LAFAYETTE, La., Nov. 01, 2021 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the Company or Viemed) (NASDAQ:VMD and TSX: VMD.TO), a home medical equipment supplier and the nations largest independent provider of ventilation that provides post-acute respiratory care services, today reported its financial results for the three and nine months ended September 30, 2021.

Operational highlights (all dollar amounts are USD):

Total net revenues for the current quarter were $29.3 million and included $1.5 million of net revenues for contact and vaccine tracing services and product sales related to the COVID-19 pandemic. Net revenues attributable to the Company's core business for the quarter ended September 30, 2021 were $27.8 million, a new Company record, and an increase of $2.9 million, or 12%, over core business revenues reported for the comparable quarter ended September 30, 2020. Net revenues attributable to the core business were up approximately 6% from the second quarter of 2021.

Net income for the quarter ended September 30, 2021 totaled $1.8 million, compared to $2.8 million for the quarter ended September 30, 2020. Net income for the nine months ended September 30, 2021 totaled $5.0 million, compared to $26.5 million for the nine months ended September 30, 2020. In the prior year comparable period, net income included an income tax benefit of $5.3 million and $29.3 million of COVID-19 response sales and services during the height of the COVID-19 pandemic.

Adjusted EBITDA for the quarter ended September 30, 2021 totaled $7.4 million and Adjusted EBITDA for the nine months ended September 30, 2021 totaled $19.7 million. A reconciliation of reported non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures can be found in the tables accompanying this press release.

The Company had a cash balance of $26.9 million at September 30, 2021 ($31.0 million at December 31, 2020) and an overall working capital balance of $27.2 million at September 30, 2021 ($24.2 million at December 31, 2020). Long-term debt as of September 30, 2021 was $4.3 million ($5.8 million at December 31, 2020).

The Company grew its ventilator patient count to 8,200 at September 30, 2021, compared to 8,103 at June 30, 2021.

The Company expects to generate net revenues attributable to its core business of approximately $27.8 million to $28.8 million during the fourth quarter of 2021. While the Company's COVID-19 response related business has slowed during the current year, the Company is continuing to pursue additional sales and support revenues and estimates fourth quarter 2021 net revenues of approximately $1.5 million to $1.7 million related to the COVID-19 pandemic. Total net revenues for the fourth quarter of 2021 are estimated to be approximately $29.3 million to $30.5 million.

We are excited to report another record breaking quarter despite headwinds associated with the Delta variant, said Casey Hoyt, Viemed's CEO. The resiliency of our workforce and the strength of our relationships has driven our continued growth during these unprecedented times. The nationwide sales training programs conducted during the previous quarters have concluded and are expected to give our sales force new products to add to our superior service model. As we look forward, we continue to believe that our ability to provide technology enabled healthcare in the home setting will create enormous value and positive patient outcomes.

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Conference Call Details

The Company will host a conference call to discuss second quarter results on Tuesday, November 2, 2021 at 11:00 a.m. ET.

The call-in numbers for participants are:

US Toll Free Dial In: 1-877-407-0784 International Toll Free Dial In: 1-201-689-8560 Meeting ID Number: 13723389 Live Event Call me Link (Available 15 minutes prior to start time for participant entry) https://callme.viavid.com/?callme=true&passcode=13707099&h=true&info=company-email&r=true&B=6

Following the conclusion of the call, an audio recording and transcript of the call can be accessed on the Company's website.

ABOUT VIEMED HEALTHCARE, INC.

Viemed is a provider of in-home medical equipment and post-acute respiratory healthcare services in the United States. Viemeds service offerings are focused on effective in-home treatment with clinical practitioners providing therapy and counseling to patients in their homes using cutting edge technology. Visit our website at http://www.viemed.com.

For further information, please contact:

Glen Akselrod Bristol Capital 905-326-1888 glen@bristolir.com

Todd Zehnder Chief Operating Officer Viemed Healthcare, Inc. 337-504-3802 investorinfo@viemed.com

Forward-Looking Statements

Certain statements contained in this press release may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or forward-looking information as such term is defined in applicable Canadian securities legislation (collectively, forward-looking statements). Often, but not always, forward-looking statements can be identified by the use of words such as plans, expects, is expected, budget, potential, scheduled, estimates, forecasts, intends, anticipates, believes, or projects, or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results will, should, may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. All statements other than statements of historical fact, including those that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance, including the Company's net revenue guidance for the fourth quarter, are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking statements to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: the general business, market and economic conditions in the regions in which the Company operates; the impact of the COVID-19 pandemic and the actions taken by governmental authorities, individuals and companies in response to the pandemic on our business, financial condition and results of operations, including on the Company's patient base, revenues, employees, and equipment and supplies; significant capital requirements and operating risks that the Company may be subject to; the ability of the Company to implement business strategies and pursue business opportunities; volatility in the market price of the Company's common shares; the Companys novel business model; the risk that the clinical application of treatments that demonstrate positive results in a study may not be positively replicated or that such test results may not be predictive of actual treatment results or may not result in the adoption of such treatments by providers; the state of the capital markets; the availability of funds and resources to pursue operations; reductions in reimbursement rates and audits of reimbursement claims by various governmental and private payor entities; dependence on few payors; possible new drug discoveries; dependence on key suppliers and the recall of certain Royal Philips BiPAP and CPAP devices and ventilators that we distribute and sell; granting of permits and licenses in a highly regulated business; competition; low profit market segments; disruptions in or attacks (including cyber-attacks) on the Company's information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations; difficulty integrating newly acquired businesses; the impact of new and changes to, or application of, current laws and regulations; the overall difficult litigation and regulatory environment; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; the Companys status as an emerging growth company; and the occurrence of natural and unnatural catastrophic events or health epidemics or concerns, such as the COVID-19 pandemic, and claims resulting from such events or concerns; as well as those risk factors discussed or referred to in the Companys disclosure documents filed with the U.S. Securities and Exchange Commission (the SEC) available on the SECs website at http://www.sec.gov, including the Companys most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and with the securities regulatory authorities in certain provinces of Canada available at http://www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

VIEMED HEALTHCARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in thousands of U.S. Dollars, except share amounts) (Unaudited)

At September 30, 2021

At December 31, 2020

ASSETS

Current assets

Cash and cash equivalents

$

26,867

$

30,981

Accounts receivable, net of allowance for doubtful accounts of $7,115 and $9,013 at September 30, 2021 and December 31, 2020, respectively

12,696

12,373

Inventory, net of inventory reserve of $1,237 and $1,353 at September 30, 2021 and December 31, 2020, respectively

2,622

2,310

Income tax receivable

1,420

Prepaid expenses and other assets

3,761

1,511

Total current assets

$

47,366

$

47,175

Long-term assets

Property and equipment, net

59,036

55,056

Equity investments

1,942

733

Deferred tax asset

6,281

8,733

Other long-term assets

861

863

Total long-term assets

$

68,120

$

65,385

TOTAL ASSETS

$

115,486

$

112,560

LIABILITIES

Current liabilities

Trade payables

$

4,734

$

2,096

Deferred revenue

3,795

3,409

Income taxes payable

340

Accrued liabilities

9,283

12,595

Current portion of lease liabilities

481

2,741

Current portion of long-term debt

1,906

1,836

Total current liabilities

$

20,199

$

23,017

Long-term liabilities

Link:
Viemed Healthcare Announces Third Quarter 2021 Financial Results - Yahoo Finance