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Developing the Clinic of the Future, Cloud DX work to be supported by Sheridan College through federal grant
News in Summary
Cloud DX (TSXV:CDX) (OTC:CDXFF), a leading Virtual Care platform, announces the issuance of a new patent for its upcoming Pulsewave 2.0 Vital Sign Monitor. The wrist-worn device stands to be the first at home clinical-grade vital signs monitor to capture diagnostic-quality blood pressure, heart rate, heartbeat irregularities, and respiration status simultaneously. This is the second patent for the Pulsewave 2.0 platform and this award arrives during the company's record-breaking quarter.
US patent 11,272,859 entitled ‘System and Method of Determining Respiratory Status From Oscillometric Data', strengthens the protection of Cloud DX's innovative and novel methods used to determine respiratory status. Building upon the device's initial US patent 11,006,843,which depicts the concept of using oscillometric data to determine respiration rate. This patent protects the methods developed to analyze data in determining respiratory status, beyond just respiratory rate. The company congratulates inventors Vesal Badee, Sara Ross-Howe, Josh Haid, Lamiaa Amzil, Cezar Morun, and Bonghun Shin, all members of the Research and Development team at Cloud DX.
Lead inventor and Cloud DX Biomedical Data Scientist, Vesal Badaee, states "There are plenty of digital health wearables in the market. Most, however, are limited in the quality of data they provide. This can frustrate doctors and healthcare professionals when users want to rely on them. In medicine, clinical-grade vitals are required for diagnostics or medical direction; Cloud DX is driving the transition in bringing clinical-grade wearables into the consumer space, from hospitals and clinics to our homes. This second patent on our next-generation Pulsewave underlines the innovation we're producing at Cloud DX. The team and I are proud to be a part of this Virtual Care transition."
"With the Medical Metaverse and the Virtual Care movements growing the need for home-based diagnostics grows ever more prominent," added Robert Kaul, CEO and Founder of Cloud DX. He continued, "Together these technologies create an all-encompassing model of care improves access to healthcare and can expedite accurate clinician decision making. The ability to accurately capture patient vitals anywhere in the world, even in most remote locations, and transfer that data directly to their doctor or care team means primary care teams can make better clinical decisions, potentially remove the need for an in-person doctor visit, or even circumvent an emergent care visit. To put it simply, the connected ecosystem means better patient outcomes, closer circles of care, and more economical for providers and payers."
How Pulsewave 2.0 breathing rate technology works
- Cloud DX's Pulsewave vital signs monitor is worn on a patient's wrist, and oscillometric pulse waveforms are obtained as the cuff deflates, obtaining pulse wave signals and artifact signals over multiple patient breaths.
- Pulsewave software analyzes these signals producing an envelope of pulse waveforms as well as a frequency modulated sequence of pulses at various time intervals containing breathing rate data.
- Pulsewave 2.0 operates autonomously but can also be connected to the internet. When connected, clinicians receiving the data can derive additional biological metrics via the Cloud Diagnostics® online platform.
About Cloud DX
Accelerating virtual healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health TM remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers." In 2021, Cloud DX became an exclusive partner to Medtronic Canada.
Cloud DX Investor Sitehttps://ir.clouddx.com/overview/default.aspx
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Cloud DX partners with Sheridan College on Medical Metaverse Research and Development
- Funding awarded for mobile and machine learning healthcare innovation projects
- Supports commercialization of patented Cloud DX technology for the Medical Metaverse
- Research partnership between Sheridan's CMI and Cloud DX's eXtended Reality division, Cloud XR
Cloud DX (TSXV:CDX) (OTCQB:CDXFF), leading Virtual Care platform provider, will partner with Sheridan College (the grant recipient) on a project with Cloud XR, the company's eXtended Reality division, to further develop the Clinic of the Future, an augmented reality (AR) platform. This is made possible through the support of a Natural Sciences and Engineering Research Council (NSERC) Applied Research and Technology Partnership (ARTP) non-dilutive funding grant. As a key industry partner, Cloud DX will work with Sheridan College who will conduct a portfolio of applied research projects in Mobile Health and Health and Machine Learning
Cloud XR's Clinic of the Future demonstrates how its patented Vitaliti™ continuous monitoring device displays real-time patient information in the form of 3-D holographic images. The Clinic of the Future is the Medical Metaverse in action, a fully remote, touchless, seamless method enabling healthcare professionals to interact with patients.
