Part I [Business Overview](index=5&type=section&id=Item%201.%20Business) Viemed Healthcare provides in-home durable medical equipment and respiratory healthcare, focusing on organic growth and ventilator rentals, primarily reimbursed by Medicare and Medicaid - The company's core business is providing in-home DME and post-acute respiratory healthcare services, with a focus on treating respiratory diseases like COPD and neuromuscular conditions[17](index=17&type=chunk)[18](index=18&type=chunk) Revenue Contribution from Key Products (Traditional Revenue) | Product/Service | % of 2021 Traditional Revenue | % of 2020 Traditional Revenue | | :--- | :--- | :--- | | Ventilator Rentals | 77% | 81% | | Home Medical Equipment (Rental & Sale) | 98.1% | 98.6% | | In-home Sleep Testing | 1.9% | 1.4% | - Viemed is expanding its services, having formed a healthcare staffing division (Viemed Healthcare Staffing LLC) in 2021 and invested in a remote patient monitoring (RPM) company, VeruStat, Inc[18](index=18&type=chunk) - The company operates on an organic growth model, expanding in existing and new regions by employing more respiratory therapists (RTs) rather than investing heavily in physical locations. As of December 31, 2021, Viemed employed 627 people[19](index=19&type=chunk)[74](index=74&type=chunk) - Medicare and Medicaid are the primary sources of reimbursement, accounting for **64% of traditional revenue in 2021** and **67% in 2020**. The company's reimbursement is subject to fee-for-service pricing guidelines set by CMS[64](index=64&type=chunk)[73](index=73&type=chunk) [Risk Factors](index=13&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from the COVID-19 pandemic, supplier dependence, reimbursement changes, and extensive government regulations - **COVID-19 Pandemic:** The pandemic poses risks of operational disruption, supply chain delays, and negative impacts on patient base and receivables collection due to economic factors like unemployment[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - **Supplier Dependence and Recall:** The company depends on key suppliers for equipment. A voluntary recall by Royal Philips for certain BiPAP, CPAP, and ventilator devices in June 2021 could lead to equipment shortages, increased costs, and potential litigation, significantly impacting business[87](index=87&type=chunk)[88](index=88&type=chunk)[91](index=91&type=chunk) - **Reimbursement and Regulatory Risk:** A substantial portion of revenue comes from Medicare and Medicaid. The business is at risk from reimbursement rate reductions, retroactive payment adjustments from audits, and potential inclusion of its products in future Medicare Competitive Bidding rounds. An OIG audit report has led to a request for repayment of purported overpayments, which the company is appealing[83](index=83&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) - **Fraud and Abuse Laws:** The company is subject to complex federal and state laws (e.g., Anti-Kickback Statute, Stark Law, False Claims Act). Violations can result in severe civil and criminal penalties, exclusion from government healthcare programs, and significant legal costs[105](index=105&type=chunk)[132](index=132&type=chunk)[134](index=134&type=chunk) - **Emerging Growth Company Status:** As an emerging growth company, Viemed takes advantage of reduced reporting requirements. This may make its common stock less attractive to some investors and could result in a less active trading market[68](index=68&type=chunk)[145](index=145&type=chunk) [Unresolved Staff Comments](index=27&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - Not applicable[163](index=163&type=chunk) [Properties](index=27&type=section&id=Item%202.%20Properties) Viemed owns its Lafayette headquarters and recently acquired additional office and warehouse facilities, deemed adequate for current needs - The company owns its headquarters in Lafayette, Louisiana, which is subject to a mortgage[164](index=164&type=chunk) - During Q4 2021, Viemed acquired an office building and a warehouse previously leased from a company owned by its CEO and President[164](index=164&type=chunk) [Legal Proceedings](index=28&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine legal actions, not expected to materially impact financial condition or operations - The company is involved in ongoing or threatened legal actions arising from the ordinary course of business. Management believes these will not have a material adverse effect[165](index=165&type=chunk) [Mine Safety Disclosures](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[166](index=166&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=29&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Viemed's common shares trade on Nasdaq and TSX; the company has never paid dividends due to loan agreement restrictions - Common shares trade on Nasdaq ("VMD") and the