Life Science News

Viemed Healthcare, Inc. (the "Company" or "Viemed") (NASDAQ:VMD and TSX:VMD.TO), 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 and six months ended June 30, 2022.

Operational highlights (all dollar amounts are USD):

  • Net revenues attributable to the Company's core business for the quarter ended June 30, 2022 were $33.1 million, a new Company record, and an increase of $6.9 million or 26% over core net revenues reported for the comparable quarter ended June 30, 2021. Including COVID-19 related services, total net revenues for the current quarter were $33.3 million.

  • Through June 30, 2022, the Company has repurchased and cancelled 1,350,567 common shares under the share repurchase program at a cost of $7.0 million, representing an average buyback price of $5.18 per share.

  • As a result of the Qualified Independent Contractor's reconsideration findings, recalculated overpayment requests have been issued by the Medicare Administrative Contractors, reducing the disputed exposure to $1.1 million. The Company has filed its appeals with the Administrative Law Judge, and intends to continue to defend itself vigorously through the remaining appeals processes, as necessary.

  • The Company grew its ventilator patient count to 8,837, a 9% increase over the June 30, 2021 ventilator patient count. This represents the highest sequential quarterly growth since the second quarter of 2019.

  • Adjusted EBITDA for the quarter ended June 30, 2022 totaled $6.5 million and Adjusted EBITDA for the six months ended June 30, 2022 totaled $13.7 million. A reconciliation of reported non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures can be found in the tables accompanying this press release.

  • The Company had a cash balance of $21.9 million at June 30, 2022 ($28.4 million at December 31, 2021) and an overall working capital balance of $24.0 million at June 30, 2022 ($29.5 million at December 31, 2021). Total long-term debt as of June 30, 2022 was $4.2 million ($4.3 million at December 31, 2021).

  • The Company expects to generate net revenues of approximately $34.5 million to $35.5 million during the third quarter of 2022.

"I am extremely proud of the robust growth across all lines of products and services, highlighting the synergies in our offerings," said Casey Hoyt, Viemed's CEO. "We're seeing the release of pent-up demand in the health care system, re-enforcing the critical need for cost-effective home-based treatment solutions that keep patients out of hospital facilities."

Conference Call Details

The Company will host a conference call to discuss second quarter results on Wednesday, August 3, 2022 at 11:00 a.m. ET.

Interested parties may participate in the call by dialing:

877-407-6176 (US Toll-Free)
201-689-8451 (International)

Live Audio Webcast:

Following the conclusion of the call, an audio recording and transcript of the call can be accessed on the Company's website.


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

For further information, please contact:

Glen Akselrod
Bristol Capital

Todd Zehnder
Chief Operating Officer
Viemed Healthcare, Inc.

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", or "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 third 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; the impact of the COVID-19 pandemic and the actions taken by governmental authorities, individuals and companies in response to the pandemic on our business, financial condition and results of operations, including on the Company's patient base, revenues, employees, and equipment and supplies; 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 Company's novel business model; the risk that the clinical application of treatments that demonstrate positive results in a study may not be positively replicated or that such test results may not be predictive of actual treatment results or may not result in the adoption of such treatments by providers; the state of the capital markets; the availability of funds and resources to pursue operations; 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 and the recall of certain Royal Philips BiPAP and CPAP devices and ventilators that we distribute and sell; granting of permits and licenses in a highly regulated business; competition; low profit market segments; 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; the failure of third parties to comply with their obligations; 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; changes in foreign currency rates; 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, such as the COVID-19 pandemic, 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, including the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and with the securities regulatory authorities in certain provinces of Canada available at 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.

(Expressed in thousands of U.S. Dollars, except share amounts)

