UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number: 001-38973 Viemed Healthcare, Inc. (Exact name of registrant as specified in its charter) British Columbia, Canada N/A (State or other ...

VIEMED HEALTHCARE ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS Lafayette, Louisiana (May 6, 2024) 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): For further information, please contact: "I am tremendously enthusiastic about the Company's perf ...

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐ | UNITED | STATES | | --- | --- | | SECURITIES | AND EXCHANGE COMMISSION | | Washington, D.C. 20549 | | | Form | 10-K | | ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF T ...

[VIEMED HEALTHCARE ANNOUNCES RECORD 2023 FINANCIAL RESULTS](index=1&type=section&id=VIEMED%20HEALTHCARE%20ANNOUNCES%20RECORD%202023%20FINANCIAL%20RESULTS) [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Viemed Healthcare achieved record 2023 financial results, marked by significant revenue and net income growth, alongside robust cash flow generation Q4 and Full Year 2023 vs 2022 Performance | Metric | Q4 2023 | Q4 2022 | % Change | Full Year 2023 | Full Year 2022 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Revenues | $50.7M | $37.5M | +35% | $183.0M | $138.8M | +32% | | Net Income | $3.5M | $2.4M | +43% | $10.2M | $6.2M | +65% | Adjusted EBITDA Performance | Period | Adjusted EBITDA | | :--- | :--- | | Q4 2023 | $12.8M | | Full Year 2023 | $43.1M | Full Year 2023 vs 2022 Cash Flow | Metric | Full Year 2023 | Full Year 2022 | % Change | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | $45.2M | $27.7M | +62.9% | | Free Cash Flow | $19.1M | $4.8M | +294% | - As of December 31, 2023, the company maintained a cash balance of **$12.8 million** and had long-term debt of **$6.0 million**[5](index=5&type=chunk) - After a **~$30 million acquisition** in 2023, Viemed ended the year with no net debt and has approximately **$53 million** available under its credit facilities[5](index=5&type=chunk) [Financial Outlook](index=1&type=section&id=Financial%20Outlook) The company projects Q1 2024 net revenues between $49.7 million and $51.0 million, assuming no extension of specific Medicare reimbursement rate adjustments Q1 2024 Net Revenue Guidance | Metric | Guidance Range | | :--- | :--- | | Net Revenues | $49.7M - $51.0M | - The guidance assumes that the 75/25 blended Medicare reimbursement rate adjustment in non-rural, non-competitive bid areas will not be extended[5](index=5&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements for 2023 show significant growth in total assets and shareholders' equity, driven by an acquisition and increased liabilities [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2023, total assets increased to $154.9 million, driven by an acquisition, while liabilities and shareholders' equity also grew Key Balance Sheet Items (in thousands) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $12,839 | $16,914 | | Goodwill | $29,765 | $0 | | Total Assets | $154,895 | $117,043 | | Long-term debt | $6,002 | $0 | | Total Liabilities | $41,000 | $19,949 | | Total Shareholders' Equity | $113,895 | $97,094 | [Consolidated Statements of Income and Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Full year 2023 saw a 32% revenue increase to $183.0 million and a 65% net income growth to $10.2 million, with diluted EPS rising to $0.25 Full Year Income Statement Highlights (in thousands, except per share data) | Metric | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--- | :--- | :--- | | Revenue | $183,008 | $138,832 | | Gross Profit | $112,783 | $84,680 | | Income from Operations | $14,330 | $8,252 | | Net Income | $10,243 | $6,222 | | Diluted EPS | $0.25 | $0.16 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased by 63% to $45.2 million in 2023, while significant investing activities led to a net decrease in cash Cash Flow Summary (in thousands) | Activity | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $45,212 | $27,748 | | Net cash used in investing activities | ($52,113) | ($23,976) | | Net cash provided by (used in) financing activities | $2,826 | ($15,266) | | Net decrease in cash and cash equivalents | ($4,075) | ($11,494) | [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like Adjusted EBITDA ($43.1 million) and Free Cash Flow ($19.1 million) to provide additional insight into financial performance - Adjusted EBITDA is defined as net income before interest, taxes, depreciation & amortization, stock-based compensation, and acquisition-related transaction costs[16](index=16&type=chunk) - Free Cash Flow is defined as net cash provided by operating activities less cash paid for purchases of property and equipment[20](index=20&type=chunk) Reconciliation to Non-GAAP Measures for Full Year 2023 (in thousands) | Measure | Calculation | Amount | | :--- | :--- | :--- | | **Adjusted EBITDA** | | | | Net Income | | $10,243 | | Add: D&A, Interest, Taxes, etc. | | $32,821 | | **Adjusted EBITDA** | | **$43,064** | | **Free Cash Flow** | | | | Net cash from operating activities | | $45,212 | | Less: Purchase of property & equipment | | ($26,093) | | **Free Cash Flow** | | **$19,119** | [Key Financial and Operational Information](index=9&type=section&id=Key%20Financial%20and%20Operational%20Information) Viemed demonstrated consistent quarterly growth in revenue and active ventilator patients throughout 2022 and 2023 Quarterly Revenue and Vent Patient Growth (2022-2023) | Quarter Ended | Revenue (in thousands) | Vent Patients (End of Period) | | :--- | :--- | :--- | | Mar 31, 2022 | $32,255 | 8,434 | | Jun 30, 2022 | $33,310 | 8,837 | | Sep 30, 2022 | $35,759 | 9,127 | | Dec 31, 2022 | $37,508 | 9,306 | | Mar 31, 2023 | $39,556 | 9,337 | | Jun 30, 2023 | $43,311 | 10,005 | | Sep 30, 2023 | $49,402 | 10,244 | | Dec 31, 2023 | $50,739 | 10,327 |

