Business
Viemed Healthcare Announces 2022 Financial Results
LAFAYETTE, La., March 02, 2023 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD and TSX: VMD.TO), a national leader in
About this update from Viemed Healthcare, Inc.
[{"type":"text","content":"LAFAYETTE, La., March 02, 2023 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD and TSX: VMD.TO), a national leader in respiratory care and technology-enabled home medical equipment services, today reported its financial results for the three months and year ended December 31, 2022. Operational highlights (all dollar amounts are USD): Net revenues attributable to the Company's core business for the quarter ended December 31, 2022 were $37.5 million, a new Company record and an increase of 30% over the quarter ended December 31, 2021. Net revenues attributable to the Company's core business for the quarter ended December 31, 2022 were up approximately 5% over the quarter ended September 30, 2022. Total net revenues for the year ended December 31, 2022 were $138.8 million, including $2.3 million of COVID-19 related contact and vaccine tracing services.Net income for the quarter and year ended December 31, 2022 totaled $2.4 million and $6.2 million, respectively. Adjusted EBITDA for the quarter and year ended December 31, 2022 totaled approximately $9.3 million and $30.0 million, respectively. 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 $16.9 million at December 31, 2022 ($28.4 million at December 31, 2021), an overall working capital balance of $20.9 million at December 31, 2022 ($29.5 million at December 31, 2021), and repaid all long-term debt as of December 31, 2022.During the year ended December 31, 2022, the Company repurchased and cancelled 1,794,163 common shares under the share repurchase program at a cost of $9.6 million, representing an average buyback price of $5.33 per share.The Company expects to generate net revenues attributable to its core business of approximately $38.0 million to $39.0 million during the first quarter of 2023. “Our favorable resolution of the OIG matter, debt free balance sheet, and access to $90 million of additional liquidity through new credit facilities have us in an incredibly strong position to capitalize on the positive trends in our industry,\" said Casey Hoyt, Viemed's CEO. \"The healthcare market and regulatory environment are stabilizing and we are at an inflection point of opportunity...