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, 2024, and issued its guidance for the full year ending December
31, 2025.
Fourth Quarter and Full Year Operational
Highlights (all dollar amounts are USD):
- Net revenues for the quarter ended
December 31, 2024 reached a new Company record of
$60.7 million representing an increase of $10.0 million,
or 20%, over net revenues reported for the comparable quarter ended
December 31, 2023. Total net revenues for the year ended December
31, 2024 were a record-breaking $224.3 million, an increase of
$41.2 million, or 23%, over the year ended December 31,
2023.
- Net income attributable to Viemed
for the quarter ended December 31, 2024 totaled $4.3 million,
or $0.10 per diluted share, an increase of 24% over net income
attributable to Viemed reported for the comparable quarter ended
December 31, 2023. Net income attributable to Viemed for the year
ended December 31, 2024 totaled $11.3 million, or $0.28 per
diluted share, an increase of 10% over the year ended December 31,
2023, marking the Company's eighth consecutive year of positive net
income.
- The Company increased its
ventilator patient count to 11,795 as of December 31, 2024, an
increase of 14% over December 31, 2023, and a 4% sequential
increase from September 30, 2024.
- The Company increased its PAP
therapy patient count to 21,338 as of December 31, 2024, an
increase of 43% over December 31, 2023, and a 10% sequential
increase from September 30, 2024. The Company also increased its
sleep resupply patient count to 24,478 as of December 31, 2024, an
increase of 29% over December 31, 2023, and an 11% sequential
increase from September 30, 2024.
- Adjusted EBITDA for the quarter and
year ended December 31, 2024 totaled $14.2 million and a record
$51.1 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.
- The Company continues to generate
substantial excess free cash flow while achieving robust organic
growth and replacing a significant portion of its ventilator fleet
during 2025. Net cash provided by operating activities for the year
ended December 31, 2024 totaled $39.1 million compared with $45.2
million for the year ended December 31, 2023. Free Cash Flow for
the year ended December 31, 2024 totaled $11.6 million compared
with $21.7 million for the year ended December 31, 2023. 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.
- As of December 31, 2024, the
Company maintains a strong cash balance of $17.5 million, and an
overall working capital balance of $15.6 million. Long-term debt as
of December 31, 2024 amounted to $3.6 million and the Company has
$55 million available under existing credit facilities.
Full Year 2025 Guidance (all dollar
amounts are USD):
- Net revenue for the year ending
December 31, 2025 is expected to be in the range of $254 million to
$265 million.
- Adjusted EBITDA for the year ending December 31, 2025 is
expected to be in the range of $54 million to $58 million. See
“Forward-Looking Statements” below for further information on this
non-GAAP financial guidance.
Casey Hoyt, Viemed’s CEO, noted, “We once again
demonstrated our value as a vital link between patients, providers,
and payers for complex respiratory services with fourth quarter
results meeting the high end of our expectations and maintaining a
track record of strong organic growth and profitability, while at
the same time enhancing the balance sheet. The sequential
improvement in our operational metrics throughout 2024 reinforces
the momentum we have established with hard-won improvements in our
sales force and diversification of the business. Likewise, the
continued demand for our high-touch, technology-enabled clinical
approach in a regulatory environment that stresses efficiency, home
care, transparency, and compliance gives us greater confidence in
our value proposition.”
“Looking ahead to 2025, we are leaning into what
has worked well for us throughout 2024 and growing in ways that
complement our existing strengths. Utilizing the systems and
processes we have in place for sales and operating efficiencies, as
well as our home-grown staffing business, we plan to ramp up our
sales force at a more aggressive pace to further penetrate a
massively underserved market for non-invasive ventilation, sleep,
staffing, and other complementary services. We also expect our
trusted place in the home and our extensive, national payer
relationships to create new opportunities to amplify these
partnerships and potentially pursue inorganic growth,” added Mr.
Hoyt.
