[First Quarter 2025 Earnings Announcement](index=1&type=section&id=First%20Quarter%202025%20Earnings%20Announcement) Viemed Healthcare, Inc. announced its financial results for Q1 2025 and updated full-year 2025 guidance [Announcement Details](index=1&type=section&id=Announcement%20Details) Viemed Healthcare, Inc. announced its financial results for the first quarter ended March 31, 2025, and provided updated guidance for the full year ending December 31, 2025 - Viemed Healthcare, Inc. (NASDAQ:VMD) reported Q1 2025 financial results and updated full-year 2025 guidance[1](index=1&type=chunk) [Q1 2025 Performance & Strategic Updates](index=1&type=section&id=Q1%202025%20Performance%20%26%20Strategic%20Updates) Viemed Healthcare achieved substantial financial and operational growth in Q1 2025, updated full-year guidance, and announced a strategic acquisition [Q1 2025 Financial Highlights](index=1&type=section&id=Q1%202025%20Financial%20Highlights) Viemed Healthcare achieved substantial financial growth in Q1 2025, with net revenues increasing by 17% and net income attributable to Viemed rising by 64% year-over-year. Adjusted EBITDA also saw a 26% increase Financial Highlights | Metric | Q1 2025 (USD) | Q1 2024 (USD) | Change (YoY) | | :----- | :------------ | :------------ | :----------- | | Net Revenues | $59.1 million | $50.6 million | +17% | | Net Income Attributable to Viemed | $2.6 million | $1.6 million | +64% | | Diluted EPS | $0.06 | $0.04 | +50% | | Adjusted EBITDA | $12.8 million | $10.1 million | +26% | [Operational Highlights (Patient Counts)](index=1&type=section&id=Operational%20Highlights%20%28Patient%20Counts%29) The company demonstrated robust operational growth in Q1 2025, significantly increasing its ventilator and PAP therapy patient counts year-over-year, while sleep resupply patients also grew Patient Counts | Patient Type | March 31, 2025 | March 31, 2024 | Change (YoY) | December 31, 2024 | Change (QoQ) | | :----------- | :------------- | :------------- | :----------- | :---------------- | :----------- | | Ventilator Patients | 11,809 | 10,450 | +13% | 11,795 | +0.1% | | PAP Therapy Patients | 22,899 | 15,726 | +46% | 21,338 | +7% | | Sleep Resupply Patients | 22,941 | 18,904 | +21% | 24,478 | -6% | - The company maintains a strong cash balance of **$10.2 million** and an overall working capital balance of **$13.6 million** as of March 31, 2025, with **$55 million** available under existing credit facilities[6](index=6&type=chunk) [Updated Full Year 2025 Guidance](index=1&type=section&id=Updated%20Full%20Year%202025%20Guidance) Viemed Healthcare tightened its full-year 2025 guidance by raising the lower end of its revenue and Adjusted EBITDA ranges, reflecting confidence in continued performance Full Year 2025 Guidance | Metric | Previous FY2025 Guidance (USD) | Updated FY2025 Guidance (USD) | | :----- | :----------------------------- | :---------------------------- | | Net Revenue | $254 million to $265 million | $256 million to $265 million | | Adjusted EBITDA | $54 million to $58 million | $55 million to $58 million | [Agreement to Acquire Lehan's Medical Equipment](index=1&type=section&id=Agreement%20to%20Acquire%20Lehan%27s%20Medical%20Equipment) Viemed Healthcare announced an agreement to acquire Lehan's Medical Equipment for approximately $26 million, expanding its respiratory care and women's health services. The acquisition's impact is not yet included in the current 2025 guidance - Viemed agreed to acquire Lehan's Medical Equipment, a healthcare company specializing in respiratory care and women's health, for approximately **$26 million**, subject to adjustments and contingent payments[4](index=4&type=chunk)[6](index=6&type=chunk) - In 2024, Lehan's generated approximately **$25.7 million** in net revenues and **$7.4 million** in Adjusted EBITDA[6](index=6&type=chunk) - The acquisition is expected to close in the third quarter of 2025, and its anticipated impact is not included in the current full-year 2025 guidance[6](index=6&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Casey Hoyt highlighted marked improvements across all businesses in Q1, attributing success to 2024 sales organization restructuring, accelerated hiring, and technology investments. He emphasized the strong balance sheet supporting ventilator fleet improvements and inorganic growth opportunities like the Lehan's acquisition, while noting no adverse impact from the macro environment - Q1 2025 performance is directly attributable to