Viemed Healthcare Announces Third Quarter 2024 Financial Results

Core Viewpoint - Viemed Healthcare, Inc. reported strong financial results for the third quarter of 2024, with significant increases in net revenues, net income, and operational metrics, indicating robust growth in the respiratory care and home medical equipment services sector. Financial Performance - Net revenues for the quarter ended September 30, 2024, increased by 17.4% to $58.0 million compared to the same period in 2023, setting a new company record [1] - Net income rose by 33% to $3.9 million, translating to $0.10 per diluted share [2] - Adjusted EBITDA for the quarter increased by 15.5% to $14.0 million [2] Operational Highlights - The number of ventilator patients increased by 11.0% to 11,374 as of September 30, 2024, with a sequential increase of 4.3% from June 30, 2024 [3] - Sleep therapy patient count also rose by 11.0% sequentially to 19,478, and sleep resupply orders increased by 9.7% to 22,143 [3] Cash and Debt Position - As of September 30, 2024, the company maintained a strong cash balance of $11.3 million and an overall working capital balance of $11.3 million [4] - Long-term debt amounted to $3.7 million, with $55.3 million available under existing credit facilities [4] Future Outlook - The company exceeded its previously projected net revenue range for Q3 2024 and anticipates generating net revenues of approximately $59.7 million to $60.9 million in Q4 2024 [5] - CEO Casey Hoyt emphasized the company's commitment to enhancing patient satisfaction and operational efficiencies, which are expected to drive organic revenue growth and market penetration [6][7] Revenue Breakdown - Revenue from ventilator rentals (non-invasive and invasive) was $31.8 million for Q3 2024, up from $28.3 million in Q3 2023 [18] - Other home medical equipment rentals generated $12.5 million, compared to $11.1 million in the same period last year [18] - Total revenues for the nine months ended September 30, 2024, reached $163.6 million, up from $132.3 million in 2023 [18]