Conference Call Details
The Company will host a conference call to discuss fourth
quarter and year end results, as well as its 2025 guidance, on
Tuesday, March 11, 2025 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=TPQeuTNd
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 an in-home clinical care provider of
post-acute respiratory healthcare equipment and services in the
United States, including non-invasive ventilators (NIV), sleep
therapy, staffing, and other complementary products and services.
Viemed focuses on efficient and effective in-home treatment with
clinical practitioners providing therapy, education and counseling
to patients in their homes using high-touch and high-tech services.
Visit our website at www.viemed.com
For further information, please contact:
Tripp SullivanSCR Partners,
LLC615-942-7077tsullivan@scr-ir.com
Todd ZehnderChief Operating OfficerViemed Healthcare,
Inc.337-504-3802investorinfo@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 and Adjusted EBITDA guidance for 2025,
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 we
operate; significant capital requirements and operating risks that
we may be subject to; our ability to implement business strategies
and pursue business opportunities; volatility in the market price
of our 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 our 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 we are 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 us; 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 other general
economic, market and business conditions; and other factors beyond
our control; 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 Quarterly Report on Form 10-Q, 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.
This press release contains non-GAAP financial
guidance. There is no reliable or reasonably estimable comparable
GAAP measure for the Company’s non-GAAP financial guidance because
the Company is not able to reliably predict the impact of certain
items that typically have one or more of the following
characteristics: highly variable, difficult to project, unusual in
nature, significant to the results of a particular period or not
indicative of future operating results. Similar charges or gains
were recognized in prior periods and will likely reoccur in future
periods. As a result, reconciliation of the non-GAAP financial
guidance to the most directly comparable GAAP measure is not
available without unreasonable effort. In addition, the Company
believes such a reconciliation would imply a degree of precision
and certainty that could be confusing to investors. The variability
of the specified items may have a significant and unpredictable
impact on the Company’s future GAAP results.
The Company’s financial guidance in this press
release excludes the impact of potential future strategic
acquisitions and any items that have not yet been identified or
quantified. This guidance is subject to risks and uncertainties
inherent in all forward-looking statements, as outlined above.
|
|
VIEMED HEALTHCARE, INC.CONSOLIDATED BALANCE
SHEETS(Expressed in thousands of U.S. Dollars, except share
amounts) |
|
|
AtDecember 31, 2024 |
|
AtDecember 31, 2023 |
ASSETS |
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
$ |
