Viemed Healthcare Announces Second Quarter 2020 Record Financial Results

Viemed Healthcare, Inc., a home medical equipment supplier that provides post-acute respiratory care services in the United States, announced today that it has reported its financial results for the three and six months ended June 30, 2020.

Operational highlights (all dollar amounts are USD):

• Net revenues for the quarter ended June 30, 2020 were $42.9 million, an increase of 111% over net revenues reported for the comparable quarter ended June 30, 2019. Current quarter revenues included approximately $19.7 million of product sales related to the ongoing COVID-19 pandemic. The Company also recognized an additional $2.5 million in sales proceeds in gain/loss on sale of equipment which represents another portion of the equipment sales related to the pandemic.
   
• Net income for the quarter ended June 30, 2020 totaled approximately $19.4 million, a Company record, compared to $1.3 million for the quarter ended June 30, 2019. Net income for the six months ended June 30, 2020 totaled approximately $23.7 million, compared to $3.3 million for the six months ended June 30, 2019. 
   
• Adjusted EBITDA for the quarter ended June 30, 2020 totaled approximately $16.3 million, a Company record, and a 296% increase as compared to the quarter ended June 30, 2019. Adjusted EBITDA for the six months ended June 30, 2020 totaled approximately $24.2 million, a 181% increase as compared to the six months ended June 30, 2019. 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 current cash balance of $29.7 million at June 30, 2020  ($13.4 million at December 31, 2019) and an overall working capital balance of $17.4 million ($1.9 million at December 31, 2019). Total long-term debt as of June 30, 2020 was $8.3 million.
   
• In addition to its core rental business, the Company is continuing to pursue additional purchase orders to provide support during the COVID-19 pandemic as well as sourcing equipment and PPE to fulfill these opportunities. The Company expects to generate net revenues of approximately $31 million to $35 million during the third quarter of 2020, including approximately $6.8 million to $9.8 million of revenue related to the ongoing COVID-19 pandemic.

“We have once again demonstrated our ability to create value while serving as a resource for those in need during the COVID-19 pandemic,” said Casey Hoyt, Viemed’s CEO. “We continue to adapt to the ongoing changes in the healthcare system and are developing new ways to collaborate with referral sources to ensure that all eligible patients can obtain our quality care and service.”

Conference Call Details

The Company will host a conference call to discuss second quarter results on Wednesday, August 5, 2020 at 11:00 a.m. EST.

The call-in numbers for participants are:

US Toll Free: 1-877-407-0784
International Toll Free: 1-201-689-8560
Meeting ID Number: 13707099
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.  Viemed’s 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 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