Viemed Healthcare Announces First Quarter 2025 Financial Results
LAFAYETTE, La., May 07, 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 ended March 31, 2025, and updated guidance for the full year ending December 31, 2025.
Operational highlights (all dollar amounts are USD):
-- Net revenues for the quarter ended March 31, 2025 were $59.1 million,
representing an increase of $8.5 million, or 17%, over net revenues
reported for the comparable quarter ended March 31, 2024.
-- Net income attributable to Viemed for the quarter ended March 31, 2025
totaled $2.6 million, or $0.06 per diluted share, an increase of 64% over
net income attributable to Viemed of $1.6 million, or $0.04 per diluted
share, for the quarter ended March 31, 2024.
-- Adjusted EBITDA for the quarter ended March 31, 2025 totaled $12.8
million, a 26% increase as compared to the quarter ended March 31, 2024.
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 increased its ventilator patient count to 11,809 as of March
31, 2025, an increase of 13% over March 31, 2024, and a slight increase
as compared to December 31, 2024.
-- The Company increased its PAP therapy patient count to 22,899 as of March
31, 2025, an increase of 46% over March 31, 2024, and a 7% sequential
increase from December 31, 2024. The Company's sleep resupply patient
count was 22,941 as of March 31, 2025, an increase of 21% over March 31,
2024, and a 6% sequential decrease from December 31, 2024.
-- As of March 31, 2025, the Company maintains a strong cash balance of
$10.2 million, and an overall working capital balance of $13.6 million.
Long-term debt as of March 31, 2025 amounted to $3.5 million and the
Company has $55 million available under existing credit facilities.
Updated 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 $256 million to $265 million, increased from the prior range
of $254 million to $265 million.
-- Adjusted EBITDA for the year ending December 31, 2025 is expected to be
in the range of $55 million to $58 million, increased from the prior
range of $54 million to $58 million. See "Forward-Looking Statements"
below for further information on this non-GAAP financial guidance.
Agreement to Acquire Lehan's Medical Equipment for $26 Million in Third Quarter of 2025 (all dollar amounts are USD):
-- As previously disclosed on May 6, 2025, Viemed agreed to acquire Lehan's
Medical Equipment, a healthcare company offering home medical equipment
with specialties in respiratory care and women's health, for
approximately $26 million, subject to customary net working capital
adjustments and an estimated $2.2 million of contingent payments. In
2024, Lehan generated net revenues of approximately $25.7 million and
Adjusted EBITDA of approximately $7.4 million.
-- Viemed has not included the anticipated impact of this acquisition in its
full year 2025 guidance. When the acquisition is completed, subject to
customary closing conditions, in the third quarter of 2025, the Company
intends to update its full year outlook to incorporate the anticipated
contributions from the acquisition.
Casey Hoyt, Viemed's CEO, noted, "We are pleased to see marked improvement in each of our businesses in what has historically been our toughest quarter. The strong, across-the-board start to the year has given us the confidence to tighten our guidance by raising the lower end of our revenue and Adjusted EBITDA ranges. This performance is directly attributable to returns we are already seeing from the structure we put in place in 2024 to improve our sales organization and accelerate the hiring of new reps, as well as the leveraging of investments in technology for greater efficiencies. We are ahead of pace on increasing the sales team and expanding into new territories to fuel organic growth.
"The strong balance sheet continues to facilitate the opportunity we have pursued for the past 12 months to significantly improve and extend the life of our ventilator fleet. This unique opportunity, which we expect to conclude in the first half of this year, has been primarily funded by the existing buyback program from a large supplier. We expect this investment to reap long-term rewards as we grow the business. Our strong capital position and cash flow are also enabling us to layer on inorganic growth such as the acquisition of Lehan's Medical Equipment later this year that is expected to complement the growth we are experiencing in the complex respiratory, sleep and staffing businesses.
"While the macro environment has led to significant volatility in the public markets, we have seen no impact to date to our business from tariffs or a pullback from providers and payers. In fact, our certified Respiratory Therapists and technology-enabled clinical approach continue to earn us a trusted place in the home. Here, our value proposition to patients is greater satisfaction and better outcomes; to hospitals and health systems it's fewer readmissions; and to payers it's a lower total cost of care versus institutional settings. We believe we are perfectly positioned to help improve lives through compassionate care in the home."
Conference Call Details
The Company will host a conference call to discuss first quarter results, as well as its 2025 guidance, on Thursday, May 8, 2025, at 11:00 a.m. EDT.
Interested parties may participate in the call by dialing:
866-682-6100 (US Toll-Free)
+1-862-298-0702 (International)
Live Audio Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=0dOJVhdb
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:
Investor Relations
ir@viemed.com
Tripp Sullivan
SCR Partners, LLC
615-942-7077
Trae Fitzgerald
Chief Financial Officer
Viemed Healthcare, Inc.
