Viemed(US:VMD)2024-11-06 21:47Financial Performance - Net revenues for the third quarter of 2024 increased by 17.4% to $58.0 million, setting a new company record[1] - Net income rose by 33% to $3.9 million, equating to $0.10 per diluted share, while adjusted EBITDA increased by 15.5% to $14.0 million[2] - Revenue for Q3 2024 reached $58,004,000, a 17.1% increase from $49,402,000 in Q3 2023[12] - Gross profit for Q3 2024 was $34,371,000, up from $30,562,000 in Q3 2023, reflecting a gross margin improvement[12] - Net income for Q3 2024 was $3,905,000, compared to $2,919,000 in Q3 2023, representing a 33.8% increase[12] - Adjusted EBITDA for Q3 2024 was $13,954,000, an increase from $12,081,000 in Q3 2023[15] - Revenue for the quarter ended September 30, 2024, was $58,004,000, an increase of 16.4% compared to $49,402,000 for the same period in 2023[17] - Gross profit for the quarter was $34,371,000, representing a gross profit margin of 59%, slightly down from 60% in the previous quarter[17] - Net income for the quarter was $3,905,000, a significant increase from $1,477,000 in the same quarter last year[17] Cash and Assets - The company reported a strong cash balance of $11.3 million and total working capital of $11.3 million, with long-term debt at $3.7 million[4] - Cash as of September 30, 2024, was $11,347,000, up from $8,807,000 at the end of the previous quarter[17] - Total assets increased to $169.526 million as of September 30, 2024, up from $154.895 million at the end of 2023[11] - Total assets as of September 30, 2024, were $169,526,000, an increase from $163,947,000 in the previous quarter[17] Operational Metrics - The ventilator patient count increased by 11.0% to 11,374, and the sleep therapy patient count rose by 11.0% to 19,478 as of September 30, 2024[3] - The sales force restructuring and operational efficiencies are driving strong organic revenue growth and greater market penetration[6] - Vent patients increased to 11,374, up from 10,905 in the previous quarter[17] - Revenue from ventilator rentals was $31,772,000, up from $28,322,000 in the same quarter last year[18] - Revenue from other home medical equipment rentals was $12,459,000, compared to $11,119,000 in the same quarter last year[18] Shareholder Equity and Liabilities - Shareholders' equity rose to $126.795 million, compared to $113.895 million at the end of 2023[11] - Trade payables increased to $6.007 million from $4.180 million, and total current liabilities rose to $36.444 million[11] Future Projections - The company expects fourth quarter net revenues to be approximately $59.7 million to $60.9 million, exceeding previous projections[5] - Cash provided by operating activities for the nine months ended September 2024 was $24,102,000, down from $31,928,000 in the same period of 2023[13] - The company reported a net cash decrease of $1,492,000 for the quarter, compared to a decrease of $6,836,000 in Q3 2023[13] - Total operating expenses for Q3 2024 were $32,488,000, compared to $27,697,000 in Q3 2023, indicating a 17.5% increase[12] - The company invested $25,942,000 in property and equipment during the nine months ended September 2024, up from $18,161,000 in the same period of 2023[13] Share Information - Basic net income per share for Q3 2024 was $0.10, compared to $0.08 in Q3 2023[12] - The weighted average number of diluted shares outstanding increased to 40,779,414 in Q3 2024 from 40,420,615 in Q3 2023[12]