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Viemed Healthcare Announces Record Third Quarter 2023 Financial Results
LAFAYETTE, La., Nov. 01, 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., Nov. 01, 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, announced today that it has reported its financial results for the three and nine months ended September 30, 2023. Operational highlights (all dollar amounts are USD): Net revenues for the quarter ended September 30, 2023 reached a new Company record of $49.4 million, representing an increase of $13.6 million, or 38%, over net revenues reported for the comparable quarter ended September 30, 2022. This represents 14% sequential growth in revenue over the quarter ended June 30, 2023.Net income for the quarter ended September 30, 2023 totaled $2.9 million, representing an increase of $1.9 million, or 177%, over net income reported for the comparable quarter ended September 30, 2022. Adjusted EBITDA for the quarter ended September 30, 2023 totaled $12.1 million, a 73% increase as compared to the quarter ended September 30, 2022. 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 grew its ventilator patient count to 10,244, a 12% increase over the ventilator patient count on September 30, 2022.As of September 30, 2023, the Company maintains a strong cash balance of $10.1 million ($10.2 million at June 30, 2023) and an overall working capital balance of $4.3 million ($4.4 million at June 30, 2023). Long term debt as of September 30, 2023 amounted to $8.1 million ($12.1 million at June 30, 2023) and the Company has $51 million available under existing credit facilities.The Company expects to generate net revenues of approximately $49.8 million to $51.0 million during the fourth quarter of 2023. “Viemed is executing flawlessly on our strategic objectives, driving strong financial results and remarkable growth. Our seamless integration of the HMP acquisition has accelerated our expansion of the core complex respiratory business and is rapidly diversifying our respiratory offerings,” said Casey Hoyt, Viemed's CEO. \"This significant stride is a testament to our steadfast focus on reaching more patients, enhancing their lives, and improving outcomes.\" Conference Call Details The C...