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Net revenues for the quarter ended September 30, 2023 reached a new Company record of $49.4 million, representing an increase of $13.6 million, or 38%, over net revenues reported for the comparable quarter ended September 30, 2022. This represents 14% sequential growth in revenue over the quarter ended June 30, 2023. Net income for the quarter ended September 30, 2023 totaled $2.9 million, representing an increase of $1.9 million, or 177%, over net income reported for the comparable quarter ended September 30, 2022. Adjusted EBITDA for the quarter ended September 30, 2023 totaled $12.1 million, a 73% increase as compared to the quarter ended September 30, 2022. 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 grew its ventilator patient count to 10,244, a 12% increase over the ventilator patient count on September 30, 2022. As of September 30, 2023, the Company maintains a strong cash balance of $10.1 million ($10.2 million at June 30, 2023) and an overall working capital balance of $4.3 million ($4.4 million at June 30, 2023). Long term debt as of September 30, 2023 amounted to $8.1 million ($12.1 million at June 30, 2023) and the Company has $51 million available under existing credit facilities. The Company expects to generate net revenues of approximately $49.8 million to $51.0 million during the fourth quarter of 2023. “Viemed is executing flawlessly on our strategic objectives, driving strong financial results and remarkable growth. Our seamless integration of the HMP acquisition has accelerated our expansion of the core complex respiratory business and is rapidly diversifying our respiratory offerings,” said Casey Hoyt, Viemed’s CEO. “This significant stride is a testament to our steadfast focus on reaching more patients, enhancing their lives, and improving outcomes.” Conference Call Details The Company will host a conference call to discuss third quarter results on Thursday, November 2, 2023 at 11:00 a.m. ET. Interested parties may participate in the call by dialing: 877-407-6176 (US Toll-Free) 201-689-8451 (International) Live Audio Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=G5XLFwED 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 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”, or “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 guidance for the fourth quarter, 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 Company operates; the impact of the COVID-19 pandemic and the actions taken by governmental authorities, individuals and companies in response to the pandemic on our business, financial condition and results of operations, including on the Company’s patient base, revenues, employees, and equipment and supplies; significant capital requirements and operating risks that the Company may be subject to; the ability of the Company to implement business strategies and pursue business opportunities; volatility in the market price of the Company’s common shares; the Company’s novel business model; the state of the capital markets; the availability of funds and resources to pursue operations; 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 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; 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 the Company; the Company’s status as an emerging growth company and a smaller reporting company; and the occurrence of natural and unnatural catastrophic events or health epidemics or concerns, such as the COVID-19 pandemic, and claims resulting from such events or concerns; 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. Viemed Healthcare, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in thousands of U.S. Dollars, except share amounts) (Unaudited) At September 30, 2023 At December 31, 2022 ASSETS Current assets Cash and cash equivalents $ 10,078 $ 16,914 Accounts receivable, net 17,926 15,379 Inventory 4,670 3,574 Income tax receivable — 26 Prepaid expenses and other assets 3,187 3,849 Total current assets $ 35,861 $ 39,742 Long-term assets Property and