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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 10, 2025
 

Viemed Healthcare, Inc.
(Exact name of registrant as specified in its charter)
  
British Columbia, Canada
001-38973N/A
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)
625 E. Kaliste Saloom Rd.
Lafayette, Louisiana
70508
(Address of principal executive offices)(Zip Code)
(337) 504-3802
(Registrant’s telephone number, including area code) 


(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares, no par value
VMD
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.     Results of Operations and Financial Condition

On March 10, 2025, Viemed Healthcare, Inc. (the "Company") issued a press release announcing its financial results for the three months and year ended December 31, 2024. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

In addition, a copy of the Company's Financial Supplement for three months and year ended December 31, 2024 is being furnished as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the foregoing information, including Exhibit 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.


Item 9.01.    Financial Statements and Exhibits
(d)Exhibits
 
Exhibit
Number
Description
104     Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 10, 2025
 
VIEMED HEALTHCARE, INC.
By:
/s/ Trae Fitzgerald
Trae Fitzgerald
Chief Financial Officer

































VIEMED HEALTHCARE ANNOUNCES RECORD 2024 FINANCIAL RESULTS

Lafayette, Louisiana (March 10, 2025) Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD), a national leader in respiratory care and technology-enabled home medical equipment services, announced today that it has reported its financial results for the three months and year ended December 31, 2024, and issued its guidance for the full year ending December 31, 2025.

Fourth Quarter and Full Year Operational Highlights (all dollar amounts are USD):

•Net revenues for the quarter ended December 31, 2024 reached a new Company record of $60.7 million representing an increase of $10.0 million, or 20%, over net revenues reported for the comparable quarter ended December 31, 2023. Total net revenues for the year ended December 31, 2024 were a record-breaking $224.3 million, an increase of $41.2 million, or 23%, over the year ended December 31, 2023.

•Net income attributable to Viemed for the quarter ended December 31, 2024 totaled $4.3 million, or $0.10 per diluted share, an increase of 24% over net income attributable to Viemed reported for the comparable quarter ended December 31, 2023. Net income attributable to Viemed for the year ended December 31, 2024 totaled $11.3 million, or $0.28 per diluted share, an increase of 10% over the year ended December 31, 2023, marking the Company's eighth consecutive year of positive net income.

•The Company increased its ventilator patient count to 11,795 as of December 31, 2024, an increase of 14% over December 31, 2023, and a 4% sequential increase from September 30, 2024.

•The Company increased its PAP therapy patient count to 21,338 as of December 31, 2024, an increase of 43% over December 31, 2023, and a 10% sequential increase from September 30, 2024. The Company also increased its sleep resupply patient count to 24,478 as of December 31, 2024, an increase of 29% over December 31, 2023, and an 11% sequential increase from September 30, 2024.

•Adjusted EBITDA for the quarter and year ended December 31, 2024 totaled $14.2 million and a record $51.1 million, respectively. 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 continues to generate substantial excess free cash flow while achieving robust organic growth and replacing a significant portion of its ventilator fleet during 2025. Net cash provided by operating activities for the year ended December 31, 2024 totaled $39.1 million compared with $45.2 million for the year ended December 31, 2023. Free Cash Flow for the year ended December 31, 2024 totaled $11.6 million compared with $21.7 million for the year ended December 31, 2023. 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.

•As of December 31, 2024, the Company maintains a strong cash balance of $17.5 million, and an overall working capital balance of $15.6 million. Long-term debt as of December 31, 2024 amounted to $3.6 million and the Company has $55 million available under existing credit facilities.

Full Year 2025 Guidance (all dollar amounts are USD):

•Net revenue for the year ending December 31, 2025 is expected to be in the range of $254 million to $265 million.

•Adjusted EBITDA for the year ending December 31, 2025 is expected to be in the range of $54 million to $58 million. See “Forward-Looking Statements” below for further information on this non-GAAP financial guidance.


