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Viemed Healthcare Announces First Quarter 2023 Financial Results
LAFAYETTE, La., May 08, 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., May 08, 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 announced its financial results for the three months ended March 31, 2023. Operational highlights (all dollar amounts are USD): Net revenues attributable to the Company’s core business for the quarter ended March 31, 2023 were $39.6 million, a new Company record, and an increase of $9.4 million, or 31%, over the quarter ended March 31, 2022. Net revenues for the quarter ended March 31, 2023 were up approximately 6% over the quarter ended December 31, 2022. Net income for the quarter ended March 31, 2023 totaled $1.5 million. Adjusted EBITDA for the quarter ended March 31, 2023 totaled $8.3 million, a 15% increase as compared to the quarter ended March 31, 2022 which benefited from COVID-19 related revenue and Provider Relief Fund income. 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 increased its cash balance by approximately 39% to $23.5 million at March 31, 2023 compared to $16.9 million at December 31, 2022, and increased its overall working capital balance to $23.3 million at March 31, 2023 compared to $20.9 million at December 31, 2022. The Company had no long term debt outstanding as of March 31, 2023. The Company recently announced that it has entered into a definitive agreement to acquire Tennessee based Home Medical Products, Inc. (“HMP”), a large regional provider of respiratory focused home medical solutions, which generated annual net revenues of approximately $28 million in 2022. The Company expects to generate net revenues attributable to its core business of approximately $40.2 million to $41.2 million during the second quarter of 2023, excluding the impact from any acquired revenues during the period. “Our recently announced operating results demonstrate that the core business is firing on all cylinders,” said Casey Hoyt, Viemed’s CEO. “We are excited to amplify our robust organic growth through accretive acquisitions that create powerful revenue synergies, diversify our offerings, and build upon strong relationships with stakeholders. Our rec...