the structure put in place in 2024 to improve the sales organization, accelerate new rep hiring, and leverage technology investments for greater efficiencies[5](index=5&type=chunk)[7](index=7&type=chunk) - A strong balance sheet facilitates the significant improvement and extension of the ventilator fleet, primarily funded by an existing buyback program from a large supplier[8](index=8&type=chunk) - Strong capital position and cash flow enable inorganic growth, such as the acquisition of Lehan's Medical Equipment, complementing growth in complex respiratory, sleep, and staffing businesses[8](index=8&type=chunk) - The company has seen no impact from tariffs or a pullback from providers and payers, with its clinical approach offering greater patient satisfaction, fewer hospital readmissions, and lower total cost of care[9](index=9&type=chunk) [Company Overview & Investor Information](index=3&type=section&id=Company%20Overview%20%26%20Investor%20Information) This section provides details on the upcoming conference call, an overview of Viemed Healthcare's business, and investor relations contact information [Conference Call Details](index=3&type=section&id=Conference%20Call%20Details) Viemed Healthcare will host a conference call on May 8, 2025, to discuss Q1 results and 2025 guidance, with dial-in and webcast options available - A conference call to discuss first quarter results and 2025 guidance will be held on Thursday, May 8, 2025, at 11:00 a.m. EDT[10](index=10&type=chunk) - Interested parties may participate by dialing 866-682-6100 (US Toll-Free) or +1-862-298-0702 (International), or via a live audio webcast[11](index=11&type=chunk) [ABOUT VIEMED HEALTHCARE, INC.](index=3&type=section&id=ABOUT%20VIEMED%20HEALTHCARE%2C%20INC.) Viemed Healthcare, Inc. is a U.S. in-home clinical care provider specializing in post-acute respiratory healthcare equipment and services, including non-invasive ventilators, sleep therapy, and staffing, focusing on high-touch and high-tech in-home treatment - Viemed is an in-home clinical care provider of post-acute respiratory healthcare equipment and services in the United States[12](index=12&type=chunk) - Services include non-invasive ventilators (NIV), sleep therapy, staffing, and other complementary products, with a focus on efficient and effective in-home treatment using clinical practitioners and technology[12](index=12&type=chunk) [Investor Relations Contact](index=3&type=section&id=Investor%20Relations%20Contact) Contact information for investor relations is provided for inquiries - Investor relations can be reached via email at ir@viemed.com or by contacting Tripp Sullivan (SCR Partners, LLC) or Trae Fitzgerald (Chief Financial Officer, Viemed Healthcare, Inc.)[13](index=13&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents the condensed consolidated balance sheets, statements of income, and statements of cash flows for Viemed Healthcare [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, Viemed Healthcare reported total assets of $178.1 million, a slight increase from December 31, 2024, with a decrease in cash and cash equivalents but an increase in accounts receivable. Total liabilities decreased, while shareholders' equity increased Condensed Consolidated Balance Sheets | Metric (in thousands USD) | March 31, 2025 | December 31, 2024 | Change | | :------------------------ | :------------- | :---------------- | :----- | | Cash and cash equivalents | $10,160 | $17,540 | $(7,380) | | Accounts receivable, net | $26,789 | $24,911 | $1,878 | | Total current assets | $49,120 | $52,880 | $(3,760) | | Total assets | $178,079 | $177,069 | $1,010 | | Total current liabilities | $35,487 | $37,326 | $(1,839) | | Total liabilities | $41,330 | $43,768 | $(2,438) | | Total shareholders' equity | $136,749 | $133,301 | $3,448 | [Condensed Consolidated Statements of Income](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) For the three months ended March 31, 2025, Viemed Healthcare reported a significant increase in revenue and net income compared to the prior year, driven by higher gross profit and improved income from operations Condensed Consolidated Statements of Income | Metric (in thousands USD) | Q1 2025 | Q1 2024 | Change | % Change | | :------------------------ | :------ | :------ | :----- | :------- | | Revenue | $59,129 | $50,593 | $8,536 | 16.9% | | Cost of revenue | $25,850 | $20,791 | $5,059 | 24.3% | | Gross profit | $33,279 | $29,802 | $3,477 | 11.7% | | Income from operations | $3,841 | $2,204 | $1,637 | 74.3% | | Net income attributable to Viemed Healthcare, Inc. | $2,625 | $1,603 | $1,022 | 63.8% | | Diluted EPS | $0.06 | $0.04 | $0.02 | 50.0% | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) In Q1 2025, Viemed Healthcare generated $2.85 million in cash from operating activities, an increase from the prior year. However, significant investments in property and equipment led to a net decrease in cash and cash equivalents for the period Condensed Consolidated Statements of Cash Flows | Cash Flow Activity (in thousands USD) | Q1 2025 | Q1 2024 | Change | | :------------------------------------ | :------ | :------ | :----- | | Net cash provided by operating activities | $2,854 | $1,175 | $1,679 | | Net cash used in investing activities | $(8,530) | $(5,365) | $(3,165) | | Net cash used in financing activities | $(1,704) | $(1,340) | $(364) | | Net decrease in cash and cash equivalents | $(7,380) | $(5,530) | $(1,850) | | Cash and cash equivalents at end of period | $10,160 | $7,309 | $2,851 | [Non-GAAP Measures & Supplemental Data](index=8&type=section&id=Non-GAAP%20Measures%20%26%20Supplemental%20Data) This section provides details on non-GAAP financial measures, including Adjusted EBITDA reconciliation, and key financial and operational information over multiple quarters [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA is presented as a non-GAAP financial measure to provide insights into the company's operating performance, excluding the impact of capitalization structure and non-day-to-day operations. Management uses it for comparison, incentive compensation, planning, and evaluating operational strategies - Adjusted EBITDA is a non-GAAP measure used by management to compare operating performance, calculate incentive compensation, and for planning and strategy evaluation[22](index=22&type=chunk) - It excludes items such as depreciation, amortization, net interest expense, stock-based compensation, transaction costs, impairment of assets, and taxes from net income[22](index=22&type=chunk) - Adjusted EBITDA has limitations and should not be considered an alternative to GAAP measures like revenue or net income[22](index=22&type=chunk) [Reconciliation of Net Income to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Non-GAAP%20Adjusted%20EBITDA) The reconciliation table details the adjustments made to net income attributable to Viemed Healthcare, Inc. to arrive at Adjusted EBITDA for the past eight quarters, showing a Q1 2025 Adjusted EBITDA of $12.765 million Reconciliation of Net Income to Adjusted EBITDA | Metric (in thousands USD) | Q1 2025 | Q4 2024 | Q1 2024 | | :------------------------ | :------ | :------ | :------ | | Net Income attributable to Viemed Healthcare, Inc. | $2,625 | $4,316 | $1,603 | | Add back: | | | | | Depreciation & amortization | $6,613 | $6,366 | $6,285 | | Interest expense (income) | $179 | $147 | $150 | | Stock-based compensation | $2,311 | $1,521 | $1,432 | | Transaction costs | $85 | $11 | $110 | | Impairment of assets | — | — | — | | Income tax expense | $952 | $1,881 | $518 | | **Adjusted EBITDA** | **$12,765** | **$14,242** | **$10,098** | [Key Financial and Operational Information](index=9&type=section&id=Key%20Financial%20and%20Operational%20Information) This table provides a multi-quarter overview of key financial metrics such as revenue, gross profit, net income, cash, total assets, and Adjusted EBITDA, alongside operational metrics like ventilator, PAP therapy, and sleep resupply patient counts, illustrating trends over time Key Financial and Operational Information | Metric (in thousands USD, except patients) | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | | :--------------------------------------- | :------ | :------ | :------ | :------ | :------ | | Revenue | $59,129 | $60,695 | $58,004 | $54,965 | $50,593 | | Gross Profit | $33,279 | $36,138 | $34,371 | $32,892 | $29,802 | | Gross Profit % | 56% | 60% | 59% | 60% | 59% | | Net Income attributable to Viemed Healthcare, Inc. | $2,625 | $4,316 | $3,878 | $1,468 | $1,603 | | Cash and Cash Equivalents (As of) | $10,160 | $17,540 | $11,347 | $8,807 | $7,309 | | Total Assets (As of) | $178,079 | $177,069 | $169,526 | $163,947 | $154,875 | | Adjusted EBITDA | $12,765 | $14,242 | $13,954 | $12,813 | $10,098 | | Vent Patients | 11,809 | 11,795 | 11,374 | 10,905 | 10,450 | | PAP Therapy Patients | 22,899 | 21,338 | 19,478 | 17,349 | 15,726 | | Sleep Resupply Patients | 22,941 | 24,478 | 22,143 | 20,185 | 18,904 | [Legal Disclosures](index=4&type=section&id=Legal%20Disclosures) This section outlines the company's forward-looking statements and disclaimers regarding non-GAAP financial guidance [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from expectations. The company does not undertake to publicly update these statements unless required by law - Forward-looking statements are identified by words such as 'plans,' 'expects,' 'intends,' and involve estimates, assumptions, and uncertainties that could cause actual results to differ materially[14](index=14&type=chunk) - Factors that could cause actual results to vary include general business conditions, reductions in reimbursement rates, competition, and difficulties integrating newly acquired businesses[14](index=14&type=chunk) - The company does not assume responsibility for the accuracy or completeness of such statements and undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law[14](index=14&type=chunk) [Non-GAAP Financial Guidance Disclaimer](index=4&type=section&id=Non-GAAP%20Financial%20Guidance%20Disclaimer) The company's non-GAAP financial guidance does not provide a GAAP reconciliation due to the unpredictability of certain items and explicitly excludes the impact of potential future strategic acquisitions - There is no reliable or reasonably estimable comparable GAAP measure for the Company's non-GAAP financial guidance due to the highly variable, difficult-to-project, and unusual nature of certain items[15](index=15&type=chunk) - The financial guidance excludes the impact of potential future strategic acquisitions and any items that have not yet been identified or quantified[16](index=16&type=chunk)

Core Insights - Viemed Healthcare, Inc. reported strong financial results for Q1 2025, with net revenues of $59.1 million, a 17% increase from Q1 2024, and net income of $2.6 million, a 64% increase year-over-year [6][5][19] - The company has updated its full-year 2025 guidance, raising the lower end of its revenue and Adjusted EBITDA ranges due to improved performance across its business segments [5][3] - Viemed announced an agreement to acquire Lehan's Medical Equipment for $26 million, which is expected to enhance its service offerings in respiratory care and women's health [4][6] Financial Performance - Net revenues for Q1 2025 were $59.1 million, up from $50.6 million in Q1 2024, reflecting an increase of $8.5 million [6][19] - Adjusted EBITDA for Q1 2025 was $12.8 million, representing a 26% increase compared to Q1 2024 [6][19] - The company reported a net income of $2.6 million, or $0.06 per diluted share, compared to $1.6 million, or $0.04 per diluted share in the same quarter last year [6][19] Operational Highlights - The number of ventilator patients increased to 11,809, a 13% rise from March 31, 2024 [6][24] - The PAP therapy patient count rose to 22,899, marking a 46% increase year-over-year [6][24] - The sleep resupply patient count was 22,941, a 21% increase from the previous year [6][24] Guidance and Future Outlook - For the full year 2025, net revenue is expected to be in the range of $256 million to $265 million, up from the previous range of $254 million to $265 million [6][3] - Adjusted EBITDA for the year is projected to be between $55 million and $58 million, an increase from the prior range of $54 million to $58 million [6][3] - The anticipated acquisition of Lehan's Medical Equipment is not included in the current guidance but is expected to contribute positively once completed [4][6] Balance Sheet and Cash Flow - As of March 31, 2025, the company had a cash balance of $10.2 million and total assets of $178.1 million [6][17] - Long-term debt stood at $3.5 million, with $55 million available under existing credit facilities [6][17] - The company reported a net cash provided by operating activities of $2.9 million for Q1 2025 [20]

