from Viemed Healthcare, Inc. (NASDAQ:VMD)
Viemed Healthcare Announces Second Quarter 2025 Financial Results
LAFAYETTE, LA / ACCESS Newswire / August 6, 2025 / Viemed Healthcare, Inc. (the "Company" or "Viemed") (NASDAQ:VMD), an in-home clinical care provider of post-acute respiratory healthcare equipment and services in the United States, announced today that it has reported its financial results for the three and six months ended June 30, 2025.
Operational highlights (all dollar amounts are USD; comparisons are to the period ended June 30, 2024 unless otherwise noted):
Net revenues for the quarter ended June 30, 2025 were $63.1 million, setting another Company record, representing an increase of $8.1 million, or 14.7%, over net revenues reported for the comparable quarter ended June 30, 2024.
Net income attributable to Viemed for the quarter ended June 30, 2025 totaled $3.2 million, or $0.08per diluted share, an increase of 115.1% over net income attributable to Viemed of $1.5 million, or $0.04 per diluted share, for the quarter ended June 30, 2024.
Adjusted EBITDA for the quarter ended June 30, 2025 totaled $14.3 million, an 11.5% increase as compared to the quarter ended June 30, 2024. 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.
During the second quarter of 2025, the Company repurchased and cancelled 270,061 common shares under its share repurchase program at a cost of $1.8 million, representing an average buyback price of $6.79 per share.
The Company increased its ventilator patient count to 12,152 as of June 30, 2025, an increase of 11.4% over June 30, 2024, and a 2.9% sequential increase from March 31,2025.
The Company increased its PAP therapy patient count to 26,260 as of June 30, 2025, an increase of 51.4% over June 30, 2024, and a 14.7% sequential increase from March 31,2025. The Company's sleep resupply patient count was 25,246 as of June 30, 2025, an increase of 25.1% over June 30, 2024, and a 10.0% sequential increase from March 31,2025.
As of June 30, 2025, the Company maintains a strong cash balance of $20.0 million and an overall working capital balance of $18.0 million. Long term debt as of June 30, 2025 amounted to $3.5 million and the Company has $55 million available under existing credit facilities.
On July 1, 2025, Viemed closed on the previously announced acquisition of Lehan's Medical Equipment ("Lehan") for a base purchase price of $26 million, subject to customary adjustments, plus estimated contingent payments of $2.2 million. Financial results for Lehan will be included in the Company's results beginning with the third quarter of 2025.
Updated 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 $271 million to $277 million, increased from the prior range of $256 million to $265 million. The increase in the range is primarily related to the inclusion of Lehan's anticipated results for the second half of 2025.
Adjusted EBITDA for the year ending December 31, 2025 is expected to be in the range of $59 million to $62 million, increased from the prior range of $55 million to $58 million. The increase in the range is primarily related to the inclusion of Lehan's anticipated results for the second half of 2025. See "Forward-Looking Statements" below for further information on this non-GAAP financial guidance.
Casey Hoyt, Viemed's CEO, noted, "Viemed's focus as a company is on improving the quality of life for patients with compassionate care in the home. We are at the forefront of delivering greater patient satisfaction with better outcomes at a lower total cost of care, including in complex respiratory care and now women's health driven by our acquisition of Lehan's. During the past two years, we have significantly increased the patient populations we can address and invested in a technology-enabled clinical approach that extends the capabilities and impact of our certified Respiratory Therapists. Our model of care is rare in the industry, and we believe it will continue to serve us well in today's rapidly evolving regulatory environment.
"The solid execution of our vent and sleep businesses - together with continued leveraging of expenses - produced second quarter results that met our expectations and kept us on track for our organic growth targets in 2025. The addition of Lehan's enabled us to increase our full year revenue and Adjusted EBITDA guidance, and the early progress from our integration plans reinforces the confidence we have in accelerating their growth. The strong operating cash flow during the quarter continues to contribute to our rock-solid balance sheet. We have successfully deployed that capital into share repurchases and have remained active to date with that program in the third quarter."
