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Viemed Healthcare Announces First Quarter 2019 Financial Results

LAFAYETTE, La., May 06, 2019 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (TSX:VMD.TO), a home medical equipment supplier that provides post-acute respiratory care services in the United States, announced today that its financial statements for the three months ended March 31, 2019 and accompanying Management's Discussion & Analysis (MD&A) have been filed on SEDAR and are available at www.sedar.com.

Highlights are as follows (all dollar amounts are USD):

  • Revenues for the quarter ended March 31, 2019 were approximately $20.4 million and gross margin was $15.4 million, or 75%. Revenues and gross margin increased 45% and 46%, respectively, as compared to the quarter ended March 31, 2018. Revenues for the quarter ended March 31, 2019 grew sequentially by approximately 11% as compared to the quarter ended December 31, 2018.
     
  • The Company grew its ventilator patient count by approximately 36% as compared to prior year’s comparable quarter and 8% over fourth quarter 2018.
     
  • Capital expenditures totaled $4.5 million for the quarter ended March 31, 2019. The majority of the capital expenditures are once again to support the significant and continuous ventilator patient growth as well as an increased amount of capital spent in growing our percussion vest business.
     
  • Adjusted EBITDA for the quarter ended March 31, 2019 totaled approximately $4.8 million. The EBITDA was primarily reinvested in the aforementioned capital expenditures as the Company has consistently done in the prior quarters.
     
  • The Company has once again been executing on its previously adopted Normal Course Issuer Bid whereby it purchased 365,100 of its common shares at an average price of $4.21 (USD) per share during the quarter ended March 31, 2019.
     
  • The Company had a working capital balance of $4.7 million as of March 31, 2019 and total long-term debt of $1.2 million. The Company has no borrowings against its $10 million line of credit as of March 31, 2019.
     
  • The Company expects to generate total revenues of approximately $22.2 - $22.8 million during the second quarter of 2019 and expects slightly higher margins as the prior quarter. The mid-point of the revenue guidance represents a 45% increase over the quarter ended June 30, 2018 and a 10% increase over the quarter ended March 31, 2019.

“We have started the year fast with our growth outpacing prior year’s first quarter growth rate as we continue to get our therapy on more patients and expand into more geographic areas,” said Casey Hoyt, Viemed CEO. “We continue to invest in our Company as we have expanded our technology and marketing efforts at a rapid pace.  These investments, along with our continued efforts towards trading on a U.S. exchange should provide benefits to all shareholders in the future.”

Conference Call Details

The Company will host a conference call to discuss Q1 2019 results on Tuesday, May 7, 2019 at 11:00 a.m. EST.

The call-in numbers for participants are:

/EIN News/ -- US Toll Free: 1-800-239-9838

International Toll Free: 1-323-794-2551

Meeting ID Number: 5864529

ABOUT VIEMED HEALTHCARE, INC.

Viemed, through its indirect wholly-owned subsidiaries Sleep Management, L.L.C. and Home Sleep Delivered, L.L.C., is a home medical equipment supplier that provides post-acute respiratory care services in the United States. Sleep Management, L.L.C. focuses on disease management and improving the quality of life for respiratory patients through clinical excellence, education, and technology. Its service offerings are based on effective home treatment with respiratory care practitioners providing therapy and counseling to patients in their homes using cutting edge technology. Home Sleep Delivered focuses on providing in-home sleep testing for sleep apnea sufferers. 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

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, including, the Company generating total revenues of approximately $22.2 - $22.8 million during the second quarter of 2019 and expecting slightly higher margins as the prior quarter, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. 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, including, without limitation, the Company’s ability to increase the number of patients served and generate higher revenues while maintaining a similar cost structure. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; the ability to implement business strategies and pursue business opportunities; 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 to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; decline of reimbursement rates; dependence on few payors; possible new drug discoveries; a novel business model; dependence on key suppliers; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment, including in the U.S.; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events; as well as those risk factors discussed or referred to in Viemed’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.

Non-GAAP Measures

This press release refers to “Adjusted EBITDA” which is a non-GAAP and non-IFRS financial measure that does not have a standardized meaning prescribed by GAAP or IFRS. The Company's presentation of this financial measure may not be comparable to similarly titled measures used by other companies. This financial measure is intended to provide additional information to investors concerning the Company's performance. Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization and is a measure of a company's operating performance. Essentially, it's a way to evaluate a company's performance without having to factor in financing decisions, accounting decisions or tax environments. The following table shows the Company’s Non-IFRS measure (EBITDA) reconciled to net income for the indicated periods:

  Three months ended
March 31, 2019
   Gross $USD   %  
 Net Income  $2,154,000   10 %
 Adjustments  (Income Tax, Depreciation, Interest, and
 Stock Compensation)
 $2,613,000   13 %
 Adjusted EBITDA  $4, 767,000   23 %

Management uses this non-GAAP measure as a key metric in the evaluation of the Company's performance and the consolidated financial results. The Company believes Adjusted EBITDA is useful to investors in their assessment of the operating performance and the valuation of the Company. In addition, this non-GAAP measure addresses questions the Company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this data available to all investors. However, non-GAAP financial measures are not prepared in accordance with GAAP, and the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

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