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Viemed(VMD) - 2024 Q3 - Quarterly Results
VMDViemed(VMD)2024-11-06 21:47

Financial Performance - Net revenues for the third quarter of 2024 increased by 17.4% to 58.0million,settinganewcompanyrecord[1]−Netincomeroseby3358.0 million, setting a new company record[1] - Net income rose by 33% to 3.9 million, equating to 0.10perdilutedshare,whileadjustedEBITDAincreasedby15.50.10 per diluted share, while adjusted EBITDA increased by 15.5% to 14.0 million[2] - Revenue for Q3 2024 reached 58,004,000,a17.158,004,000, a 17.1% increase from 49,402,000 in Q3 2023[12] - Gross profit for Q3 2024 was 34,371,000,upfrom34,371,000, up from 30,562,000 in Q3 2023, reflecting a gross margin improvement[12] - Net income for Q3 2024 was 3,905,000,comparedto3,905,000, compared to 2,919,000 in Q3 2023, representing a 33.8% increase[12] - Adjusted EBITDA for Q3 2024 was 13,954,000,anincreasefrom13,954,000, an increase from 12,081,000 in Q3 2023[15] - Revenue for the quarter ended September 30, 2024, was 58,004,000,anincreaseof16.458,004,000, 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,representingagrossprofitmarginof5934,371,000, 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 1,477,000inthesamequarterlastyear[17]CashandAssets−Thecompanyreportedastrongcashbalanceof1,477,000 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 11.3million,withlong−termdebtat11.3 million, with long-term debt at 3.7 million[4] - Cash as of September 30, 2024, was 11,347,000,upfrom11,347,000, up from 8,807,000 at the end of the previous quarter[17] - Total assets increased to 169.526millionasofSeptember30,2024,upfrom169.526 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,anincreasefrom169,526,000, 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,upfrom31,772,000, up from 28,322,000 in the same quarter last year[18] - Revenue from other home medical equipment rentals was 12,459,000,comparedto12,459,000, compared to 11,119,000 in the same quarter last year[18] Shareholder Equity and Liabilities - Shareholders' equity rose to 126.795million,comparedto126.795 million, compared to 113.895 million at the end of 2023[11] - Trade payables increased to 6.007millionfrom6.007 million from 4.180 million, and total current liabilities rose to 36.444million[11]FutureProjections−Thecompanyexpectsfourthquarternetrevenuestobeapproximately36.444 million[11] Future Projections - The company expects fourth quarter net revenues to be approximately 59.7 million to 60.9million,exceedingpreviousprojections[5]−CashprovidedbyoperatingactivitiesfortheninemonthsendedSeptember2024was60.9 million, exceeding previous projections[5] - Cash provided by operating activities for the nine months ended September 2024 was 24,102,000, down from 31,928,000inthesameperiodof2023[13]−Thecompanyreportedanetcashdecreaseof31,928,000 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 6,836,000inQ32023[13]−TotaloperatingexpensesforQ32024were6,836,000 in Q3 2023[13] - Total operating expenses for Q3 2024 were 32,488,000, compared to 27,697,000inQ32023,indicatinga17.527,697,000 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 18,161,000inthesameperiodof2023[13]ShareInformation−BasicnetincomepershareforQ32024was18,161,000 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]