Conference Call Details
The Company will host a conference call to discuss second quarter results on Thursday, August 7, 2025, at 11:00 a.m. EDT.
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=4jnXGdPH
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:
Investor Relations
ir@viemed.com
SCR Partners, LLC
Tripp Sullivan or Lisa Kampf
Viemed Healthcare, Inc.
Trae Fitzgerald
Chief Financial Officer
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, and the anticipated synergies and other benefits of the acquisition of Lehan's Medical Equipment, 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.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars, except share amounts)
(Unaudited)
At June 30, 2025 | At December 31, 2024 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 20,016 | $ | 17,540 | ||||
Accounts receivable, net | 26,549 | 24,911 | ||||||
Inventory | 4,324 | 4,320 | ||||||
Prepaid expenses and other assets | 4,402 | 6,109 | ||||||
Total current assets | $ | 55,291 | $ | 52,880 | ||||
Long-term assets | ||||||||
Property and equipment, net | 79,735 | 76,279 | ||||||
Finance lease right-of-use assets | 13 | 50 | ||||||
Operating lease right-of-use assets | 2,639 | 2,831 | ||||||
Equity investments | 2,794 | 2,794 | ||||||
Deferred tax asset | 10,359 | 8,398 | ||||||
Identifiable intangibles, net | 783 | 848 | ||||||
Goodwill | 32,989 | 32,989 | ||||||
Total long-term assets | $ | 129,312 | $ | 124,189 | ||||
TOTAL ASSETS | $ | 184,603 | $ | 177,069 | ||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Trade payables | $ | 8,253 | $ | 5,322 | ||||
Deferred revenue | 7,193 | 6,694 | ||||||
Income taxes payable | 1,450 | 3,883 | ||||||
Accrued liabilities | 18,644 | 20,157 | ||||||
Finance lease liabilities, current portion | 15 | 50 | ||||||
Operating lease liabilities, current portion | 895 | 811 | ||||||
Current portion of long-term debt | 820 | 409 | ||||||
Total current liabilities | $ | 37,270 | $ | 37,326 | ||||
Long-term liabilities | ||||||||
Accrued liabilities | 549 | 846 | ||||||
Operating lease liabilities, less current portion | 1,695 | 2,007 | ||||||
Long-term debt | 3,465 | 3,589 | ||||||
Total long-term liabilities | $ | 5,709 | $ | 6,442 | ||||
TOTAL LIABILITIES | $ | 42,979 | $ | 43,768 | ||||
Commitments and Contingencies | - | - | ||||||
SHAREHOLDERS' EQUITY | ||||||||
Common stock - No par value: unlimited authorized; 39,605,005 and 39,132,897 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 27,787 | 23,365 | ||||||
Additional paid-in capital | 18,102 | 18,337 | ||||||
Retained earnings | 93,842 | 89,691 | ||||||
TOTAL VIEMED HEALTHCARE, INC.'S SHAREHOLDERS' EQUITY | $ | 139,731 | $ | 131,393 | ||||
Noncontrolling interest in subsidiary | 1,893 | 1,908 | ||||||
TOTAL SHAREHOLDERS' EQUITY | 141,624 | 133,301 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 184,603 | $ | 177,069 | ||||
VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. Dollars, except outstanding shares and per share amounts)
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenue | $ | 63,056 | $ | 54,965 | $ | 122,185 | $ | 105,558 | ||||||||
Cost of revenue | 26,325 | 22,073 | 52,175 | 42,864 | ||||||||||||
Gross profit | $ | 36,731 | $ | 32,892 | $ | 70,010 | $ | 62,694 | ||||||||
Operating expenses | ||||||||||||||||
Selling, general and administrative | 28,803 | 26,503 | 57,228 | 51,317 | ||||||||||||
Research and development | 847 | 758 | 1,644 | 1,508 | ||||||||||||
Stock-based compensation | ||||||||||||||||