BioHarvest Sciences Inc. ("BioHarvest" or the "Company") (CSE: BHSC) announces that it has granted a total of 1,360,000 stock options to consultants and employees. The stock options granted are exercisable to purchase a common share of the Company at a price of $0.24 per share for a term of 10 years and will vest as follow-:
Dr. Zaki Rakib, Director of the Company, has agreed to cancel a total of 4,343,800 stock options previously issued to him on March 23, 2021. The Company now has more available options to attract and retain future employees, consultants, directors, and officers of the Company by affording them the opportunity to acquire an interest in BHSC through options granted under the Incentive Option Plan.
About BioHarvest Sciences Inc.
BioHarvest Sciences Inc. (CSE: BHSC) is a fast-growing Biotech firm listed on the Canadian Securities Exchange. BioHarvest has developed a patented bio-cell growth platform technology capable of growing the active and beneficial ingredients in fruit and plants, at industrial scale, without the need to grow the plant itself. This technology is economical, ensures consistency, and avoids the negative environmental impacts associated with traditional agriculture. BioHarvest is currently focused on nutraceuticals and the medicinal cannabis markets. Visit: www.bioharvest.com.
BioHarvest Sciences Inc
Ilan Sobel, Chief Executive Officer
For further information, please contact:Dave Ryan, VP Investor Relations & DirectorPhone: 1 (604) 622-1186Email: dave@bioharvest.com
Forward-Looking Statements Information set forth in this news release includes forward-looking statements that are based on management's current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. There is no assurance that we will achieve our objective of being a leading supplier of Cannabis. Delays and cost overruns may result in delays achieving our objectives. Projected sales of Cannabis will require the company to obtain production and / or export licensing which cannot be assured.
All forward-looking statements are inherently uncertain and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update forward-looking statement disclosures other than through our regular management discussion and analysis disclosures.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.
Click here to connect with BioHarvest Sciences Inc. (CSE: BHSC) to receive an Investor Presentation
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the upcoming Life Sciences Virtual Investor Conference to be held on September 15 th .
Individual investors, institutional investors, advisors, and analysts are invited to attend this virtual event showcasing live executive presentations from companies addressing worldwide opportunities in the life sciences.
REGISTER NOW AT : https://bit.ly/3KPH82S
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations and schedule 1x1 meetings with management.
"We are excited to highlight today's innovators from the life science sector," said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. "Our Virtual Investor Conferences continue to provide an efficient platform for these companies to engage and broaden their investor base."
September 15 th
| Eastern Time (ET) | Presentation | Ticker(s) |
| 10:00 AM | Starpharma Holdings Limited | OTCQX: SPHRY | ASX: SPL |
| 10:30 AM | VolitionRx Limited | NYSE: VNRX |
| 11:00 AM | aTyr Pharma, Inc. | Nasdaq: LIFE |
| 11:30 AM | Cloud DX Inc. | OTCQB: CDXFF | TSX-V: CDX |
| 12:00 PM | Cytonics Corporation | Private |
| 12:30 PM | BioHarvest Sciences Inc. | OTCQB: CNVCF | CSE: BHSC |
| 1:00 PM | NovaBay Pharmaceuticals, Inc. | NYSE American: NBY |
| 1:30 PM | Psycheceutical Bioscience, Inc. | OTC Pink: BWVI |
| 2:00 PM | Aethlon Medical, Inc. | Nasdaq: AEMD |
| 2:30 PM | Caladrius Biosciences, Inc. | Nasdaq: CLBS |
| 3:00 PM | HealthBeacon PLC | OTCQX: HBCNF | Euronext Dublin: HBCN |
| 3:30 PM | Else Nutrition Holdings Inc | OTCQX: BABYF | TSX: BABY |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
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Company invites individual and institutional investors, as well as advisors and analysts, to attend real-time, interactive presentations on VirtualInvestorConferences.com
BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) (FSE:8MV), a biotechnology company focused on growing plant cells without the plant via its patented CELLicitation platform, today announced that Ilan Sobel, Chief Executive Officer, will present live at VirtualInvestorConferences.com on September 15, 2022.
DATE: September 15, 2022
TIME: 12:30 PM ET
LINK: https://bit.ly/3StcgIH
Available for 1x1 meetings: September 16, 19, 20
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.
Learn more about the event at www.virtualinvestorconferences.com .
Recent BioHarvest Sciences Highlights
About BioHarvest Sciences Inc.
