Business
Viemed Healthcare Announces Third Quarter 2020 Financial Results
LAFAYETTE, La., Nov. 04, 2020 (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., Nov. 04, 2020 (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 and nine months ended September 30, 2020.\n Operational highlights (all dollar amounts are USD): The Company's core business has once again contributed to a significant growth rate. Net revenues attributable to the Company's core business for the quarter ended September 30, 2020 were $24.9 million, an increase of 22% over net revenues reported for the comparable quarter ended September 30, 2019. Net revenues attributable to the core business for the quarter ended September 30, 2020 were up approximately 8% over the quarter ended June 30, 2020. Total revenues for the current quarter were $33.4 million which included approximately $8.6 million of product sales and services related to the ongoing COVID-19 pandemic. Net revenues for the nine months ended September 30, 2020 were $70.8 million for the Company's core business and $100.1 million for the company, which included COVID-19 related sales and services. Net income for the quarter ended September 30, 2020 totaled approximately $2.8 million, compared to $2.9 million for the quarter ended September 30, 2019. Net income for the nine months ended September 30, 2020 totaled approximately $26.5 million, compared to $6.1 million for the nine months ended September 30, 2019. Adjusted EBITDA for the quarter ended September 30, 2020 totaled approximately $7.7 million, a 58% increase as compared to the quarter ended September 30, 2019. Adjusted EBITDA for the nine months ended September 30, 2020 totaled approximately $32.0 million, a 138% increase as compared to the nine months ended September 30, 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 an all time high cash balance of $32.4 million at September 30, 2020 ($13.4 million at December 31, 2019) and an overall working capital balance of $19.6 million ($1.9 million at December 31, 2019). Total long-term debt as of September 30, 2020 was $7.2 million. The Company expects to genera...