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) Presents the company's comprehensive financial statements, management's analysis, and disclosures on market risk and internal controls [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's financial statements for the period ended September 30, 2023, show significant growth in assets and liabilities, primarily due to the acquisition of Home Medical Products, Inc. (HMP) [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2023, total assets increased to $149.4 million from $117.0 million, driven by goodwill and property and equipment from the HMP acquisition Balance Sheet Comparison (in thousands) | Account | At September 30, 2023 | At December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$149,400** | **$117,043** | | Cash and cash equivalents | $10,078 | $16,914 | | Goodwill | $29,704 | $0 | | Property and equipment, net | $73,423 | $67,743 | | **Total Liabilities** | **$40,586** | **$19,949** | | Long-term debt | $8,095 | $0 | | **Total Shareholders' Equity** | **$108,814** | **$97,094** | - The acquisition of HMP resulted in the recognition of **$29.7 million** in goodwill and **$0.7 million** in identifiable intangibles, which were not present on the balance sheet at the end of 2022[8](index=8&type=chunk)[74](index=74&type=chunk) [Condensed Consolidated Statements of Income and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) For Q3 2023, revenue increased 38.2% to $49.4 million and net income surged 176.7% to $2.9 million, reflecting strong organic growth and HMP contributions Income Statement Highlights (in thousands, except EPS) | Metric | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$49,402** | **$35,759** | **$132,269** | **$101,324** | | Gross Profit | $30,562 | $21,651 | $80,672 | $61,784 | | Income from Operations | $4,206 | $1,469 | $9,041 | $4,718 | | **Net Income** | **$2,919** | **$1,055** | **$6,766** | **$3,784** | | Diluted EPS | $0.07 | $0.03 | $0.17 | $0.09 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2023, operating cash flow increased to $31.9 million, while investing activities were dominated by the $28.6 million HMP acquisition Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $31,928 | $20,064 | | Net cash used in investing activities | ($44,620) | ($16,598) | | Net cash provided by (used in) financing activities | $5,856 | ($10,396) | | **Net decrease in cash** | **($6,836)** | **($6,930)** | - The primary use of cash in investing activities was **$28.6 million** paid for the acquisition of HMP, net of cash acquired[18](index=18&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, the June 2023 HMP acquisition for $29.4 million, debt refinancing, and revenue recognition, alongside legal and audit resolutions - On June 1, 2023, the company acquired Home Medical Products, Inc. (HMP) for approximately **$29.4 million** in cash, funded by cash on hand and new debt facilities[71](index=71&type=chunk) Revenue by Source (Nine Months Ended Sep 30, in thousands) | Revenue Source | 2023 | 2022 | | :--- | :--- | :--- | | Ventilator rentals | $79,181 | $68,123 | | Other DME rentals | $26,441 | $15,153 | | Equipment and supply sales | $19,287 | $9,931 | | Service revenues | $7,360 | $5,839 | | COVID-19 response sales | $0 | $2,278 | | **Total Revenues** | **$132,269** | **$101,324** | - The company successfully resolved an OIG audit, with an Administrative Law Judge overturning all remaining appealed claims in December 2022, leading to a refund of previously remitted funds[120](index=120&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong 2023 performance to organic growth and the HMP acquisition, focusing on expanding respiratory care programs amid evolving regulatory trends [Overview](index=28&type=section&id=Overview) Viemed provides home medical equipment and post-acute respiratory care services, with ventilator rentals as its core business, driven by a high-service model leveraging Respiratory Therapists - The company's primary revenue source is the rental of non-invasive and invasive ventilators, representing **57.3%** of traditional revenue for the three months ended September 30, 2023[138](index=138&type=chunk) - As of September 30, 2023, the company employed **374** licensed Respiratory Therapists, who are central to its in-home service model[139](index=139&type=chunk) [Trends Affecting Our Business](index=29&type=section&id=Trends%20Affecting%20Our%20Business) Key trends include the end of the COVID-19 Public Health Emergency, extension of CARES Act reimbursement rates, and the continued exclusion of non-invasive ventilators from competitive bidding - The COVID-19 Public Health Emergency ended on May 11, 2023, leading to the expiration of many waivers and flexibilities that were available during the pandemic[141](index=141&type=chunk) - The Consolidated Appropriations Act, 2023 extended the **75/25** blended Medicare reimbursement rate in non-competitive bidding/non-rural areas through the end of the COVID-19 PHE or December 31, 2023, whichever is later[146](index=146&type=chunk) - CMS removed non-invasive ventilators, oxygen, and PAP devices from the Round 2021 competitive bidding program, and has not announced a new round of bidding as the current contracts expire on December 31, 2023[144](index=144&type=chunk)[145](index=145&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) For Q3 2023, revenue grew 38.2% and net income surged 176.7%, while nine-month revenue increased 30.5% with improved operating leverage Q3 2023 vs Q3 2022 Performance (in thousands) | Metric | Q3 2023 | Q3 2022 