Dr. Sonny Kohli, Chief Medical Officer and Co-Founder at Cloud DX states: "Improving healthcare is important to everyone, we all use it throughout our lives, and advancement in healthcare and medicine is only possible through innovation. Working with partners such as Sheridan's Center for Mobile Innovation is essential to push the industry into the future. At Cloud DX working with leaders such Dr. Edward Sykes helps bring our inventions to life and supports our commercialization of new healthcare devices, such as our patented Vitaliti™. This NSERC funding not only recognizes Canadian technology leadership like our partnership, more importantly it advances the MedTech industry - one where virtual and remote care, AI, and Augmented Reality are embedded throughout; the Medical Metaverse. Think about it, a leading specialist can now examine a patient on the other side of the world, its limitless. The Medical Metaverse will improve access to healthcare, create more efficiencies, lead to better patient outcomes, and much more."
About the Sheridan Centre for Mobile Innovation
The Sheridan Centre for Mobile Innovation (CMI) creates innovative solutions to industry-relevant challenges, in close collaboration with industry, community, and academic partners. CMI uses leading technologies in its research including: mobile, Artificial Intelligent/Machine Learning/Deep Learning, wearable computing, augmented/virtual reality/mixed reality and Internet of Things. Please visit: cmi.sheridancollege.ca. For more information on research and innovation at Sheridan, please visit research.sheridancollege.ca.
About Cloud DX
Accelerating virtual healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health TM remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and was named a "New Innovator 2022" by Canadian Business magazine. Cloud DX is an exclusive virtual care partner to Medtronic Canada and Equitable Life.
Cloud DX Investor Sitehttps://ir.clouddx.com/overview/default.aspx
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
# # #
For media inquiries please contact:
Janine Scott
Marketing Lead
888-543-0944
janine.scott@CloudDX.com
For investor inquiries please contact:
Jay Bedard
Cloud DX Investor Relations
647-881-8418
jay.bedard@CloudDX.com
SOURCE:Cloud DX Inc.
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Cloud DX Signs Contract with Paramedical Service Provider for Remote Patient Monitoring
Cloud DX chosen as Virtual Care Platform for the Ontario Paramedical Service provider, replacing existing hardware and services
Cloud DX (TSXV:CDX)(OTCQX:CDXFF) is pleased to announce a new 24-month contract with an Ontario Paramedic Service Provider enabling the client to provide Remote Patient Monitoring (RPM) across its serviceable area. Cloud DX will provide its award-winning Connected Health™ platform and support the client as it transitions from its previous remote care tools to Cloud DX's Virtual Care Platform. The client showcases how beneficial ‘Remote Care Monitoring' is for Paramedical Service providers, enabling providers to establish deeper community roots and maintain funding levels, while community members benefit from greater access to much-needed care. The client has purchased 223 Connected Health™ kits totalling ~$145,000 CAD with additional recurring fees for subscription software services. Funding for the program comes from the $82.5M Community Paramedicine for Long-Term Care program announced by the Ontario government on October 22, 2021
The Paramedical client will provide Cloud DX's biometric monitoring equipment to clients in their homes to monitor vital signs including weight, blood pressure, heart rate, oxygen level, temperature, and blood glucose. Daily monitoring allows the client and health care providers to make informed decisions and enables the Paramedic to connect with the client if a metric is out of range. The paramedical care provider seeks to keep individuals on the long-term care bed waitlist and individuals who are medically complex or isolated comfortable and safe in their homes. In turn, Remote Care Monitoring is expected to reduce 911 calls, emergency room visits, and hospital admissions.
Cloud DX COO and co-founder, Anthony Kaul, states "At-home remote monitoring is critical to improving the health of vulnerable populations, such as community members with chronic conditions or seniors who wish to live independently for as long as possible. By bringing Remote Care Monitoring directly to the community our client is forging a new path in paramedicine. This modern approach improves community health and enables significantly earlier intervention for those with deteriorating health, in turn reducing hospitalizations. Cloud DX is well known for our high user satisfaction ratings, so we are confident this initiative will be well received by the community. Of course, with our Headquarters in Ontario, we're always extremely happy to support our neighbouring communities."
About Cloud DX
Accelerating virtual healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health TM remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and was named a "New Innovator 2022" by Canadian Business magazine. Cloud DX is an exclusive virtual care partner to Medtronic Canada and Equitable Life.