June 30, 2022
December 31, 2021
Current assets
Cash and cash equivalents $ 21,922 $ 28,408
Accounts receivable, net of allowance for doubtful accounts of $9,383 and $7,031 at June 30, 2022 and December 31, 2021, respectively 14,287 12,823
Inventory, net of inventory reserve of $0 and $1,418 at June 30, 2022 and December 31, 2021, respectively 2,853 2,457
Income tax receivable 531 1,893
Prepaid expenses and other assets 2,266 1,729
Total current assets $ 41,859 $ 47,310
Long-term assets
Property and equipment, net 66,685 62,846
Equity investments 2,435 2,157
Deferred tax asset 3,964 4,787
Other long-term assets 961 862
Total long-term assets $ 74,045 $ 70,652
TOTAL ASSETS $ 115,904 $ 117,962
Current liabilities
Trade payables $ 3,702 $ 3,239
Deferred revenue 4,402 3,753
Accrued liabilities 8,860 8,875
Current portion of lease liabilities 283 464
Current portion of long-term debt 612 1,480
Total current liabilities $ 17,859 $ 17,811
Long-term liabilities
Accrued liabilities 385 757
Long-term lease liabilities 207 268
Long-term debt 4,226 4,306
Total long-term liabilities $ 4,818 $ 5,331
TOTAL LIABILITIES $ 22,677 $ 23,142
Commitments and Contingencies
Common stock - No par value: unlimited authorized; 38,333,089 and 39,640,388 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively 14,348 14,014
Additional paid-in capital 9,991 7,749
Accumulated other comprehensive loss (56 ) (278 )
Retained earnings 68,944 73,335


(Expressed in thousands of U.S. Dollars, except outstanding shares and per share amounts)

Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Revenue $ 33,310 $ 27,399 $ 65,565 $ 55,815
Cost of revenue 12,920 9,774 25,432 20,448
Gross profit $ 20,390 $ 17,625 $ 40,133 $ 35,367
Operating expenses
Selling, general and administrative 17,536 12,884 33,312 27,393
Research and development 672 583 1,304 922
Stock-based compensation 1,271 1,236 2,576 2,543
Depreciation 243 207 480 407
Loss (gain) on disposal of property and equipment (110 ) 83 (124 ) 159
Other expense (223 ) (32 ) (664 ) (53 )
Income from operations $ 1,001 $ 2,664 $ 3,249 $ 3,996
Non-operating income and expenses
Income from equity method investments 446 231 769 451
Interest expense, net of interest income (59 ) (83 ) (123 ) (174 )
Net income before taxes 1,388 2,812 3,895 4,273
Provision for income taxes 421 1,246 1,166 1,023
Net income $ 967 $ 1,566 $ 2,729 $ 3,250
Other comprehensive income (loss)
Change in unrealized gain/loss on derivative instruments, net of tax 59 (6 ) 222 100
Other comprehensive income (loss) $ 59 $ (6 ) $ 222 $ 100
Comprehensive income $ 1,026 $ 1,560 $ 2,951 $ 3,350
Net income per share
Basic $ 0.02 $ 0.04 $ 0.07 $ 0.08
Diluted $ 0.02 $ 0.04 $ 0.07 $ 0.08
Weighted average number of common shares outstanding:
Basic 38,773,580 39,584,064 39,195,317 39,357,992
Diluted 39,752,928 41,028,742 40,056,953 40,849,311


(Expressed in thousands of U.S. Dollars)

Six Months Ended June 30,
2022 2021
Cash flows from operating activities
Net income $ 2,729 $ 3,250
Adjustments for:
Depreciation 7,136 5,325
Provision for uncollectible accounts 6,300 3,402
Change in inventory reserve (1,418 )
Share-based compensation 2,576 2,543
Distributions of earnings received from equity method investments 612 123
Income from equity method investments (769 ) (451 )
Loss (gain) on disposal of property and equipment (124 ) 159
Deferred income tax expense 745 1,005
Net change in working capital
Increase in accounts receivable (7,764 ) (3,163 )
Increase in inventory 1,022 (248 )
Increase (decrease) in prepaid expenses and other assets (634 ) 311
Increase (decrease) in trade payables (243 ) 362
Increase in deferred revenue 649 333
Decrease in accrued liabilities (87 ) (3,800 )
Change in income tax payable/receivable 1,362 (340 )
Net cash provided by operating activities $ 12,092 $ 8,811
Cash flows from investing activities
Purchase of property and equipment (10,989 ) (5,047 )
Investment in equity investments (121 )
Proceeds from sale of property and equipment 615 289
Net cash used in investing activities $ (10,495 ) $ (4,758 )
Cash flows from financing activities
Proceeds from exercise of options 112
Principal payments on notes payable (78 ) (73 )
Principal payments on term note (872 ) (833 )
Shares redeemed to pay income tax (119 ) (1,434 )
Shares repurchased under the share repurchase program (7,001 )
Repayments of lease liabilities (13 ) (1,655 )
Net cash used in financing activities $ (8,083 ) $ (3,883 )
Net (decrease) increase in cash and cash equivalents (6,486 ) 170
Cash and cash equivalents at beginning of year 28,408 30,981
Cash and cash equivalents at end of period $ 21,922 $ 31,151
Supplemental disclosures of cash flow information
Cash paid during the period for interest $ 128 $ 198
Cash paid (received) during the period for income taxes, net of refunds $ (940 ) $ 358
Supplemental disclosures of non-cash transactions
Net non-cash changes to finance leases $ $ 12
Net non-cash changes to operating leases $ (8 ) $ 355

