Business
Viemed Healthcare Announces Third Quarter 2021 Financial Results
LAFAYETTE, La., Nov. 01, 2021 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD and TSX: VMD.TO), a home medical equipment
About this update from Viemed Healthcare, Inc.
[{"type":"text","content":"LAFAYETTE, La., Nov. 01, 2021 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD and TSX: VMD.TO), a home medical equipment supplier and the nation’s largest independent provider of ventilation that provides post-acute respiratory care services, today reported its financial results for the three and nine months ended September 30, 2021. Operational highlights (all dollar amounts are USD): Total net revenues for the current quarter were $29.3 million and included $1.5 million of net revenues for contact and vaccine tracing services and product sales related to the COVID-19 pandemic. Net revenues attributable to the Company's core business for the quarter ended September 30, 2021 were $27.8 million, a new Company record, and an increase of $2.9 million, or 12%, over core business revenues reported for the comparable quarter ended September 30, 2020. Net revenues attributable to the core business were up approximately 6% from the second quarter of 2021. Net income for the quarter ended September 30, 2021 totaled $1.8 million, compared to $2.8 million for the quarter ended September 30, 2020. Net income for the nine months ended September 30, 2021 totaled $5.0 million, compared to $26.5 million for the nine months ended September 30, 2020. In the prior year comparable period, net income included an income tax benefit of $5.3 million and $29.3 million of COVID-19 response sales and services during the height of the COVID-19 pandemic.Adjusted EBITDA for the quarter ended September 30, 2021 totaled $7.4 million and Adjusted EBITDA for the nine months ended September 30, 2021 totaled $19.7 million. 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 $26.9 million at September 30, 2021 ($31.0 million at December 31, 2020) and an overall working capital balance of $27.2 million at September 30, 2021 ($24.2 million at December 31, 2020). Long-term debt as of September 30, 2021 was $4.3 million ($5.8 million at December 31, 2020).The Company grew its ventilator patient count to 8,200 at September 30, 2021, compared to 8,103 at June 30, 2021.The Company expects to generate net revenues attributable to its core business of approximately $27.8 million t...