Casey Hoyt, Viemed’s CEO, noted, “We once again demonstrated our value as a vital link between patients, providers, and payers for complex respiratory services with fourth quarter results meeting the high end of our expectations and maintaining a track record of strong organic growth and profitability, while at the same time enhancing the balance sheet. The sequential improvement in our operational metrics throughout 2024 reinforces the momentum we have established with hard-won improvements in our sales force and diversification of the business. Likewise, the continued demand for our high-touch, technology-enabled clinical approach in a regulatory environment that stresses efficiency, home care, transparency, and compliance gives us greater confidence in our value proposition.”



“Looking ahead to 2025, we are leaning into what has worked well for us throughout 2024 and growing in ways that complement our existing strengths. Utilizing the systems and processes we have in place for sales and operating efficiencies, as well as our home-grown staffing business, we plan to ramp up our sales force at a more aggressive pace to further penetrate a massively underserved market for non-invasive ventilation, sleep, staffing, and other complementary services. We also expect our trusted place in the home and our extensive, national payer relationships to create new opportunities to amplify these partnerships and potentially pursue inorganic growth,” added Mr. Hoyt.

Conference Call Details

The Company will host a conference call to discuss fourth quarter and year end results, as well as its 2025 guidance, on Tuesday, March 11, 2025 at 11:00 a.m. ET.

Interested parties may participate in the call by dialing:

877-407-6176 (US Toll-Free)
+1-201-689-8451 (International)

Live Audio Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=TPQeuTNd

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 an in-home clinical care provider of post-acute respiratory healthcare equipment and services in the United States, including non-invasive ventilators (NIV), sleep therapy, staffing, and other complementary products and services. Viemed focuses on efficient and effective in-home treatment with clinical practitioners providing therapy, education and counseling to patients in their homes using high-touch and high-tech services. Visit our website at www.viemed.com

For further information, please contact:

Tripp Sullivan
SCR Partners, LLC
615-942-7077
tsullivan@scr-ir.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”, “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 and Adjusted EBITDA guidance for 2025, 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 we operate; significant capital requirements and operating risks that we may be subject to; our ability to implement business strategies and pursue business opportunities; volatility in the market price of our common shares; the state of the capital markets; the availability of funds and resources to pursue operations; inflation; 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; granting of permits and licenses in a highly regulated business; competition; disruptions in or attacks (including cyber-attacks) on our 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 we are exposed; 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; 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 us; and the occurrence of natural and unnatural catastrophic events or health epidemics or concerns, and claims resulting from such events or concerns, as well as other general economic, market and business conditions; and other factors beyond our control; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s 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 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.

This press release contains non-GAAP financial guidance. There is no reliable or reasonably estimable comparable GAAP measure for the Company’s non-GAAP financial guidance because the Company is not able to reliably predict the impact of certain items that typically have one or more of the following characteristics: highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods. As a result, reconciliation of the non-GAAP financial guidance to the most directly comparable GAAP measure is not available without unreasonable effort. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company’s future GAAP results.

The Company’s financial guidance in this press release excludes the impact of potential future strategic acquisitions and any items that have not yet been identified or quantified. This guidance is subject to risks and uncertainties inherent in all forward-looking statements, as outlined above.






VIEMED HEALTHCARE, INC.
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars, except share amounts)
At
December 31, 2024		At
December 31, 2023
ASSETS
Current assets
Cash and cash equivalents$17,540 $12,839 
Accounts receivable, net
24,911 18,451 
Inventory4,320 4,628 
Prepaid expenses and other assets6,109 2,449 
Total current assets$52,880 $38,367 
Long-term assets
Property and equipment, net76,279 73,579 
Finance lease right-of-use assets50 401 
Operating lease right-of-use assets2,831 2,872 
Equity investments2,794 1,680 
Debt investment— 2,219 
Deferred tax asset8,398 4,558 
Identifiable intangibles, net848 567 
Goodwill32,989 29,765 
Other long-term assets— 887 
Total long-term assets124,189 116,528 
TOTAL ASSETS$177,069 $154,895 
LIABILITIES
Current liabilities
Trade payables$5,322 $4,180 
Deferred revenue6,694 6,207 
Income taxes payable3,883 2,153 
Accrued liabilities20,157 17,578 
Finance lease liabilities, current portion50 256 
Operating lease liabilities, current portion811 678 
Current portion of long-term debt409 1,072 
Total current liabilities$37,326 $32,124 
Long-term liabilities
Accrued liabilities846 558 
Finance lease liabilities, less current portion— 132 
Operating lease liabilities, less current portion2,007 2,184 
Long-term debt3,589 6,002 
Total long-term liabilities$6,442 $8,876 
TOTAL LIABILITIES$43,768 $41,000 
Commitments and Contingencies— — 
SHAREHOLDERS' EQUITY
Common stock - No par value: unlimited authorized; 39,132,897 and 38,506,161 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively
23,365 18,702 
Additional paid-in capital18,337 15,698 
Retained earnings89,691 79,495 
TOTAL VIEMED HEALTHCARE, INC.'S SHAREHOLDERS' EQUITY$131,393 $113,895 
Noncontrolling interest in subsidiary1,908 — 
TOTAL SHAREHOLDERS' EQUITY133,301 113,895 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$177,069 $154,895 


