Business
Viemed Healthcare Announces First Quarter 2021 Financial Results
LAFAYETTE, La., May 03, 2021 (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 03, 2021 (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, 2021. Operational highlights (all dollar amounts are USD): Net revenues attributable to the Company's core business for the quarter ended March 31, 2021 were $25.5 million, an increase of $2.7 million or 12% over net core revenues reported for the comparable quarter ended March 31, 2020. Total net revenues for the current quarter were $28.4 million which included approximately $2.9 million for contact tracing services and product sales related to the COVID-19 pandemic. Net income for the quarter ended March 31, 2021 totaled approximately $1.7 million, compared to $4.2 million for the quarter ended March 31, 2020. The 2020 quarter included $1.0 million of revenue and $2.5 million of proceeds on used equipment sales related to COVID-19 response sales and services.Adjusted EBITDA for the quarter ended March 31, 2021 totaled approximately $5.5 million, a 31% decrease as compared to the quarter ended March 31, 2020. 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 $31.1 million at March 31, 2021 ($31.0 million at December 31, 2020) and an overall working capital balance of $26.4 million ($24.2 million at December 31, 2020). Total long-term debt as of March 31, 2021 was $6.1 million ($6.6 million at December 31, 2020).The Company expects to generate net revenues attributable to its core business of approximately $26.2 million to $27.2 million during the second quarter of 2021. While the Company's COVID-19 response related business has slowed during the current year, the Company is continuing to pursue additional sales and support revenues and estimates second quarter 2021 revenues of approximately $0.5 million to $1.0 million related to the COVID-19 pandemic. Total revenues for the second quarter of 2021 are estimated to be approximately $26.7 million to $28.2 million. “The first quarter will very likely be the quarter where things began to reope...