Viemed Healthcare Announces Second Quarter 2025 Financial Results
Viemed Healthcare (NASDAQ:VMD) reported strong Q2 2025 financial results, with record net revenues of $63.1 million, up 14.7% year-over-year. Net income reached $3.2 million ($0.08 per diluted share), a 115.1% increase from Q2 2024. The company's Adjusted EBITDA grew 11.5% to $14.3 million.
Operational highlights include significant patient growth, with ventilator patients up 11.4% to 12,152 and PAP therapy patients increasing 51.4% to 26,260. The company completed a $26 million acquisition of Lehan's Medical Equipment on July 1, 2025. Viemed raised its 2025 guidance, now expecting revenue between $271-277 million and Adjusted EBITDA of $59-62 million.
The company maintains a strong financial position with $20 million in cash and $55 million available in credit facilities.
Viemed Healthcare (NASDAQ:VMD) ha riportato risultati finanziari solidi per il secondo trimestre del 2025, con ricavi netti record di 63,1 milioni di dollari, in aumento del 14,7% rispetto allo stesso periodo dell'anno precedente. L'utile netto ha raggiunto 3,2 milioni di dollari (0,08 dollari per azione diluita), registrando un incremento del 115,1% rispetto al secondo trimestre del 2024. L'EBITDA rettificato dell'azienda è cresciuto dell'11,5%, attestandosi a 14,3 milioni di dollari.
Tra i principali risultati operativi si segnala una crescita significativa del numero di pazienti, con un aumento dell'11,4% dei pazienti ventilati, arrivati a 12.152, e un incremento del 51,4% dei pazienti in terapia PAP, saliti a 26.260. L'azienda ha completato l'acquisizione di Lehan's Medical Equipment per 26 milioni di dollari il 1° luglio 2025. Viemed ha rivisto al rialzo le previsioni per il 2025, prevedendo ora ricavi compresi tra 271 e 277 milioni di dollari e un EBITDA rettificato tra 59 e 62 milioni di dollari.
L'azienda mantiene una solida posizione finanziaria con 20 milioni di dollari in contanti e 55 milioni di dollari disponibili nelle linee di credito.
Viemed Healthcare (NASDAQ:VMD) reportó sólidos resultados financieros en el segundo trimestre de 2025, con ingresos netos récord de 63,1 millones de dólares, un aumento del 14,7% interanual. La utilidad neta alcanzó 3,2 millones de dólares (0,08 dólares por acción diluida), lo que representa un incremento del 115,1% respecto al segundo trimestre de 2024. El EBITDA ajustado de la compañía creció un 11,5%, llegando a 14,3 millones de dólares.
Entre los aspectos operativos destacados, se registró un crecimiento significativo en el número de pacientes, con un aumento del 11,4% en pacientes con ventilador, que alcanzaron 12.152, y un incremento del 51,4% en pacientes con terapia PAP, llegando a 26.260. La empresa completó la adquisición de Lehan's Medical Equipment por 26 millones de dólares el 1 de julio de 2025. Viemed elevó su guía para 2025, esperando ahora ingresos entre 271 y 277 millones de dólares y un EBITDA ajustado entre 59 y 62 millones de dólares.
La compañía mantiene una posición financiera sólida con 20 millones de dólares en efectivo y 55 millones de dólares disponibles en líneas de crédito.
Viemed Healthcare (NASDAQ:VMD)는 2025년 2분기에 강력한 재무 실적을 발표했으며, 순매출은 전년 동기 대비 14.7% 증가한 6,310만 달러로 사상 최고치를 기록했습니다. 순이익은 320만 달러(희석 주당 0.08달러)로 2024년 2분기 대비 115.1% 증가했습니다. 회사의 조정 EBITDA는 11.5% 증가하여 1,430만 달러를 기록했습니다.
운영 측면에서는 환자 수가 크게 증가했으며, 인공호흡기 환자는 11.4% 증가한 12,152명, PAP 치료 환자는 51.4% 증가한 26,260명에 달했습니다. 회사는 2025년 7월 1일에 2,600만 달러 규모의 Lehan's Medical Equipment 인수를 완료했습니다. Viemed는 2025년 가이던스를 상향 조정하여 매출을 2억7,100만~2억7,700만 달러, 조정 EBITDA를 5,900만~6,200만 달러로 예상하고 있습니다.
회사는 2,000만 달러의 현금과 5,500만 달러의 신용 시설 가용성을 유지하며 강한 재무 상태를 유지하고 있습니다.