Core Viewpoint - Viemed Healthcare, Inc. has announced a definitive agreement to acquire Lehan's Medical Equipment, enhancing its position in the home medical equipment market, particularly in respiratory care and women's health [1][2][3] Company Overview - Viemed Healthcare is a provider of in-home clinical care focused on post-acute respiratory healthcare equipment and services in the United States, including non-invasive ventilators and sleep therapy [4] - Lehan's Medical Equipment, established in 1946, specializes in home medical equipment with a focus on women's health and respiratory care, operating three full-service locations in Northern Illinois and additional locations for sleep/CPAP setups [2][3] Financial Details - In 2024, Lehan generated net revenues of approximately $25.7 million and Adjusted EBITDA of approximately $7.4 million [3] - The acquisition is set to close in the third quarter of 2025 for a base purchase price of $26 million, with an estimated $2.2 million in contingent payments [3] Strategic Implications - The acquisition is expected to diversify Viemed's product mix into maternal health, leveraging existing payer relationships across the country [2] - Viemed's CEO highlighted the strong platform that Lehan provides for executing growth strategies in a large and fast-growing market [2]

Company Overview - Viemed Healthcare, Inc. is a national leader in respiratory care and technology-enabled home medical equipment services in the United States [3] - The company specializes in post-acute respiratory healthcare equipment and services, including non-invasive ventilators, sleep therapy, and staffing [3] Upcoming Events - Viemed will host its First Quarter 2025 Earnings Conference Call on May 8, 2025, at 11:00 a.m. EDT [1] - Interested parties can participate via a toll-free number or an international dial-in, and a live audio webcast will be available [2] Contact Information - For further inquiries, contact Tripp Sullivan at SCR Partners, LLC or Todd Zehnder, Chief Operating Officer of Viemed Healthcare [4]

Core Viewpoint - Viemed Healthcare, Inc. (NASDAQ: VMD) is a US-based provider of home medical respiratory equipment, which has been identified as an undervalued stock with strong fundamentals and potential for income generation through investment strategies [1]. Company Summary - The stock was trading at approximately $7.35 per share over seven months ago when the bullish stance was initiated [1]. - The company focuses on acquiring undervalued profitable stocks with strong balance sheets and minimal debt, indicating a solid financial position [1]. Investment Strategy - The investment approach includes writing calls against positions to generate additional income when opportunities arise [1]. - Risk management is emphasized through position sizing and the use of trailing stop losses over time, showcasing a disciplined investment strategy [1].

Financial Data and Key Metrics Changes - The company reported a 20% year-over-year increase in revenue for Q4 and a 23% increase for the full year 2024, achieving record revenue levels [28] - Adjusted EBITDA grew 11% for the quarter to $14.2 million and 19% for the full year, with adjusted EBITDA margins at 23.5% for Q4 and 22.8% for the full year [34][43] - Free cash flow was $11.6 million in 2024, representing 5.2% of revenue, compared to $21.7 million or 11.9% of revenue in 2023 [40] Business Line Data and Key Metrics Changes - The vent business accounted for 55% of revenue in Q4 and 56% for the year, with a 4.4% sequential increase in vent revenue [30][19] - The sleep business saw a nearly 10% sequential increase in sleep therapy patients, leading to a 43% increase in 2024 compared to 2023 [22] - Staffing and oxygen businesses each contributed roughly 10% to both Q4 and full year revenue [31] Market Data and Key Metrics Changes - The company identified a significant underserved patient population in complex respiratory care, with 25 million patients suffering from COPD in the US [9] - The market penetration for respiratory care is currently in the high single digits, indicating substantial growth potential [10] Company Strategy and Development Direction - The company aims to focus on organic growth while exploring potential inorganic growth opportunities, particularly in behavioral health [25] - The strategic goal for 2025 includes aggressively increasing the sales force and capitalizing on unique positioning in behavioral health [25][43] - The company is positioned to help hospitals manage length of stay and improve patient outcomes, especially under financial strain [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook for 2025, projecting net revenue between $254 million and $265 million, implying a 16% growth at the midpoint [43] - The company is optimistic about the potential for M&A activity, noting increased interest and a more favorable environment compared to previous years [60] Other Important Information - The company has a strong balance sheet with no net debt and significant cash available for future investments [41][42] - The introduction of a behavioral health offering is