TSX ("VMD.TO")[167](index=167&type=chunk) - The company has never paid dividends and does not anticipate doing so in the foreseeable future, partly due to restrictions in its loan agreement[169](index=169&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue and net income declined in 2021 due to reduced COVID-19 related sales, while traditional business grew, maintaining strong liquidity Financial Performance Summary (2021 vs. 2020) | Metric | 2021 | 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $117.1M | $131.3M | ($14.2M) | (10.8)% | | Net Income | $9.1M | $31.5M | ($22.4M) | (71.1)% | | Traditional Revenue (ex-COVID) | $108.5M | $96.9M | $11.6M | 11.9% | - The decrease in total revenue and net income was primarily driven by a **$25.8 million (75.1%) year-over-year reduction** in COVID-19 response sales and services[197](index=197&type=chunk)[199](index=199&type=chunk) - The company's core ventilator rental revenue grew by **$5.6 million (7.1%) in 2021**, driven by organic growth in its active patient base[198](index=198&type=chunk) - Gross profit margin increased from **61.0% in 2020 to 62.7% in 2021**, attributed to the decline in lower-margin COVID-19 response sales and services[201](index=201&type=chunk) - The company maintains a strong liquidity position with **$28.4 million in cash and cash equivalents** and an undrawn **$10.0 million line of credit** as of December 31, 2021[216](index=216&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable to the company - Not applicable[236](index=236&type=chunk) [Financial Statements and Supplementary Data](index=40&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for 2021 and 2020, including balance sheets, income statements, equity changes, cash flows, and detailed notes - The financial statements were audited by Ernst & Young LLP, which issued an unqualified opinion, stating the financials are presented fairly in all material respects in conformity with U.S. GAAP[240](index=240&type=chunk)[244](index=244&type=chunk) Consolidated Balance Sheet Highlights (As of Dec 31) | Account | 2021 (in thousands) | 2020 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $28,408 | $30,981 | | Total Current Assets | $47,310 | $47,175 | | Total Assets | $117,962 | $112,560 | | **Liabilities & Equity** | | | | Total Current Liabilities | $17,811 | $23,017 | | Total Liabilities | $23,142 | $30,867 | | Total Shareholders' Equity | $94,820 | $81,693 | Consolidated Statement of Cash Flows Highlights (Year Ended Dec 31) | Activity | 2021 (in thousands) | 2020 (in thousands) | | :--- | :--- | :--- | | Net Cash from Operating Activities | $22,494 | $35,110 | | Net Cash used in Investing Activities | ($19,746) | ($8,415) | | Net Cash used in Financing Activities | ($5,321) | ($9,069) | | **Net Change in Cash** | **($2,573)** | **$17,626** | [Notes to Consolidated Financial Statements](index=46&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail accounting policies, debt covenants, stock compensation, and significant legal contingencies, including an OIG audit and supplier dispute - **Revenue Recognition:** Rental revenue (ventilators, other DME) is recognized under Topic 842 (Leases), while equipment sales and services (including COVID-19 response) are recognized under Topic 606 (Revenue from Contracts with Customers)[281](index=281&type=chunk)[283](index=283&type=chunk) - **Debt Covenants:** The company was in compliance with all financial covenants under its Commercial Business Loan Agreement as of December 31, 2021, including Total Debt to Adjusted EBITDA and Fixed Charge Coverage Ratio[227](index=227&type=chunk)[320](index=320&type=chunk) - **Legal Contingency (OIG Audit):** Following an OIG report, the company received requests from Medicare Administrative Contractors (MACs) for repayment of purported overpayments. The company is appealing and estimates the maximum potential loss at approximately **$9 million**. No loss has been accrued as it is not deemed probable[348](index=348&type=chunk) - **Legal Contingency (Vyaire Lawsuit):** The company is in a legal dispute with supplier Vyaire over a purchase order, seeking to recover a **$0.9 million prepayment** and defending against a **$4.7 million counterclaim** from Vyaire. No loss has been accrued for the counterclaim[345](index=345&type=chunk)[346](index=346&type=chunk) - **CARES Act Funds:** The company received and recognized Provider Relief Fund payments of **$1.5 million in 2021** and **$3.5 million in 2020**. These are treated as government grants and are not expected to be repaid[350](index=350&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=67&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding financial matters - None[361](index=361&type=chunk) [Controls and Procedures](index=67&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2021 - Management concluded that disclosure controls and procedures were effective as of December 31, 2021[362](index=362&type=chunk) - Based on the COSO 2013 framework, management concluded that internal control over financial reporting was effective as of December 31, 2021[365](index=365&type=chunk) - No attestation report on internal control from the independent registered public accounting firm is included, as permitted for an emerging growth company[366](index=366&type=chunk) [Other Information](index=68&type=section&id=Item%209B.