Business
Viemed Healthcare Announces First Quarter 2020 Record Financial Results
LAFAYETTE, La., May 04, 2020 (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., May 04, 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 ended March 31, 2020.\n Operational highlights (all dollar amounts are USD): Net revenues for the quarter ended March 31, 2020 were $23.8 million, an increase of 31% over net revenues reported for the comparable quarter ended March 31, 2019. Current quarter revenues included approximately $1 million of product sales related to the ongoing COVID-19 pandemic.The Company grew its active ventilator patient base for the quarter ended March 31, 2020 by approximately 25% as compared to the prior year’s comparable quarter and 3% over the fourth quarter of 2019.Net income for the quarter ended March 31, 2020 totaled approximately $4.2 million, a 117% increase as compared to the quarter ended March 31, 2019.Adjusted EBITDA for the quarter ended March 31, 2020 totaled approximately $7.9 million, a Company record, and a 76% increase as compared to the quarter ended March 31, 2019. 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.During May, the Company extended the expiration date of its existing $10 million line of credit with Hancock Whitney Bank to May 1, 2023.The Company expects to generate net revenues of approximately $42 million to $44 million during the second quarter of 2020, including approximately $20 million of product sales related to the ongoing COVID-19 pandemic. “We believe the first four months of the year have demonstrated how important the Viemed mission is to the future of our country’s healthcare system,” said Casey Hoyt, Viemed's CEO. “Our clinicians have come through to share their expertise with others to assist with COVID-19 solutions. In addition, we have established long-term relationships with hospitals and physicians that we expect will only be strengthened in the future as we continue to do our part in supplying ventilators and keeping hospital beds free for the patients who have become ill with the coronavirus.” Conference Call Details The Company will host a conference ...