Viemed Healthcare Announces Record 2024 Financial Results

LAFAYETTE, La., March 10, 2025 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD), 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 months and year ended December 31, 2024, and issued its guidance for the full year ending December 31, 2025.

Fourth Quarter and Full Year Operational Highlights (all dollar amounts are USD):

• Net revenues for the quarter ended December 31, 2024 reached a new Company record of $60.7 million representing an increase of $10.0 million, or 20%, over net revenues reported for the comparable quarter ended December 31, 2023. Total net revenues for the year ended December 31, 2024 were a record-breaking $224.3 million, an increase of $41.2 million, or 23%, over the year ended December 31, 2023.
  
  

• Net income attributable to Viemed for the quarter ended December 31, 2024 totaled $4.3 million, or $0.10 per diluted share, an increase of 24% over net income attributable to Viemed reported for the comparable quarter ended December 31, 2023. Net income attributable to Viemed for the year ended December 31, 2024 totaled $11.3 million, or $0.28 per diluted share, an increase of 10% over the year ended December 31, 2023, marking the Company's eighth consecutive year of positive net income.
  
  

• The Company increased its ventilator patient count to 11,795 as of December 31, 2024, an increase of 14% over December 31, 2023, and a 4% sequential increase from September 30, 2024.
  
  

• The Company increased its PAP therapy patient count to 21,338 as of December 31, 2024, an increase of 43% over December 31, 2023, and a 10% sequential increase from September 30, 2024. The Company also increased its sleep resupply patient count to 24,478 as of December 31, 2024, an increase of 29% over December 31, 2023, and an 11% sequential increase from September 30, 2024.
  
  

• Adjusted EBITDA for the quarter and year ended December 31, 2024 totaled $14.2 million and a record $51.1 million, respectively. 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 continues to generate substantial excess free cash flow while achieving robust organic growth and replacing a significant portion of its ventilator fleet during 2025. Net cash provided by operating activities for the year ended December 31, 2024 totaled $39.1 million compared with $45.2 million for the year ended December 31, 2023. Free Cash Flow for the year ended December 31, 2024 totaled $11.6 million compared with $21.7 million for the year ended December 31, 2023. 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.
  
  

• As of December 31, 2024, the Company maintains a strong cash balance of $17.5 million, and an overall working capital balance of $15.6 million. Long-term debt as of December 31, 2024 amounted to $3.6 million and the Company has $55 million available under existing credit facilities.
  
  

Full Year 2025 Guidance (all dollar amounts are USD):

• Net revenue for the year ending December 31, 2025 is expected to be in the range of $254 million to $265 million.
  
  

• Adjusted EBITDA for the year ending December 31, 2025 is expected to be in the range of $54 million to $58 million. See “Forward-Looking Statements” below for further information on this non-GAAP financial guidance.
  
  

Casey Hoyt, Viemed’s CEO, noted, “We once again demonstrated our value as a vital link between patients, providers, and payers for complex respiratory services with fourth quarter results meeting the high end of our expectations and maintaining a track record of strong organic growth and profitability, while at the same time enhancing the balance sheet. The sequential improvement in our operational metrics throughout 2024 reinforces the momentum we have established with hard-won improvements in our sales force and diversification of the business. Likewise, the continued demand for our high-touch, technology-enabled clinical approach in a regulatory environment that stresses efficiency, home care, transparency, and compliance gives us greater confidence in our value proposition.”

“Looking ahead to 2025, we are leaning into what has worked well for us throughout 2024 and growing in ways that complement our existing strengths. Utilizing the systems and processes we have in place for sales and operating efficiencies, as well as our home-grown staffing business, we plan to ramp up our sales force at a more aggressive pace to further penetrate a massively underserved market for non-invasive ventilation, sleep, staffing, and other complementary services. We also expect our trusted place in the home and our extensive, national payer relationships to create new opportunities to amplify these partnerships and potentially pursue inorganic growth,” added Mr. Hoyt.

Conference Call Details

The Company will host a conference call to discuss fourth quarter and year end results, as well as its 2025 guidance, on Tuesday, March 11, 2025 at 11:00 a.m. ET.

Interested parties may participate in the call by dialing:

877-407-6176 (US Toll-Free)
+1-201-689-8451 (International)

Live Audio Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=TPQeuTNd

Following the conclusion of the call, an audio recording and transcript of the call can be accessed on the Company's website.

ABOUT VIEMED HEALTHCARE, INC.