Cloud DX Investor Sitehttps://ir.clouddx.com/overview/default.aspx
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Social Links
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For media inquiries please contact:
Janine Scott
Marketing Lead
888-543-0944
janine.scott@CloudDX.com
For investor inquiries please contact:
Jay Bedard
Cloud DX Investor Relations
647-881-8418
jay.bedard@CloudDX.com
SOURCE:Cloud DX Inc.
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Cloud DX Signs Two Contracts with US Primary Care Clinics
Continued growth in US RPM as partner Maxwell Telecare signs two additional clinics in Illinois
News in Summary
- These RPM contracts bring the total Maxwell Telecare clinics in 2022 to five
- Addition of these two contracts brings this quarter's total number of contracts to twelve
- Reimbursed RPM programs have the potential to impact 33% of American adults1
Cloud DX (TSXV:CDX) (OTCQB:CDXFF), Cloud DX, a leading Virtual Care platform in North America, and partner Maxwell Telecare announce two additional new contracts with US based Primary Care practices in Illinois. Under the company's Patient First™ program, the clinics will deploy Connected Health™ to control exacerbations, improve quality of life, and avoid hospital admissions, and ER visits. The participating Maxwell clinics will prescribe the kits under US codes for reimbursed Remote Patient Monitoring and Chronic Care Management, paid for by public and private health insurance. This announcement contributes to a record-setting quarter for Cloud DX bringing the total signed contracts this quarter to 12
Rajani Nair, Deployment Manager at Cloud DX, states "Maxwell Telecare understands the value of RPM and how it improves not only a clinic's return on investment but more importantly improves patient care and patient outcomes. As deployments across their network scale, the Maxwell team seamlessly integrates our Connected Health™ kit as part of their patient offerings, reimbursable in the US for RPM or Chronic Care Management. Given their ease of integration, this partnership has transitioned from establishment to scaling. We look forward to continuing to work with them"
Footnotes:
1. Hajat, C., & Stein, E. (2018). The global burden of multiple chronic conditions: A narrative review. Preventive medicine reports, 12, 284-293. https://doi.org/10.1016/j.pmedr.2018.10.008
About Cloud DX
Accelerating virtual healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health TM remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers." In 2021, Cloud DX became an exclusive partner of Medtronic Canada.
Cloud DX Investor Sitehttps://ir.clouddx.com/overview/default.aspx
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
# # #
For media inquiries please contact:
Janine Scott
Marketing Lead
888-543-0944
janine.scott@CloudDX.com
For investor inquiries please contact:
Jay Bedard
Cloud DX Investor Relations
647-881-8418
jay.bedard@CloudDX.com
SOURCE:Cloud DX Inc.
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Cloud DX Signs New Palliative Contract with Ontario Healthcare Team
Cloud DX Signs New Palliative Contract with Ontario Healthcare Team
Healthcare team to use Connected Health™ kits to provide dignity in care for up to 85 patients
News in Summary
- Cloud DX to provide Connected Heath™ kits and supporting software services
- Program will support up to 85 patients in palliative care
- This is the 10th contract this quarter for the Virtual Care platform
Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading Virtual Care platform, signs a contract with a healthcare team in Niagara, Ontario, Canada. The team will use Cloud DX's Connected Health™ kits and software services for up to 85 palliative patients. The 12-month contract will commence deployment this month, adding to Cloud DX's successful quarter and recently announced, industry first patent in vital-sign analysis. Connected Health™ has been deployed for palliative patients by other provinces and territories, including Yukon Health and Social Services, since 2019
"While we're known for our post-surgical and chronic care programs, it is refreshing to work with clinics who are passionate about the extended benefits and applications of RPM. This healthcare team understands RPM and recognizes its many use cases," says Head of Operations, Cara MacDonald. "Making healthcare better means encompassing all stages of life, all stages of illness or conditions. We look forward to paving the palliative healthcare delivery pathway with a clinical leader in Ontario."
Palliative Care Management is the third focus area for Cloud DX, building upon its growing Post-Surgical and Chronic Care Management programs. As the digital healthcare sector grows globally, the company continues to work with care providers to pursue new use cases for virtual care and remote patient monitoring while innovating new care pathways alongside industry-leading partners such as Medtronic Canada and Equitable Life.
About Cloud DX
Accelerating virtual healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health TM remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers." In 2021, Cloud DX became an exclusive partner to Medtronic Canada.
