Viemed Healthcare Announces Record 2023 Financial Results
- Record-breaking net revenues of $50.7 million for Q4 2023, a 35% increase over Q4 2022.
- Total net revenues for full year 2023 reach $183.0 million, up by 32% compared to 2022.
- Net income grows by 43% for Q4 2023 and 65% for full year 2023.
- Adjusted EBITDA hits $43.1 million for the year, showcasing strong financial performance.
- Healthy cash balance of $12.8 million and working capital of $6.2 million as of December 31, 2023.
- No net debt after a successful $30 million acquisition in 2023, with $53 million available under credit facilities.
- Projected net revenues of $49.7 million to $51.0 million for Q1 2024.
- CEO Casey Hoyt highlights sustained profitability, robust growth, and free cash flow generation.
- Conference call scheduled for March 7, 2024, to discuss Q4 and year-end results.
- None.
Insights
The significant growth in net revenues and net income reported by Viemed Healthcare indicates a robust performance for the fiscal year. A 35% increase in quarterly revenue and a 65% increase in annual net income are substantial, especially considering the broader healthcare industry's average growth rate. This suggests that Viemed is outperforming many of its peers and capitalizing on market opportunities more effectively.
The company's ability to generate free cash flow is particularly noteworthy, as it increased by 294% year-over-year. This financial metric is crucial as it indicates the company's liquidity and ability to reinvest in its operations, pay dividends, or reduce debt. The management's strategic initiatives seem to be yielding tangible results, reflected in the company's substantial cash flow improvements.
However, the increase in long-term debt to $6.0 million, from no long-term debt previously, warrants attention. While the company ended the year with no net debt, stakeholders should monitor the company's leverage and interest coverage ratios to ensure long-term financial stability. The acquisition made during the year could be a strategic move to enhance the company's market position, but the long-term impact on the balance sheet and profitability should be evaluated.
Viemed's operational performance has implications for its competitive positioning within the respiratory care and home medical equipment sector. The company's record-breaking revenue growth suggests successful market penetration and customer retention strategies. Moreover, the assumption of no extension for the 75/25 blended Medicare reimbursement rate adjustment indicates that Viemed is not heavily reliant on this particular policy for its revenue projections, which could be seen as a strength in an environment where healthcare reimbursement policies are subject to change.
Investors and market analysts should consider the broader industry trends, such as the increasing demand for home healthcare services and technology-enabled solutions. Viemed's focus on these areas could provide it with a competitive edge and make it a potentially attractive investment in a growing market segment.
The financial results of Viemed Healthcare reflect a successful adaptation to the evolving healthcare landscape, where there is a growing emphasis on home-based care and technology integration. The company's performance is indicative of effective operational management and a strong market demand for its services. The importance of respiratory care has been highlighted in recent years, partly due to the global health crisis and Viemed's ability to capitalize on this trend is evident in its financial outcomes.
It's also important to consider the implications of the company's financial health for its ability to invest in innovation and technology, which are critical for maintaining a competitive edge in the healthcare industry. Viemed's strong financial position could enable it to continue investing in new technologies and services that improve patient outcomes and operational efficiency.
LAFAYETTE, La., March 06, 2024 (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, 2023.
Operational highlights (all dollar amounts are USD):
- Net revenues for the quarter ended December 31, 2023 reached a new Company record of
$50.7 million representing an increase of$13.2 million , or35% , over net revenues reported for the comparable quarter ended December 31, 2022. Total net revenues for the year ended December 31, 2023 were a record-breaking$183.0 million , an increase of$44.2 million , or32% , over the year ended December 31, 2022. - Net income for the quarter ended December 31, 2023 totaled
$3.5 million , an increase of43% over net income reported for the comparable quarter ended December 31, 2022. Net income for the year ended December 31, 2023 totaled$10.2 million , an increase of65% over the year ended December 31, 2022, marking the Company's seventh consecutive year of positive net income. - Adjusted EBITDA for the quarter and year ended December 31, 2023 totaled
$12.8 million and a record$43.1 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. - Net cash provided by operating activities for the year ended December 31, 2023 totaled
$45.2 million , an increase of$17.5 million , or62.9% , over the year ended December 31, 2022. Free Cash Flow for the year ended December 31, 2023 totaled$19.1 million , an increase of$14.3 million , or294% , over the year ended December 31, 2022. - As of December 31, 2023, the Company maintains a strong cash balance of
$12.8 million ($16.9 million at December 31, 2022), and an overall working capital balance of$6.2 million ($20.9 million at December 31, 2022). Long-term debt as of December 31, 2023 amounted to$6.0 million (the company had no long-term debt at December 31, 2022). After successfully completing an approximately$30 million acquisition during 2023, the Company ended the year with no net debt and has approximately$53 million available under existing credit facilities. - The Company expects to generate net revenues of approximately
$49.7 million to$51.0 million during the first quarter of 2024 and assumes that the 75/25 blended Medicare reimbursement rate adjustment in non-rural, non-competitive bid areas is not extended.