17,540 |
|
|
$ |
12,839 |
|
Accounts receivable, net |
|
24,911 |
|
|
|
18,451 |
|
Inventory |
|
4,320 |
|
|
|
4,628 |
|
Prepaid expenses and other assets |
|
6,109 |
|
|
|
2,449 |
|
Total current
assets |
$ |
52,880 |
|
|
$ |
38,367 |
|
Long-term
assets |
|
|
|
Property and equipment, net |
|
76,279 |
|
|
|
73,579 |
|
Finance lease right-of-use assets |
|
50 |
|
|
|
401 |
|
Operating lease right-of-use assets |
|
2,831 |
|
|
|
2,872 |
|
Equity investments |
|
2,794 |
|
|
|
1,680 |
|
Debt investment |
|
— |
|
|
|
2,219 |
|
Deferred tax asset |
|
8,398 |
|
|
|
4,558 |
|
Identifiable intangibles, net |
|
848 |
|
|
|
567 |
|
Goodwill |
|
32,989 |
|
|
|
29,765 |
|
Other long-term assets |
|
— |
|
|
|
887 |
|
Total long-term
assets |
|
124,189 |
|
|
|
116,528 |
|
TOTAL
ASSETS |
$ |
177,069 |
|
|
$ |
154,895 |
|
|
|
|
|
LIABILITIES |
|
|
|
Current
liabilities |
|
|
|
Trade payables |
$ |
5,322 |
|
|
$ |
4,180 |
|
Deferred revenue |
|
6,694 |
|
|
|
6,207 |
|
Income taxes payable |
|
3,883 |
|
|
|
2,153 |
|
Accrued liabilities |
|
20,157 |
|
|
|
17,578 |
|
Finance lease liabilities, current portion |
|
50 |
|
|
|
256 |
|
Operating lease liabilities, current portion |
|
811 |
|
|
|
678 |
|
Current portion of long-term debt |
|
409 |
|
|
|
1,072 |
|
Total current
liabilities |
$ |
37,326 |
|
|
$ |
32,124 |
|
Long-term
liabilities |
|
|
|
Accrued liabilities |
|
846 |
|
|
|
558 |
|
Finance lease liabilities, less current portion |
|
— |
|
|
|
132 |
|
Operating lease liabilities, less current portion |
|
2,007 |
|
|
|
2,184 |
|
Long-term debt |
|
3,589 |
|
|
|
6,002 |
|
Total long-term
liabilities |
$ |
6,442 |
|
|
$ |
8,876 |
|
TOTAL
LIABILITIES |
$ |
43,768 |
|
|
$ |
41,000 |
|
Commitments and
Contingencies |
|
— |
|
|
|
— |
|
SHAREHOLDERS'
EQUITY |
|
|
|
Common stock - No par value: unlimited authorized; 39,132,897 and
38,506,161 issued and outstanding as of December 31, 2024 and
December 31, 2023, respectively |
|
23,365 |
|
|
|
18,702 |
|
Additional paid-in capital |
|
18,337 |
|
|
|
15,698 |
|
Retained earnings |
|
89,691 |
|
|
|
79,495 |
|
TOTAL VIEMED
HEALTHCARE, INC.'S SHAREHOLDERS' EQUITY |
$ |
131,393 |
|
|
$ |
113,895 |
|
Noncontrolling interest in subsidiary |
|
1,908 |
|
|
|
— |
|
TOTAL SHAREHOLDERS'
EQUITY |
|
133,301 |
|
|
|
113,895 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
177,069 |
|
|
$ |
154,895 |
|
|
VIEMED HEALTHCARE, INC.CONSOLIDATED STATEMENTS OF
INCOME(Expressed in thousands of U.S. Dollars, except
outstanding shares and per share amounts) |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
60,695 |
|
|
$ |
50,739 |
|
|
$ |
224,257 |
|
|
$ |
183,008 |
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
24,557 |
|
|
|
18,628 |
|
|
|
91,054 |
|
|
|
70,225 |
|
|
|
|
|
|
|
|
|
Gross
profit |
$ |
36,138 |
|
|
$ |
32,111 |
|
|
$ |
133,203 |
|
|
$ |
112,783 |
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
Selling, general and administrative |
|
28,211 |
|
|
|
23,905 |
|
|
|
106,199 |
|
|
|
87,884 |
|
Research and development |
|
803 |
|
|
|
651 |
|
|
|
3,068 |
|
|
|
2,782 |
|
Stock-based compensation |
|
1,521 |
|
|
|
1,534 |
|
|
|
6,285 |
|
|
|
5,849 |
|
Depreciation and amortization |
|
343 |
|
|
|
434 |
|
|
|
1,483 |
|
|
|
1,391 |
|
Loss (gain) on disposal of property and equipment |
|
(1,104 |
) |
|
|
