Viemed Healthcare Announces 2021 Financial Results

LAFAYETTE, La., March 07, 2022 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD and TSX: VMD.TO), a home medical equipment supplier and the nation’s largest independent provider of ventilation that provides post-acute respiratory care services, today reported its financial results for the three months and year ended December 31, 2021.

Operational highlights (all dollar amounts are USD):

  • Net revenues attributable to the Company's core business for the quarter ended December 31, 2021 were $29.0 million, a new Company record and an increase of 11% over the quarter ended December 31, 2020. Net revenues attributable to the Company's core business for the quarter ended December 31, 2021 were up approximately 4% over the quarter ended September 30, 2021. Total net revenues for the current quarter were $32.0 million and included $3.0 million of net revenues for contact and vaccine tracing services and product sales related to the COVID-19 pandemic. Net revenues for the year ended December 31, 2021 were $117.1 million for the Company, including $8.6 million of COVID-19 related sales and services.

  • Net income for the quarter ended December 31, 2021 totaled approximately $4.1 million, compared to $5.1 million for the quarter ended December 31, 2020. Net income for the year ended December 31, 2021 totaled approximately $9.1 million, compared to $31.5 million for the year ended December 31, 2020. In the prior year, net income included an income tax benefit of $5.2 million and $34.4 million of COVID-19 response sales and services during the height of the COVID-19 pandemic.

  • Adjusted EBITDA for the quarter ended December 31, 2021 totaled approximately $9.5 million. Adjusted EBITDA for the year ended December 31, 2021 totaled approximately $29.3 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 $28.4 million at December 31, 2021 ($31.0 million at December 31, 2020) and an overall working capital balance of $29.5 million ($24.2 million at December 31, 2020). Total long-term debt as of December 31, 2021 was $4.3 million.

  • The Company expects to generate net revenues attributable to its core business of approximately $29.2 million to $30.2 million during the first quarter of 2022. In addition to its core business, the Company is continuing to pursue additional revenues related to the COVID-19 pandemic and estimates first quarter 2022 revenues of approximately $1.4 million to $1.8 million related to the COVID-19 pandemic. Total revenues for the first quarter of 2022 are estimated to be approximately $30.6 million to $32.0 million.

“We believe organic growth trends are emerging during the periods following COVID surges," said Casey Hoyt, Viemed's CEO. "Following the Delta variant surge during the third quarter, our sales and clinical teams returned to the field in the fourth quarter eager to serve the strong demand in the market. As a result, we finished the quarter with record setting core revenues and active patient count. As we look forward to the upcoming year, we are excited to meet this demand with the innovative service offerings, which we invested in during the pandemic.”

Conference Call Details

The Company will host a conference call to discuss fourth quarter results on Tuesday, March 8, 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 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; 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 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)

December 31, 2021
December 31, 2020
Current assets    
Cash and cash equivalents $28,408  $30,981 
Accounts receivable, net of allowance for doubtful accounts of $7,031 and $9,013 at December 31, 2021 and December 31, 2020, respectively  12,823   12,373 
Inventory, net of inventory reserve of $1,418 and $1,353 at December 31, 2021 and December 31, 2020, respectively  2,457   2,310 
Income tax receivable  1,893    
Prepaid expenses and other assets  1,729   1,511 
Total current assets $47,310  $47,175 
Long-term assets    
Property and equipment, net  62,846   55,056 
Equity investments  2,157   733 
Deferred tax asset  4,787   8,733 
Other long-term assets  862   863 
Total long-term assets  70,652   65,385 
TOTAL ASSETS $117,962  $112,560 
Current liabilities    
Trade payables $3,239  $2,096 
Deferred revenue  3,753   3,409 
Income taxes payable     340 
Accrued liabilities  8,875   12,595 
Current portion of lease liabilities  464   2,741 
Current portion of long-term debt  1,480   1,836 
Total current liabilities $17,811  $23,017 
Long-term liabilities     
Accrued liabilities  757   1,292 
Long-term lease liabilities  268   762 
Long-term debt  4,306   5,796 
Total long-term liabilities $5,331  $7,850 
TOTAL LIABILITIES $23,142  $30,867 
Commitments and Contingencies      
Common stock - No par value: unlimited authorized; 39,640,388 and 39,185,182 issued and outstanding as of December 31, 2021 and December 31, 2020, respectively  14,014   9,181 
Additional paid-in capital  7,749   7,320 
Accumulated other comprehensive loss  (278)  (451)
Retained earnings  73,335   65,643 

