Business
Viemed Healthcare Announces Third Quarter 2022 Financial Results
LAFAYETTE, La., Nov. 01, 2022 (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, 2022 (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, 2022. Operational highlights (all dollar amounts are USD): Net revenues attributable to the Company's core business for the quarter ended September 30, 2022 were $35.8 million, a new Company record, and an increase of $7.9 million, or 28%, over core net revenues reported for the comparable quarter ended September 30, 2021. This represents 7% sequential growth in core revenue over the quarter ended June 30, 2022.Through September 30, 2022, the Company has repurchased and cancelled 1,673,620 common shares under the share repurchase program at a cost of $8.9 million, representing an average buyback price of $5.29 per share. The Company grew its ventilator patient count to 9,127, an 11% increase over the September 30, 2021 ventilator patient count, representing the highest year-over-year growth rate since the beginning of the COVID-19 pandemic.Adjusted EBITDA for the quarter ended September 30, 2022 totaled $7.0 million and Adjusted EBITDA for the nine months ended September 30, 2022 totaled $20.7 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 $21.5 million at September 30, 2022 ($28.4 million at December 31, 2021) and an overall working capital balance of $22.3 million at September 30, 2022 ($29.5 million at December 31, 2021). Total long-term debt as of September 30, 2022 was $4.2 million ($4.3 million at December 31, 2021).The Company expects to generate net revenues of approximately $37.1 million to $38.1 million during the fourth quarter of 2022. “Our impressive third quarter financial results reflect robust growth and the team’s disciplined execution of strategy,” said Casey Hoyt, Viemed’s CEO. “The momentum behind patient and service expansion continues to exceed expectations and we have successfully reversed margin compression in EBITDA. Looking forward, our inflation-adjusted reimbursement environment combined with tactical ...