272 |
|
|
|
(1,905 |
) |
|
|
645 |
|
Other expense (income), net |
|
(88 |
) |
|
|
26 |
|
|
|
173 |
|
|
|
(98 |
) |
Income from
operations |
$ |
6,452 |
|
|
$ |
5,289 |
|
|
$ |
17,900 |
|
|
$ |
14,330 |
|
|
|
|
|
|
|
|
|
Non-operating income
and expenses |
|
|
|
|
|
|
|
Income (expense) from investments |
|
— |
|
|
|
43 |
|
|
|
(954 |
) |
|
|
485 |
|
Interest expense, net |
|
(147 |
) |
|
|
(256 |
) |
|
|
(776 |
) |
|
|
(424 |
) |
|
|
|
|
|
|
|
|
Net income before
taxes |
|
6,305 |
|
|
|
5,076 |
|
|
|
16,170 |
|
|
|
14,391 |
|
Provision for income taxes |
|
1,881 |
|
|
|
1,599 |
|
|
|
4,761 |
|
|
|
4,148 |
|
Net
income |
$ |
4,424 |
|
|
$ |
3,477 |
|
|
$ |
11,409 |
|
|
$ |
10,243 |
|
Net income attributable to noncontrolling interest |
|
108 |
|
|
|
— |
|
|
|
144 |
|
|
|
— |
|
Net income
attributable to Viemed Healthcare, Inc. |
$ |
4,316 |
|
|
$ |
3,477 |
|
|
$ |
11,265 |
|
|
$ |
10,243 |
|
|
|
|
|
|
|
|
|
Net income per
share |
|
|
|
|
|
|
|
Basic |
$ |
0.11 |
|
|
$ |
0.09 |
|
|
$ |
0.29 |
|
|
$ |
0.27 |
|
Diluted |
$ |
0.10 |
|
|
$ |
0.09 |
|
|
$ |
0.28 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
39,027,522 |
|
|
|
38,492,731 |
|
|
|
38,754,893 |
|
|
|
38,354,071 |
|
Diluted |
|
41,522,457 |
|
|
|
40,383,109 |
|
|
|
40,805,085 |
|
|
|
40,378,922 |
|
|
VIEMED HEALTHCARE, INC.CONSOLIDATED STATEMENTS OF
CASH FLOWS(Expressed in thousands of U.S.
Dollars) |
|
|
Year Ended December 31, |
|
|
2024 |
|
|
|
2023 |
|
Cash flows from
operating activities |
|
|
|
Net income |
$ |
11,409 |
|
|
$ |
10,243 |
|
Adjustments for: |
|
|
|
Depreciation and amortization |
|
25,368 |
|
|
|
21,862 |
|
Change in inventory reserve |
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
6,285 |
|
|
|
5,849 |
|
Distributions of earnings received from equity method
investments |
|
147 |
|
|
|
980 |
|
Income from equity method investments |
|
(261 |
) |
|
|
(485 |
) |
Loss (income) from debt investment |
|
1,344 |
|
|
|
(219 |
) |
Loss (gain) on disposal of property and equipment |
|
(1,905 |
) |
|
|
645 |
|
Amortization of deferred financing costs |
|
187 |
|
|
|
— |
|
Deferred income tax expense (benefit) |
|
(3,840 |
) |
|
|
(1,439 |
) |
Changes in working
capital: |
|
|
|
Accounts receivable, net |
|
(6,073 |
) |
|
|
(1,058 |
) |
Inventory |
|
574 |
|
|
|
(472 |
) |
Prepaid expenses and other assets |
|
544 |
|
|
|
2,176 |
|
Trade payables |
|
359 |
|
|
|
(859 |
) |
Deferred revenue |
|
364 |
|
|
|
851 |
|
Accrued liabilities |
|
2,857 |
|
|
|
4,959 |
|
Income tax payable/receivable |
|
1,730 |
|
|
|
2,179 |
|
Net cash provided by
operating activities |
$ |
39,089 |
|
|
$ |
45,212 |
|
Cash flows from
investing activities |
|
|
|
Purchase of property and equipment |
|
(37,771 |
) |
|
|
(26,093 |
) |
Investment in equity investments |
|
(1,000 |
) |
|
|
(20 |
) |
Cash paid for acquisitions, net of cash acquired |
|
(2,999 |
) |
|
|
(28,588 |
) |
Investment in debt security |
|
— |
|
|
|
— |
|
Proceeds from sale of debt security |
|
750 |
|
|
|
— |
|
Proceeds from sale of property and equipment |
|
10,321 |
|
|
|
2,588 |
|
Net cash used in
investing activities |
$ |
(30,699 |
) |
|
$ |
(52,113 |
) |
Cash flows from
financing activities |
|
|
|
Proceeds from exercise of options |
|
1,017 |
|
|
|
1,303 |
|
Proceeds from term notes |
|
— |
|
|
|
5,000 |