equipment, net 73,423 67,743 Finance lease right-of-use assets 531 — Operating lease right-of-use assets 461 694 Equity investments 1,771 2,155 Debt investment 2,164 2,000 Deferred tax asset 3,910 3,119 Identifiable intangibles, net 688 — Goodwill 29,704 — Other long-term assets 887 1,590 Total long-term assets $ 113,539 $ 77,301 TOTAL ASSETS $ 149,400 $ 117,043 LIABILITIES Current liabilities Trade payables $ 5,978 $ 2,650 Deferred revenue 6,215 4,624 Income taxes payable 232 — Accrued liabilities 16,719 11,092 Finance lease liabilities, current portion 333 — Operating lease liabilities, current portion 242 495 Current debt 1,834 — Total current liabilities $ 31,553 $ 18,861 Long-term liabilities Accrued liabilities 543 889 Finance lease liabilities, less current portion 180 — Operating lease liabilities, less current portion 215 199 Long-term debt 8,095 — Total long-term liabilities $ 9,033 $ 1,088 TOTAL LIABILITIES $ 40,586 $ 19,949 Commitments and Contingencies — — SHAREHOLDERS’ EQUITY Common stock – No par value: unlimited authorized; 38,489,001 and 38,049,739 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively 18,633 15,123 Additional paid-in capital 14,164 12,125 Retained earnings 76,017 69,846 TOTAL SHAREHOLDERS’ EQUITY $ 108,814 $ 97,094 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 149,400 $ 117,043 Viemed Healthcare, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Expressed in thousands of U.S. Dollars, except outstanding shares and per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue $ 49,402 $ 35,759 $ 132,269 $ 101,324 Cost of revenue 18,840 14,108 51,597 39,540 Gross profit $ 30,562 $ 21,651 $ 80,672 $ 61,784 Operating expenses Selling, general and administrative 23,654 17,677 63,979 50,989 Research and development 593 670 2,131 1,974 Stock-based compensation 1,453 1,309 4,315 3,885 Depreciation 419 291 957 771 Loss on disposal of property and equipment 278 292 373 168 Other (income) expense, net (41 ) (57 ) (124 ) (721 ) Income from operations $ 4,206 $ 1,469 $ 9,041 $ 4,718 Non-operating income and expenses Income from equity method investments 270 84 442 853 Interest expense, net (237 ) (42 ) (168 ) (165 ) Net income before taxes 4,239 1,511 9,315 5,406 Provision for income taxes 1,320 456 2,549 1,622 Net income $ 2,919 $ 1,055 $ 6,766 $ 3,784 Other comprehensive income (loss) Change in unrealized gain/loss on derivative instruments, net of tax — 112 — 334 Other comprehensive income (loss) $ — $ 112 $ — $ 334 Comprehensive income $ 2,919 $ 1,167 $ 6,766 $ 4,118 Net income per share Basic $ 0.08 $ 0.03 $ 0.18 $ 0.10 Diluted $ 0.07 $ 0.03 $ 0.17 $ 0.09 Weighted average number of common shares outstanding: Basic 38,438,058 38,232,788 38,307,343 38,870,949 Diluted 40,420,615 39,583,438 40,391,729 39,852,297 Viemed Healthcare, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in thousands of U.S. Dollars) (Unaudited) Nine Months Ended September 30, 2023 2022 Cash flows from operating activities Net income $ 6,766 $ 3,784 Adjustments for: Depreciation 15,943 11,257 Change in inventory reserve — (1,418 ) Stock-based compensation expense 4,315 3,885 Distributions of earnings received from equity method investments 833 931 Income from equity method investments (442 ) (853 ) Income from debt investment (164 ) — Loss on disposal of property and equipment 373 168 Deferred income tax (benefit) expense (791 ) 745 Changes in working capital, net of effects from acquisitions: Accounts receivable, net (533 ) (2,159 ) Inventory (514 ) 697 Prepaid expenses and other assets 1,193 (2,870 ) Trade payables (255 ) 33 Deferred revenue 859 892 Accrued liabilities 4,086 3,170 Income tax payable/receivable 259 1,802 Net cash provided by operating activities $ 31,928 $ 20,064 Cash flows from investing activities Purchase of property and equipment (18,161 ) (17,326 ) Investment in equity investments (7 ) (141 ) Cash paid for acquisition of HMP, net of cash acquired (28,580 ) — Proceeds from sale of property and equipment 2,128 869 Net cash used in investing activities $ (44,620 ) $ (16,598 ) Cash