VIEMED HEALTHCARE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. Dollars, except outstanding shares and per share amounts)
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Revenue$60,695 $50,739 $224,257 $183,008 
Cost of revenue24,557 18,628 91,054 70,225 
Gross profit$36,138 $32,111 $133,203 $112,783 
Operating expenses
Selling, general and administrative28,211 23,905 106,199 87,884 
Research and development803651 3,0682,782 
Stock-based compensation1,521 1,534 6,285 5,849 
Depreciation and amortization
343 434 1,483 1,391 
Loss (gain) on disposal of property and equipment
(1,104)272 (1,905)645 
Other expense (income), net
(88)26 173 (98)
Income from operations$6,452 $5,289 $17,900 $14,330 
Non-operating income and expenses
Income (expense) from investments
—43(954)485 
Interest expense, net
(147)(256)(776)(424)
Net income before taxes6,305 5,076 16,170 14,391 
Provision for income taxes1,881 1,599 4,761 4,148 
Net income$4,424 $3,477 $11,409 $10,243 
Net income attributable to noncontrolling interest
108 — 144 — 
Net income attributable to Viemed Healthcare, Inc.
$4,316 $3,477 $11,265 $10,243 
Net income per share
Basic$0.11 $0.09 $0.29 $0.27 
Diluted$0.10 $0.09 $0.28 $0.25 
Weighted average number of common shares outstanding:
Basic 39,027,522 38,492,731 38,754,893 38,354,071 
Diluted41,522,457 40,383,109 40,805,085 40,378,922 


VIEMED HEALTHCARE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
Year Ended December 31,
20242023
Cash flows from operating activities
Net income$11,409 $10,243 
Adjustments for:
Depreciation and amortization
25,368 21,862 
Change in inventory reserve— — 
Stock-based compensation expense
6,285 5,849 
Distributions of earnings received from equity method investments147 980 
Income from equity method investments(261)(485)
Loss (income) from debt investment
1,344 (219)
Loss (gain) on disposal of property and equipment
(1,905)645 
Amortization of deferred financing costs
187 — 
Deferred income tax expense (benefit)
(3,840)(1,439)
Changes in working capital:
Accounts receivable, net
(6,073)(1,058)
Inventory
574 (472)
Prepaid expenses and other assets
544 2,176 
Trade payables
359 (859)
Deferred revenue
364 851 
Accrued liabilities
2,857 4,959 
Income tax payable/receivable
1,730 2,179 
Net cash provided by operating activities$39,089 $45,212 
Cash flows from investing activities
Purchase of property and equipment(37,771)(26,093)
Investment in equity investments(1,000)(20)
Cash paid for acquisitions, net of cash acquired
(2,999)(28,588)
Investment in debt security— — 
Proceeds from sale of debt security
750 — 
Proceeds from sale of property and equipment10,321 2,588 
Net cash used in investing activities$(30,699)$(52,113)
Cash flows from financing activities
Proceeds from exercise of options1,017 1,303 
Proceeds from term notes
— 5,000 
Principal payments on term notes
(1,071)(3,721)
Proceeds from revolving credit facilities
3,000 8,000 
Principal payments on revolving credit facilities
(5,000)(7,005)
Payments for debt issuance costs
(192)— 
Shares redeemed to pay income tax(1,069)(594)
Shares repurchased under the share repurchase program— — 
Repayments of finance lease liabilities
(338)(157)
Distributions to non-controlling interest
(36)— 
Net cash provided by (used in) financing activities
$(3,689)$2,826 
Net increase (decrease) in cash and cash equivalents
4,701 (4,075)
Cash and cash equivalents at beginning of year12,839 16,914 
Cash and cash equivalents at end of period$17,540 $12,839 
Supplemental disclosures of cash flow information
Cash paid during the period for interest$950 $851 
Cash paid during the period for income taxes, net of refunds
$6,827 $3,566 
Supplemental disclosures of non-cash transactions
Non-cash change in debt from the reclassification of debt issuance costs
$— $(594)
Net non-cash changes to operating lease
$— $(41)
Equipment and other fixed asset purchases payable at end of period
$2,179 $1,396 
Equipment sales receivable at end of period
$2,844 $— 
Non-cash consideration received for sale of debt security
$125 $— 


