Business
Viemed Healthcare Announces First Quarter 2022 Financial Results
LAFAYETTE, La., May 03, 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., May 03, 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, announced today that it has reported its financial results for the three months ended March 31, 2022. Operational highlights (all dollar amounts are USD): Net revenues attributable to the Company's core business for the quarter ended March 31, 2022 were $30.2 million, a new Company record, and an increase of $4.7 million or 18% over the quarter ended March 31, 2021. Total net revenues for the current quarter were $32.3 million, which included approximately $2.1 million for contact and vaccine tracing services related to the COVID-19 pandemic. Net income before taxes for the quarter ended March 31, 2022 totaled approximately $2.5 million, compared to $1.5 million for the quarter ended March 31, 2021. Adjusted EBITDA for the quarter ended March 31, 2022 totaled approximately $7.3 million, a 33% increase as compared to the quarter ended March 31, 2021. 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 $29.2 million at March 31, 2022 ($28.4 million at December 31, 2021) and an overall working capital balance of $30.1 million ($29.5 million at December 31, 2021). Total long-term debt as of March 31, 2022 was $4.5 million ($4.6 million at December 31, 2021). The Company repurchased and cancelled 389,878 shares under the share repurchase program during the quarter ended March 31, 2022 and has continued its repurchase program during the current quarter. The Company expects to generate net revenues attributable to its core business of approximately $32.1 million to $32.8 million during the second quarter of 2022. 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 2022 revenues of approximately $0.2 million to $0.3 million related to the COVID-19 pandemic. Total revenues for the second quarter of 2022 are estimated to be approximately $32.3 million to $33.1 million...