Viemed Healthcare Announces 2022 Financial Results

LAFAYETTE, La., March 02, 2023 (GLOBE NEWSWIRE) -- 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, today reported its financial results for the three months and year ended December 31, 2022.

Operational highlights (all dollar amounts are USD):

  • Net revenues attributable to the Company's core business for the quarter ended December 31, 2022 were $37.5 million, a new Company record and an increase of 30% over the quarter ended December 31, 2021. Net revenues attributable to the Company's core business for the quarter ended December 31, 2022 were up approximately 5% over the quarter ended September 30, 2022. Total net revenues for the year ended December 31, 2022 were $138.8 million, including $2.3 million of COVID-19 related contact and vaccine tracing services.

  • Net income for the quarter and year ended December 31, 2022 totaled $2.4 million and $6.2 million, respectively. Adjusted EBITDA for the quarter and year ended December 31, 2022 totaled approximately $9.3 million and $30.0 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 had a cash balance of $16.9 million at December 31, 2022 ($28.4 million at December 31, 2021), an overall working capital balance of $20.9 million at December 31, 2022 ($29.5 million at December 31, 2021), and repaid all long-term debt as of December 31, 2022.

  • During the year ended December 31, 2022, the Company repurchased and cancelled 1,794,163 common shares under the share repurchase program at a cost of $9.6 million, representing an average buyback price of $5.33 per share.

  • The Company expects to generate net revenues attributable to its core business of approximately $38.0 million to $39.0 million during the first quarter of 2023.

“Our favorable resolution of the OIG matter, debt free balance sheet, and access to $90 million of additional liquidity through new credit facilities have us in an incredibly strong position to capitalize on the positive trends in our industry," said Casey Hoyt, Viemed's CEO. "The healthcare market and regulatory environment are stabilizing and we are at an inflection point of opportunity for both organic and inorganic growth. I'm extraordinarily proud of the current state of our organization and very excited about upcoming opportunities to treat a rapidly expanding patient base.”

Bell Ringing Ceremony

On Monday, March 6, 2023 at 9:15 a.m. ET, representatives from Viemed will be in attendance at the Nasdaq MarketSite in Times Square while Casey Hoyt, CEO, rings the Opening Bell. A live stream of the Nasdaq Bell Ringing Ceremony will be available at:

Conference Call Details

The Company will host a conference call to discuss fourth quarter and year end results on Friday, March 3, 2023 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 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; 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, 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, 2022
December 31, 2021
Current assets   
Cash and cash equivalents$16,914  $28,408 
Accounts receivable, net of allowance for doubtful accounts of $8,483 and $7,031 at December 31, 2022 and December 31, 2021, respectively 15,379   12,823 
Inventory, net of inventory reserve of $— and $1,418 at December 31, 2022 and December 31, 2021, respectively 3,574   2,457 
Income tax receivable 26   1,893 
Prepaid expenses and other assets 3,849   1,729 
Total current assets$39,742  $47,310 
Long-term assets   
Property and equipment, net 68,437   62,846 
Equity investments 2,155   2,157 
Debt investment 2,000    
Deferred tax asset 3,119   4,787 
Other long-term assets 1,590   862 
Total long-term assets 77,301   70,652 
TOTAL ASSETS$117,043  $117,962 
Current liabilities   
Trade payables$2,650  $3,239 
Deferred revenue 4,624   3,753 
Accrued liabilities 11,092   8,875 
Current portion of lease liabilities 495   464 
Current portion of long-term debt    1,480 
Total current liabilities$18,861  $17,811 
Long-term liabilities    
Accrued liabilities 889   757 
Long-term lease liabilities 199   268 
Long-term debt    4,306 
Total long-term liabilities$1,088  $5,331 
TOTAL LIABILITIES$19,949  $23,142 
Commitments and Contingencies     
Common stock - No par value: unlimited authorized; 38,049,739 and 39,640,388 issued and outstanding as of December 31, 2022 and December 31, 2021, respectively 15,123   14,014 
Additional paid-in capital 12,125   7,749 
Accumulated other comprehensive loss    (278)
Retained earnings 69,846   73,335 

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

 Three Months Ended December 31, Year Ended December 31,
  2022   2021   2022   2021 
Revenue$37,508  $31,962  $138,832  $117,062 
Cost of revenue 14,612   12,300   54,152   43,652 
Gross profit$22,896  $19,662  $84,680  $73,410 
Operating expenses       
Selling, general and administrative 17,172   14,240   68,161   54,893 
Research and development 722   612   2,696   2,110 
Stock-based compensation 1,317   1,305   5,202   5,150 
Depreciation 241   233   1,012   851 
Loss on disposal of property and equipment 178   144   346   448 
Other expense (income) (268)  (1,537)  (989)  (1,622)
Income from operations$3,534  $4,665  $8,252  $11,580 
Non-operating income and expenses       
Income from equity method investments 82   459   935   1,241 
Interest expense, net of interest income (32)  (69)  (197)  (318)
Net income before taxes 3,584   5,055   8,990   12,503 
Provision for income taxes 1,146   968   2,768   3,377 
Net income$2,438  $4,087  $6,222  $9,126 
Other comprehensive income       
Change in unrealized gain/loss on derivative instruments, net of tax (56)  52   278   173 
Other comprehensive income$(56) $52  $278  $173 
Comprehensive income$2,382  $4,139  $6,500  $9,299 
Net income per share       
Basic$0.06  $0.10  $0.16  $0.23 
Diluted$0.06  $0.10  $0.16  $0.22 
Weighted average number of common shares outstanding:       
Basic 38,015,795   39,636,606   38,655,403   39,491,117 
Diluted 39,513,158   40,529,206   39,807,434   40,680,947 