flows from financing activities Proceeds from exercise of options 1,234 87 Proceeds from term notes 5,000 — Principal payments on term notes (2,746 ) (1,440 ) Proceeds from revolving credit facilities 8,000 — Payments on revolving credit facilities (5,005 ) — Shares redeemed to pay income tax (595 ) (143 ) Shares repurchased under the share repurchase program — (8,858 ) Repayments of lease liabilities (32 ) (42 ) Net cash provided by (used in) financing activities $ 5,856 $ (10,396 ) Net decrease in cash and cash equivalents (6,836 ) (6,930 ) Cash and cash equivalents at beginning of year 16,914 28,408 Cash and cash equivalents at end of period $ 10,078 $ 21,478 Supplemental disclosures of cash flow information Cash paid during the period for interest $ 497 $ 185 Cash paid (received) during the period for income taxes, net of refunds $ 3,218 $ (920 ) 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”). 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. In calculating Adjusted EBITDA, certain items (mostly non-cash) are excluded from net income including interest, taxes, stock based compensation, and depreciation of property and equipment. Beginning with financial results reported for periods in fiscal year 2023, Adjusted EBITDA also excludes transaction costs and expenses related to acquisition and integration efforts associated with recently announced or completed acquisitions. This modification enables investors to compare period-over-period results on a more consistent basis without the effects of acquisitions. We have recast Adjusted EBITDA for prior periods when reported to conform to the modified presentation. 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 ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Net Income $ 2,919 $ 2,330 $ 1,517 $ 2,438 $ 1,055 $ 967 $ 1,762 $ 4,087 Add back: Depreciation 5,975 5,207 4,762 4,373 4,120 3,740 3,397 3,120 Interest expense (income) 237 (20 ) (49 ) 32 42 59 64 69 Stock-based compensation (a) 1,453 1,471 1,391 1,317 1,309 1,271 1,305 1,305 Transaction costs (b) 177 94 206 — — — — — Income tax expense 1,320 728 501 1,146 456 421 745 968 Adjusted EBITDA $ 12,081 $ 9,810 $ 8,328 $ 9,306 $ 6,982 $ 6,458 $ 7,273 $ 9,549 (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. Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Net Income $ 2,919 $ 6,766 Add back: Depreciation 5,975 15,944 Interest expense 237 168 Stock-based compensation (a) 1,453 4,315 Transaction costs (b) 177 477 Income tax expense (benefit) 1,320 2,549 Adjusted EBITDA $ 12,081 $ 30,219 (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. Use of Non-GAAP Financial Measures 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. It 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 and may not be comparable to other similarly titled measures of other companies or businesses. 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. Viemed Healthcare, INC. Key Financial and Operational Information (Expressed in thousands of U.S. Dollars, except vent patients) (Unaudited) For the quarter ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Financial Information: Revenue $ 49,402 $ 43,311 $ 39,556 $ 37,508 $ 35,759 $ 33,310 $ 32,255 $ 31,962 Gross Profit $ 30,562 $ 26,106 $ 24,004 $ 22,896 $ 21,651 $ 20,390 $ 19,743 $ 19,662 Gross Profit % 62 % 60 % 61 % 61 % 61 % 61 % 61 % 62 % Net Income $ 2,919 $ 2,330 $ 1,517 $ 2,438 $ 1,055 $ 967 $ 1,762 $ 4,087 Cash (As of) $ 10,078 $ 10,224 $ 23,544 $ 16,914 $ 21,478 $ 21,922 $ 29,248 $ 28,408 Total Assets (As of) $ 149,400 $ 149,117 $ 124,634 $ 117,043 $ 119,419 $ 115,904 $ 119,007 $ 117,962 Adjusted EBITDA (1) $ 12,081 $ 9,810 $ 8,328 $ 9,306 $ 6,982 $ 6,458 $ 7,273 $ 9,549 Operational Information: Vent Patients (2) 10,244 10,005 9,337 9,306 9,127 8,837 8,434 8,405 (1) Refer to “Non-GAAP Financial Measures” section above for definition of Adjusted EBITDA. (2) Vent Patients represents the number of active ventilator patients on recurring billing service at the end of each calendar quarter.



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