Viemed Healthcare (NASDAQ:VMD) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un chiffre d'affaires net record de 63,1 millions de dollars, en hausse de 14,7 % par rapport à l'année précédente. Le bénéfice net a atteint 3,2 millions de dollars (0,08 dollar par action diluée), soit une augmentation de 115,1 % par rapport au deuxième trimestre 2024. L'EBITDA ajusté de la société a progressé de 11,5 %, atteignant 14,3 millions de dollars.
Parmi les faits marquants opérationnels, on note une croissance significative du nombre de patients, avec une augmentation de 11,4 % des patients sous ventilateur, atteignant 12 152, et une hausse de 51,4 % des patients en thérapie PAP, à 26 260. La société a finalisé l'acquisition de Lehan's Medical Equipment pour 26 millions de dollars le 1er juillet 2025. Viemed a relevé ses prévisions pour 2025, anticipant désormais un chiffre d'affaires compris entre 271 et 277 millions de dollars et un EBITDA ajusté entre 59 et 62 millions de dollars.
La société maintient une solide position financière avec 20 millions de dollars en liquidités et 55 millions de dollars disponibles sur ses lignes de crédit.
Viemed Healthcare (NASDAQ:VMD) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Rekordumsatz von 63,1 Millionen US-Dollar, was einem Anstieg von 14,7 % gegenüber dem Vorjahr entspricht. Der Nettogewinn erreichte 3,2 Millionen US-Dollar (0,08 US-Dollar je verwässerter Aktie), was einer Steigerung von 115,1 % im Vergleich zum zweiten Quartal 2024 entspricht. Das bereinigte EBITDA des Unternehmens wuchs um 11,5 % auf 14,3 Millionen US-Dollar.
Zu den operativen Highlights zählt ein deutlicher Anstieg der Patientenanzahl, wobei die Zahl der Beatmungspatienten um 11,4 % auf 12.152 und die der PAP-Therapie-Patienten um 51,4 % auf 26.260 zunahm. Das Unternehmen schloss am 1. Juli 2025 die Übernahme von Lehan's Medical Equipment für 26 Millionen US-Dollar ab. Viemed hat seine Prognose für 2025 angehoben und erwartet nun einen Umsatz zwischen 271 und 277 Millionen US-Dollar sowie ein bereinigtes EBITDA von 59 bis 62 Millionen US-Dollar.
Das Unternehmen verfügt über eine solide Finanzlage mit 20 Millionen US-Dollar in bar und 55 Millionen US-Dollar verfügbaren Kreditfazilitäten.
- Record quarterly revenue of $63.1 million, up 14.7% year-over-year
- Net income increased 115.1% to $3.2 million
- Strong patient growth with PAP therapy patients up 51.4%
- Strategic acquisition of Lehan's Medical Equipment for $26 million
- Raised full-year 2025 guidance for both revenue and EBITDA
- Robust balance sheet with $20M cash and $55M available credit
- Long-term debt of $3.5 million
- Additional $2.2 million in contingent payments due for Lehan acquisition
Insights
Viemed posts strong Q2 with 115% profit growth, raised guidance, and strategic expansion into women's health through Lehan acquisition.
Viemed's Q2 results demonstrate impressive growth momentum across all key financial metrics. Revenue reached a record
The company's core ventilator business shows healthy growth with patient count up
The
Viemed maintains excellent financial flexibility with
The increased full-year guidance—revenue of
LAFAYETTE, LA / ACCESS Newswire / August 6, 2025 / Viemed Healthcare, Inc. (the "Company" or "Viemed") (NASDAQ:VMD), an in-home clinical care provider of post-acute respiratory healthcare equipment and services in the United States, announced today that it has reported its financial results for the three and six months ended June 30, 2025.
Operational highlights (all dollar amounts are USD; comparisons are to the period ended June 30, 2024 unless otherwise noted):
Net revenues for the quarter ended June 30, 2025 were
$63.1 million , setting another Company record, representing an increase of$8.1 million , or14.7% , over net revenues reported for the comparable quarter ended June 30, 2024.
Net income attributable to Viemed for the quarter ended June 30, 2025 totaled
$3.2 million , or$0.08 per diluted share, an increase of115.1% over net income attributable to Viemed of$1.5 million , or$0.04 per diluted share, for the quarter ended June 30, 2024.
Adjusted EBITDA for the quarter ended June 30, 2025 totaled
$14.3 million , an11.5% increase as compared to the quarter ended June 30, 2024. 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 the second quarter of 2025, the Company repurchased and cancelled 270,061 common shares under its share repurchase program at a cost of
$1.8 million , representing an average buyback price of$6.79 per share.
The Company increased its ventilator patient count to 12,152 as of June 30, 2025, an increase of
11.4% over June 30, 2024, and a2.9% sequential increase from March 31,2025.
The Company increased its PAP therapy patient count to 26,260 as of June 30, 2025, an increase of
51.4% over June 30, 2024, and a14.7% sequential increase from March 31,2025. The Company's sleep resupply patient count was 25,246 as of June 30, 2025, an increase of25.1% over June 30, 2024, and a10.0% sequential increase from March 31,2025.
As of June 30, 2025, the Company maintains a strong cash balance of
$20.0 million and an overall working capital balance of$18.0 million . Long term debt as of June 30, 2025 amounted to$3.5 million and the Company has$55 million available under existing credit facilities.
On July 1, 2025, Viemed closed on the previously announced acquisition of Lehan's Medical Equipment ("Lehan") for a base purchase price of
$26 million , subject to customary adjustments, plus estimated contingent payments of$2.2 million . Financial results for Lehan will be included in the Company's results beginning with the third quarter of 2025.
Updated Full Year 2025 Guidance (all dollar amounts are USD):
Net revenue for the year ending December 31, 2025 is expected to be in the range of
$271 million to$277 million , increased from the prior range of$256 million to$265 million . The increase in the range is primarily related to the inclusion of Lehan's anticipated results for the second half of 2025.Adjusted EBITDA for the year ending December 31, 2025 is expected to be in the range of
$59 million to$62 million , increased from the prior range of$55 million to$58 million . The increase in the range is primarily related to the inclusion of Lehan's anticipated results for the second half of 2025. See "Forward-Looking Statements" below for further information on this non-GAAP financial guidance.
Casey Hoyt, Viemed's CEO, noted, "Viemed's focus as a company is on improving the quality of life for patients with compassionate care in the home. We are at the forefront of delivering greater patient satisfaction with better outcomes at a lower total cost of care, including in complex respiratory care and now women's health driven by our acquisition of Lehan's. During the past two years, we have significantly increased the patient populations we can address and invested in a technology-enabled clinical approach that extends the capabilities and impact of our certified Respiratory Therapists. Our model of care is rare in the industry, and we believe it will continue to serve us well in today's rapidly evolving regulatory environment.
"The solid execution of our vent and sleep businesses - together with continued leveraging of expenses - produced second quarter results that met our expectations and kept us on track for our organic growth targets in 2025. The addition of Lehan's enabled us to increase our full year revenue and Adjusted EBITDA guidance, and the early progress from our integration plans reinforces the confidence we have in accelerating their growth. The strong operating cash flow during the quarter continues to contribute to our rock-solid balance sheet. We have successfully deployed that capital into share repurchases and have remained active to date with that program in the third quarter."
Conference Call Details
The Company will host a conference call to discuss second quarter results on Thursday, August 7, 2025, at 11:00 a.m. EDT.
Interested parties may participate in the call by dialing:
877-407-6176 (US Toll-Free)
+1 201-689-8451 (International)
Live Audio Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=4jnXGdPH
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 an in-home clinical care provider of post-acute respiratory healthcare equipment and services in the United States, including non-invasive ventilators (NIV), sleep therapy, staffing, and other complementary products and services. Viemed focuses on efficient and effective in-home treatment with clinical practitioners providing therapy, education and counseling to patients in their homes using high-touch and high-tech services. Visit our website at www.viemed.com.
For further information, please contact:
Investor Relations
ir@viemed.com
SCR Partners, LLC
Tripp Sullivan or Lisa Kampf
Viemed Healthcare, Inc.
Trae Fitzgerald
Chief Financial Officer
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 and Adjusted EBITDA guidance for 2025, and the anticipated synergies and other benefits of the acquisition of Lehan's Medical Equipment, 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 we operate; significant capital requirements and operating risks that we may be subject to; our ability to implement business strategies and pursue business opportunities; volatility in the market price of our 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 our 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 we are 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 us; 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 other general economic, market and business conditions; and other factors beyond our control; 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.
This press release contains non-GAAP financial guidance. There is no reliable or reasonably estimable comparable GAAP measure for the Company's non-GAAP financial guidance because the Company is not able to reliably predict the impact of certain items that typically have one or more of the following characteristics: highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods. As a result, reconciliation of the non-GAAP financial guidance to the most directly comparable GAAP measure is not available without unreasonable effort. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company's future GAAP results.