|
Principal payments on term notes |
|
(1,071 |
) |
|
|
(3,721 |
) |
Proceeds from revolving credit facilities |
|
3,000 |
|
|
|
8,000 |
|
Principal payments on revolving credit facilities |
|
(5,000 |
) |
|
|
(7,005 |
) |
Payments for debt issuance costs |
|
(192 |
) |
|
|
— |
|
Shares redeemed to pay income tax |
|
(1,069 |
) |
|
|
(594 |
) |
Shares repurchased under the share repurchase program |
|
— |
|
|
|
— |
|
Repayments of finance lease liabilities |
|
(338 |
) |
|
|
(157 |
) |
Distributions to non-controlling interest |
|
(36 |
) |
|
|
— |
|
Net cash provided by
(used in) financing activities |
$ |
(3,689 |
) |
|
$ |
2,826 |
|
Net increase
(decrease) in cash and cash equivalents |
|
4,701 |
|
|
|
(4,075 |
) |
Cash and cash
equivalents at beginning of year |
|
12,839 |
|
|
|
16,914 |
|
Cash and cash
equivalents at end of period |
$ |
17,540 |
|
|
$ |
12,839 |
|
Supplemental
disclosures of cash flow information |
|
|
|
Cash paid during the period for interest |
$ |
950 |
|
|
$ |
851 |
|
Cash paid during the period for income taxes, net of refunds |
$ |
6,827 |
|
|
$ |
3,566 |
|
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 |
) |
Equipment and other fixed asset purchases payable at end of
period |
$ |
2,179 |
|
|
$ |
1,396 |
|
Equipment sales receivable at end of period |
$ |
2,844 |
|
|
$ |
— |
|
Non-cash consideration received for sale of debt security |
$ |
125 |
|
|
$ |
— |
|
Non-GAAP Financial Measures
This press release refers to “Adjusted EBITDA”,
which is a financial measure that is not prepared in accordance
with generally accepted accounting principles in the United States
("GAAP"). 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. 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. 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. In
calculating Adjusted EBITDA, certain items (mostly non-cash) are
excluded from net income including depreciation and amortization of
capitalized assets, net interest expense (income), stock based
compensation, transaction costs, impairment of assets, and
taxes.
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, 2024 |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
Net Income attributable to Viemed Healthcare,
Inc. |
$ |
4,316 |
|
$ |
3,878 |
|
$ |
1,468 |
|
$ |
1,603 |
|
$ |
3,477 |
|
$ |
2,919 |
|
$ |
2,330 |
|
$ |
1,517 |
|
Add back: |
|
|
|
|
|
|
|
|
Depreciation & amortization |
|
6,366 |
|
|
6,408 |
|
|
6,309 |
|
|
6,285 |
|
|
5,918 |
|
|
5,975 |
|
|
5,207 |
|
|
4,762 |
|
Interest expense (income) |
|
147 |
|
|
225 |
|
|
254 |
|
|
150 |
|
|
256 |
|
|
237 |
|
|
(20 |
) |
|
(49 |
) |
Stock-based compensation(a) |
|
1,521 |
|
|
1,712 |
|
|
1,620 |
|
|
1,432 |
|
|
1,534 |
|
|
1,453 |
|
|
1,471 |
|
|
1,391 |
|
Transaction costs(b) |
|
11 |
|
|
12 |
|
|
221 |
|
|
110 |
|
|
61 |
|
|
177 |
|
|
94 |
|
|
206 |
|
Impairment of assets(c) |
|
— |
|
|
125 |
|
|
2,173 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income tax expense |
|
1,881 |
|
|
1,594 |
|
|
768 |
|
|
518 |
|
|
1,599 |
|
|
1,320 |
|
|
728 |
|
|
501 |
|
Adjusted EBITDA |
$ |
14,242 |
|
$ |
13,954 |
|
$ |
12,813 |
|
$ |
10,098 |
|
$ |
12,845 |
|
$ |
12,081 |
|
$ |
9,810 |
|
$ |
8,328 |
|
For the year ended |
|
|
December 31, 2024 |
|
December 31, 2023 |
Net Income attributable to Viemed Healthcare,
