Viemed(US:VMD)2025-03-10 21:03Financial 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]