Non-GAAP Financial Measures

This press release refers to “Adjusted EBITDA”, which is a financial measure that is not prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP. Management believes Adjusted EBITDA provides helpful information with respect to the Company’s operating performance as viewed by management, including a view of the Company’s business that is not dependent on the impact of the Company’s capitalization structure and items that are not part of the Company’s day-to-day operations. Management uses Adjusted EBITDA (i) to compare the Company’s operating performance on a consistent basis, (ii) to calculate incentive compensation for the Company’s employees, (iii) for planning purposes, including the preparation of the Company’s internal annual operating budget, and (iv) to evaluate the performance and effectiveness of the Company’s operational strategies. Accordingly, management believes that Adjusted EBITDA provides useful information in understanding and evaluating the Company’s operating performance in the same manner as management. Adjusted EBITDA is not a measurement of the Company’s financial performance under U.S. GAAP and should not be considered as an alternative to revenue or net income, as applicable, or any other performance measures derived in accordance with U.S. GAAP. Adjusted EBITDA has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of the Company’s operating results as reported under U.S. GAAP. Adjusted EBITDA does not reflect the impact of certain cash charges resulting from matters the Company considers not to be indicative of ongoing operations; and other companies in the Company’s industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. In calculating Adjusted EBITDA, certain items (mostly non-cash) are excluded from net income including depreciation and amortization of capitalized assets, net interest expense (income), stock based compensation, transaction costs, impairment of assets, and taxes.

The following table is a reconciliation of net income (loss), the most directly comparable U.S. GAAP measure, to Adjusted EBITDA, on a historical basis for the periods indicated:

VIEMED HEALTHCARE, INC.
Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
(Expressed in thousands of U.S. Dollars)
(Unaudited)

For the quarter endedDecember 31, 2024September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023March 31, 2023
Net Income attributable to Viemed Healthcare, Inc.
$4,316 $3,878 $1,468 $1,603 $3,477 $2,919 $2,330 $1,517 
Add back:
Depreciation & amortization
6,366 6,408 6,309 6,285 5,918 5,975 5,207 4,762 
Interest expense (income)
147 225 254 150 256 237 (20)(49)
Stock-based compensation(a)
1,521 1,712 1,620 1,432 1,534 1,453 1,471 1,391 
Transaction costs(b)
11 12 221 110 61 177 94 206 
Impairment of assets(c)
— 125 2,173 — — — — — 
Income tax expense
1,881 1,594 768 518 1,599 1,320 728 501 
Adjusted EBITDA$14,242 $13,954 $12,813 $10,098 $12,845 $12,081 $9,810 $8,328 

For the year ended
December 31, 2024December 31, 2023
Net Income attributable to Viemed Healthcare, Inc.
$11,265 $10,243 
Add back:
Depreciation & amortization
25,368 21,862 
Interest expense (income)
776 424 
Stock-based compensation(a)
6,285 5,849 
Transaction costs(b)
354 538 
Impairment of assets(c)
2,298 — 
Income tax expense
4,761 4,148 
Adjusted EBITDA$51,107 $43,064 

(a) Represents non-cash, equity-based compensation expense associated with option and RSU awards.
(b) Represents transaction costs and expenses related to acquisition and integration efforts associated with recently announced or completed acquisitions.
(c) Represents impairments of the fair value of investment and litigation-related assets.



