Business
Viemed Healthcare Announces 2021 Financial Results
LAFAYETTE, La., March 07, 2022 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD and TSX: VMD.TO), a home medical equipment
About this update from Viemed Healthcare, Inc.
[{"type":"text","content":"LAFAYETTE, La., March 07, 2022 (GLOBE NEWSWIRE) -- 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 months and year ended December 31, 2021. Operational highlights (all dollar amounts are USD): Net revenues attributable to the Company's core business for the quarter ended December 31, 2021 were $29.0 million, a new Company record and an increase of 11% over the quarter ended December 31, 2020. Net revenues attributable to the Company's core business for the quarter ended December 31, 2021 were up approximately 4% over the quarter ended September 30, 2021. Total net revenues for the current quarter were $32.0 million and included $3.0 million of net revenues for contact and vaccine tracing services and product sales related to the COVID-19 pandemic. Net revenues for the year ended December 31, 2021 were $117.1 million for the Company, including $8.6 million of COVID-19 related sales and services.Net income for the quarter ended December 31, 2021 totaled approximately $4.1 million, compared to $5.1 million for the quarter ended December 31, 2020. Net income for the year ended December 31, 2021 totaled approximately $9.1 million, compared to $31.5 million for the year ended December 31, 2020. In the prior year, net income included an income tax benefit of $5.2 million and $34.4 million of COVID-19 response sales and services during the height of the COVID-19 pandemic.Adjusted EBITDA for the quarter ended December 31, 2021 totaled approximately $9.5 million. Adjusted EBITDA for the year ended December 31, 2021 totaled approximately $29.3 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 $28.4 million at December 31, 2021 ($31.0 million at December 31, 2020) and an overall working capital balance of $29.5 million ($24.2 million at December 31, 2020). Total long-term debt as of December 31, 2021 was $4.3 million.The Company expects to generate net revenues attributable to its core business of approximately $29.2 million to $30.2 million du...