LAFAYETTE, La., Aug. 13, 2018 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (TSX:VMD), 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 and six months ended June 30, 2018 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 June 30, 2018 were approximately $15.5 million and gross margin was $11.3 million, or 73%. Revenues and gross margin increased 42% and 44%, respectively, as compared to the quarter ended June 30, 2017.  Revenues grew sequentially by approximately 10% as compared to the quarter ended March 31, 2018.
   
• The Company had a working capital balance of $5.6 million as of June 30, 2018 and total long-term debt of $1 million. This, along with the $5 million unused line of credit, provides significant liquidity for the Company.
   
• The Company grew its ventilator patient count by approximately 35.3% as compared to prior year second quarter and 8.4% over first quarter 2018.
   
• In order to support the significant and continuous patient growth, capital expenditures totaled $3.7 million during the quarter and $6.6 million for the six months ended June 30, 2018.
   
• Adjusted EBITDA for the quarter totaled approximately $4.1 million or 27%.  Adjusted EBITDA for the six months ended June 30, 2018 totaled approximately $7.9 million or 27%.  The EBITDA was primarily reinvested in the aforementioned capital expenditures.
   
• The Company expects to generate total revenues of approximately $16.3 - $16.7 million during the third quarter of 2018 and expects similar margins as the quarter ended June 30, 2018.  The mid-point of the revenue guidance represents a 33% increase over the quarter ended September 30, 2017.

New Independent Director

The Company also announced today that Bruce D. Greenstein has joined the Board of Directors of Viemed as an Independent Director.

Mr. Greenstein recently joined LHC Group, Inc. as Chief Innovation and Technology Officer after leaving his role as HHS Chief Technology Officer.  Mr. Greenstein’s roll was the top technology leader for the US Department of Health and Human Services, which includes the FDA, CDC, NIH and CMS, which covers Medicare and Medicaid.  As Chief Technology Officer, Mr. Greenstein led a team to optimize the use of data, driving innovation and improvement across the Department, and helping spur information technology advances in the U.S. healthcare industry.

Mr. Greenstein brings to Viemed an extensive healthcare industry background in both government and the private sector. Mr. Greenstein was also a cabinet member in Louisiana, serving as Secretary of the Department of Health and Hospitals.  

“I am extremely excited to once again report another record breaking set of quarterly results.  Our team is so happy to be able to continue adding patients to our therapy, as a recent third party data study shows that this therapy saves lives,” said Casey Hoyt, Viemed CEO. “We are also extremely fortunate to have Bruce join our Board of Directors, as we are certain his experience, enthusiasm and determination will serve Viemed well.  Bruce is internationally recognized as a business leader in the healthcare industry and we are confident he will help us achieve our continued pursuit of excellence as the market leader in post-acute respiratory care services.”

Conference Call Information

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
[email protected]

Todd Zehnder
Chief Operating Officer
Viemed Healthcare, Inc.
337-504-3802
[email protected]

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 $16.3 - $16.7 million during the third quarter of 2018 and expecting similar margins as the quarter ended June 30, 2018, 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:

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.