"We're thrilled to announce another exceptional year of financial performance at Viemed, marked by robust double-digit annual growth and sustained profitability," said Casey Hoyt, Viemed's CEO. "We are particularly pleased with the Company's capacity to generate free cash flow, enabling us to fuel continued strong growth. This underscores the effectiveness of our strategic initiatives and the dedication of our entire team. These accomplishments reaffirm our commitment to delivering enduring value to our stakeholders."
Conference Call Details
The Company will host a conference call to discuss fourth quarter and year end results on Thursday, March 7, 2024 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=Axpi0DDw
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 a provider of in-home medical equipment and post-acute respiratory healthcare services in the United States. Viemed’s service offerings are focused on effective in-home treatment with clinical practitioners providing therapy and counseling to patients in their homes using cutting-edge technology. Visit our website at www.viemed.com.
For further information, please contact:
Glen Akselrod
Bristol Capital
905-326-1888
glen@bristolir.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 guidance for the first quarter, 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 Company operates; significant capital requirements and operating risks that the Company may be subject to; the ability of the Company to implement business strategies and pursue business opportunities; volatility in the market price of the Company's 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 the Company's 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 the Company is 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 the Company; the Company’s status as an emerging growth company and a smaller reporting company; 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 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 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.
Use of Non-GAAP Financial Measures
This press release refers to Adjusted EBITDA and Free Cash Flow, which are financial measures that are not prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Adjusted EBITDA and Free Cash Flow 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 and may not be comparable to other similarly titled measures of other businesses. 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.
The Company uses Free Cash Flow in its operational and financial decision-making and believes free cash flow is useful to investors because similar measures are frequently used by securities analysts, investors, ratings agencies and other interested parties to evaluate the Company's competitors and to measure the ability of companies to service their debt. The Company's presentation of Free Cash Flow should not be construed as a measure of liquidity or discretionary cash available to the Company to fund its cash needs, including investing in the growth of its business and meeting its obligations.
| VIEMED HEALTHCARE, INC. CONSOLIDATED BALANCE SHEETS (Expressed in thousands of U.S. Dollars, except share amounts) | ||||||
| At December 31, 2023 | At December 31, 2022 | |||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 12,839 | $ | 16,914 | ||
| Accounts receivable, net | 18,451 | 15,379 | ||||
| Inventory | 4,628 | 3,574 | ||||
| Income tax receivable | — | 26 | ||||
| Prepaid expenses and other assets | 2,449 | 3,849 | ||||
| Total current assets | $ | 38,367 | $ | 39,742 | ||
| Long-term assets | ||||||
| Property and equipment, net | 73,579 | 67,743 | ||||
| Finance lease right-of-use assets | 401 | — | ||||
| Operating lease right-of-use assets | 2,872 | 694 | ||||
| Equity investments | 1,680 | 2,155 | ||||
| Debt investment | 2,219 | 2,000 | ||||
| Deferred tax asset | 4,558 | 3,119 | ||||