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $49,402 | $35,759 | 38.2% | | Gross Profit | $30,562 | $21,651 | 41.2% | | Income from Operations | $4,206 | $1,469 | 186.3% | | Net Income | $2,919 | $1,055 | 176.7% | YTD 2023 vs YTD 2022 Performance (in thousands) | Metric | YTD 2023 | YTD 2022 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $132,269 | $101,324 | 30.5% | | Gross Profit | $80,672 | $61,784 | 30.6% | | Income from Operations | $9,041 | $4,718 | 91.6% | | Net Income | $6,766 | $3,784 | 78.8% | - The increase in revenue was driven by organic expansion of the active ventilator patient base and significant growth in other DME rentals (oxygen, PAP, percussion vests) and equipment sales, partly due to the HMP acquisition[155](index=155&type=chunk)[164](index=164&type=chunk) [Non-GAAP Financial Measures](index=35&type=section&id=Non-GAAP%20Financial%20Measures) The company uses Adjusted EBITDA, a non-GAAP measure, to analyze operating performance, reporting $12.1 million for Q3 2023 and $30.2 million for the nine-month period Adjusted EBITDA Reconciliation (Quarterly, in thousands) | Quarter Ended | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income | $2,919 | $2,330 | $1,517 | $2,438 | $1,055 | | **Adjusted EBITDA** | **$12,081** | **$9,810** | **$8,328** | **$9,306** | **$6,982** | - Management uses Adjusted EBITDA to compare operating performance, calculate incentive compensation, for internal budgeting, and to evaluate operational strategies[173](index=173&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2023, the company had $10.1 million in cash, with management confident in sufficient liquidity from operations and credit facilities to fund future growth - Cash and cash equivalents stood at **$10.1 million** at September 30, 2023, down from **$16.9 million** at December 31, 2022, largely due to the HMP acquisition[177](index=177&type=chunk) - The company refinanced its debt in November 2022, securing new credit facilities maturing in November 2027, which were utilized for the HMP acquisition[185](index=185&type=chunk)[186](index=186&type=chunk) - For the nine months ended September 30, 2023, net cash from operations was **$31.9 million**, while net cash used in investing was **$44.6 million**, primarily for the HMP acquisition[178](index=178&type=chunk)[181](index=181&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable for the company - The company has indicated that there are no applicable quantitative and qualitative disclosures about market risk for this reporting period[199](index=199&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of the end of the period, with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2023[200](index=200&type=chunk)[202](index=202&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the third quarter of 2023[201](index=201&type=chunk) [PART II - OTHER INFORMATION](index=41&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) Details legal proceedings, key risk factors, and information regarding equity securities and use of proceeds [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal actions in the ordinary course of business, with details on commitments and contingencies provided in Note 9 - The company may be subject to various legal actions and proceedings; refer to Note 9—Commitments and Contingencies for details[204](index=204&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) The company highlights risks associated with its strategic growth plan, which relies on acquisitions, including integration challenges and potential failure to deliver expected synergies - A key risk factor is the company's strategic growth plan involving acquisitions, which may not succeed due to integration challenges, competition for targets, or failure to realize synergies[206](index=206&type=chunk)[207](index=207&type=chunk) - Integration risks include difficulties combining business cultures, managing patient transitions, assuming unforeseen liabilities, and retaining key employees from acquired companies[208](index=208&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities, repurchased shares for tax withholding on RSUs, and terminated its 2022 Share Repurchase Program - In Q3 2023, the company repurchased **8,501** common shares at an average price of **$8.12** to satisfy tax withholding on vested RSUs[212](index=212&type=chunk) - The company's 2022 Share Repurchase Program, authorized on March 7, 2022, was terminated on September 30, 2023[212](index=212&type=chunk) - The company has not declared or paid any dividends and does not anticipate doing so in the foreseeable future, with restrictions in place under its 2022 Senior Credit Facilities[213](index=213&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 (Exact name of registrant as specified in its charter) British Columbia, Canada N/A (State or other jurisdiction of incorporation or organization) (IRS Employer Identification Number) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition p ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number: 001-38973 Viemed Healthcare, Inc. (Exact name of registrant as specified in its charter) British Columbia, Canada N/A (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number: 001-38973 Viemed Healthcare, Inc. (Exact name of registrant as specified in its charter) British Columbia, Canada N/A (State or other juri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number: 001-38973 Viemed Healthcare, Inc. (Exact name of registrant as specified in its charter) British Columbia, Canada N/A (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number: 001-38973 Viemed Healthcare, Inc. (Exact name of registrant as specified in its charter) British Columbia, Canada N/A (State or other ...