Viemed is an in-home clinical care provider of post-acute respiratory healthcare equipment and services in the United States, including non-invasive ventilators (NIV), sleep therapy, staffing, and other complementary products and services. Viemed focuses on efficient and effective in-home treatment with clinical practitioners providing therapy, education and counseling to patients in their homes using high-touch and high-tech services. Visit our website at www.viemed.com

For further information, please contact:

Tripp Sullivan
SCR Partners, LLC
615-942-7077
tsullivan@scr-ir.com

Todd Zehnder
Chief Operating Officer
Viemed Healthcare, Inc.
337-504-3802
investorinfo@viemed.com

Forward-Looking Statements

Certain statements contained in this press release may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or “forward-looking information” as such term is defined in applicable Canadian securities legislation (collectively, “forward-looking statements”). Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “potential”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “projects”, or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “will”, “should”, “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. All statements other than statements of historical fact, including those that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance, including the Company's net revenue and Adjusted EBITDA guidance for 2025, are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking statements to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: the general business, market and economic conditions in the regions in which the we operate; significant capital requirements and operating risks that we may be subject to; our ability to implement business strategies and pursue business opportunities; volatility in the market price of our common shares; the state of the capital markets; the availability of funds and resources to pursue operations; inflation; reductions in reimbursement rates and audits of reimbursement claims by various governmental and private payor entities; dependence on few payors; possible new drug discoveries; dependence on key suppliers; granting of permits and licenses in a highly regulated business; competition; disruptions in or attacks (including cyber-attacks) on our information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which we are exposed; difficulty integrating newly acquired businesses; the impact of new and changes to, or application of, current laws and regulations; the overall difficult litigation and regulatory environment; increased competition; increased funding costs and market volatility due to market illiquidity and competition for funding; critical accounting estimates and changes to accounting standards, policies, and methods used by us; and the occurrence of natural and unnatural catastrophic events or health epidemics or concerns, and claims resulting from such events or concerns, as well as other general economic, market and business conditions; and other factors beyond our control; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and with the securities regulatory authorities in certain provinces of Canada available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

This press release contains non-GAAP financial guidance. There is no reliable or reasonably estimable comparable GAAP measure for the Company’s non-GAAP financial guidance because the Company is not able to reliably predict the impact of certain items that typically have one or more of the following characteristics: highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods. As a result, reconciliation of the non-GAAP financial guidance to the most directly comparable GAAP measure is not available without unreasonable effort. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company’s future GAAP results.

The Company’s financial guidance in this press release excludes the impact of potential future strategic acquisitions and any items that have not yet been identified or quantified. This guidance is subject to risks and uncertainties inherent in all forward-looking statements, as outlined above.

Non-GAAP Financial Measures

This press release refers to “Adjusted EBITDA”, which is a financial measure that is not prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP. Management believes Adjusted EBITDA provides helpful information with respect to the Company’s operating performance as viewed by management, including a view of the Company’s business that is not dependent on the impact of the Company’s capitalization structure and items that are not part of the Company’s day-to-day operations. Management uses Adjusted EBITDA (i) to compare the Company’s operating performance on a consistent basis, (ii) to calculate incentive compensation for the Company’s employees, (iii) for planning purposes, including the preparation of the Company’s internal annual operating budget, and (iv) to evaluate the performance and effectiveness of the Company’s operational strategies. Accordingly, management believes that Adjusted EBITDA provides useful information in understanding and evaluating the Company’s operating performance in the same manner as management. Adjusted EBITDA is not a measurement of the Company’s financial performance under U.S. GAAP and should not be considered as an alternative to revenue or net income, as applicable, or any other performance measures derived in accordance with U.S. GAAP. Adjusted EBITDA has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of the Company’s operating results as reported under U.S. GAAP. Adjusted EBITDA does not reflect the impact of certain cash charges resulting from matters the Company considers not to be indicative of ongoing operations; and other companies in the Company’s industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. In calculating Adjusted EBITDA, certain items (mostly non-cash) are excluded from net income including depreciation and amortization of capitalized assets, net interest expense (income), stock based compensation, transaction costs, impairment of assets, and taxes.

The following table is a reconciliation of net income (loss), the most directly comparable U.S. GAAP measure, to Adjusted EBITDA, on a historical basis for the periods indicated:

Free Cash Flow

This press release refers to “Free Cash Flow” which is a non-GAAP financial measure that does not have a standardized meaning prescribed by U.S. GAAP. Free Cash Flow is defined as net cash provided by operating activities less cash paid for purchases of property and equipment, net of proceeds from sale of property & equipment. Historically reported amounts of Free Cash Flow for the year ended December 31, 2023 have been recast to include the effect of proceeds from the sale of property and equipment. This adjustment aligns the calculation with the Company’s current presentation methodology and more accurately reflects net cash flows for capital expenditures by accounting for inflows on asset dispositions. The Company's presentation of this financial measure may not be comparable to similarly titled measures used by other companies.

The Company uses free cash flow, a non-GAAP financial measure, in its operational and financial decision-making. Management believes free cash flow is useful to investors as it is commonly used by analysts, investors, rating agencies, and other stakeholders to assess competitors and evaluate a company's ability to service its debt. However, free cash flow should not be viewed as a measure of liquidity or as an indicator of cash available for discretionary use, including business investments or meeting financial obligations.

The following unaudited table is a reconciliation of net cash provided by operating activities, the most directly comparable U.S. GAAP measure, to Free Cash Flow, on a historical basis for the periods indicated:

The revenues from each major source are summarized in the following table: