Viemed Healthcare Announces Record Second Quarter 2024 Financial Results

Core Insights - Viemed Healthcare, Inc. reported record net revenues of $55.0 million for the quarter ended June 30, 2024, marking a 27% increase compared to the same quarter in 2023 [2] - The company achieved a net income of $1.5 million and an adjusted EBITDA of $12.8 million, reflecting a 31% increase year-over-year [3] - Viemed's ventilator patient count reached a record high of 10,905, representing a 4.4% sequential increase from the previous quarter [4] Financial Performance - Net revenues for Q2 2024 were $55.0 million, up from $43.3 million in Q2 2023, indicating a growth of $11.7 million [2] - Adjusted EBITDA for Q2 2024 was $12.8 million, compared to $9.8 million in Q2 2023, showing a significant increase [3][19] - The company reported a net income of $1.5 million for Q2 2024, compared to $2.3 million in Q2 2023 [3][19] Operational Highlights - The number of ventilator patients increased to 10,905 as of June 30, 2024, up from 10,450 at the end of Q1 2024 [4][19] - The company maintains a cash balance of $8.8 million and total working capital of $13.5 million as of June 30, 2024 [4] - Viemed expects to generate net revenues of approximately $56.5 million to $57.7 million in Q3 2024 [5] Management Commentary - CEO Casey Hoyt emphasized the organic growth of complex respiratory services, highlighting the substantial demand and Viemed's commitment to addressing the needs of an underserved market [6]