Free Cash Flow

This press release refers to “Free Cash Flow” which is a non-GAAP financial measure that does not have a standardized meaning prescribed by U.S. GAAP. Free Cash Flow is defined as net cash provided by operating activities less cash paid for purchases of property and equipment, net of proceeds from sale of property & equipment. Historically reported amounts of Free Cash Flow for the year ended December 31, 2023 have been recast to include the effect of proceeds from the sale of property and equipment. This adjustment aligns the calculation with the Company’s current presentation methodology and more accurately reflects net cash flows for capital expenditures by accounting for inflows on asset dispositions. The Company's presentation of this financial measure may not be comparable to similarly titled measures used by other companies.

The Company uses free cash flow, a non-GAAP financial measure, in its operational and financial decision-making. Management believes free cash flow is useful to investors as it is commonly used by analysts, investors, rating agencies, and other stakeholders to assess competitors and evaluate a company's ability to service its debt. However, free cash flow should not be viewed as a measure of liquidity or as an indicator of cash available for discretionary use, including business investments or meeting financial obligations.

The following unaudited table is a reconciliation of net cash provided by operating activities, the most directly comparable U.S. GAAP measure, to Free Cash Flow, on a historical basis for the periods indicated:

Year Ended December 31,
(in thousands)
20242023
Net cash provided by operating activities
$39,089 $45,212 
Purchase of property and equipment
(37,771)(26,093)
Proceeds from sale of property & equipment
10,321 2,588 
Free Cash Flow
$11,639 $21,707 

The revenues from each major source are summarized in the following table:

Year Ended December 31,
2024% of Total Revenue2023% of Total Revenue$
Change		%
Change
Net revenue from rentals
Ventilator rentals, non-invasive and invasive$124,577 55.6 %$108,258 59.2 %$16,319 15.1 %
Other home medical equipment rentals48,651 21.7 %38,315 20.9 %10,336 27.0 %
Net revenue from sales and services
Equipment and supply sales30,896 13.7 %25,770 14.1 %5,126 19.9 %
Service revenues20,133 9.0 %10,665 5.8 %9,468 88.8 %
Total net revenue$224,257 100.0 %$183,008 100.0 %$41,249 22.5 %

Financial Supplement NASDAQ: VMD Leading th e Healthcare Industry in Home Respiratory Care March 10, 2025 1 Fourth Quarter & Full Year 2024