%20Other%20Information) The company reports no other information to disclose for this item - None[368](index=368&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=69&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the proxy statement - Information is incorporated by reference from the definitive proxy statement to be filed later[371](index=371&type=chunk) [Executive Compensation](index=69&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive compensation is incorporated by reference from the definitive proxy statement - Information is incorporated by reference from the definitive proxy statement to be filed later[372](index=372&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=69&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and related stockholder matters is incorporated by reference from the proxy statement - Information is incorporated by reference from the definitive proxy statement to be filed later[373](index=373&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=69&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the proxy statement - Information is incorporated by reference from the definitive proxy statement to be filed later[374](index=374&type=chunk) [Principal Accountant Fees and Services](index=69&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and services is incorporated by reference from the proxy statement - Information is incorporated by reference from the definitive proxy statement to be filed later[375](index=375&type=chunk) [Exhibits and Financial Statement Schedules](index=69&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists documents filed as part of the 10-K, including financial statements and exhibits, with no financial schedules required - The financial statements from Item 8 are filed as part of this report[377](index=377&type=chunk) - No financial statement schedules are required to be included[377](index=377&type=chunk) [Form 10-K Summary](index=72&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no Form 10-K summary - None[383](index=383&type=chunk)

1934 For the quarterly period ended September 30, 2021 ☐ 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 jurisdiction of incorporation or organization) (IRS Employer Identification Number) 625 E. Kaliste Saloom Rd. Lafayette, LA 70508 (Address of principal executive ...

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 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 jurisdiction of incorporation or organization) (IRS Employer Identification Number) For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) O ...

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, 2021 ☐ 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, 2020 ☐ 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 September 30, 2020 ☐ 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 o ...

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, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 625 E. Kaliste Saloom Rd. Lafayette, LA 70508 (Address of principal executive offices, including zip code) (337) 504-3802 (Registrant's telephone number, including area code) For the transition period fro ...

Revenue Performance - Total revenues for the three months ended March 31, 2020, were $23,806,000, representing a 31.1% increase from $18,115,000 in the same period of 2019[44]. - Revenue from ventilator rentals increased to $18,792,000 in Q1 2020 from $16,204,000 in Q1 2019, reflecting a growth of 15.8%[44]. - Revenue from COVID-19 response sales reached $1,040,000, with no comparable revenue in the prior year[44]. - Revenue for the quarter ended March 31, 2020, was $23.8 million, an increase from $21.4 million in the same quarter of 2019, representing an increase of 11%[143]. - For the three months ended March 31, 2020, revenue totaled $23.8 million, an increase of $5.7 million (or 31.4%) from the comparable period in 2019[146]. - COVID-19 response related sales amounted to $1.0 million, primarily from ventilators and associated supplies[148]. - Rental revenue from other durable medical equipment grew $1.3 million (or 167.4%) quarter over quarter[146]. Financial Position - The company's medical equipment net value as of March 31, 2020, was $56,632,000, up from $54,772,000 at the end of 2019[66]. - Total accrued liabilities decreased to $6,886,000 as of March 31, 2020, from $8,968,000 at the end of 2019, indicating a