| Identifiable intangibles, net | 567 | — | ||||
| Goodwill | 29,765 | — | ||||
| Other long-term assets | 887 | 1,590 | ||||
| Total long-term assets | 116,528 | 77,301 | ||||
| TOTAL ASSETS | $ | 154,895 | $ | 117,043 | ||
| LIABILITIES | ||||||
| Current liabilities | ||||||
| Trade payables | $ | 4,180 | $ | 2,650 | ||
| Deferred revenue | 6,207 | 4,624 | ||||
| Income taxes payable | 2,153 | — | ||||
| Accrued liabilities | 17,578 | 11,092 | ||||
| Finance lease liabilities, current portion | 256 | — | ||||
| Operating lease liabilities, current portion | 678 | 495 | ||||
| Current debt | 1,072 | — | ||||
| Total current liabilities | $ | 32,124 | $ | 18,861 | ||
| Long-term liabilities | ||||||
| Accrued liabilities | 558 | 889 | ||||
| Finance lease liabilities, less current portion | 132 | — | ||||
| Operating lease liabilities, less current portion | 2,184 | 199 | ||||
| Long-term debt | 6,002 | — | ||||
| Total long-term liabilities | $ | 8,876 | $ | 1,088 | ||
| TOTAL LIABILITIES | $ | 41,000 | $ | 19,949 | ||
| Commitments and Contingencies | — | — | ||||
| SHAREHOLDERS' EQUITY | ||||||
| Common stock - No par value: unlimited authorized; 38,506,161 and 38,049,739 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | 18,702 | 15,123 | ||||
| Additional paid-in capital | 15,698 | 12,125 | ||||
| Retained earnings | 79,495 | 69,846 | ||||
| TOTAL SHAREHOLDERS' EQUITY | $ | 113,895 | $ | 97,094 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 154,895 | $ | 117,043 | ||
| VIEMED HEALTHCARE, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Expressed in thousands of U.S. Dollars, except outstanding shares and per share amounts) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Revenue | $ | 50,739 | $ | 37,508 | $ | 183,008 | $ | 138,832 | |||||||
| Cost of revenue | 18,628 | 14,612 | 70,225 | 54,152 | |||||||||||
| Gross profit | $ | 32,111 | $ | 22,896 | $ | 112,783 | $ | 84,680 | |||||||
| Operating expenses | |||||||||||||||
| Selling, general and administrative | 23,905 | 17,172 | 87,884 | 68,161 | |||||||||||
| Research and development | 651 | 722 | 2,782 | 2,696 | |||||||||||
| Stock-based compensation | 1,534 | 1,317 | 5,849 | 5,202 | |||||||||||
| Depreciation and amortization | 434 | 241 | 1,391 | 1,012 | |||||||||||
| Loss on disposal of property and equipment | 272 | 178 | 645 | 346 | |||||||||||
| Other income, net | 26 | (268 | ) | (98 | ) | (989 | ) | ||||||||
| Income from operations | $ | 5,289 | $ | 3,534 | $ | 14,330 | $ | 8,252 | |||||||
| Non-operating income and expenses | |||||||||||||||
| Income from equity method investments | 43 | 82 | 485 | 935 | |||||||||||
| Interest expense, net | (256 | ) | (32 | ) | (424 | ) | (197 | ) | |||||||
| Net income before taxes | 5,076 | 3,584 | 14,391 | 8,990 | |||||||||||
| Provision for income taxes | 1,599 | 1,146 | 4,148 | 2,768 | |||||||||||
| Net income | $ | 3,477 | $ | 2,438 | $ | 10,243 | $ | 6,222 | |||||||
| Other comprehensive income | |||||||||||||||
| Change in unrealized gain/loss on derivative instruments, net of tax | — | (56 | ) | — | 278 | ||||||||||
| Other comprehensive income | $ | — | $ | (56 | ) | $ | — | $ | 278 | ||||||
| Comprehensive income | $ | 3,477 | $ | 2,382 | $ | 10,243 | $ | 6,500 | |||||||
| Net income per share | |||||||||||||||
| Basic | $ | 0.09 | $ | 0.06 | $ | 0.27 | $ | 0.16 | |||||||
| Diluted | $ | 0.09 | $ | 0.06 | $ | 0.25 | $ | 0.16 | |||||||
| Weighted average number of common shares outstanding: | |||||||||||||||
| Basic | 38,492,731 | 38,015,795 | 38,354,071 | 38,655,403 | |||||||||||
| Diluted | 40,383,109 | 39,513,158 | 40,378,922 | 39,807,434 | |||||||||||
| VIEMED HEALTHCARE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in thousands of U.S. Dollars) | ||||||||
| Year Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Cash flows from operating activities | ||||||||