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. The Company's presentation of this financial measure may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, and stock-based compensation. 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. 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:


Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
(Expressed in thousands of U.S. Dollars)

For the quarter ended June 30,
March 31,
December 31,
September 30,
June 30,
March 31,
December 31,
September 30,
Net Income $ 967 $ 1,762 $ 4,087 $ 1,789 $ 1,566 $ 1,684 $ 5,071 $ 2,804
Add back:
Depreciation 3,740 3,397 3,120 2,867 2,716 2,609 2,835 2,425
Interest expense 59 64 69 75 83 91 100 116
Stock-based compensation 1,271 1,305 1,305 1,302 1,236 1,307 1,301 1,234
Income tax expense (benefit) 421 745 968 1,386 1,246 (223 ) 151 1,141
Adjusted EBITDA $ 6,458 $ 7,273 $ 9,549 $ 7,419 $ 6,847 $ 5,468 $ 9,458 $ 7,720

Three Months Ended
June 30, 2022
Six Months Ended
June 30, 2022
Net Income $ 967 $ 2,729
Add back:
Depreciation 3,740 7,137
Interest expense 59 123
Stock-based compensation 1,271 2,576
Income tax expense (benefit) 421 1,166
Adjusted EBITDA $ 6,458 $ 13,731

Use of Non-GAAP Financial Measures

Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP. It 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.


Key Financial and Operational Information
(Expressed in thousands of U.S. Dollars, except vent patients)

For the quarter ended June 30,
March 31,
December 31,
September 30,
June 30,
March 31,
December 31,
September 30,
Financial Information:
Revenue $ 33,310 $ 32,255 $ 31,962 $ 29,285 $ 27,399 $ 28,416 $ 31,202 $ 33,447
Gross Profit $ 20,390 $ 19,743 $ 19,662 $ 18,381 $ 17,625 $ 17,742 $ 19,178 $ 19,453
Gross Profit % 61 % 61 % 62 % 63 % 64 % 62 % 61 % 58 %
Net Income $ 967 $ 1,762 $ 4,087 $ 1,789 $ 1,566 $ 1,684 $ 5,071 $ 2,804
Cash (As of) $ 21,922 $ 29,248 $ 28,408 $ 26,867 $ 31,151 $ 31,097 $ 30,981 $ 32,396
Total Assets (As of) $ 115,904 $ 119,007 $ 117,962 $ 115,486 $ 111,014 $ 113,001 $ 112,560 $ 113,969
Adjusted EBITDA ( 1) $ 6,458 $ 7,273 $ 9,549 $ 7,419 $ 6,847 $ 5,468 $ 9,458 $ 7,720
Operational Information:
Vent Patients ( 2) 8,837 8,434 8,405 8,200 8,103 7,733 7,892 7,788

( 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.

Primary Logo

News Provided by GlobeNewswire via QuoteMedia

8 Surgical Robotics Stocks

8 Surgical Robotics Stocks

Robotics technology is quickly disrupting a variety of sectors, including the medical space, and surgical robot applications are a major component of the overall medical robots market.

In fact, a Strategic Market Research report projects that this industry will reach a value of US$20.98 billion by 2030, up from an estimated US$4.42 billion in 2020. According to the firm, the increased need for procedure-specific surgical robots and advancements in medical robot technology are seen as the main drivers of this sector.

Surgical robotics companies are developing products for a variety of surgery types, including cardiac, spinal and endoluminal. The tools these firms provide can increase surgeons’ performance ability and can lessen scarring, incisions, blood loss and more. They can also make surgeries safer and lead to a more comfortable recovery.

