Business
Viemed Healthcare Announces Financial Results for Third Quarter 2019
LAFAYETTE, La., Nov. 04, 2019 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (TSX: VMD.TO and NASDAQ:VMD), a home medical equipment
About this update from Viemed Healthcare, Inc.
[{"type":"text","content":"LAFAYETTE, La., Nov. 04, 2019 (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 and nine months ended September 30, 2019.\n Operational highlights (all dollar amounts are USD): Revenues for the quarter ended September 30, 2019 were approximately $23.5 million and gross margin was $17.2 million, or 73%. Revenues and gross margin increased 37% and 32%, respectively, as compared to the quarter ended September 30, 2018.The Company grew its ventilator patient count by approximately 36% as compared to the prior year’s comparable quarter and 4% over the second quarter of 2019.Net income for the quarter ended September 30, 2019 totaled approximately $3.0 million, a 22% increase as compared to the quarter ended September 30, 2018. Adjusted EBITDA for the quarter ended September 30, 2019 totaled approximately $5.0 million, a 14% increase as compared to the quarter ended September 30, 2018. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this press release.The Company entered into an amendment to its loan agreement to provide for a $5 million term loan during the quarter, which is in addition to its undrawn $10 million line of credit. The term loan gives the Company access to additional capital as its capital expenditures have increased with the expansion of additional product lines, and positions the Company for future growth.The Company expects to generate total revenues of approximately $24.7 to $25.2 million during the fourth quarter of 2019 (approximately $21.8 to $22.2 million after netting out expected bad debt). Beginning with the fourth quarter, the Company is planning on presenting all adjustments as reductions of revenue instead of presenting both revenue reductions and bad debt expense to better align with other healthcare providers. The mid-point of the revenue guidance represents a 35% increase over the quarter ended December 31, 2018. “I am delighted to have posted another record breaking quarter in gross revenue and active vent patients,” said Casey Hoyt, Viemed CEO. “The continued success o...