Business
Viemed Healthcare Announces 2019 Record Financial Results
LAFAYETTE, Louisiana, March 03, 2020 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (TSX: VMD.TO and NASDAQ:VMD), a home medical
About this update from Viemed Healthcare, Inc.
[{"type":"text","content":"LAFAYETTE, Louisiana, March 03, 2020 (GLOBE NEWSWIRE) -- 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 months and year ended December 31, 2019.\n Operational highlights (all dollar amounts are USD): As previously disclosed, the Company now presents revenue net of bad debt expense. Net revenues for the quarter ended December 31, 2019 were $21.4 million, an increase of 30% over revenue less bad debt expense reported for the comparable quarter ended December 31, 2018. Net revenues for the year ended December 31, 2019 were approximately $80.3 million, an increase of 38% over revenue less bad debt expense reported for the prior year. Quarterly results for 2019 have been reconciled for this new presentation in Note 13 to the financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.The Company grew its active ventilator patient base for the quarter ended December 31, 2019 by approximately 31% as compared to the prior year’s comparable quarter and 5% over the third quarter of 2019.Net income for the quarter ended December 31, 2019 totaled approximately $2.4 million, a 20% decrease as compared to the quarter ended December 31, 2018. Net income for the year ended December 31, 2019 totaled approximately $8.5 million, a 10% decrease as compared to the year ended December 31, 2018.Adjusted EBITDA for the quarter ended December 31, 2019 totaled approximately $5.6 million, a Company record and a 14% increase as compared to the quarter ended December 31, 2018. Adjusted EBITDA for the year ended December 31, 2019 increased 15% as compared to the year ended December 31, 2018. 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 expects to generate net revenues of approximately $21.8 million to $22.8 million during the first quarter of 2020. The mid-point of the revenue guidance represents a 23% increase over net revenues the quarter ended March 31, 2019. “I am once again proud of our team for posting another record year for revenues and Adjusted ...