Keep reading...Show less
Applied UV

Applied UV Files Trademark Infringement Lawsuit Against Aeroclean Technologies

Applied UV, Inc. (NasdaqCM: AUVI) ("Applied UV" or the "Company"), a pathogen elimination technology company that applies the power of narrow-range ultraviolet light ("UVC") for surface areas and catalytic bioconversion technology for air purification to destroy pathogens safely, thoroughly, and automatically, today announced that its wholly-owned subsidiary, Sterilumen, Inc., has filed a lawsuit in the amount of $20 million against Aeroclean Technologies, Inc. (NASDAQ: AERC) and its predecessor, Aeroclean Technologies, LLC, for trademark infringement, unfair competition and damaging Sterilumen.

John F. Andrews, Applied UV's CEO and Director, stated, "Protecting our brand, Airoclean(TM), and trademarked products and technologies is crucial, and we will vigorously defend against infringements. Sterilumen is the owner of 29 issued patents and 18 pending patent applications and five 'AIRO' trademarks, including Airoclean(TM), in 19 countries, all of which are for use in connection with our air purification products. Significant resources have been invested to develop the products, and we currently possess a number of issued patents and pending patent applications with respect to both the AIRO products and the related technologies. Our brand is under attack by a new market entrant, Aeroclean, that improperly adopted and began to use a mark in connection with its own air purification products that we believe infringes on our trademark rights, creates confusion for buyers and violates fair competition practices."

Keep reading...Show less

Knight Therapeutics Assumes Commercial Activities and Re-Launches Exelon in Brazil

Knight Therapeutics Inc., (TSX: GUD) ("Knight") a pan-American (ex-USA) specialty pharmaceutical company, announced today that its Brazilian affiliate, United Medical Ltda., has assumed full commercial activities and is re-launching Exelon ® (rivastigmine) in Brazil following successful transfer of the marketing authorization.

On May 26, 2021, Knight completed the acquisition of the exclusive rights to manufacture, market and sell Exelon ® in Canada and Latin America as well as the exclusive license to use the intellectual property and the Exelon trademark, from Novartis within those territories.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Johnson & Johnson Ends Global Sales of Cancer-Causing Baby Powder Amid Increased Scrutiny from Consumer Litigation, Science

Courts continue to scrutinize J&J's controversial bankruptcy ploy to avoid liability

Legal experts say the decision by Johnson & Johnson (NYSE: JNJ) to halt future sales and distribution of talc-based products worldwide, including its iconic Johnson's Baby Powder, points to mounting pressure on the company to resolve tens of thousands of legal claims brought by ovarian cancer and mesothelioma victims.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Medical Device Stocks: 5 Biggest Companies in 2022

Medical Device Stocks: 5 Biggest Companies in 2022

The top medical device companies are a vital component of the overarching life science industry, as well as a major force in treating many diseases and conditions.

The global medical device market was valued at US$434.2 billion in 2021, and is expected to grow at a compound annual growth rate of 6.3 percent to reach US$625.3 billion in 2027.

Growth in the global medical device industry is tied to the rapid rise of an aging population, increased infectious and chronic diseases, as well as technological advancements in both the field of life science and in emerging technologies such as 3D printing, robotics and the internet of things.

Keep reading...Show less

New Study Shows Abbott's Blood Test for Concussion Could Predict Outcomes from Brain Injury and Inform Treatment Interventions

  • The study concluded that elevated levels of two proteins help predict how a person will recover from a traumatic brain injury (TBI), providing important information to determine appropriate care
  • Researchers used Abbott's i-STAT™ TBI Plasma test – the only FDA-cleared rapid test on a portable analyzer for concussion – and Abbott's core laboratory ARCHITECT instrument to measure two biomarkers in blood plasma associated with brain injury

A new study published in The Lancet Neurology demonstrates the ability of two blood-based biomarkers to predict how someone will recover from traumatic brain injury (TBI). Testing for these two biomarkers in the immediate aftermath of an injury can help health care providers determine the best way to treat and care for patients.

This research shows that when a clinician conducts a blood test for these brain proteins soon after a possible injury, they quickly get a more accurate picture of how severe the injury is, the expected course of recovery and the longer-term implications of the TBI. The markers were measured using Abbott's i-STAT™ TBI Plasma test , as well as on the company's ARCHITECT core laboratory instrument using research prototype assays, both of which helped predict recovery.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News