Business
Viemed Healthcare Announces Record 2020 Financial Results
LAFAYETTE, La., March 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., March 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 and year ended December 31, 2020. Operational highlights (all dollar amounts are USD): Net revenues attributable to the Company's core business for the quarter ended December 31, 2020 were $26.1 million, an increase of 22% over net revenues reported for the quarter ended December 31, 2019. Net revenues attributable to the Company's core business for the quarter ended December 31, 2020 were up approximately 5% over the quarter ended September 30, 2020. Total revenues for the current quarter were $31.2 million which included approximately $5.1 million of product sales and services related to the COVID-19 pandemic. Net revenues for the year ended December 31, 2020 were $96.9 million for the Company's core business and $131.3 million for the Company, including COVID-19 related sales and services.Net income for the quarter ended December 31, 2020 totaled approximately $5.1 million, compared to $2.4 million for the quarter ended December 31, 2019. Net income for the year ended December 31, 2020 totaled approximately $31.5 million, compared to $8.5 million for the year ended December 31, 2019.Adjusted EBITDA for the quarter ended December 31, 2020 totaled approximately $9.5 million, a 70% increase as compared to the quarter ended December 31, 2019. Adjusted EBITDA for the year ended December 31, 2020 totaled approximately $41.3 million, a 117% increase as compared to the year ended December 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.The Company had a cash balance of $31.0 million at December 31, 2020 ($13.4 million at December 31, 2019) and an overall working capital balance of $24.2 million ($1.9 million at December 31, 2019). Total long-term debt as of December 31, 2020 was $6.6 million.The Company expects to generate net revenues attributable to its core business of approximately $25.5 million to $26.5 million during the first quarter of 2021. In addition to its core business...