LAFAYETTE, La., May 06, 2024 (GLOBE NEWSWIRE) -- 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 ended March 31, 2024. Operational highlights (all dollar amounts are USD): Net revenues for the quarter ended March 31, 2024 were $50.6 million, representing an increase of $11.0 million, or 28%, over net revenues reported for the comparable quarter ended March 31, 2023. Net income for the quarter ended March 31, 2024 totaled $1.6 million. Adjusted EBITDA for the quarter ended March 31, 2024 totaled $10.1 million, a 21% increase as compared to the quarter ended March 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 March 31, 2024, the Company maintains a strong cash balance of $7.3 million and an overall working capital balance of $8.5 million. Long-term debt as of March 31, 2024 amounted to $5.9 million. The Company ended the quarter with no net debt and has approximately $53 million available under existing credit facilities. The Company recently announced the finalization of its strategic partnership with East Alabama Health, providing Viemed with the controlling interest of East Alabama HomeMed, LLC. The Company expects to generate net revenues of approximately $53.8 million to $54.8 million during the second quarter of 2024. "I am tremendously enthusiastic about the Company's performance, as we kick off 2024 with strong momentum," said Casey Hoyt, Viemed's CEO. "Our steadfast investments in personnel and operational enhancements are yielding substantial outcomes, propelling our growth trajectory to new heights. The recent successes in restructuring our salesforce and executing on our acquisition strategies have bolstered our determination to explore fresh avenues for expansion, exemplified by our innovative hospital joint venture strategy. Leveraging our competitive advantage as a leader in high-touch, high-tech healthcare in the home, we believe we are poised to revolutionize traditional healthcare delivery models and unveil unprecedented opportunities." Conference Call Details The Company will host a conference call to discuss first quarter results on Tuesday, May 7, 2024 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: https://event.choruscall.com/mediaframe/webcast.html?webcastid=3FnR2caD 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 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 www.viemed.com. For further information, please contact: Glen AkselrodBristol Todd ZehnderChief Operating OfficerViemed Healthcare, 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 guidance for the second 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; 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 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 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 the occurrence of natural and unnatural catastrophic events or health epidemics or concerns, 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 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. Use of 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 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. VIEMED HEALTHCARE, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Expressed in thousands of U.S. Dollars, except share amounts)(Unaudited)       AtMarch 31, 2024   AtDecember 31, 2023 ASSETS         Current assets         Cash and cash equivalents   $ 7,309     $ 12,839   Accounts receivable, net     24,477       18,451   Inventory     4,349       4,628   Prepaid expenses and other assets     2,483       2,449   Total current assets   $ 38,618     $ 38,367   Long-term assets         Property and equipment, net     73,511       73,579   Finance lease right-of-use assets     297       401   Operating lease right-of-use assets     2,733       2,872   Equity investments     1,698       1,680   Debt investment     2,274       2,219   Deferred tax asset     4,558       4,558   Identifiable intangibles, net     534       567   Goodwill     29,765       29,765   Other long-term assets     887       887   Total long-term assets   $ 116,257     $ 116,528   TOTAL ASSETS   $ 154,875     $ 154,895             LIABILITIES         Current liabilities         Trade payables   $ 5,800     $ 4,180   Deferred revenue     6,092       6,207   Income taxes payable     2,675       2,153   Accrued liabilities     14,057       17,578   Finance lease liabilities, current portion     199       256   Operating lease liabilities, current portion     698       678   Current portion of long-term debt     596       1,072   Total current liabilities   $ 30,117     $ 32,124   Long-term liabilities         Accrued liabilities     447       558   Finance lease liabilities, less current portion     95       132   Operating lease liabilities, less current portion     2,037       2,184   Long-term debt     5,906       6,002   Total long-term liabilities   $ 8,485     $ 8,876   TOTAL LIABILITIES   $ 38,602     $ 41,000             Commitments and Contingencies     —       —             SHAREHOLDERS' EQUITY         Common stock - No par value: unlimited authorized; 38,816,766 and 38,506,161 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively     21,842       18,702   Additional paid-in capital     14,294       15,698   Retained earnings     80,137       79,495   TOTAL SHAREHOLDERS' EQUITY   $ 116,273