reduction of 24.1%[67]. - As of March 31, 2020, the Company had total notes payable of $8,951,000, down from $9,379,000 as of December 31, 2019[76]. - The Company reported net long-term notes payable of $7,179,000 as of March 31, 2020, compared to $7,629,000 at the end of 2019[76]. - The Company recognized finance lease liabilities of $9,763,000 as of March 31, 2020, a decrease from $10,132,000 as of December 31, 2019[77]. - Total assets as of March 31, 2020, were $86.8 million, up from $82.6 million at the end of 2019, showing a growth of 2.7%[143]. - The company had current assets of $30,151,000, compared to $27,811,000 as of December 31, 2019[111]. Income and Earnings - The net income attributable to shareholders for the three months ended March 31, 2020, was $4,243,000, compared to $1,958,000 for the same period in 2019[114]. - Basic earnings per share for the three months ended March 31, 2020, was $0.11, up from $0.05 in 2019[114]. - Net income for the quarter was $4.2 million, compared to $2.4 million for the same period in 2019, reflecting a year-over-year increase of 78%[143]. - For the quarter ended March 31, 2020, net income was $4.243 million, an increase from $2.388 million in the same quarter of 2019, representing a 77.5% year-over-year growth[160]. - Net income for the three months ended March 31, 2020 was $4.2 million, an increase of $2.3 million (or 116.7%) from the comparable period in 2019[155]. Expenses and Costs - Selling, general and administrative expenses totaled $10.6 million, an increase of $1.1 million (or 11.8%) from the comparable prior period, but as a percentage of revenue decreased to 44.4%[150]. - Cost of revenue totaled $8.3 million, an increase of $3.2 million (or 63.7%) from the comparable period in 2019, with gross profit percentage decreasing from approximately 72.2% to approximately 65.3%[149]. - Stock-based compensation for the three months ended March 31, 2020, totaled $1,151,000, compared to $880,000 for the same period in 2019[92]. - Stock-based compensation totaled $1.2 million, an increase of $0.3 million (or 30.8%) from the comparable period in 2019[152]. - Interest expense, net totaled $158,000, an increase of $132,000 (or 507.7%) from the comparable period in 2019[153]. Cash Flow and Financing - Cash and cash equivalents decreased to $8.4 million as of March 31, 2020, down from $13.4 million at December 31, 2019[162]. - Net cash provided by operating activities was $0.607 million for the three months ended March 31, 2020, compared to $0.650 million for the same period in 2019[163]. - Net cash used in financing activities was $3.842 million for the three months ended March 31, 2020, compared to $3.561 million in the same period of 2019[168]. - The company reported a net decrease in cash and cash equivalents of $4.946 million for the three months ended March 31, 2020[163]. - The company maintains a $10.0 million line of credit with Hancock Whitney Bank, which was fully available as of March 31, 2020[111]. Operational Highlights - The number of active ventilator patients at the end of the quarter was 7,965, an increase from 7,759 in the previous year, indicating a growth of 2.7%[143]. - The active ventilator patient base grew from 6,393 as of March 31, 2019 to 7,965 as of March 31, 2020, an increase of 25%[148]. - The company employed more than 255 licensed Respiratory Therapists, representing over 54% of the total employee count, to support its service model[132]. - The COVID-19 pandemic has led to minimal disruption in operations, with the company continuing to set up new patients in homes[134]. - The removal of non-invasive ventilators from the competitive bidding process is expected to last three years, allowing the company to furnish these products in all Medicare accredited areas[141]. Accounting and Compliance - The company has adopted ASU No. 2018-13 regarding fair value measurement, effective January 1, 2020, with no material impact on financial statements[61]. - The company is in compliance with all financial covenants as of March 31, 2020, with a total debt to adjusted EBITDA ratio of 0.83[173]. - The allowance for doubtful accounts was $10.2 million as of March 31, 2020, compared to $5.9 million as of March 31, 2019, indicating a significant increase in estimated uncollectible receivables[196]. - The company does not accept returns or refunds on equipment sales or sleep study services, and has no contract liabilities as of March 31, 2020[195]. - Deferred income tax assets and liabilities are recognized based on temporary differences between financial statement values and tax bases, requiring management estimates and assumptions[202].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 ☐ 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 x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 ☐ 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 o ...