BioHarvest Sciences Inc. (CSE: BHSC) is a fast-growing Biotech firm listed on the Canadian Securities Exchange. BioHarvest has developed a patented bio-cell growth platform technology capable of growing the active and beneficial ingredients in fruit and plants, at industrial scale, without the need to grow the plant itself. This technology is economical, ensures consistency, and avoids the negative environmental impacts associated with traditional agriculture. BioHarvest is currently focused on nutraceuticals and the medicinal cannabis markets. Visit: www.bioharvest.com
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
CONTACTS:
BioHarvest Sciences
Justin Meiklem
Investor Relations
778.686.3855
justin@bioharvest.com
Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
Figure 1
To view an enhanced version of this graphic, please visit:
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The Business Intelligence Group has named BioHarvest Sciences (CSE: BHSC) (OTCQB: CNVCF) (FSE: 8MV) as a winner of its 2022 Sustainability Leadership Award. The Business Intelligence Group seeks out and rewards those with vision, creativity and persistence, all hallmarks found in the world's leading companies and individuals across the globe. The awards programs rely on industry leaders who volunteer to read, score and judge nominations.
"By delivering the benefits of plants using a fraction of the energy, water, and land that agriculture would, we see the potential for conserving valuable global resources at a game-changing scale," said BioHarvest CEO Ilan Sobel. "We are gratified to have our sustainability efforts recognized and we are honoured to be among a distinguished list of multiple industries' leaders."
Sustainability is inherent to BioHarvest's Plant CELLicitation platform technology. For example, when applied to indoor Cannabis cultivation, BioHarvest's process delivers the following unrivaled results (based on estimated internal benchmarking at scale versus New Frontiers Data Set for indoor Cannabis operations):
BioHarvest's sustainability achievements for its platform Bio Plant CELLicitation technology have been accomplished by a diverse Research and Development team comprised of five Israeli female scientists with Ph.D. degrees and led by Dr. Yochi Hagay, the co-founder and CTO of the Company.
"My team and I are so proud that we have developed a technology platform that has the ability to not only deliver critical plant metabolites that the human body needs, without growing the plant, but it does so in a way that protects the planet for many generations to come," stated Dr. Hagay.
"We are proud to reward and recognize BioHarvest Sciences for their sustainability efforts," said Maria Jimenez, Chief Nominations Officer of the Business Intelligence Group. "It was clear to our judges that their vision and strategy will continue to deliver results toward a cleaner, more sustainable world. Congratulations!"
Earlier this year, the company announced its ability to produce full-spectrum cannabis in its industrial scale bioreactors, while using approximately 95% less land than agriculture would use to achieve comparable output. This breakthrough in the cannabis industry also combats the two biggest challenges in growth: product consistency and cleanliness.
As part of its long-term sustainability vision, BioHarvest also has its eyes on space. Recently bringing on astronaut Chris Hadfield as an advisor, the company also has a formal partnership with SpaceTango to explore the effects of micro gravity on plant cells and to explore the potential role of its technology supporting space travel and human settlements in space.
About BioHarvest Sciences Inc.
BioHarvest Sciences Inc. (CSE: BHSC) is a fast-growing Biotech firm listed on the Canadian Securities Exchange. BioHarvest has developed a patented bio-cell growth platform technology capable of growing the active and beneficial ingredients in fruit and plants, at industrial scale, without the need to grow the plant itself. This technology is economical, ensures consistency, and avoids the negative environmental impacts associated with traditional agriculture. BioHarvest is currently focused on nutraceuticals and the medicinal cannabis markets. Visit: www.bioharvest.com.
About Business Intelligence Group
The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. Unlike other industry award programs, business executives-those with experience and knowledge-judge the programs. The organization's proprietary and unique scoring system selectively measures performance across multiple business domains and then rewards those companies whose achievements stand above those of their peers.
For further information, please contact:
Maria Jimenez
Chief Nominations Officer
Business Intelligence Group
1 909-529-2737
jmaria@bintelligence.co
BioHarvest Sciences Inc.
Ilan Sobel, Chief Executive Officer
Dave Ryan, VP Investor Relations & Director Phone: 1 (604) 622-1186
Email: dave@bioharvest.com
Twitter: https://twitter.com/bioharvestbhsc
Facebook: https://www.facebook.com/BioHarvestSciences
LinkedIn: https://www.linkedin.com/company/bioharvestsciences/
YouTube: https://www.youtube.com/channel/UCGRJWztmLoycsLFWqwXAzAw
Forward-Looking Statements
Information set forth in this news release includes forward-looking statements that are based on management's current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Investors should note that the Sustainability benchmarks cited in this release are based on industry averages for indoor cannabis cultivation as reported by New Frontiers Data reporting (to 2021) as compared to internal measurements conducted by the BioHarvest Sciences team, which have not been validated by a 3rd party.
