(782 |
) |
|
|
(36 |
) |
|
Interest expense, net of interest income |
75 |
|
|
|
116 |
|
|
|
249 |
|
|
|
409 |
|
|
|
|
|
|
|
|
|
|
Net income before
taxes |
3,175 |
|
|
|
3,945 |
|
|
|
7,448 |
|
|
|
21,141 |
|
|
Provision (benefit) for income taxes |
1,386 |
|
|
|
1,141 |
|
|
|
2,409 |
|
|
|
(5,318 |
) |
|
|
|
|
|
|
|
|
|
Net
income |
$ |
1,789 |
|
|
|
$ |
2,804 |
|
|
|
$ |
5,039 |
|
|
|
$ |
26,459 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss) |
|
|
|
|
|
|
|
Change in unrealized gain/loss on derivative instruments, net of
tax |
21 |
|
|
|
24 |
|
|
|
121 |
|
|
|
(321 |
) |
|
Other comprehensive
income (loss) |
$ |
21 |
|
|
|
$ |
24 |
|
|
|
$ |
121 |
|
|
|
$ |
(321 |
) |
|
|
|
|
|
|
|
|
|
Comprehensive
income |
$ |
1,810 |
|
|
|
$ |
2,828 |
|
|
|
$ |
5,160 |
|
|
|
$ |
26,138 |
|
|
|
|
|
|
|
|
|
|
Net income per
share |
|
|
|
|
|
|
|
Basic |
$ |
0.05 |
|
|
|
$ |
0.07 |
|
|
|
$ |
0.13 |
|
|
|
$ |
0.69 |
|
|
Diluted |
$ |
0.04 |
|
|
|
$ |
0.07 |
|
|
|
$ |
0.12 |
|
|
|
$ |
0.66 |
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding: |
|
|
|
|
|
|
|
Basic |
39,607,540 |
|
|
|
39,107,640 |
|
|
|
39,442,088 |
|
|
|
38,603,267 |
|
|
Diluted |
40,659,353 |
|
|
|
41,155,668 |
|
|
|
40,716,747 |
|
|
|
40,377,608 |
|
|
VIEMED HEALTHCARE,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Expressed in thousands of U.S.
Dollars)(Unaudited)
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
Cash flows from
operating activities |
|
|
|
|
Net income |
|
$ |
5,039 |
|
|
|
$ |
26,459 |
|
Adjustments for: |
|
|
|
|
Depreciation |
|
8,192 |
|
|
|
6,745 |
|
Change in allowance for doubtful accounts |
|
5,250 |
|
|
|
7,031 |
|
Change in inventory reserve |
|
(116 |
) |
|
|
— |
|
Share-based compensation |
|
3,845 |
|
|
|
3,581 |
|
Distributions of earnings received from equity method
investments |
|
172 |
|
|
|
— |
|
Income from equity method investments |
|
(782 |
) |
|
|
(36 |
) |
Loss (gain) on disposal of property and equipment |
|
304 |
|
|
|
(2,424 |
) |
Deferred income tax expense (benefit) |
|
2,410 |
|
|
|
(7,593 |
) |
Net change in working
capital |
|
|
|
|
Increase in accounts receivable |
|
(5,573 |
) |
|
|
(6,986 |
) |
Increase in inventory |
|
(196 |
) |
|
|
(1,402 |
) |
Increase in prepaid expenses and other assets |
|
(2,259 |
) |
|
|
(1,771 |
) |
Increase in trade payables |
|
2,638 |
|
|
|
2,739 |
|
Increase in deferred revenue |
|
386 |
|
|
|
297 |
|
(Decrease) increase in accrued liabilities |
|
(3,711 |
) |
|
|
2,397 |
|
Change in income tax payable/receivable |
|
(1,760 |
) |
|
|
282 |
|
Net cash provided by
operating activities |
|
$ |
13,839 |
|
|
|
$ |
29,319 |
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
Purchase of property and equipment |
|
(13,080 |
) |
|
|
(8,204 |
) |
Investment in equity investments |
|
(599 |
) |
|
|
(30 |
) |
Proceeds from sale of property and equipment |
|
496 |
|
|
|
5,187 |
|
Net cash used in
investing activities |
|
$ |
(13,183 |
) |
|
|
$ |
(3,047 |
) |
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
|
Proceeds from exercise of options |
|
112 |
|
|
|
1,780 |
|
Principal payments on notes payable |
|
(113 |
) |
|
|
(104 |
) |
Principal payments on term note |
|
(1,255 |
) |
|
|
(1,199 |
) |
Shares redeemed to pay income tax |
|
(1,434 |
) |
|
|
— |
|
Repayments of lease liabilities |
|
(2,080 |
) |
|
|
(7,708 |
) |
Net cash used in
financing activities |
|
$ |
(4,770 |
) |
|
|
$ |
(7,231 |
) |
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents |
|
(4,114 |
) |
|
|
19,041 |
|
Cash and cash
equivalents at beginning of year |
|
30,981 |
|
|
|
13,355 |
|
Cash and cash
equivalents at end of period |
|
$ |
26,867 |
|
|
|
$ |
32,396 |
|
|
|
|
|
|
Supplemental
disclosures of cash flow information |
|
|
|
|
Cash paid during the period for interest |
|
$ |
278 |
|
|
|
$ |
437 |
|
Cash paid during the period for income taxes, net of refunds
received |
|
$ |
1,760 |
|
|
|
$ |
1,975 |
|
Supplemental
disclosures of non-cash transactions |
|
|
|
|
Net non-cash changes to finance lease balances |
|
$ |
42 |
|
|
|
$ |
3,002 |
|
Net non-cash changes to operating lease balances |
|
$ |
372 |
|
|
|
$ |
57 |
|
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, 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 to Non-GAAP
Adjusted EBITDA(Expressed in thousands of U.S.