seen as a key growth area, with staffing needs driven largely by behavioral health services [12][73] Q&A Session Summary Question: Anticipated impact from new administration tariffs - Management has not seen any impact from potential tariffs yet, as most products are sourced domestically [51] Question: Competitive bidding environment - No whispers of competitive bidding have been heard, and it is unlikely to be a concern until at least 2027 [56][57] Question: M&A environment - The company sees a more target-rich environment for M&A compared to previous years, with increased interest and options available [60] Question: Joint venture performance - The joint venture with East Alabama Medical has been profitable and successful, but future ventures will need to be of substantial size to justify the effort [66][68] Question: Cash flow acceleration - Management expects cash flow to increase as the business grows, despite recent CapEx needs due to vent growth [78][80]

Financial Performance - For the year ended December 31, 2024, the company generated revenues of $224.3 million, a 22.5% increase from $183.0 million in 2023, with net income rising to $11.4 million from $10.2 million[177]. - For the year ended December 31, 2024, total revenue was $224.3 million, an increase of $41.2 million (22.5%) compared to 2023[194]. - Net income for 2024 was $11.4 million, an increase of $1.2 million (11.4%) from the previous year, with a net income margin decrease to 5.1%[204]. - The company reported a net income of $11.4 million for 2024, up 11.5% from $10.2 million in 2023[241]. - The company’s operating income for 2024 was $17.9 million, up from $14.3 million in 2023, representing a 25.5% increase[241]. - Adjusted EBITDA for the year ended December 31, 2024, was $14.2 million, reflecting the company's operating performance[206]. - Basic earnings per share for 2024 was $0.29, compared to $0.27 in 2023 and $0.16 in 2022[358]. Revenue Breakdown - Revenue from the rental and sale of home medical equipment accounted for 91.0% of total revenue in 2024, compared to 94.2% in 2023[177]. - Ventilator rental revenue increased by $16.3 million (15.1%) due to higher patient volumes, while rental revenue from other home medical equipment rose by $10.3 million (27.0%)[194]. - Rental revenue from ventilator rentals increased to $124.6 million in 2024, compared to $108.3 million in 2023, representing a growth of 15.1%[277]. - Revenue from other home medical equipment rentals rose to $48.7 million in 2024, a 27.0% increase from $38.3 million in 2023[277]. - The company recorded $30.9 million in equipment and supply sales for 2024, up 19.3% from $25.8 million in 2023[277]. - Medicare revenues accounted for 41% of the company's traditional revenue streams in 2024, down from 44% in 2023 and 47% in 2022[277]. Expenses and Profitability - Selling, general and administrative expenses totaled $106.2 million, an increase of $18.3 million (20.8%), but as a percentage of revenue improved to 47.4%[197]. - Research and development costs increased to $3.1 million, reflecting a rise of $0.3 million (10.3%) from 2023[198]. - The company's gross profit for 2024 was $133.2 million, representing a gross margin of 59.4% compared to 61.7% in 2023[241]. - Gross profit margin for the quarter ended December 31, 2024, was 60%, consistent with the previous quarter[188]. - The provision for income taxes was $4.8 million, compared to $4.1 million in 2023, with an estimated effective tax rate of 29.4%[203]. Cash Flow and Liquidity - Cash and cash equivalents increased to $17.5 million as of December 31, 2024, up from $12.8 million in 2023, indicating improved liquidity[208]. - Net cash provided by operating activities for the year ended December 31, 2024 was $39.1 million, a decrease from $45.2 million in 2023[210][212]. - Net cash used in investing activities was $30.7 million in 2024, which included $27.5 million for capital expenditures, representing a 17% increase year-over-year[213]. - Net cash used in financing activities was $3.7 million in 2024, with principal payments on the 2022 Revolving Credit Facility totaling $5.0 million[215]. Assets and Liabilities - Total current assets rose to $52.9 million at December 31, 2024, from $38.4 million at December 31, 2023, marking a 37.9% increase[239]. - Total assets grew to $177.1 million at December 31, 2024, compared to $154.9 million at December 31, 2023, a 14.3% increase[239]. - Shareholders' equity increased to $133.3 million at December 31, 