Business
Viemed Healthcare Announces First Quarter 2024 Financial Results
LAFAYETTE, La., May 06, 2024 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD), a national leader in respiratory care and
About this update from Viemed Healthcare, Inc.
[{"type":"text","content":"LAFAYETTE, La., May 06, 2024 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD), a national leader in respiratory care and technology-enabled home medical equipment services, announced today that it has reported its financial results for the three months ended March 31, 2024. Operational highlights (all dollar amounts are USD): Net revenues for the quarter ended March 31, 2024 were $50.6 million, representing an increase of $11.0 million, or 28%, over net revenues reported for the comparable quarter ended March 31, 2023. Net income for the quarter ended March 31, 2024 totaled $1.6 million. Adjusted EBITDA for the quarter ended March 31, 2024 totaled $10.1 million, a 21% increase as compared to the quarter ended March 31, 2023. 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. As of March 31, 2024, the Company maintains a strong cash balance of $7.3 million and an overall working capital balance of $8.5 million. Long-term debt as of March 31, 2024 amounted to $5.9 million. The Company ended the quarter with no net debt and has approximately $53 million available under existing credit facilities. The Company recently announced the finalization of its strategic partnership with East Alabama Health, providing Viemed with the controlling interest of East Alabama HomeMed, LLC. The Company expects to generate net revenues of approximately $53.8 million to $54.8 million during the second quarter of 2024. \"I am tremendously enthusiastic about the Company's performance, as we kick off 2024 with strong momentum,\" said Casey Hoyt, Viemed's CEO. \"Our steadfast investments in personnel and operational enhancements are yielding substantial outcomes, propelling our growth trajectory to new heights. The recent successes in restructuring our salesforce and executing on our acquisition strategies have bolstered our determination to explore fresh avenues for expansion, exemplified by our innovative hospital joint venture strategy. Leveraging our competitive advantage as a leader in high-touch, high-tech healthcare in the home, we believe we are poised to revolutionize traditional healthcare delivery models and unveil unprecedented opportunities.\" Conference Call Details The Company w...