(Expressed in thousands of U.S. Dollars)

 Year Ended December 31,
  2022   2021 
Cash flows from operating activities   
Net income$6,222  $9,126 
Adjustments for:   
Depreciation 15,630   11,312 
Provision for uncollectible accounts 10,011   6,895 
Change in inventory reserve (1,418)  65 
Share-based compensation expense 5,202   5,150 
Distributions of earnings received from equity method investments 1,079   416 
Income from equity method investments (935)  (1,241)
Loss on disposal of property and equipment 346   448 
Deferred income tax expense 1,746   3,884 
Net change in working capital   
Increase in accounts receivable (12,567)  (7,345)
Decrease (increase) in inventory 301   (212)
Increase in prepaid expenses and other assets (2,838)  (226)
(Decrease) increase in trade payables (318)  133 
Increase in deferred revenue 871   344 
Increase (decrease) in accrued liabilities 2,549   (4,022)
Change in income tax payable/receivable 1,867   (2,233)
Net cash provided by operating activities$27,748  $22,494 
Cash flows from investing activities    
Purchase of property and equipment (22,898)  (19,743)
Investment in equity investments (141)  (599)
Investment in debt security (2,000)   
Proceeds from sale of property and equipment 1,063   596 
Net cash used in investing activities$(23,976) $(19,746)
Cash flows from financing activities   
Proceeds from exercise of options 283   112 
Principal payments on notes payable (4,475)  (152)
Principal payments on term note (1,321)  (1,683)
Shares redeemed to pay income tax (143)  (1,434)
Shares repurchased under the share repurchase program (9,568)   
Repayments of lease liabilities (42)  (2,164)
Net cash used in financing activities$(15,266) $(5,321)
Net decrease in cash and cash equivalents (11,494)  (2,573)
Cash and cash equivalents at beginning of year 28,408   30,981 
Cash and cash equivalents at end of period$16,914  $28,408 
Supplemental disclosures of cash flow information   
Cash paid during the period for interest$231  $351 
Cash (received) paid during the period for income taxes, net of refunds$(846) $1,768 
Supplemental disclosures of non-cash transactions   
Net non-cash changes to finance leases$  $48 
Net non-cash changes to operating lease$530  $712 

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, 2022September 30, 2022June 30, 2022March 31, 2022December 31, 2021September 30, 2021June 30, 2021March 31, 2021
Net Income$2,438$1,055$967$1,762$4,087$1,789$1,566$1,684 
Add back:        
Depreciation 4,373 4,120 3,740 3,397 3,120 2,867 2,716 2,609 
Interest expense 32 42 59 64 69 75 83 91 
Stock-based compensation 1,317 1,309 1,271 1,305 1,305 1,302 1,236 1,307 
Income tax expense (benefit) 1,146 456 421 745 968 1,386 1,246 (223)
Adjusted EBITDA$9,306$6,982$6,458$7,273$9,549$7,419$6,847$5,468 

  Year Ended December 31, 2022
Net Income $6,222
Add back:  
Depreciation 15,630
Interest expense 197
Stock-based compensation 5,202
Income tax expense (benefit) 2,768
Adjusted EBITDA $30,019

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, 2022June 30, 2022March 31, 2022December 31, 2021September 30, 2021June 30, 2021March 31, 2021
Financial Information:       
Revenue$37,508 $35,759 $33,310 $32,255 $31,962 $29,285 $27,399 $28,416 
Gross Profit 22,896  21,651  20,390  19,743  19,662  18,381  17,625  17,742 
Gross Profit % 61% 61% 61% 61% 62% 63% 64% 62%
Net Income 2,438  1,055  967  1,762  4,087  1,789  1,566  1,684 
Cash and Cash Equivalents (As of) 16,914  21,478  21,922  29,248  28,408  26,867  31,151  31,097 
Total Assets (As of) 117,043  119,419  115,904  119,007  117,962  115,486  111,014  113,001 
Adjusted EBITDA(1) 9,306  6,982  6,458  7,273  9,549  7,419  6,847  5,468 
Operational Information:       
Vent Patients(2) 9,306  9,127  8,837  8,434  8,405  8,200  8,103  7,733 

(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.