British Columbia, | N/A | |||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
(d) | Exhibits |
Exhibit Number | Description |
VIEMED HEALTHCARE, INC. | ||||||||
By: | /s/ Trae Fitzgerald | |||||||
Trae Fitzgerald | ||||||||
Chief Financial Officer |
At March 31, 2022 | At December 31, 2021 | |||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 29,248 | $ | 28,408 | ||||||||||
Accounts receivable, net of allowance for doubtful accounts of $8,484 and $7,031 at March 31, 2022 and December 31, 2021, respectively | 13,599 | 12,823 | ||||||||||||
Inventory, net of inventory reserve of $0 and $1,418 at March 31, 2022 and December 31, 2021, respectively | 2,503 | 2,457 | ||||||||||||
Income tax receivable | 676 | 1,893 | ||||||||||||
Prepaid expenses and other assets | 1,778 | 1,729 | ||||||||||||
Total current assets | $ | 47,804 | $ | 47,310 | ||||||||||
Long-term assets | ||||||||||||||
Property and equipment, net | 63,977 | 62,846 | ||||||||||||
Equity investments | 2,359 | 2,157 | ||||||||||||
Deferred tax asset | 3,985 | 4,787 | ||||||||||||
Other long-term assets | 882 | 862 | ||||||||||||
Total long-term assets | $ | 71,203 | $ | 70,652 | ||||||||||
TOTAL ASSETS | $ | 119,007 | $ | 117,962 | ||||||||||
LIABILITIES | ||||||||||||||
Current liabilities | ||||||||||||||
Trade payables | $ | 3,697 | $ | 3,239 | ||||||||||
Deferred revenue | 3,888 | 3,753 | ||||||||||||
Accrued liabilities | 8,739 | 8,875 | ||||||||||||
Current portion of lease liabilities | 361 | 464 | ||||||||||||
Current portion of long-term debt | 1,049 | 1,480 | ||||||||||||
Total current liabilities | $ | 17,734 | $ | 17,811 | ||||||||||
Long-term liabilities | ||||||||||||||
Accrued liabilities | 731 | 757 | ||||||||||||
Long-term lease liabilities | 232 | 268 | ||||||||||||
Long-term debt | 4,266 | 4,306 | ||||||||||||
Total long-term liabilities | $ | 5,229 | $ | 5,331 | ||||||||||
TOTAL LIABILITIES | $ | 22,963 | $ | 23,142 | ||||||||||
Commitments and Contingencies | — | — | ||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||
Common stock - No par value: unlimited authorized; 39,293,778 and 39,640,388 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 14,348 | 14,014 | ||||||||||||
Additional paid-in capital | 8,720 | 7,749 | ||||||||||||
Accumulated other comprehensive loss | (115) | (278) | ||||||||||||
Retained earnings | 73,091 | 73,335 | ||||||||||||
TOTAL SHAREHOLDERS' EQUITY | $ | 96,044 | $ | 94,820 | ||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 119,007 | $ | 117,962 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenue | $ | 32,255 | $ | 28,416 | |||||||
Cost of revenue | 12,512 | 10,674 | |||||||||
Gross profit | $ | 19,743 | $ | 17,742 | |||||||
Operating expenses | |||||||||||
Selling, general and administrative | 15,776 | 14,509 | |||||||||
Research and development | 632 | 339 | |||||||||
Stock-based compensation | 1,305 | 1,307 | |||||||||
Depreciation | 237 | 200 | |||||||||
Other (income) expense | (455) | 55 | |||||||||
Income from operations | $ | 2,248 | $ | 1,332 | |||||||
Non-operating income and expenses | |||||||||||
Income from equity method investments | (323) | (220) | |||||||||
Interest expense, net of interest income | 64 | 91 | |||||||||
Net income before taxes | 2,507 | 1,461 | |||||||||
Provision (benefit) for income taxes | 745 | (223) | |||||||||
Net income | $ | 1,762 | $ | 1,684 | |||||||
Other comprehensive income | |||||||||||
Change in unrealized gain/loss on derivative instruments, net of tax | 163 | 106 | |||||||||
Other comprehensive income | $ | 163 | $ | 106 | |||||||