| Net income | $ | 10,243 | $ | 6,222 | ||||
| Adjustments for: | ||||||||
| Depreciation and amortization | 21,862 | 15,630 | ||||||
| Change in inventory reserve | — | (1,418 | ) | |||||
| Stock-based compensation expense | 5,849 | 5,202 | ||||||
| Distributions of earnings received from equity method investments | 980 | 1,079 | ||||||
| Income from equity method investments | (485 | ) | (935 | ) | ||||
| Income from debt investment | (219 | ) | — | |||||
| Loss on disposal of property and equipment | 645 | 346 | ||||||
| Deferred income tax (benefit) expense | (1,439 | ) | 1,746 | |||||
| Changes in working capital, net of effects from acquisitions: | ||||||||
| Accounts receivable, net | (1,058 | ) | (2,556 | ) | ||||
| Inventory | (472 | ) | 301 | |||||
| Prepaid expenses and other assets | 2,176 | (2,838 | ) | |||||
| Trade payables | (859 | ) | (318 | ) | ||||
| Deferred revenue | 851 | 871 | ||||||
| Accrued liabilities | 4,959 | 2,549 | ||||||
| Income tax payable/receivable | 2,179 | 1,867 | ||||||
| Net cash provided by operating activities | $ | 45,212 | $ | 27,748 | ||||
| Cash flows from investing activities | ||||||||
| Purchase of property and equipment | (26,093 | ) | (22,898 | ) | ||||
| Investment in equity investments | (20 | ) | (141 | ) | ||||
| Cash paid for acquisition of HMP, net of cash acquired | (28,588 | ) | — | |||||
| Investment in debt security | — | (2,000 | ) | |||||
| Proceeds from sale of property and equipment | 2,588 | 1,063 | ||||||
| Net cash used in investing activities | $ | (52,113 | ) | $ | (23,976 | ) | ||
| Cash flows from financing activities | ||||||||
| Proceeds from exercise of options | 1,303 | 283 | ||||||
| Proceeds from term notes | 5,000 | — | ||||||
| Principal payments on term notes | (3,721 | ) | (5,796 | ) | ||||
| Proceeds from revolving credit facilities | 8,000 | — | ||||||
| Payments on revolving credit facilities | (7,005 | ) | — | |||||
| Shares redeemed to pay income tax | (594 | ) | (143 | ) | ||||
| Shares repurchased under the share repurchase program | — | (9,568 | ) | |||||
| Repayments of lease liabilities | (157 | ) | (42 | ) | ||||
| Net cash provided by (used in) financing activities | $ | 2,826 | $ | (15,266 | ) | |||
| Net decrease in cash and cash equivalents | (4,075 | ) | (11,494 | ) | ||||
| Cash and cash equivalents at beginning of year | 16,914 | 28,408 | ||||||
| Cash and cash equivalents at end of period | $ | 12,839 | $ | 16,914 | ||||
| Supplemental disclosures of cash flow information | ||||||||
| Cash paid during the period for interest | $ | 851 | $ | 231 | ||||
| Cash paid (received) during the period for income taxes, net of refunds | $ | 3,566 | $ | (846 | ) | |||
| Supplemental disclosures of non-cash transactions | ||||||||
| Non-cash change in debt from the reclassification of debt issuance costs | $ | (594 | ) | $ | — | |||
| Net non-cash changes to operating lease | $ | (41 | ) | $ | 530 | |||
Non-GAAP Financial Measures
This press release refers to “Adjusted EBITDA” which is a non-GAAP financial measure that does not have a standardized meaning prescribed by U.S. GAAP. Adjusted EBITDA is defined as net income (loss) before net interest expense (income), income tax expense (benefit), depreciation and amortization, and stock-based compensation. Beginning with financial results reported for periods in fiscal year 2023, Adjusted EBITDA also excludes transaction costs and expenses related to acquisition and integration efforts associated with recently announced or completed acquisitions. This modification enables investors to compare period-over-period results on a more consistent basis without the effects of acquisitions. We have recast Adjusted EBITDA for prior periods when reported to conform to the modified presentation. The Company's presentation of this financial measure may not be comparable to similarly titled measures used by other companies.