337-504-3802
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, the improvement and extension of the life of the Company's ventilator fleet, and the timing of the closing of the acquisition of Lehan Drugs, Inc. and the anticipated synergies and other benefits of the acquisition, 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.
VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars, except share
amounts)
(Unaudited)
At At
March 31, 2025 December 31, 2024
----------------- --------------------
ASSETS
Current assets
Cash and cash equivalents $ 10,160 $ 17,540
Accounts receivable, net 26,789 24,911
Inventory 4,510 4,320
Prepaid expenses and other
assets 7,661 6,109
------------- --- ---------------
Total current assets $ 49,120 $ 52,880
Long-term assets
Property and equipment, net 81,054 76,279
Finance lease right-of-use
assets 31 50
Operating lease right-of-use
assets 2,877 2,831
Equity investments 2,794 2,794
Deferred tax asset 8,398 8,398
Identifiable intangibles, net 816 848
Goodwill 32,989 32,989
------------- --- ---------------
Total long-term assets $ 128,959 $ 124,189
------------- --- ---------------
TOTAL ASSETS $ 178,079 $ 177,069
============= === ===============
LIABILITIES
Current liabilities
Trade payables $ 7,944 $ 5,322
Deferred revenue 6,795 6,694
Income taxes payable 1,878 3,883
Accrued liabilities 17,543 20,157
Finance lease liabilities,
current portion 32 50
Operating lease liabilities,
current portion 905 811
Current portion of long-term
debt 390 409
------------- --- ---------------
Total current liabilities $ 35,487 $ 37,326
Long-term liabilities
Accrued liabilities 410 846
Operating lease liabilities,
less current portion 1,903 2,007
Long-term debt 3,530 3,589
------------- --- ---------------
Total long-term liabilities $ 5,843 $ 6,442
------------- --- ---------------
TOTAL LIABILITIES $ 41,330 $ 43,768
Commitments and Contingencies -- --
SHAREHOLDERS' EQUITY
Common stock - No par value:
unlimited authorized;
39,523,787 and 39,132,897
issued and outstanding as of
March 31, 2025 and December
31, 2024, respectively 28,151 23,365
Additional paid-in capital 15,873 18,337
Retained earnings 90,732 89,691
------------- --- ---------------
TOTAL VIEMED HEALTHCARE, INC.'S
SHAREHOLDERS' EQUITY $ 134,756 $ 131,393
Noncontrolling interest in
subsidiary 1,993 1,908
------------- --- ---------------
TOTAL SHAREHOLDERS' EQUITY $ 136,749 $ 133,301
------------- --- ---------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 178,079 $ 177,069
============= === ===============
VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. Dollars, except outstanding
shares and per share amounts)
(Unaudited)
Three Months Ended
March 31,
2025 2024
Revenue $ 59,129 $ 50,593
Cost of revenue 25,850 20,791
---------- ----------
Gross profit $ 33,279 $ 29,802
Operating expenses
Selling, general and administrative 28,425 24,814
Research and development 797 750
Stock-based compensation 2,311 1,432
Depreciation and amortization 348 415
Loss (gain) on disposal of property
and equipment (2,368) 213
Other income, net (75) (26)
---------- ----------
Income from operations $ 3,841 $ 2,204
Non-operating income and expenses
Income from investments -- (67)
Interest expense, net 179 150
---------- ----------
Net income before taxes 3,662 2,121
Provision for income taxes 952 518
---------- ----------
Net income $ 2,710 $ 1,603
Net income attributable to
noncontrolling interest 85 --
---------- ----------
Net income attributable to Viemed
Healthcare, Inc. $ 2,625 $ 1,603
========== ==========
Net income per share
Basic $ 0.07 $ 0.04
Diluted $ 0.06 $ 0.04
Weighted average number of common shares
outstanding:
Basic 39,426,753 38,717,123
Diluted 41,627,876 40,580,634
VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
(Unaudited)
Three Months Ended March 31,
2025 2024
Cash flows from operating
activities
Net income $ 2,710 $ 1,603
Adjustments for:
Depreciation and amortization 6,613 6,285
Stock-based compensation
expense 2,311 1,432
Distributions of earnings
received from equity method
investments -- 49
Income from equity method
investments -- (67)
Income from debt investment -- (55)
Loss (gain) on disposal of
property and equipment (2,368) 213
Amortization of deferred
financing costs 35 --
Changes in working capital:
Accounts receivable, net (1,878) (6,026)
Inventory (190) 279
Prepaid expenses and other
assets (601) 99