All forward-looking statements are inherently uncertain and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update forward-looking statement disclosures other than through our regular management discussion and analysis disclosures.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136029
News Provided by Newsfile via QuoteMedia
BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) (FSE: 8MV) ("BioHarvest" or "the Company") has announced the first multimedia campaign for VINIA™ in the USA, Phase 1. The company is scaling up its US marketing in line with a 2022 growth plan that aims for significant growth in sales orders following commercial entry in 2021.
"We are delighted to launch our first integrated marketing campaign aimed at expanding our loyal customer base here in the USA," said CEO Ilan Sobel, in New York for the launch. "Bringing our new 20 Ton production facility online was integral to scaling global VINIA™ supply, so this marketing launch is testament to the entire VINIA™ team's coordinated dedication to making it happen."
The initial phase will include TV and online advertising with a special focus on Christian programming, which includes TBN (Trinity Broadcasting Network, the world's largest religious-based television network). As part of the sponsorship agreement with TBN, Sobel will appear on the network's flagship shows hosted by Eric Metaxas and Mike Huckabee, with all content to be supported by advertising and educational online content.
New 60-second VINIA™ commercials were created specifically for the TBN campaign, to start Aug 15, 2022 (View example here)
The campaign underscores VINIA's concept of "Cellular Nutrition" and the benefits of increased blood flow, bringing in Sobel and members of his own family.
"I am inspired every day to hear from our customer community on ways that VINIA™ is improving their health," Sobel said. "We measure our success by our ability to make significant positive impact to people's lives, and as such our products' efficacy is proven not only in the clinical trials but also on a daily basis with VINIA's users."
See this link for a review of the impact on three generations of the Sobel family.
About BioHarvest Sciences Inc.
BioHarvest Sciences Inc. (CSE: BHSC) is a fast-growing Biotech firm listed on the Canadian Securities Exchange. BioHarvest has developed a patented bio-cell growth platform technology capable of growing the active and beneficial ingredients in fruit and plants, at industrial scale, without the need to grow the plant itself. This technology is economical, ensures consistency, and avoids the negative environmental impacts associated with traditional agriculture. BioHarvest is currently focused on nutraceuticals and the medicinal cannabis markets. Visit: www.bioharvest.com.
BioHarvest Sciences Inc.
Ilan Sobel, Chief Executive Officer
For further information, please contact:
Dave Ryan, VP Investor Relations & Director Phone: 1 (604) 622-1186
Email: dave@bioharvest.com
Twitter: https://twitter.com/bioharvestbhsc
Facebook: https://www.facebook.com/BioHarvestSciences
LinkedIn: https://www.linkedin.com/company/bioharvestsciences/
YouTube: https://www.youtube.com/channel/UCGRJWztmLoycsLFWqwXAzAw
Forward-Looking Statements
Information set forth in this news release includes forward-looking statements that are based on management's current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. There is no assurance that strong sales metrics experienced to date will result in future demand or that proposed additional marketing expenditures will result in increased sales. There is no assurance that the company will achieve significant growth in sales orders as this would require that the marketing campaign is successful which is subject to uncertainty, particularly the response of target audiences to the campaign. Markets for nutraceuticals are unpredictable and subject to changes in consumer tastes and trends as well as economic factors beyond our control. Delays and cost overruns may result in delays achieving our objectives obtaining market acceptance, and regulatory approvals for geographic expansion are subject to risk and cannot be guaranteed.
All forward-looking statements are inherently uncertain and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update forward-looking statement disclosures other than through our regular management discussion and analysis disclosures.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134209
News Provided by Newsfile via QuoteMedia
BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) (FSE: 8MV) ("BioHarvest" or "the Company") ") is pleased to announce that its common shares are now trading on the OTCQB® Venture Market under the ticker symbol "CNVCF".
"Admission to the OTCQB® market is an important step to increase US investor access to BioHarvest Sciences, and it provides US investors an additional level of transparency as we expand both our investor base and our customer base in North America." Stated CEO Ilan Sobel. "We will continue to work on expanding our global visibility to investors to match the commercial entry of our products into new markets."
The BioHarvest Sciences Executive team holds regular online meetings to maintain close ties with the US investment community. All interested media and investors are invited to contact info@bioharvest.com for information on the Company's next interactive event. For more detail on 2022 progress, the July 7, Q2 Shareholder Update focuses on the Company's scale-up plans in the US for its VINIA product, and the market entry strategy for the Company's cannabis products. The recording of that event is available here: https://bioharvest.com/investors/
About the OTCQB Market
The OTCQB® Venture Market is for early-stage and developing U.S. and international companies. To be eligible, companies must be current in their financial reporting and undergo an annual verification and management certification process. The OTCQB® quality standards provide a strong baseline of transparency, as well as the technology and regulation to improve the information and trading experience for investors.