 
Disclaimers Forward Looking Statements Certain statements contained in this Financial Supplement 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”, “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 and Adjusted EBITDA guidance for 2025, 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 we operate; significant capital requirements and operating risks that we may be subject to; our ability to implement business strategies and pursue business opportunities; volatility in the market price of our common shares; the state of the capital markets; the availability of funds and resources to pursue operations; inflation; 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; granting of permits and licenses in a highly regulated business; competition; disruptions in or attacks (including cyber-attacks) on our 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 we are exposed; 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; 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 us; and the occurrence of natural and unnatural catastrophic events or health epidemics or concerns, and claims resulting from such events or concerns, as well as other general economic, market and business conditions; and other factors beyond our control; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s 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 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 Financial Supplement are made as of the date of this Financial Supplement and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law. This Financial Supplement contains non-GAAP financial guidance. There is no reliable or reasonably estimable comparable GAAP measure for the Company’s non-GAAP financial guidance because the Company is not able to reliably predict the impact of certain items that typically have one or more of the following characteristics: highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods. As a result, reconciliation of the non-GAAP financial guidance to the most directly comparable GAAP measure is not available without unreasonable effort. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company’s future GAAP results. Non-GAAP and Other Financial Information This Financial Supplement refers to “Adjusted EBITDA”, which is a financial measure that is not prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP. Management believes Adjusted EBITDA provides helpful information with respect to the Company’s operating performance as viewed by management, including a view of the Company’s business that is not dependent on the impact of the Company’s capitalization structure and items that are not part of the Company’s day-to-day operations. Management uses Adjusted EBITDA (i) to compare the Company’s operating performance on a consistent basis, (ii) to calculate incentive compensation for the Company’s employees, (iii) for planning purposes, including the preparation of the Company’s internal annual operating budget, and (iv) to evaluate the performance and effectiveness of the Company’s operational strategies. Accordingly, management believes that Adjusted EBITDA provides useful information in understanding and evaluating the Company’s operating performance in the same manner as management. Adjusted EBITDA is not a measurement of the Company’s financial performance under U.S. GAAP and should not be considered as an alternative to revenue or net income, as applicable, or any other performance measures derived in accordance with U.S. GAAP. Adjusted EBITDA has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of the Company’s operating results as reported under U.S. GAAP. Adjusted EBITDA does not reflect the impact of certain cash charges resulting from matters the Company considers not to be indicative of ongoing operations; and other companies in the Company’s industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. In calculating Adjusted EBITDA, certain items (mostly non-cash) are excluded from net income including depreciation and amortization of capitalized assets, net interest expense (income), stock based compensation, transaction costs, impairment of assets, and taxes. This Financial Supplement refers to “Free Cash Flow” which is a non-GAAP financial measure that does not have a standardized meaning prescribed by U.S. GAAP. Free Cash Flow is defined as net cash provided by operating activities less cash paid for purchases of property and equipment, net of proceeds from sale of property & equipment. The Company's presentation of this financial measure may not be comparable to similarly titled measures used by other companies. The Company uses free cash flow, a non-GAAP financial measure, in its operational and financial decision-making. Management believes free cash flow is useful to investors as it is commonly used by analysts, investors, rating agencies, and other stakeholders to assess competitors and evaluate a company's ability to service its debt. However, free cash flow should not be viewed as a measure of liquidity or as an indicator of cash available for discretionary use, including business investments or meeting financial obligations. A reconciliation between GAAP and non-GAAP financial information is provided below. 2 VieMed Healthcare Inc. I Supplemental Presentation

 
Key Themes for Q4 2024 and FY 2024 3 We have increased the population we can serve for non-invasive ventilation, sleep, staffing, and other complementary services by diversifying our business and product mix through organic and inorganic growth. A significant underserved population still remains for our complex respiratory care services and fuels additional growth opportunities. • Organic growth led the way again with 20% revenue YOY growth in Q4 and 23% revenue growth in FY 2024 • Robust vent patient growth of 14% in 2024 • Q4 2024 revenue was at the high end of previous expectations, and annual 2024 revenue was a new Company record • Net income increased 27% YOY for Q4 and 11% for FY 2024, marking Viemed’s 8th consecutive year of positive net income • Adjusted EBITDA increased 10.9% YOY for Q4 and 18.7% for FY 2024 • Balance sheet and liquidity improved year-over-year while funding strong organic growth VieMed Healthcare Inc. I Supplemental Presentation

