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Viemed Healthcare, Inc. (VMD) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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VMD Quarterly Reports

Viemed Healthcare, Inc.

CIK: 1729149 Ticker: VMD


VIEMED HEALTHCARE ANNOUNCES FIRST QUARTER 2020 RECORD FINANCIAL RESULTS

Lafayette, Louisiana (May 4, 2020) Viemed Healthcare, Inc. (the “Company” or “Viemed”) (TSX: VMD.TO and NASDAQ:VMD), a home medical equipment supplier that provides post-acute respiratory care services in the United States, announced today that it has reported 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.

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. Visit our website at www.viemed.com.




The following information was filed by Viemed Healthcare, Inc. (VMD) on Monday, May 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Shareholders' Equity
Condensed Consolidated Statements Of Income And Comprehensive Income
Commitments
Commitments (Details)
Current Liabilities
Current Liabilities (Details)
Current Liabilities (Tables)
Debt And Lease Liabilities
Debt And Lease Liabilities (Commercial Term Notes Narrative) (Details)
Debt And Lease Liabilities (Finance Lease Liabilities) (Details)
Debt And Lease Liabilities (Lease Liabilities) (Details)
Debt And Lease Liabilities (Operating Lease Liabilities) (Details)
Debt And Lease Liabilities (Schedule Of Notes Payable) (Details)
Debt And Lease Liabilities (Senior Credit Facility) (Details)
Debt And Lease Liabilities (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurement
Fair Value Measurement (Narrative) (Details)
Fair Value Measurement (Tables)
Fair Value Measurement (Warrant Conversion Liability) (Details)
Financial Risk Factors
Financial Risk Factors (Details)
Income Taxes
Income Taxes (Details)
Nature Of Business And Operations
Nature Of Business And Operations (Details)
Property And Equipment
Property And Equipment (Narrative) (Details)
Property And Equipment (Schedule Of Fixed Assets) (Details)
Property And Equipment (Tables)
Shareholders' Equity
Shareholders' Equity (Issued And Outstanding Share Capital) (Details)
Shareholders' Equity (Options, Fair Value Assumptions) (Details)
Shareholders' Equity (Options, Narrative) (Details)
Shareholders' Equity (Options, Stock Option Activity) (Details)
Shareholders' Equity (Phantom Share Units) (Details)
Shareholders' Equity (Restricted Stock Units) (Details)
Shareholders' Equity (Stock-Based Compensation) (Details)
Shareholders' Equity (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Accounts Receivable, Allowance For Doubtful Accounts) (Details)
Summary Of Significant Accounting Policies (Accounts Receivable, Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Property And Equipment) (Details)
Summary Of Significant Accounting Policies (Revenue Recognition) (Details)
Summary Of Significant Accounting Policies (Tables)
Ticker: VMD
CIK: 1729149
Form Type: 10-Q Quarterly Report
Accession Number: 0001729149-20-000019
Submitted to the SEC: Mon May 04 2020 6:56:02 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Health And Allied

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