The Company's financial guidance in this press release excludes the impact of potential future strategic acquisitions and any items that have not yet been identified or quantified. This guidance is subject to risks and uncertainties inherent in all forward-looking statements, as outlined above.
VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars, except share amounts)
(Unaudited)
At June 30, 2025 | At December 31, 2024 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 20,016 | $ | 17,540 | ||||
Accounts receivable, net | 26,549 | 24,911 | ||||||
Inventory | 4,324 | 4,320 | ||||||
Prepaid expenses and other assets | 4,402 | 6,109 | ||||||
Total current assets | $ | 55,291 | $ | 52,880 | ||||
Long-term assets | ||||||||
Property and equipment, net | 79,735 | 76,279 | ||||||
Finance lease right-of-use assets | 13 | 50 | ||||||
Operating lease right-of-use assets | 2,639 | 2,831 | ||||||
Equity investments | 2,794 | 2,794 | ||||||
Deferred tax asset | 10,359 | 8,398 | ||||||
Identifiable intangibles, net | 783 | 848 | ||||||
Goodwill | 32,989 | 32,989 | ||||||
Total long-term assets | $ | 129,312 | $ | 124,189 | ||||
TOTAL ASSETS | $ | 184,603 | $ | 177,069 | ||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Trade payables | $ | 8,253 | $ | 5,322 | ||||
Deferred revenue | 7,193 | 6,694 | ||||||
Income taxes payable | 1,450 | 3,883 | ||||||
Accrued liabilities | 18,644 | 20,157 | ||||||
Finance lease liabilities, current portion | 15 | 50 | ||||||
Operating lease liabilities, current portion | 895 | 811 | ||||||
Current portion of long-term debt | 820 | 409 | ||||||
Total current liabilities | $ | 37,270 | $ | 37,326 | ||||
Long-term liabilities | ||||||||
Accrued liabilities | 549 | 846 | ||||||
Operating lease liabilities, less current portion | 1,695 | 2,007 | ||||||
Long-term debt | 3,465 | 3,589 | ||||||
Total long-term liabilities | $ | 5,709 | $ | 6,442 | ||||
TOTAL LIABILITIES | $ | 42,979 | $ | 43,768 | ||||
Commitments and Contingencies | - | - | ||||||
SHAREHOLDERS' EQUITY | ||||||||
Common stock - No par value: unlimited authorized; 39,605,005 and 39,132,897 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 27,787 | 23,365 | ||||||
Additional paid-in capital | 18,102 | 18,337 | ||||||
Retained earnings | 93,842 | 89,691 | ||||||
TOTAL VIEMED HEALTHCARE, INC.'S SHAREHOLDERS' EQUITY | $ | 139,731 | $ | 131,393 | ||||
Noncontrolling interest in subsidiary | 1,893 | 1,908 | ||||||
TOTAL SHAREHOLDERS' EQUITY | 141,624 | 133,301 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 184,603 | $ | 177,069 | ||||
VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. Dollars, except outstanding shares and per share amounts)
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenue | $ | 63,056 | $ | 54,965 | $ | 122,185 | $ | 105,558 | ||||||||
Cost of revenue | 26,325 | 22,073 | 52,175 | 42,864 | ||||||||||||
Gross profit | $ | 36,731 | $ | 32,892 | $ | 70,010 | $ | 62,694 | ||||||||
Operating expenses | ||||||||||||||||
Selling, general and administrative | 28,803 | 26,503 | 57,228 | 51,317 | ||||||||||||
Research and development | 847 | 758 | 1,644 | 1,508 | ||||||||||||
Stock-based compensation | 2,341 | 1,620 | 4,652 | 3,052 | ||||||||||||
Depreciation and amortization | 353 | 377 | 701 | 792 | ||||||||||||
Gain on disposal of property and equipment | (636 | ) | (545 | ) | (3,004 | ) | (332 | ) | ||||||||
Other expense (income), net | (72 | ) | 563 | (147 | ) | 537 | ||||||||||
Income from operations | $ | 5,095 | $ | 3,616 | $ | 8,936 | $ | 5,820 | ||||||||
Non-operating income and expenses | ||||||||||||||||
Loss on investments | - | (1,117 | ) | - | (1,050 | ) | ||||||||||
Interest expense, net | (132 | ) | (254 | ) | (311 | ) | (404 | ) | ||||||||
Net income before taxes | 4,963 | 2,245 | 8,625 | 4,366 | ||||||||||||
Provision for income taxes | 1,713 | 768 | 2,665 | 1,286 | ||||||||||||
Net income | $ | 3,250 | $ | 1,477 | $ | 5,960 | $ | 3,080 | ||||||||
Net income attributable to noncontrolling interest | 93 | 9 | 178 | 9 | ||||||||||||
Net income attributable to Viemed Healthcare, Inc. | $ | 3,157 | $ | 1,468 | $ | 5,782 | $ | 3,071 | ||||||||
Net income per share | ||||||||||||||||
Basic | $ | 0.08 | $ | 0.04 | $ | 0.15 | $ | 0.08 | ||||||||
Diluted | $ | 0.08 | $ | 0.04 | $ | 0.14 | $ | 0.08 | ||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 39,515,247 | 38,822,980 | 39,471,244 | 38,558,479 | ||||||||||||
Diluted | 41,083,760 | 40,553,449 | 41,393,523 | 40,313,042 | ||||||||||||
VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
(Unaudited)
Six Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 5,960 | $ | 3,080 | ||||
Adjustments for: | ||||||||
Depreciation and amortization | 13,504 | 12,594 | ||||||
Stock-based compensation expense | 4,652 | 3,052 | ||||||
Distributions of earnings received from equity method investments | - | 147 | ||||||
Income from equity method investments | - | (261 | ) | |||||
Loss from debt investment | - | 1,219 | ||||||
Gain on disposal of property and equipment | (3,004 | ) | (332 | ) | ||||
Amortization of deferred financing costs | 64 | 85 | ||||||
Deferred income tax benefit | (1,961 | ) | - | |||||
Changes in working capital: | ||||||||
Accounts receivable, net | (1,638 | ) | (8,225 | ) | ||||
Inventory | (4 | ) | 470 | |||||
Prepaid expenses and other assets | (150 | ) | 1,523 | |||||
Trade payables | 1,598 | 1,114 | ||||||
Deferred revenue | 499 | 394 | ||||||
Accrued liabilities | (1,979 | ) | (904 | ) | ||||
Income tax payable/receivable | (2,433 | ) | (2,599 | ) | ||||
Net cash provided by operating activities | $ | 15,108 | $ | 11,357 | ||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | (23,612 | ) | (14,940 | ) | ||||
Cash paid for acquisitions, net of cash acquired | - | (2,999 | ) | |||||
Proceeds from sale of property and equipment | 13,355 | 1,407 | ||||||
Net cash used in investing activities | $ | (10,257 | ) | $ | (16,532 | ) | ||
Cash flows from financing activities | ||||||||
Proceeds from exercise of options | 1,368 | 325 | ||||||
Principal payments on term notes | (220 | ) | (810 | ) | ||||
Proceeds from revolving credit facilities | - | 3,000 | ||||||
Payments for debt issuance costs | - | (151 | ) | |||||
Shares redeemed to pay income tax | (1,631 | ) | (972 | ) | ||||
Shares repurchased under the share repurchase program | (1,664 | ) | - | |||||
Repayments of finance lease liabilities | (35 | ) | (249 | ) | ||||
Distributions to non-controlling interest | (193 | ) | - | |||||
Net cash provided by (used in) financing activities | $ | (2,375 | ) | $ | 1,143 | |||
Net increase (decrease) in cash and cash equivalents | 2,476 | (4,032 | ) | |||||
Cash and cash equivalents at beginning of year | 17,540 | 12,839 | ||||||
Cash and cash equivalents at end of period | $ | 20,016 | $ | 8,807 | ||||
Supplemental disclosures of cash flow information | ||||||||
Cash paid during the period for interest | $ | 212 | $ | 515 | ||||
Cash paid during the period for income taxes, net of refunds | $ | 7,059 | $ | 3,841 | ||||
Supplemental disclosures of non-cash transactions | ||||||||
Equipment and other fixed asset purchases payable at end of period | $ | 3,955 | $ | 2,725 | ||||
Equipment sales receivable at end of period | $ | 986 | $ | 2,187 | ||||
Repurchases of shares not yet settled | $ | 169 | $ | - | ||||
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. 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. In calculating Adjusted EBITDA, certain items (mostly non-cash) are excluded from net income attributable to Viemed Healthcare, Inc., including depreciation and amortization of capitalized assets, net interest expense, stock based compensation, transaction costs, impairment of assets, and taxes.
The following table is a reconciliation of net income attributable to Viemed Healthcare, Inc., the most directly comparable U.S. GAAP measure, to Adjusted EBITDA, on a historical basis for the periods indicated:
VIEMED HEALTHCARE, INC.
Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
(Expressed in thousands of U.S. Dollars)
(Unaudited)
For the quarter ended | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||||||||||||
Net income attributable to Viemed Healthcare, Inc. | $ | 3,157 | $ | 2,625 | $ | 4,316 | $ | 3,878 | $ | 1,468 | $ | 1,603 | $ | 3,477 | $ | 2,919 | |||||||
Add back: | |||||||||||||||||||||||
Depreciation & amortization | 6,891 | 6,613 | 6,366 | 6,408 | 6,309 | 6,285 | 5,918 | 5,975 | |||||||||||||||
Interest expense, net | 132 | 179 | 147 | 225 | 254 | 150 | 256 | 237 | |||||||||||||||
Stock-based compensation(a) | 2,341 | 2,311 | 1,521 | 1,712 | 1,620 | 1,432 | 1,534 | 1,453 | |||||||||||||||
Transaction costs(b) | 53 | 85 | 11 | 12 | 221 | 110 | 61 | 177 | |||||||||||||||
Impairment of assets(c) | - | - | - | 125 | 2,173 | - | - | - | |||||||||||||||
Income tax expense | 1,713 | 952 | 1,881 | 1,594 | 768 | 518 | 1,599 | 1,320 | |||||||||||||||
Adjusted EBITDA | $ | 14,287 | $ | 12,765 | $ | 14,242 | $ | 13,954 | $ | 12,813 | $ | 10,098 | $ | 12,845 | $ | 12,081 | |||||||
(a) Represents non-cash, equity-based compensation expense associated with option and RSU awards.
(b) Represents transaction costs and expenses related to acquisition and integration efforts associated with recently announced or completed acquisitions.
(c) Represents impairments of the fair value of investment and litigation-related assets.
VIEMED HEALTHCARE, INC.
Key Financial and Operational Information
(Expressed in thousands of U.S. Dollars, except vent patients)
(Unaudited)
For the quarter ended | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||||||||||||||
Financial Information: | |||||||||||||||||||||||||
Revenue | $ | 63,056 | $ | 59,129 | $ | 60,695 | $ | 58,004 | $ | 54,965 | $ | 50,593 | $ | 50,739 | $ | 49,402 | |||||||||
Gross Profit | $ | 36,731 | $ | 33,279 | $ | 36,138 | $ | 34,371 | $ | 32,892 | $ | 29,802 | $ | 32,111 | $ | 30,562 | |||||||||
Gross Profit % | 58 | % | 56 | % | 60 | % | 59 | % | 60 | % | 59 | % | 63 | % | 62 | % | |||||||||
Net Income attributable to Viemed Healthcare, Inc. | $ | 3,157 | $ | 2,625 | $ | 4,316 | $ | 3,878 | $ | 1,468 | $ | 1,603 | $ | 3,477 | $ | 2,919 | |||||||||
Cash and Cash Equivalents (As of) | $ | 20,016 | $ | 10,160 | $ | 17,540 | $ | 11,347 | $ | 8,807 | $ | 7,309 | $ | 12,839 | $ | 10,078 | |||||||||
Total Assets (As of) | $ | 184,603 | $ | 178,079 | $ | 177,069 | $ | 169,526 | $ | 163,947 | $ | 154,875 | $ | 154,895 | $ | 149,400 | |||||||||
Adjusted EBITDA(1) | $ | 14,287 | $ | 12,765 | $ | 14,242 | $ | 13,954 | $ | 12,813 | $ | 10,098 | $ | 12,845 | $ | 12,081 | |||||||||
Operational Information: | |||||||||||||||||||||||||
Vent Patients(2) | 12,152 | 11,809 | 11,795 | 11,374 | 10,905 | 10,450 | 10,327 | 10,244 | |||||||||||||||||
PAP Therapy Patients(3) | 26,260 | 22,899 | 21,338 | 19,478 | 17,349 | 15,726 | 14,900 | 14,788 | |||||||||||||||||
Sleep Resupply Patients(4) | 25,246 | 22,941 | 24,478 | 22,143 | 20,185 | 18,904 | 18,902 | 18,544 | |||||||||||||||||
(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.
(3) PAP Therapy Patients represents the number of distinct patients billed for PAP therapy services during each calendar quarter.
(4) Sleep Resupply Patients represents the number of distinct patients who received supplies through our sleep resupply program during each calendar quarter.
SOURCE: Viemed Healthcare, Inc.
View the original press release on ACCESS Newswire
FAQ
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