 
Financial and Operational Highlights 4 (expressed in thousands of U.S. Dollars, except operational information). (1) Refer to "Non-GAAP Reconciliations" in this presentation for definition of Adjusted EBITDA and a reconciliation to its most comparable GAAP measure. (2) Vent Patients represents the number of active ventilator patients on recurring billing service at the end of each calendar quarter. (3) PAP Therapy Patients represents the number of distinct patients billed for PAP therapy services during each calendar quarter. (4) Sleep Resupply Patients represents the number of distinct patients who received supplies through our sleep resupply program during each calendar quarter. For the quarter ended: 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 Financial Information: Revenue $60,695 $58,004 $54,965 $50,593 $50,739 $49,402 $43,311 $39,556 Gross Profit $36,138 $34,371 $32,892 $29,802 $32,111 $30,562 $26,106 $24,004 Gross Profit % 60% 59% 60% 59% 63% 62% 60% 61% Net Income attributable to Viemed Healthcare, Inc. $4,316 $3,878 $1,468 $1,603 $3,477 $2,919 $2,330 $1,517 Cash and Cash Equivalents (As of) $17,540 $11,347 $8,807 $7,309 $12,839 $10,078 $10,224 $23,544 Total Assets (As of) $177,069 $169,526 $163,947 $154,875 $154,895 $149,400 $149,117 $124,634 Adjusted EBITDA(1) $14,242 $13,954 $12,813 $10,098 $12,845 $12,081 $9,810 $8,328 Operational Information: Vent Patients(2) 11,795 11,374 10,905 10,450 10,327 10,244 10,005 9,337 PAP Therapy Patients(3) 21,338 19,478 17,349 15,726 14,900 14,788 13,313 8,097 Sleep Resupply Patients(4) 24,478 22,143 20,185 18,904 18,902 18,544 12,572 7,279 VieMed Healthcare Inc. I Supplemental Presentation

 
Ventilation 56% Sleep 16% Oxygen 11% Other 17% Service, Payor and Revenue Mix 5 Medicare 41% Medicaid /MCO 7% Medicare Advantage 21% Commercial 18% Other 13% Rental 77% Sales 23% SERVICE MIX FY 2024 PAYOR MIX FY 2024 REVENUE MIX FY 2024 VieMed Healthcare Inc. I Supplemental Presentation

 
Net Revenue Highlights 6 For the quarter ended 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 Rental Revenue (expressed in thousands of USD): Ventilators, non-invasive & invasive $33,173 $31,772 $30,445 $29,187 $29,077 $28,322 $25,712 $25,147 Other HME equipment rentals $13,047 $12,459 $12,211 $10,934 $11,871 $11,119 $8,419 $6,906 Sales & Service Revenue (expressed in thousands of USD): HME equipment and supply sales $8,940 $8,440 $7,378 $6,138 $6,486 $7,742 $6,778 $4,764 Service Revenues $5,535 $5,333 $4,931 $4,334 $3,305 $2,219 $2,402 $2,739 Total net revenue $60,695 $58,004 $54,965 $50,593 $50,739 $49,402 $43,311 $39,556 Rental Revenue (% of Total net revenue): Ventilators, non-invasive & invasive 54.7% 54.8% 55.4% 57.7% 57.3% 57.3% 59.4% 63.6% Other HME equipment rentals 21.5% 21.5% 22.2% 21.6% 23.4% 22.5% 19.5% 17.5% Sales & Service Revenue (% of Total net revenue): HME equipment and supply sales 14.7% 14.6% 13.4% 12.1% 12.8% 15.7% 15.6% 12.0% Service Revenues 9.1% 9.2% 9.0% 8.6% 6.5% 4.5% 5.5% 6.9% Total net revenue 100% 100% 100% 100% 100% 100% 100% 100% VieMed Healthcare Inc. I Supplemental Presentation

 
Free Cash Flow 7 For the year ended 12/31/24 12/31/23 12/31/22 Net cash provided by operating activities 39,089 45,212 27,748 Less: Purchase of property and equipment 37,771 26,093 22,898 Proceeds from sale of property and equipment (10,321) (2,588) (1,063) Net CAPEX 27,450 23,505 21,835 Free Cash Flow 11,639 21,707 5,913 Net Capex % of Net Revenue 12.2% 12.8% 15.7% VieMed Healthcare Inc. I Supplemental Presentation Free Cash Flow is a non-GAAP financial measure defined as net cash provided by operating activities less cash paid for purchases of property and equipment, net of proceeds from sale of property & equipment. Historically reported amounts of Free Cash Flow for the years ended December 31, 2023 and 2022 have been recast to include the effect of proceeds from the sale of property and equipment. This adjustment aligns the calculation with the Company’s current presentation methodology and more accurately reflects net cash flows for capital expenditures by accounting for inflows on asset dispositions. The Company's presentation of this financial measure may not be comparable to similarly titled measures used by other companies. The Company uses free cash flow, a non-GAAP financial measure, in its operational and financial decision-making. Management believes free cash flow is useful to investors as it is commonly used by analysts, investors, rating agencies, and other stakeholders to assess competitors and evaluate a company's ability to service its debt. However, free cash flow should not be viewed as a measure of liquidity or as an indicator of cash available for discretionary use, including business investments or meeting financial obligations. (expressed in thousands of U.S. Dollars)