Comprehensive income | $ | 1,925 | $ | 1,790 | |||||||
Net income per share | |||||||||||
Basic | $ | 0.04 | $ | 0.04 | |||||||
Diluted | $ | 0.04 | $ | 0.04 | |||||||
Weighted average number of common shares outstanding: | |||||||||||
Basic | 39,621,741 | 39,129,407 | |||||||||
Diluted | 40,363,456 | 40,663,368 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income | $ | 1,762 | $ | 1,684 | ||||||||||
Adjustments for: | ||||||||||||||
Depreciation | 3,397 | 2,609 | ||||||||||||
Change in allowance for doubtful accounts | 3,445 | 1,819 | ||||||||||||
Change in inventory reserve | (1,418) | (4) | ||||||||||||
Share-based compensation | 1,305 | 1,307 | ||||||||||||
Distributions of earnings received from equity method investments | 221 | — | ||||||||||||
Income from equity method investments | (323) | (220) | ||||||||||||
(Gain) Loss on disposal of property and equipment | (14) | 76 | ||||||||||||
Deferred income tax expense (benefit) | 745 | (222) | ||||||||||||
Net change in working capital | ||||||||||||||
Increase in accounts receivable | (4,221) | (2,728) | ||||||||||||
Decrease in inventory | 1,372 | 94 | ||||||||||||
Increase in prepaid expenses and other assets | (68) | (161) | ||||||||||||
(Decrease) increase in trade payables | (467) | 438 | ||||||||||||
Increase in deferred revenue | 135 | 13 | ||||||||||||
Increase (decrease) in accrued liabilities | 58 | (77) | ||||||||||||
Change in income tax payable/receivable | 1,217 | — | ||||||||||||
Net cash provided by operating activities | $ | 7,146 | $ | 4,628 | ||||||||||
Cash flows from investing activities | ||||||||||||||
Purchase of property and equipment | (3,963) | (1,797) | ||||||||||||
Investment in equity investments | (100) | — | ||||||||||||
Proceeds from sale of property and equipment | 256 | 99 | ||||||||||||
Net cash used in investing activities | $ | (3,807) | $ | (1,698) | ||||||||||
Cash flows from financing activities | ||||||||||||||
Proceeds from exercise of options | — | 65 | ||||||||||||
Principal payments on notes payable | (39) | (37) | ||||||||||||
Principal payments on term note | (433) | (414) | ||||||||||||
Shares repurchased under the share repurchase program | (1,887) | — | ||||||||||||
Shares redeemed to pay income tax | (119) | (1,434) | ||||||||||||
Repayments of lease liabilities | (21) | (994) | ||||||||||||
Net cash used in financing activities | $ | (2,499) | $ | (2,814) | ||||||||||
Net (decrease) increase in cash and cash equivalents | 840 | 116 | ||||||||||||
Cash and cash equivalents at beginning of year | 28,408 | 30,981 | ||||||||||||
Cash and cash equivalents at end of period | $ | 29,248 | $ | 31,097 | ||||||||||
Supplemental disclosures of cash flow information | ||||||||||||||
Cash paid during the period for interest | $ | 66 | $ | 117 | ||||||||||
Refunds received during the period for income taxes | $ | 1,217 | $ | — | ||||||||||
Supplemental disclosures of non-cash transactions | ||||||||||||||
Net non-cash changes to finance leases | $ | — | $ | 12 | ||||||||||
Net non-cash changes to operating leases | $ | — | $ | 85 | ||||||||||
For the quarter ended | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||||||||||
Net Income | $ | 1,762 | $ | 4,087 | $ | 1,789 | $ | 1,566 | $ | 1,684 | $ | 5,071 | $ | 2,804 | $ | 19,412 | ||||||||||
Add back: | ||||||||||||||||||||||||||
Depreciation | 3,397 | 3,120 | 2,867 | 2,716 | 2,609 | 2,835 | 2,425 | 2,190 | ||||||||||||||||||
Interest expense | 64 | 69 | 75 | 83 | 91 | 100 | 116 | 135 | ||||||||||||||||||