2024, from $113.9 million at December 31, 2023, reflecting a 17.0% growth[239]. - The Company’s long-term debt decreased from $6.002 million in 2023 to $3.589 million in 2024, while the current portion of debt also reduced significantly[307]. - Total accrued liabilities rose to $20.157 million in 2024 from $17.578 million in 2023, with accrued bonuses payable decreasing to $6.589 million[306]. Market Outlook and Growth - The company anticipates a Compound Annual Growth Rate (CAGR) of approximately 6% for respiratory devices and 8% for Obstructive Sleep Apnea (OSA) devices, indicating a robust growth trajectory in the home medical equipment market[179]. - U.S. home healthcare spending is projected to reach $250 billion by 2031, with a CAGR of approximately 7%[181]. - The company expects continued growth in its active ventilator patient base and other home medical offerings as it expands geographically[195]. - The company is positioned to benefit from the transition to value-based healthcare, which emphasizes home care over acute care settings[181]. Acquisitions and Investments - The company acquired East Alabama HomeMed, LLC for $3.0 million during 2024, contributing to the total cash used in investing activities[213]. - The Company acquired a controlling 60% equity interest in East Alabama HomeMed, LLC for a total goodwill of $3.2 million and a trade name valued at $0.4 million[300]. - The acquisition of Home Medical Products, Inc. was completed for approximately $29 million in cash, resulting in a goodwill of $29.765 million due to synergies and cost savings[301][302]. Stock and Compensation - Stock-based compensation expenses rose to $6.3 million, an increase of $0.4 million (7.5%) from 2023[199]. - The Company had outstanding options of 3,917,000 and restricted stock units (RSUs) of 1,514,000 as of December 31, 2024[335]. - The Company issued 915,043 RSUs during the year ended December 31, 2024, with a fair value between $7.05 and $8.39 per share[341]. - The total liability associated with PSUs at December 31, 2024, is $2,546,000, with $1,700,000 included in current accrued liabilities and $846,000 in long-term accrued liabilities[343].

Financial Performance - Net revenues for Q4 2024 reached a record $60.7 million, an increase of $10.0 million, or 20%, compared to Q4 2023[4] - Total net revenues for the year 2024 were $224.3 million, an increase of $41.2 million, or 23%, over 2023[4] - Net income for Q4 2024 was $4.3 million, or $0.10 per diluted share, a 24% increase from Q4 2023[4] - Net income attributable to Viemed Healthcare, Inc. for the year ended December 31, 2024, was $11,265 thousand, representing a 9.9% increase from $10,243 thousand in 2023[13] - Basic net income per share for the year ended December 31, 2024, was $0.29, up from $0.27 in 2023[13] EBITDA and Cash Flow - Adjusted EBITDA for the year 2024 was a record $51.1 million[4] - Adjusted EBITDA for the year ended December 31, 2024, was $51,107 thousand, compared to $43,064 thousand in 2023, reflecting an 18.7% increase[18] - Free Cash Flow for 2024 totaled $11.6 million, down from $21.7 million in 2023[4] - Cash flows from operating activities for the year ended December 31, 2024, were $39,089 thousand, down from $45,212 thousand in 2023[15] - Net cash provided by operating activities decreased to $39,089,000 in 2024 from $45,212,000 in 2023, a decline of 13.5%[22] - Free Cash Flow for 2024 was $11,639,000, down from $21,707,000 in 2023, representing a decrease of 46.3%[22] Revenue Breakdown - Revenue for the year ended December 31, 2024, increased to $224,257 thousand, a 22.6% increase from $183,008 thousand in 2023[13] - Revenue from ventilator rentals (non-invasive and invasive) rose by 15.1% to $124,577,000, accounting for 55.6% of total revenue in 2024[22] - Other home medical equipment rentals saw a significant increase of 27.0%, reaching $48,651,000 in 2024[22] - Equipment and supply sales grew by 19.9% to $30,896,000, representing 13.7% of total revenue in 2024[22] - Service revenues surged by 88.8%, totaling $20,133,000 in 2024, up from $10,665,000 in 2023[22] Patient Count and Market Expansion - The ventilator patient count increased to 11,795, a 14% increase year-over-year[4] - The PAP therapy patient count rose to 21,338, a 43% increase year-over-year[4] - The company plans to ramp up its sales force to penetrate the underserved market for non-invasive ventilation and complementary services[5] Future Projections - The company expects net revenue for 2025 