Cloud DX Investor Sitehttps://ir.clouddx.com/overview/default.aspx
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Social Links
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For media inquiries please contact:
Janine Scott
Marketing Lead
888-543-0944
janine.scott@CloudDX.com
For investor inquiries please contact:
Jay Bedard
Cloud DX Investor Relations
647-881-8418
jay.bedard@CloudDX.com
SOURCE:Cloud DX Inc.
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Cloud DX Announces Closing of Private Placement
Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of virtual care and Remote Patient Monitoring (RPM) solutions, is pleased to announce that it has closed a non-brokered private placement (the "Private Placement") of 260 units (the "Units") of the Corporation at a price of $1,000 per Unit, for gross proceeds of $260,000 (the "Offering"). Each Unit is comprised of (i) a C$1,000 principal amount unsecured convertible debenture (each, a "Debenture") and (ii) 1,430 common share purchase warrants of the Corporation (each, a "Warrant"). The Debentures will mature on January 27, 2025 (the "Maturity Date") and shall bear interest at a simple rate of 10% per annum. The principal amount of the Debentures may be converted at the election of the holder thereof into common shares in the capital of the Company ("Common Shares") at a conversion price of C$0.35 per Common Share (the "Conversion Price") at any time prior to the Maturity Date. Each Warrant entitles the holder thereof to acquire one common share of the Corporation (each, a "Common Share") at a price of C$0.50 per Common Share at any time prior to 4:30 p.m. (Toronto Time) on January 27, 2024
As consideration for services rendered in connection with the Offering, the Corporation paid to certain registered brokers a cash commission in the amount equal to $13,000 (5% of the gross proceeds of the Offering); and (ii) issued to certain registered brokers 37,142 non-transferable common share purchase warrants (the "Broker Warrants"). Each Broker Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.35 per Common Share for a period of 24 months from the date of closing of the Private Placement.
The Corporation intends to use the net proceeds from the Offering for sales, marketing, research and development and working capital requirements.
In accordance with applicable Canadian securities laws, all securities issued pursuant to the Offering will be subject to a four (4) month hold period ending July 19, 2022. The Offering remains subject to final approval from the TSX Venture Exchange.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Cloud DX
Accelerating virtual healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health TM remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers." In 2021, Cloud DX became an exclusive partner to Medtronic Canada.
Cloud DX Investor Sitehttps://ir.clouddx.com/overview/default.aspx
Social Links
Twitter https://twitter.com/CloudDX
Facebook https://www.facebook.com/clouddxinc/
LinkedIn https://www.linkedin.com/company/cloud-dx/
Instagram https://www.instagram.com/cloud.dx/
For media inquiries please contact:
Janine Scott
Marketing Lead
888-543-0944
janine.scott@CloudDX.com
For investor inquiries please contact:
Jay Bedard
Cloud DX Investor Relations
647-881-8418
jay.bedard@CloudDX.com
Forward-Looking Information
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. In particular, this news release includes certain forward-looking statements concerning the Offering, including the use of the net proceeds, as well as management's objectives, strategies, beliefs and intentions.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including without limitation, information concerning the receipt of approval from the TSX Venture Exchange, the use of proceeds and the Corporation's marketing and research and development strategies and the expected benefits thereof.
Although management of the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.
The securities of the Corporation have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of the securities referenced in this press release, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE:Cloud DX Inc.
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Viemed Announces Acquisition of Majority Interest in HomeMed, Forging Partnership With East Alabama Health
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.
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Viemed Healthcare Announces Record 2023 Financial Results
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, or 35%, 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, or 32%, over the year ended December 31, 2022.
- Net income for the quarter ended December 31, 2023 totaled $3.5 million, an increase of 43% 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 of 65% 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, or 62.9%, 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, or 294%, 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.
News Provided by GlobeNewswire via QuoteMedia
Appendix 4E – Preliminary Final Report
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
- 10% increase in FY2023 net sales to $10.0M
- 2ppt increase in Gross Margin to 54% resulting in a 15% increase in Gross Profit from $4.7M to $5.4M
- Sales and Marketing expenses decreased by $2.4M
- Marketing as a percentage of sales decreased to 39% down from 74% in FY22.
- Net cash used in operating activities down 41% to $5.7M
- Underlying EBITDA Loss of ($6.6M) – after adjusting items including share based payment expenses, amortisation and FX gains (refer table overleaf); this marked a $2M reduction over FY22
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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This article includes content from The Hydration Pharmaceuticals Company Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
