LAFAYETTE, Louisiana—Viemed Healthcare, Inc. (the “company” or “Viemed”), a respiratory care and technology-enabled home medical equipment services company, reported its financial results for the three and six months ended June 30, 2023.
Operational highlights (all dollar amounts are USD):
- Net revenues attributable to the company's core business for the quarter ended June 30, 2023 reached a new company record of $43.3 million, representing an increase of $10.2 million, or 31%, over core net revenues reported for the comparable quarter ended June 30, 2022. Net revenues for the quarter ended June 30, 2023 included approximately $2.5 million of revenues related to the HMP acquisition and were up approximately 9% over the quarter ended March 31, 2023.
- Net income for the quarter ended June 30, 2023 totaled $2.3 million. Adjusted EBITDA for the quarter ended June 30, 2023 totaled $9.8 million, a 52% increase as compared to the quarter ended June 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.
- On June 1, 2023, the company completed its acquisition of Home Medical Products, Inc. ("HMP"), which operates in Tennessee, Alabama and Mississippi. Viemed acquired 100% of the equity ownership of HMP in exchange for approximately $28 million in cash at closing, subject to post-closing net working capital and other adjustments. The results of HMP’s operations have been included in the consolidated financial statements since the date of acquisition and were immediately accretive to net income and earnings per share.
- As of June 30, 2023, the company maintains a strong cash balance of $10.2 million ($16.9 million at Dec. 31, 2022) and an overall working capital balance of $4.4 million ($20.9 million at Dec. 31, 2022). Long-term debt as of June 30, 2023 amounted to $12.1 million (the Company had no long term debt at December 31, 2022) and the company has $47 million available under existing credit facilities.
- The company expects to generate net revenues of approximately $49.0 million to $50.2 million during the third quarter of 2023.
“We find ourselves in an exceptional position, leveraging the prevailing tailwinds in the operating environment to extend our reach and impact on more patients than ever before,” said Casey Hoyt, Viemed's CEO. "The foundation of our success lies in our robust and resilient business model, which has consistently demonstrated its strength in meeting challenges head-on and driving sustainable growth. We are now taking our growth to new heights by executing on strategic and accretive acquisitions that complement our existing capabilities. These acquisitions serve as powerful catalysts, accelerating the expansion of our comprehensive respiratory offerings."