to be in the range of $254 million to $265 million[4] - Adjusted EBITDA for 2025 is expected to be between $54 million and $58 million[4] Investment and Cash Management - Net cash used in investing activities for the year ended December 31, 2024, was $(30,699) thousand, compared to $(52,113) thousand in 2023, indicating improved cash management[15] - The company reported a net increase in cash and cash equivalents of $4,701 thousand for the year ended December 31, 2024, compared to a decrease of $(4,075) thousand in 2023[15] - The company invested $37,771 thousand in property and equipment during the year ended December 31, 2024, compared to $26,093 thousand in 2023, indicating ongoing expansion efforts[15] Shareholder Information - The weighted average number of diluted shares outstanding increased to 40,805,085 for the year ended December 31, 2024, from 40,378,922 in 2023[13]

Core Viewpoint - Viemed Healthcare, Inc. reported strong financial results for the year ended December 31, 2024, with significant growth in revenues and net income, and provided optimistic guidance for 2025, emphasizing its role in respiratory care and technology-enabled home medical equipment services [1][3]. Financial Performance - Net revenues for Q4 2024 reached a record $60.7 million, an increase of $10.0 million, or 20%, compared to Q4 2023 [4]. - Total net revenues for the year 2024 were $224.3 million, up $41.2 million, or 23%, from 2023 [4]. - Net income for Q4 2024 was $4.3 million, or $0.10 per diluted share, reflecting a 24% increase from Q4 2023 [4]. - For the full year 2024, net income totaled $11.3 million, or $0.28 per diluted share, a 10% increase from 2023 [4]. Operational Highlights - The company increased its ventilator patient count to 11,795, a 14% increase year-over-year [4]. - The PAP therapy patient count rose to 21,338, marking a 43% increase from the previous year [4]. - The sleep resupply patient count reached 24,478, up 29% year-over-year [4]. Guidance for 2025 - Viemed expects net revenue for the year ending December 31, 2025, to be in the range of $254 million to $265 million [4]. - Adjusted EBITDA for 2025 is projected to be between $54 million and $58 million [4]. Strategic Focus - The company plans to enhance its sales force and expand into underserved markets for non-invasive ventilation, sleep, staffing, and complementary services [3]. - Viemed aims to leverage its existing payer relationships to create new partnership opportunities and explore inorganic growth [3]. Cash Flow and Balance Sheet - Net cash provided by operating activities for 2024 was $39.1 million, compared to $45.2 million in 2023 [4]. - Free Cash Flow for 2024 was $11.6 million, down from $21.7 million in 2023 [4]. - As of December 31, 2024, the company had a cash balance of $17.5 million and long-term debt of $3.6 million [4]. Revenue Breakdown - For the year ended December 31, 2024, net revenue from ventilator rentals was $124.6 million, accounting for 55.6% of total revenue [20]. - Other home medical equipment rentals generated $48.7 million, representing 21.7% of total revenue [20]. - Service revenues increased significantly to $20.1 million, up 88.8% from the previous year [20].

Core Viewpoint - Viemed Healthcare, Inc. will host its Year End 2024 earnings conference call on March 11, 2025, at 11:00 a.m. EDT, indicating the company's commitment to transparency and communication with investors [1]. Company Overview - Viemed Healthcare, Inc. is a national leader in respiratory care and technology-enabled home medical equipment services in the United States [1]. - The company specializes in in-home clinical care for post-acute respiratory healthcare, offering services such as non-invasive ventilators (NIV), sleep therapy, and staffing, along with complementary products [3]. - Viemed emphasizes efficient and effective in-home treatment, utilizing clinical practitioners to provide therapy, education, and counseling to patients through high-touch and high-tech services [3]. Participation Details - Interested parties can join the earnings call by dialing a toll-free number for the US or an international number, and a live audio webcast will also be available [2]. - A replay of the call will be accessible in the Investor Relations section of the company's website after the live event [2]. Contact Information - For further inquiries, contact details for Tripp Sullivan from SCR Partners, LLC, and Todd Zehnder, Chief Operating Officer of Viemed, are provided [4].