Mr. Casey Hoyt reports
VIEMED HEALTHCARE ANNOUNCES FIRST QUARTER 2020 RECORD FINANCIAL RESULTS
Viemed Healthcare Inc. has released its financial results for the three months ended March 31, 2020.
Operational highlights (all dollar amounts are USD):
Net revenues for the quarter ended March 31, 2020 were $23.8 million, an increase of 31% over net revenues reported for the comparable quarter ended March 31, 2019. Current quarter revenues included approximately $1 million of product sales related to the ongoing COVID-19 pandemic.
The Company grew its active ventilator patient base for the quarter ended March 31, 2020 by approximately 25% as compared to the prior year's comparable quarter and 3% over the fourth quarter of 2019.
Net income for the quarter ended March 31, 2020 totaled approximately $4.2 million, a 117% increase as compared to the quarter ended March 31, 2019.
Adjusted EBITDA for the quarter ended March 31, 2020 totaled approximately $7.9 million, a Company record, and a 76% increase as compared to the quarter ended March 31, 2019. 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.
During May, the Company extended the expiration date of its existing $10 million line of credit with Hancock Whitney Bank to May 1, 2023.
The Company expects to generate net revenues of approximately $42 million to $44 million during the second quarter of 2020, including approximately $20 million of product sales related to the ongoing COVID-19 pandemic.
"We believe the first four months of the year have demonstrated how important the Viemed mission is to the future of our country's healthcare system," said Casey Hoyt, Viemed's CEO. "Our clinicians have come through to share their expertise with others to assist with COVID-19 solutions. In addition, we have established long-term relationships with hospitals and physicians that we expect will only be strengthened in the future as we continue to do our part in supplying ventilators and keeping hospital beds free for the patients who have become ill with the coronavirus."
Conference Call Details
The Company will host a conference call to discuss first quarter results on Tuesday, May 5, 2020 at 11:00 a.m. EST.
The call-in numbers for participants are:
- US Toll Free: 1-800-548-4713
International Toll Free: 1-323-794-2093
Meeting ID Number: 4508551
Following the conclusion of the call, an audio recording and transcript of the call can be accessed on the Company's website.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Expressed in thousands of U.S. Dollars, except outstanding shares and per share amounts)
Three Months Ended March 31,
Revenue $ 23,806 $ 18,115
Cost of revenue 8,253 5,041
Gross profit $ 15,553 $ 13,074
Selling, general and administrative 10,577 9,460
Research and development 174 234
Stock-based compensation 1,151 880
Depreciation 205 129
(Gain) loss on disposal of property and equipment (1,169) 56
Income from operations $ 4,615 $ 2,315
Unrealized loss on warrant conversion liability - 169
Loss from equity method investment 27 24
Interest expense, net of interest income 158 26
Net income before taxes 4,430 2,096
Provision for income taxes 187 138
Net income $ 4,243 $ 1,958
Other Comprehensive Income
Change in unrealized loss on derivative instruments, net of tax (312) -
Other Comprehensive Loss $ (312) $ -
Comprehensive Income $ 3,931 $ 1,958
Net income per share
Basic $ 0.11 $ 0.05
Diluted $ 0.11 $ 0.05
ABOUT VIEMED HEALTHCARE, INC.
Viemed, through its indirect wholly-owned subsidiaries Sleep Management, L.L.C. and Home Sleep Delivered, L.L.C., is a home medical equipment supplier that provides post-acute respiratory care services in the United States. Sleep Management, L.L.C. focuses on disease management and improving the quality of life for respiratory patients through clinical excellence, education, and technology. Its service offerings are based on effective home treatment with respiratory care practitioners providing therapy and counseling to patients in their homes using cutting edge technology. Home Sleep Delivered, L.L.C. focuses on providing in-home sleep testing for sleep apnea sufferers.
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