Viemed Healthcare Announces Entry into Remote Patient Monitoring Sector
December 21 2020 - 8:00AM
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 it has acquired a 5% interest in VeruStat, Inc, a newly
created company focusing on remote patient monitoring (“RPM”), for
approximately $600,000 using cash on hand.
The investment is part of the Company’s launch
into the healthcare technology sector, and will immediately allow
the Company’s salesforce to offer a new revenue source to its
physician network around the country. RPM platforms allow
physicians to bill for safely monitoring patients inside of the
home that are struggling with chronic diseases. The VeruStat RPM
solution will be placed in the home in conjunction with Viemed’s
existing patient engagement platform (“PEP”). Preliminary data
indicates that the use of Viemed’s internally developed PEP results
in better patient compliance along with labor and workflow
efficiencies. The Company is currently expanding the number of
patients utilizing the PEP technology.
“The pandemic has revealed a great demand by
physicians and patients to safely use technology to provide patient
care inside of the home,” said Casey Hoyt, Viemed CEO. “We are
excited to be partnering with VeruStat in the RPM space, as their
unique solution will fit well with our physician network. While the
RPM space is new, it complements our mission of interacting more
frequently with chronically ill patients across multiple disease
states, even beyond respiratory illnesses. We fully expect the RPM
platform to add incremental revenue in 2021 on a standalone basis,
while driving new adjacencies and adding to our core respiratory
business.”
ABOUT VIEMED HEALTHCARE, INC.
Viemed, through its indirect wholly-owned
subsidiaries Sleep Management, L.L.C. and Home Sleep Delivered,
L.L.C., is a home medical equipment supplier that provides
post-acute respiratory care services in the United States. Sleep
Management, L.L.C. focuses on disease management and improving the
quality of life for respiratory patients through clinical
excellence, education, and technology. Its service offerings are
based on effective home treatment with respiratory care
practitioners providing therapy and counseling to patients in their
homes using cutting edge technology. Home Sleep Delivered, L.L.C.
focuses on providing in-home sleep testing for sleep apnea
sufferers. 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”, “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 expectations regarding the performance of the remote
patient monitoring aspect of its business, 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.
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