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.


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