Dollars)(Unaudited)
For the quarter ended |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
December 31, 2019 |
Net Income |
$ |
1,789 |
|
$ |
1,566 |
|
$ |
1,684 |
|
|
$ |
5,071 |
|
$ |
2,804 |
|
$ |
19,412 |
|
|
$ |
4,243 |
|
$ |
2,388 |
|
Add back: |
|
|
|
|
|
|
|
|
Depreciation |
2,867 |
|
2,716 |
|
2,609 |
|
|
2,835 |
|
2,425 |
|
2,190 |
|
|
2,130 |
|
2,003 |
|
Interest expense |
75 |
|
83 |
|
91 |
|
|
100 |
|
116 |
|
135 |
|
|
158 |
|
212 |
|
Stock-based compensation |
1,302 |
|
1,236 |
|
1,307 |
|
|
1,301 |
|
1,234 |
|
1,196 |
|
|
1,151 |
|
908 |
|
Income tax expense (benefit) |
1,386 |
|
1,246 |
|
(223 |
) |
|
151 |
|
1,141 |
|
(6,646 |
) |
|
187 |
|
58 |
|
Adjusted EBITDA |
$ |
7,419 |
|
$ |
6,847 |
|
$ |
5,468 |
|
|
$ |
9,458 |
|
$ |
7,720 |
|
$ |
16,287 |
|
|
$ |
7,869 |
|
$ |
5,569 |
|
|
|
Three Months Ended September 30, 2021 |
|
Nine Months Ended September 30, 2021 |
Net Income |
|
$ |
1,789 |
|
|
$ |
5,039 |
|
Add back: |
|
|
|
|
Depreciation |
|
2,867 |
|
|
8,192 |
|
Interest expense |
|
75 |
|
|
249 |
|
Stock-based compensation |
|
1,302 |
|
|
3,845 |
|
Income tax expense |
|
1,386 |
|
|
2,409 |
|
Adjusted EBITDA |
|
$ |
7,419 |
|
|
$ |
19,734 |
|
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, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
December 31, 2019 |
Financial
Information: |
|
|
|
|
|
|
|
Revenue |
$ |
29,285 |
|
$ |
27,399 |
|
$ |
28,416 |
|
$ |
31,202 |
|
$ |
33,447 |
|
$ |
42,854 |
|
$ |
23,806 |
|
$ |
21,448 |
|
Gross Profit |
$ |
18,381 |
|
$ |
17,625 |
|
$ |
17,742 |
|
$ |
19,178 |
|
$ |
19,453 |
|
$ |
25,927 |
|
$ |
15,553 |
|
$ |
14,243 |
|
Gross Profit % |
63 |
% |
64 |
% |
62 |
% |
61 |
% |
58 |
% |
61 |
% |
65 |
% |
66 |
% |
Net Income |
$ |
1,789 |
|
$ |
1,566 |
|
$ |
1,684 |
|
$ |
5,071 |
|
$ |
2,804 |
|
$ |
19,412 |
|
$ |
4,243 |
|
$ |
2,388,000 |
|
Cash (As of) |
$ |
26,867 |
|
$ |
31,151 |
|
$ |
31,097 |
|
$ |
30,981 |
|
$ |
32,396 |
|
$ |
29,707 |
|
$ |
8,409 |
|
$ |
13,355 |
|
Total Assets (As of) |
$ |
115,486 |
|
$ |
111,014 |
|
$ |
113,001 |
|
$ |
112,560 |
|
$ |
113,969 |
|
$ |
112,178 |
|
$ |
86,801 |
|
$ |
82,596 |
|
Adjusted EBITDA(1) |
$ |
7,419 |
|
$ |
6,847 |
|
$ |
5,468 |
|
$ |
9,458 |
|
$ |
7,720 |
|
$ |
16,287 |
|
$ |
7,869 |
|
$ |
5,569,000 |
|
Operational Information: |
|
|
|
|
|
|
|
Vent Patients(2) |
8,200 |
|
8,103 |
|
7,733 |
|
7,892 |
|
7,788 |
|
7,705 |
|
7,965 |
|
7,759 |
|
(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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