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

 Three Months Ended
December 31,
 Year Ended
December 31,
  2021   2020   2021   2020 
Revenue$31,962  $31,202  $117,062  $131,309 
Cost of revenue 12,300   12,024   43,652   51,198 
Gross profit$19,662  $19,178  $73,410  $80,111 
Operating expenses       
Selling, general and administrative 14,240   12,274   54,893   52,829 
Research and development 612   395   2,110   1,083 
Stock-based compensation 1,305   1,301   5,150   4,882 
Depreciation 233   204   851   816 
Loss (gain) on disposal of property and equipment 144   96   448   (2,328)
Other expense (income) (1,537)  (359)  (1,622)  (3,952)
Income from operations$4,665  $5,267  $11,580  $26,781 
Non-operating income and expenses       
Income from equity method investments (459)  (55)          (1,241)          (91)
Interest expense, net of interest income 69   100   318   509 
Net income before taxes 5,055   5,222   12,503   26,363 
Provision (benefit) for income taxes 968   151   3,377   (5,167)
Net income$4,087  $5,071  $9,126  $31,530 
Other comprehensive income (loss)       
Change in unrealized gain/loss on derivative instruments, net of tax 52   27   173   (294)
Other comprehensive income (loss)$52  $27  $173  $(294)
Comprehensive income$4,139  $5,098  $9,299  $31,236 
Net income per share       
Basic$0.10  $0.13  $0.23  $0.81 
Diluted$0.10  $0.12  $0.22  $0.78 
Weighted average number of common shares outstanding:       
Basic 39,636,606   39,161,215   39,491,117   38,743,516 
Diluted 40,529,206   41,043,419   40,680,947   40,525,737 

(Expressed in thousands of U.S. Dollars)

  Year Ended December 31,
   2021   2020 
Cash flows from operating activities    
Net income $9,126  $31,530 
Adjustments for:    
Depreciation  11,312   9,582 
Change in allowance for doubtful accounts  6,895   9,116 
Change in inventory reserve  65   1,353 
Share-based compensation  5,150   4,882 
Distributions of earnings received from equity method investments  416    
Income from equity method investments  (1,241)  (91)
Loss (gain) on disposal of property and equipment  448   (2,328)
Deferred income tax expense (benefit)  3,884   (8,733)
Net change in working capital    
Increase in accounts receivable  (7,345)  (9,955)
Increase in inventory  (212)  (2,303)
Increase in prepaid expenses and other assets  (226)  (812)
Increase in trade payables  133   213 
Increase in deferred revenue  344   94 
(Decrease) increase in accrued liabilities  (4,022)  2,308 
Change in income tax payable/receivable  (2,233)  254 
Net cash provided by operating activities $22,494  $35,110 
Cash flows from investing activities     
Purchase of property and equipment  (19,743)  (13,044)
Investment in equity investments  (599)  (629)
Proceeds from sale of property and equipment  596   5,258 
Net cash used in investing activities $(19,746) $(8,415)
Cash flows from financing activities    
Proceeds from exercise of options  112   1,876 
Principal payments on notes payable  (152)  (142)
Principal payments on term note  (1,683)  (1,605)
Shares redeemed to pay income tax  (1,434)   
Repayments of lease liabilities  (2,164)  (9,198)
Net cash used in financing activities $(5,321) $(9,069)
Net (decrease) increase in cash and cash equivalents  (2,573)  17,626 
Cash and cash equivalents at beginning of year  30,981   13,355 
Cash and cash equivalents at end of period $28,408  $30,981 
Supplemental disclosures of cash flow information    
Cash paid during the period for interest $351  $559 
Cash paid during the period for income taxes, net of refunds received $1,768  $3,311 
Supplemental disclosures of non-cash transactions    
Net non-cash changes to finance leases balances $48  $3,002 
Net non-cash changes to operating lease balances $712  $57 

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 endedDecember 31,
September 30,
June 30,
March 31,
December 31,
September 30,
June 30,
March 31,
Net Income$4,087$1,789$1,566$1,684 $5,071$2,804$19,412 $4,243
Add back:        
Depreciation 3,120 2,867 2,716 2,609  2,835 2,425 2,190  2,130
Interest expense 69 75 83 91  100 116 135  158
Stock-based compensation 1,305 1,302 1,236 1,307  1,301 1,234 1,196  1,151
Income tax expense (benefit) 968 1,386 1,246 (223) 151 1,141 (6,646) 187
Adjusted EBITDA$9,549$7,419$6,847$5,468 $9,458$7,720$16,287 $7,869

  Year Ended
December 31, 2021
Net Income $        9,126        
Add back:  
Depreciation          11,312        
Interest expense          318        
Stock-based compensation          5,150        
Income tax expense (benefit)          3,377        
Adjusted EBITDA $        29,283        

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 endedDecember 31,
September 30,
June 30,
March 31,
December 31,
September 30,
June 30,
March 31,
Financial Information:       
Revenue$31,962 $29,285 $27,399 $28,416 $31,202 $33,447 $42,854 $23,806 
Gross Profit 19,662  18,381  17,625  17,742  19,178  19,453  25,927  15,553 
Gross Profit % 62% 63% 64% 62% 61% 58% 61% 65%
Net Income 4,087  1,789  1,566  1,684  5,071  2,804  19,412  4,243 
Cash and Cash Equivalents (As of) 28,408  26,867  31,151  31,097  30,981  32,396  29,707  8,409 
Total Assets (As of) 117,962  115,486  111,014  113,001  112,560  113,969  112,178  86,801 
Adjusted EBITDA(1) 9,549  7,419  6,847  5,468  9,458  7,720  16,287  7,869 
Operational Information:       
Vent Patients(2) 8,405  8,200  8,103  7,733  7,892  7,788  7,705  7,965 

(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.