Trade payables 1,176 588
Deferred revenue 101 (115)
Accrued liabilities (3,050) (3,632)
Income tax payable/receivable (2,005) 522
------------ ---------
Net cash provided by operating
activities $ 2,854 $ 1,175
Cash flows from investing
activities
Purchase of property and
equipment (15,483) (6,006)
Proceeds from sale of property
and equipment 6,953 641
------------ ---------
Net cash used in investing
activities $ (8,530) $ (5,365)
Cash flows from financing
activities
Proceeds from exercise of
options 11 304
Principal payments on term
notes (113) (589)
Shares redeemed to pay income
tax (1,584) (961)
Repayments of finance lease
liabilities (18) (94)
Net cash used in financing
activities $ (1,704) $ (1,340)
Net decrease in cash and cash
equivalents (7,380) (5,530)
Cash and cash equivalents at
beginning of year 17,540 12,839
------------ ---------
Cash and cash equivalents at end
of period $ 10,160 $ 7,309
============ =========
Supplemental disclosures of cash
flow information
Cash paid during the period
for interest $ 125 $ 224
Cash paid during the period
for income taxes, net of
refunds $ 2,957 $ --
Supplemental disclosures of
non-cash transactions
Equipment and other fixed
asset purchases payable at
end of period $ 3,625 $ 2,428
Equipment sales receivable at
end of period $ 3,832 $ --
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 attributable to Viemed Healthcare, Inc., 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 attributable to Viemed Healthcare, Inc., 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)
March June March
For the quarter 31, December September 30, 31, December September June 30,
ended 2025 31, 2024 30, 2024 2024 2024 31, 2023 30, 2023 2023
------------------ ------- ---------- ----------- ------- ------- ---------- ----------- ---------
Net Income
attributable to
Viemed
Healthcare, Inc. $ 2,625 $ 4,316 $ 3,878 $ 1,468 $ 1,603 $ 3,477 $ 2,919 $2,330
Add back:
Depreciation &
amortization 6,613 6,366 6,408 6,309 6,285 5,918 5,975 5,207
Interest expense
(income) 179 147 225 254 150 256 237 (20)
Stock-based
compensation(a) 2,311 1,521 1,712 1,620 1,432 1,534 1,453 1,471
Transaction
costs(b) 85 11 12 221 110 61 177 94
Impairment of
assets(c) -- -- 125 2,173 -- -- -- --
Income tax
expense 952 1,881 1,594 768 518 1,599 1,320 728
------------------ ------ ------ ------- ------ ------ ------ ------- -----
Adjusted EBITDA $12,765 $ 14,242 $ 13,954 $12,813 $10,098 $ 12,845 $ 12,081 $9,810
================== ====== ====== ======= ====== ====== ====== ======= =====
(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.
(c) Represents impairments of the fair value of investment
and litigation-related assets.
VIEMED HEALTHCARE, INC.
Key Financial and Operational Information
(Expressed in thousands of U.S. Dollars, except vent
patients)
(Unaudited)
For the
quarter March 31, December 31, September June 30, March 31, December 31, September June 30,
ended 2025 2024 30, 2024 2024 2024 2023 30, 2023 2023
------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Financial Information:
Revenue $ 59,129 $ 60,695 $ 58,004 $ 54,965 $ 50,593 $ 50,739 $ 49,402 $ 43,311
Gross Profit $ 33,279 $ 36,138 $ 34,371 $ 32,892 $ 29,802 $ 32,111 $ 30,562 $ 26,106
Gross Profit
% 56% 60% 59% 60% 59% 63% 62% 60%
Net Income
attributable
to Viemed
Healthcare,
Inc. $ 2,625 $ 4,316 $ 3,878 $ 1,468 $ 1,603 $ 3,477 $ 2,919 $ 2,330
Cash and Cash
Equivalents
(As of) $ 10,160 $ 17,540 $ 11,347 $ 8,807 $ 7,309 $ 12,839 $ 10,078 $ 10,224
Total Assets
(As of) $178,079 $177,069 $169,526 $163,947 $154,875 $154,895 $149,400 $149,117
Adjusted
EBITDA((1) $ 12,765 $ 14,242 $ 13,954 $ 12,813 $ 10,098 $ 12,845 $ 12,081 $ 9,810
Operational Information:
Vent
Patients((2) 11,809 11,795 11,374 10,905 10,450 10,327 10,244 10,005
PAP Therapy
Patients((3) 22,899 21,338 19,478 17,349 15,726 14,900 14,788 13,313
Sleep
Resupply
Patients((4) 22,941 24,478 22,143 20,185 18,904 18,902 18,544 12,572
(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.
(3) PAP Therapy Patients represents the number of distinct
patients billed for PAP therapy services during each
calendar quarter.
(4) Sleep Resupply Patients represents the number of distinct
patients who received supplies through our sleep resupply
program during each calendar quarter.
(END) Dow Jones Newswires
May 07, 2025 16:45 ET (20:45 GMT)
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