Investors can find current financial disclosure and quotes for the company on https://www.otcmarkets.com/stock/CNVCF.
BioHarvest Sciences will continue to trade on the Canadian Securities Exchange (CSE) as "BHSC" and on Frankfurt as "8MV".
About BioHarvest Sciences Inc.
BioHarvest Sciences Inc. (CSE: BHSC) is a fast-growing Biotech firm listed on the Canadian Securities Exchange. BioHarvest has developed a patented bio-cell growth platform technology capable of growing the active and beneficial ingredients in fruit and plants, at industrial scale, without the need to grow the plant itself. This technology is economical, ensures consistency, and avoids the negative environmental impacts associated with traditional agriculture. BioHarvest is currently focused on nutraceuticals and the medicinal cannabis markets. Visit: www.bioharvest.com.
BioHarvest Sciences Inc.
Ilan Sobel, Chief Executive Officer
For further information, please contact:
Dave Ryan, VP Investor Relations & Director
Phone: 1 (604) 622-1186
Email: dave@bioharvest.com
Forward-Looking Statements
Information set forth in this news release includes forward-looking statements that are based on management's current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. There is no assurance that strong sales metrics experienced to date will result in future demand or that proposed additional marketing expenditures will result in increased sales. Markets for nutraceuticals are unpredictable and subject to changes in consumer tastes and trends as well as economic factors beyond our control. Delays and cost overruns may result in delays achieving our objectives obtaining market acceptance, and regulatory approvals for geographic expansion are subject to risk and cannot be guaranteed. Projected sales of BioHarvest products will require the Company to obtain production and/or export licensing which cannot be assured.
All forward-looking statements are inherently uncertain and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update forward-looking statement disclosures other than through our regular management discussion and analysis disclosures.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131117
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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 will host its Quarterly Conference Call on Tuesday, May 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)
Financial professionals are invited to call in to register in advance to ask questions. To pre-register as a qualified caller, please e-mail investorinfo@viemed.com by 12:00 p.m. ET Monday, May 6, 2024.
Live Audio Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=3FnR2caD
Following the live call, a replay will be available in the Investor Relations section of the Company's website, www.viemed.com.
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
News Provided by GlobeNewswire via QuoteMedia
Viemed Healthcare, Inc. (the "Company" or "Viemed") (NASDAQ:VMD), a national leader in respiratory care and technology-enabled home medical equipment services, announced the finalization of its strategic partnership with East Alabama Health ("EAH"), providing Viemed with the controlling interest of East Alabama HomeMed, LLC ("HomeMed"). HomeMed provides home medical equipment services to patients within the EAH network as well as those in the surrounding areas of Eastern Alabama.
"We are thrilled to join forces with the exceptional team at East Alabama Health to deliver best-in-class home medical services to their patients and expand HomeMed's business through the strategic partnership," said Viemed Chief Executive Officer Casey Hoyt. "This marks a significant milestone in our ongoing growth strategy, which includes hospital joint ventures and institutional partnerships. We view this transaction as a blueprint that can be replicated nationwide, enhancing care quality while simultaneously creating value for healthcare systems."
Laura Grill, President and CEO of EAH, emphasized that the collaboration with Viemed aligns seamlessly with East Alabama Health's organizational mission to provide the best possible care for every patient, every time, and to do so with empathy, kindness and caring. The EAH network encompasses East Alabama Medical Center in Opelika, AL, and EAMC-Lanier Hospital in Valley, AL, with a combined medical staff of 380 physicians.
The transaction closed on April 1, 2024, with Viemed acquiring a majority ownership interest and assuming managerial responsibilities of HomeMed. EAH will retain a minority, non-controlling interest in the entity. Viemed expects incremental annualized revenue from the acquired operations of approximately $4 million.
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 ability to expand HomeMed's business, to replicate the transaction nationwide, and expected annualized revenue associated with 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 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.
News Provided by GlobeNewswire via QuoteMedia
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):
"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.
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IMPORTANT NOTE: Unless otherwise designated, the consolidated financial statements and this associated analysis are presented in USD ($), which is The Hydration Pharmaceuticals Company Limited's functional and presentation currency.
Results for Announcement to the Market for Year Ending 31 December 2023:
Highlights
Financial Results
Net Sales
The Company achieved net revenue of $10,041,184 during FY23, which represented a 10% or $0.9 million increase on the previous 12-month period (FY22: $9,099,968). The Company faced inventory shortages due to high demand combined with supplier delays from September through December 2023, which resulted in unfilled orders worth approximately $877,576 in net sales. The Company’s inventory situation has since recovered with best selling products back in stock and meeting demand from key retailers. After adjusting for inventory shortages, the YoY growth rate increases to 20%.
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