Stock-based compensation | 1,305 | 1,305 | 1,302 | 1,236 | 1,307 | 1,301 | 1,234 | 1,196 | ||||||||||||||||||
Income tax expense (benefit) | 745 | 968 | 1,386 | 1,246 | (223) | 151 | 1,141 | (6,646) | ||||||||||||||||||
Adjusted EBITDA | $ | 7,273 | $ | 9,549 | $ | 7,419 | $ | 6,847 | $ | 5,468 | $ | 9,458 | $ | 7,720 | $ | 16,287 |
For the quarter ended | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||||||||||
Financial Information: | ||||||||||||||||||||||||||
Revenue | $ | 32,255 | $ | 31,962 | $ | 29,285 | $ | 27,399 | $ | 28,416 | $ | 31,202 | $ | 33,447 | $ | 42,854 | ||||||||||
Gross Profit | $ | 19,743 | $ | 19,662 | $ | 18,381 | $ | 17,625 | $ | 17,742 | $ | 19,178 | $ | 19,453 | $ | 25,927 | ||||||||||
Gross Profit % | 61 | % | 62 | % | 63 | % | 64 | % | 62 | % | 61 | % | 58 | % | 61 | % | ||||||||||
Net Income | $ | 1,762 | $ | 4,087 | $ | 1,789 | $ | 1,566 | $ | 1,684 | $ | 5,071 | $ | 2,804 | $ | 19,412 | ||||||||||
Cash (As of) | $ | 29,248 | $ | 28,408 | $ | 26,867 | $ | 31,151 | $ | 31,097 | $ | 30,981 | $ | 32,396 | $ | 29,707 | ||||||||||
Total Assets (As of) | $ | 119,007 | $ | 117,962 | $ | 115,486 | $ | 111,014 | $ | 113,001 | $ | 112,560 | $ | 113,969 | $ | 112,178 | ||||||||||
Adjusted EBITDA(1) | $ | 7,273 | $ | 9,549 | $ | 7,419 | $ | 6,847 | $ | 5,468 | $ | 9,458 | $ | 7,720 | $ | 16,287 | ||||||||||
Operational Information: | ||||||||||||||||||||||||||
Vent Patients(2) | 8,434 | 8,405 | 8,200 | 8,103 | 7,733 | 7,892 | 7,788 | 7,705 |
Cover |
May 03, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 03, 2022 |
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 | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001729149 |
Amendment Flag | false |
-8?20$3;8T.P6BP^0"X99K>]
M9!:G
M!*X%C QXR+2*&EEVSPXL\^
MU'0ML.#0(/0 OG:BM<<,3 \+,S,S=S]54^OT%LK@B#L\X$J!T//O<8Y[WWO$
MM%%,=EQ$DF ,:.$%(JA4!60RHR?BB'N#HM $20.&]V-1&;G)7T 4X+_[WF2$
M=5FIER0R9(1-;&X)Q0XA&I-HUR31BI7F66R]"WDM%!.ND)NR_,79+,F(\;(#
M47C%!_9B*S8U4&.G4.A0\#B8'Y]LL-V5X,3G'0^/&! K/NN,]358'IQ63/&
M5290A0N_^"60C0..;>Z%SIUIO;TX2\^MSMR16,[%7_(%+&3;P&ML@LI:XW.F
M;_$S%*!'D#M/71 -:L6W7X>&!6
MN.K?A]\.S%J5.VP81OWTM-XPN=O KBP;Y#Y__U;4/A/XE[J@]T8]%^),^_J"-):
MQLR:O.&"]&E=4W=+U/M:HO!FB/7JGM0F[?HQ\S@G)J3\8;!BPO<+GE>()W@$
MJ:X.^J,@"4AS- D1FVF0O$IL5R[LG_MT2%WN&R5!TG-(1/>X^L@IWH67K1NG
M^D9L]*$Z(["HL\EGZUUT->D,.!K<+@]L=;!@Q6=2>,]8B+JI8W6BLGY:F:\JS2C[86+ZHZOK[::S&XY_@
M8D%Z@(W7LNE[RIKW^;$R>#QCI6[J=0'U5D4B'!?>Q)*2XM979C7&/>XP#"9#
MVR=[KVDK9;H*++AA!*99NB]^FH!Q=!A.1DDT/PS=VY83VT$H4[=+HG$47CI9
MKG=J->5[B:WO?;-V)G3ZD-\ZD#!H+S%KD>UER
M["]H66#CG'Z=9MU2H70Z*7DW!
7[ 4,Z/ ?(2.G*!GY,06'HX"1(RHN$D#N9<3!(_]N9IR;Q :,-T9MLA
M^7&$&Y&)$Z #LC*:+],\8)IPRLHQOX3/]IEB[D-,*5>C(QJ!2EP?0=E)=M;A
MH(B+67-9&/\;#2!\_FX++O)8?O%M$5TNJNIF9%\CMNDU' $K'/[:CH!6Y"<@
M!&PS=#+*=_OB50>;'8:!38"C$Y"K=ZD79BZ"AF4LS$J5;_<'@E$#NI4!;^+J
MPER8 Q/J[/2[D&2K$M(D34-8="7-T5Q7T9W?%QZO
M68P;YCRVBHV"1)" ;\#CK1.P5^ H@5"G.7?XN,/';>#CCX@R[9'=@)1>[, L
MJJCA>
,N8_$C7\EM!R3\5GXO\1RHE+B#G
M80B%#[! #$ AO_7( F@U(\@19A$G.HR>&BBJ2&YT>ILQ?[BU'*EI!M/O:FTMI[Z1]G7VTOYU@5B@J$$A_(+K1](0+DGE[>0@<05
M,.8!BKT@,BVS5>"IH?E80RIQYB6U]DJ_DIHZ,%8!/9B\5=5L9CJH6-:!1J^1
M3?FJTMAZW1RU\^H2KH*3\YQ)U+#K$0+E$I9S*@LBCP!.. 0>80P%'$(, UW4
MFH&GAMIY?;6@%.=4ZO19:YEUG#5;"T[,FF;V1K"I4K6"K15H--A4\INP*5^W
M[>!^R&A>W.1%O9-47S=YGM]F9?%0'U8N# E-4 RB&/H 5K=ZHC#T YQX E,
M$:&&5SD>G&]J:&Z[E"W-C0MZM\H-N=7Q7;?-^VQNCM/N'62D1>]7RYX!/>##
M\4?N!6LEV^T)Z[UMX,T4V_\NTHQ["R^.(,(Q!#2F&$ >8B#K.@1^Q 1%E(=)
MDEC=2=&<9:*GDL>[ K8/G$JL\RFSO8NB9:SN66.@7>.<*\R=LK]]0N7$\'LG
M6E%_SHT3JL1Z[YI0#K8%_PN_2M=E0;+RH_RL%]C#+D]P *K]7[F81Q$@"8T!
M"R.,.?4133PSYML33!3W)Y%.I=(4\CT3=?FVMV8