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:
VIEMED HEALTHCARE, INC. Reconciliation of Net Income to Non-GAAP Adjusted EBITDA (Expressed in thousands of U.S. Dollars) (Unaudited) | ||||||||||||||||||
| For the quarter ended | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | ||||||||||
| Net Income | $ | 3,477 | $ | 2,919 | $ | 2,330 | $ | 1,517 | $ | 2,438 | $ | 1,055 | $ | 967 | $ | 1,762 | ||
| Add back: | ||||||||||||||||||
| Depreciation & amortization | 5,918 | 5,975 | 5,207 | 4,762 | 4,373 | 4,120 | 3,740 | 3,397 | ||||||||||
| Interest expense (income) | 256 | 237 | (20 | ) | (49 | ) | 32 | 42 | 59 | 64 | ||||||||
| Stock-based compensation(a) | 1,534 | 1,453 | 1,471 | 1,391 | 1,317 | 1,309 | 1,271 | 1,305 | ||||||||||
| Transaction costs(b) | 61 | 177 | 94 | 206 | — | — | — | — | ||||||||||
| Income tax expense | 1,599 | 1,320 | 728 | 501 | 1,146 | 456 | 421 | 745 | ||||||||||
| Adjusted EBITDA | $ | 12,845 | $ | 12,081 | $ | 9,810 | $ | 8,328 | $ | 9,306 | $ | 6,982 | $ | 6,458 | $ | 7,273 | ||
(a) Represents non-cash, equity-based compensation expense associated with option and RSU awards.
(b) Represents transaction costs and expenses related to acquisition and integration efforts associated with recently announced or completed acquisitions.
| Year Ended December 31, 2023 | |||
| Net Income | $ | 10,243 | |
| Add back: | |||
| Depreciation & amortization | 21,862 | ||
| Interest expense (income) | 424 | ||
| Stock-based compensation(a) | 5,849 | ||
| Transaction costs(b) | 538 | ||
| Income tax expense | 4,148 | ||
| Adjusted EBITDA | $ | 43,064 | |
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. The Company's presentation of this financial measure may not be comparable to similarly titled measures used by other companies.
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:
| (in thousands) | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Net cash provided by operating activities | $ | 13,284 | $ | 7,684 | $ | 45,212 | $ | 27,748 | ||||||||
| Purchase of property and equipment | (7,932 | ) | (5,572 | ) | (26,093 | ) | (22,898 | ) | ||||||||
| Free Cash Flow | $ | 5,352 | $ | 2,112 | $ | 19,119 | $ | 4,850 | ||||||||
| VIEMED HEALTHCARE, INC. Key Financial and Operational Information (Expressed in thousands of U.S. Dollars, except vent patients) (Unaudited) | ||||||||||||||||||||||||
| For the quarter ended | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | ||||||||||||||||
| Financial Information: | ||||||||||||||||||||||||
| Revenue | $ | 50,739 | $ | 49,402 | $ | 43,311 | $ | 39,556 | $ | 37,508 | $ | 35,759 | $ | 33,310 | $ | 32,255 | ||||||||
| Gross Profit | 32,111 | 30,562 | 26,106 | 24,004 | 22,896 | 21,651 | 20,390 | 19,743 | ||||||||||||||||
| Gross Profit % | 63 | % | 62 | % | 60 | % | 61 | % | 61 | % | 61 | % | 61 | % | 61 | % | ||||||||
| Net Income | 3,477 | 2,919 | 2,330 | 1,517 | 2,438 | 1,055 | 967 | 1,762 | ||||||||||||||||
| Cash and Cash Equivalents (As of) | 12,839 | 10,078 | 10,224 | 23,544 | 16,914 | 21,478 | 21,922 | 29,248 | ||||||||||||||||
| Total Assets (As of) | 154,895 | 149,400 | 149,117 | 124,634 | 117,043 | 119,419 | 115,904 | 119,007 | ||||||||||||||||
| Adjusted EBITDA(1) | 12,845 | 12,081 | 9,810 | 8,328 | 9,306 | 6,982 | 6,458 | 7,273 | ||||||||||||||||
| Operational Information: | ||||||||||||||||||||||||
| Vent Patients(2) | 10,327 | 10,244 | 10,005 | 9,337 | 9,306 | 9,127 | 8,837 | 8,434 | ||||||||||||||||
(1)Refer to "Non-GAAP Financial Measures" section above for definition of Adjusted EBITDA.
(2)Vent Patients represents the number of active ventilator patients on recurring billing service at the end of each calendar quarter.
FAQ
What were Viemed Healthcare's net revenues for the quarter ended December 31, 2023?
How much did Viemed Healthcare's total net revenues increase for the year ended December 31, 2023?
What was the net income for Viemed Healthcare for the quarter ended December 31, 2023?
What is Viemed Healthcare's adjusted EBITDA for the year ended December 31, 2023?
How much cash balance did Viemed Healthcare maintain as of December 31, 2023?
Did Viemed Healthcare have any long-term debt as of December 31, 2023?
What is the projected net revenue range for Viemed Healthcare for the first quarter of 2024?