Inc. |
|
|
$ |
11,265 |
|
|
$ |
10,243 |
|
Add back: |
|
|
|
|
|
|
|
|
|
Depreciation & amortization |
|
|
|
25,368 |
|
|
|
21,862 |
|
Interest expense (income) |
|
|
|
776 |
|
|
|
424 |
|
Stock-based compensation(a) |
|
|
|
6,285 |
|
|
|
5,849 |
|
Transaction costs(b) |
|
|
|
354 |
|
|
|
538 |
|
Impairment of assets(c) |
|
|
|
2,298 |
|
|
|
— |
|
Income tax expense |
|
|
|
4,761 |
|
|
|
4,148 |
|
Adjusted EBITDA |
|
|
$ |
51,107 |
|
|
$ |
43,064 |
|
(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. |
(c) |
Represents impairments of the fair value of investment and
litigation-related assets. |
|
|
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, net of proceeds from sale
of property & equipment. Historically reported amounts of Free
Cash Flow for the year ended December 31, 2023 have been recast to
include the effect of proceeds from the sale of property and
equipment. This adjustment aligns the calculation with the
Company’s current presentation methodology and more accurately
reflects net cash flows for capital expenditures by accounting for
inflows on asset dispositions. The Company's presentation of this
financial measure may not be comparable to similarly titled
measures used by other companies.
The Company uses free cash flow, a non-GAAP
financial measure, in its operational and financial
decision-making. Management believes free cash flow is useful to
investors as it is commonly used by analysts, investors, rating
agencies, and other stakeholders to assess competitors and evaluate
a company's ability to service its debt. However, free cash flow
should not be viewed as a measure of liquidity or as an indicator
of cash available for discretionary use, including business
investments or meeting financial obligations.
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:
|
|
|
Year Ended December 31, |
(in thousands) |
|
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by operating activities |
|
|
$ |
39,089 |
|
|
$ |
45,212 |
|
Purchase of property and
equipment |
|
|
|
(37,771 |
) |
|
|
(26,093 |
) |
Proceeds from sale of property & equipment |
|
|
|
10,321 |
|
|
|
2,588 |
|
Free Cash Flow |
|
|
$ |
11,639 |
|
|
$ |
21,707 |
|
The revenues from each major source are
summarized in the following table:
|
Year Ended December 31, |
|
|
2024 |
|
|
% of Total Revenue |
|
|
2023 |
|
|
% of Total Revenue |
|
$ Change |
|
% Change |
Net revenue from
rentals |
|
|
|
|
|
|
|
|
|
|
|
Ventilator rentals, non-invasive and invasive |
$ |
124,577 |
|
|
55.6 |
|
% |
|
$ |
108,258 |
|
|
59.2 |
|
% |
|
$ |
16,319 |
|
|
15.1 |
|
% |
Other home medical equipment
rentals |
|
48,651 |
|
|
21.7 |
|
% |
|
|
38,315 |
|
|
20.9 |
|
% |
|
|
10,336 |
|
|
27.0 |
|
% |
Net revenue from sales
and services |
|
|
|
|
|
|
|
|
|
|
|
Equipment and supply
sales |
|
30,896 |
|
|
13.7 |
|
% |
|
|
25,770 |
|
|
14.1 |
|
% |
|
|
5,126 |
|
|
19.9 |
|
% |
Service revenues |
|
20,133 |
|
|
9.0 |
|
% |
|
|
10,665 |
|
|
5.8 |
|
% |
|
|
9,468 |
|
|
88.8 |
|
% |
Total net
revenue |
$ |
224,257 |
|
|
100.0 |
|
% |
|
$ |
183,008 |
|
|
100.0 |
|
% |
|
$ |
41,249 |
|
|
22.5 |
|
% |
VieMed Healthcare (NASDAQ:VMD)
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VieMed Healthcare (NASDAQ:VMD)
과거 데이터 주식 차트
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