Viemed Healthcare Inc (VMD, Financial), a national leader in respiratory care and technology-enabled home medical equipment services, announced its financial results for the three and nine months ended September 30, 2023, on November 1, 2023. The company reported record net revenues and net income for the third quarter of 2023.
Financial Highlights
Viemed's net revenues for Q3 2023 reached a new company record of $49.4 million, representing a $13.6 million or 38% increase over the net revenues reported for the same quarter in 2022. This also represents a 14% sequential growth in revenue over the quarter ended June 30, 2023.
The company's net income for Q3 2023 totaled $2.9 million, marking a $1.9 million or 177% increase over the net income reported for the comparable quarter in 2022. Adjusted EBITDA for Q3 2023 totaled $12.1 million, a 73% increase compared to the same quarter in 2022.
Operational Highlights
Viemed grew its ventilator patient count to 10,244, a 12% increase over the ventilator patient count on September 30, 2022. As of September 30, 2023, the company maintains a strong cash balance of $10.1 million and an overall working capital balance of $4.3 million. Long term debt as of September 30, 2023, amounted to $8.1 million, and the company has $51 million available under existing credit facilities.
Company's Outlook
Viemed expects to generate net revenues of approximately $49.8 million to $51.0 million during the fourth quarter of 2023. Casey Hoyt, Viemed's CEO, commented,
Viemed is executing flawlessly on our strategic objectives, driving strong financial results and remarkable growth. Our seamless integration of the HMP acquisition has accelerated our expansion of the core complex respiratory business and is rapidly diversifying our respiratory offerings."
Financial Tables
Viemed's balance sheet shows a strong financial position with total assets of $149.4 million as of September 30, 2023, compared to $117.04 million as of December 31, 2022. The company's total liabilities stood at $40.58 million as of September 30, 2023, compared to $19.94 million as of December 31, 2022.
The company's income statement shows a significant increase in revenue and net income for the three and nine months ended September 30, 2023, compared to the same periods in 2022. The cash flow statement shows net cash provided by operating activities of $31.92 million for the nine months ended September 30, 2023.
Viemed's financial results demonstrate the company's strong performance and growth potential. The company's strategic objectives and successful integration of the HMP acquisition have contributed to its financial success and growth in the respiratory care market.
Explore the complete 8-K earnings release (here) from Viemed Healthcare Inc for further details.