 
Liquidity Metrics 8 Positioned for growth • The Company maintains a healthy balance sheet with no net debt as of December 31, 2024, providing significant financial flexibility. • As of December 31, 2024, the Company has $55 million in unfunded commitments available under its existing credit facilities, supporting future growth initiatives. For the year ended 12/31/24 12/31/23 12/31/22 Cash on hand $ 17,540 $ 12,839 $ 16,914 Working Capital $ 15,554 $ 6,243 $ 20,881 Long Term Debt $ 3,589 $ 6,002 $ 0 VieMed Healthcare Inc. I Supplemental Presentation (expressed in thousands of U.S. Dollars)

 
2025 Guidance – Commentary 9 • Leaning into what worked well throughout 2024 with a focus on organic growth • Ramping up the sales force at a more aggressive pace based on success of restructuring and infrastructure put in place in 2024 • Expecting continued growth in staffing due to unique positioning in behavioral health • Looking to grow in ways that complement the Company’s existing competitive advantages both organically and inorganically (latter not assumed in guidance) VieMed Healthcare Inc. I Supplemental Presentation

 
2025 Guidance – Commentary 10 Core Metrics • Net revenue of $254 million to $265 million • Adjusted EBITDA of $54 million to $58 million (21%-23% of net revenue) Directional Commentary on Quarterly Cadence • Year-over-year growth expected to be consistent with prior year • Q1 is typically flat to down sequentially when compared with Q4 • Typically see sequential growth through Q2-Q4 • Net Capex in 1H 2025 expected to be similar to 2H 2024 while continuing our ventilator fleet swap Detailed Assumptions • Based on status quo; no M&A activity assumed • Assumes sequential revenue growth of 3% to 6% for the second, third and fourth quarters VieMed Healthcare Inc. I Supplemental Presentation

 
Non-GAAP Reconciliations 11 (a) Represents non-cash, equity-based compensation expense associated with option and RSU awards. (b) Represents transaction costs and expenses related to acquisition and integration efforts associated with recently announced or completed acquisitions. (c) Represents impairments of the fair value of investment and litigation-related assets. Reconciliation of Net Income to Non-GAAP Adjusted EBITDA For the quarter ended: 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 Net Income attributable to Viemed Healthcare, Inc. $ 4,316 $ 3,878 $ 1,468 $ 1,603 $ 3,477 $ 2,919 $ 2,330 $ 1,517 Add back: Depreciation and amortization 6,366 6,408 6,309 6,285 5,918 5,975 5,207 4,762 Interest expense (income) 147 225 254 150 256 237 (20) (49) Stock-based compensation(a) 1,521 1,712 1,620 1,432 1,534 1,453 1,471 1,391 Transaction costs(b) 11 12 221 110 61 177 94 206 Impairment of assets(c) - 125 2,173 - - - - - Income tax expense 1,881 1,594 768 518 1,599 1,320 728 501 Adjusted EBITDA $ 14,242 $ 13,954 $ 12,813 $ 10,098 $ 12,845 $ 12,081 $ 9,810 $ 8,328 VieMed Healthcare Inc. I Supplemental Presentation (expressed in thousands of U.S. Dollars)

 
v3.25.0.1
Cover
Mar. 10, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 10, 2025
Entity Registrant Name Viemed Healthcare, Inc.
Entity File Number 001-38973
Entity Incorporation, State or Country Code Z4
Entity Address, Address Line One 625 E. Kaliste Saloom Rd.
Entity Address, Postal Zip Code 70508
Entity Address, City or Town Lafayette
Entity Address, State or Province LA
City Area Code 337
Local Phone Number 504-3802
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common shares, no par value
Trading Symbol VMD
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001729149
Amendment Flag false
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