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 December 31, 2023 | At December 31, 2022 | |||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 12,839 | $ | 16,914 | ||||||||||
Accounts receivable, net | 18,451 | 15,379 | ||||||||||||
Inventory | 4,628 | 3,574 | ||||||||||||
Income tax receivable | — | 26 | ||||||||||||
Prepaid expenses and other assets | 2,449 | 3,849 | ||||||||||||
Total current assets | $ | 38,367 | $ | 39,742 | ||||||||||
Long-term assets | ||||||||||||||
Property and equipment, net | 73,579 | 67,743 | ||||||||||||
Finance lease right-of-use assets | 401 | — | ||||||||||||
Operating lease right-of-use assets | 2,872 | 694 | ||||||||||||
Equity investments | 1,680 | 2,155 | ||||||||||||
Debt investment | 2,219 | 2,000 | ||||||||||||
Deferred tax asset | 4,558 | 3,119 | ||||||||||||
Identifiable intangibles, net | 567 | — | ||||||||||||
Goodwill | 29,765 | — | ||||||||||||
Other long-term assets | 887 | 1,590 | ||||||||||||
Total long-term assets | 116,528 | 77,301 | ||||||||||||
TOTAL ASSETS | $ | 154,895 | $ | 117,043 | ||||||||||
LIABILITIES | ||||||||||||||
Current liabilities | ||||||||||||||
Trade payables | $ | 4,180 | $ | 2,650 | ||||||||||
Deferred revenue | 6,207 | 4,624 | ||||||||||||
Income taxes payable | 2,153 | — | ||||||||||||
Accrued liabilities | 17,578 | 11,092 | ||||||||||||
Finance lease liabilities, current portion | 256 | — | ||||||||||||
Operating lease liabilities, current portion | 678 | 495 | ||||||||||||
Current debt | 1,072 | — | ||||||||||||
Total current liabilities | $ | 32,124 | $ | 18,861 | ||||||||||
Long-term liabilities | ||||||||||||||
Accrued liabilities | 558 | 889 | ||||||||||||
Finance lease liabilities, less current portion | 132 | — | ||||||||||||
Operating lease liabilities, less current portion | 2,184 | 199 | ||||||||||||
Long-term debt | 6,002 | — | ||||||||||||
Total long-term liabilities | $ | 8,876 | $ | 1,088 | ||||||||||
TOTAL LIABILITIES | $ | 41,000 | $ | 19,949 | ||||||||||
Commitments and Contingencies | — | — | ||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||
Common stock - No par value: unlimited authorized; 38,506,161 and 38,049,739 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | 18,702 | 15,123 | ||||||||||||
Additional paid-in capital | 15,698 | 12,125 | ||||||||||||
Retained earnings | 79,495 | 69,846 | ||||||||||||
TOTAL SHAREHOLDERS' EQUITY | $ | 113,895 | $ | 97,094 | ||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 154,895 | $ | 117,043 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | $ | 50,739 | $ | 37,508 | $ | 183,008 | $ | 138,832 | |||||||||||||||
Cost of revenue | 18,628 | 14,612 | 70,225 | 54,152 | |||||||||||||||||||
Gross profit | $ | 32,111 | $ | 22,896 | $ | 112,783 | $ | 84,680 | |||||||||||||||
Operating expenses | |||||||||||||||||||||||
Selling, general and administrative | 23,905 | 17,172 | 87,884 | 68,161 | |||||||||||||||||||
Research and development | 651 | 722 | 2,782 | 2,696 | |||||||||||||||||||
Stock-based compensation | 1,534 | 1,317 | 5,849 | 5,202 | |||||||||||||||||||
Depreciation and amortization | 434 | 241 | 1,391 | 1,012 | |||||||||||||||||||
Loss on disposal of property and equipment | 272 | 178 | 645 | 346 | |||||||||||||||||||
Other income, net | 26 | (268) | (98) | (989) | |||||||||||||||||||
Income from operations | $ | 5,289 | $ | 3,534 | $ | 14,330 | $ | 8,252 | |||||||||||||||
Non-operating income and expenses | |||||||||||||||||||||||
Income from equity method investments | 43 | 82 | 485 | 935 | |||||||||||||||||||
Interest expense, net | (256) | (32) | (424) | (197) | |||||||||||||||||||
Net income before taxes | 5,076 | 3,584 | 14,391 | 8,990 | |||||||||||||||||||
Provision for income taxes | 1,599 | 1,146 | 4,148 | 2,768 | |||||||||||||||||||
Net income | $ | 3,477 | $ | 2,438 | $ | 10,243 | $ | 6,222 | |||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Change in unrealized gain/loss on derivative instruments, net of tax | — | (56) | — | 278 | |||||||||||||||||||
Other comprehensive income | $ | — | $ | (56) | $ | — | $ | 278 | |||||||||||||||
Comprehensive income | $ | 3,477 | $ | 2,382 | $ | 10,243 | $ | 6,500 | |||||||||||||||
Net income per share | |||||||||||||||||||||||
Basic | $ | 0.09 | $ | 0.06 | $ | 0.27 | $ | 0.16 | |||||||||||||||
Diluted | $ | 0.09 | $ | 0.06 | $ | 0.25 | $ | 0.16 | |||||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||||||||
Basic | 38,492,731 | 38,015,795 | 38,354,071 | 38,655,403 | |||||||||||||||||||
Diluted | 40,383,109 | 39,513,158 | 40,378,922 | 39,807,434 |
Year Ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income | $ | 10,243 | $ | 6,222 | ||||||||||
Adjustments for: | ||||||||||||||
Depreciation and amortization | 21,862 | 15,630 | ||||||||||||
Change in inventory reserve | — | (1,418) | ||||||||||||
Stock-based compensation expense | 5,849 | 5,202 | ||||||||||||
Distributions of earnings received from equity method investments | 980 | 1,079 | ||||||||||||
Income from equity method investments | (485) | (935) | ||||||||||||
Income from debt investment | (219) | — | ||||||||||||
Loss on disposal of property and equipment | 645 | 346 | ||||||||||||
Deferred income tax (benefit) expense | (1,439) | 1,746 | ||||||||||||
Changes in working capital, net of effects from acquisitions: | ||||||||||||||
Accounts receivable, net | (1,058) | (2,556) | ||||||||||||
Inventory | (472) | 301 | ||||||||||||
Prepaid expenses and other assets | 2,176 | (2,838) | ||||||||||||
Trade payables | (859) | (318) | ||||||||||||
Deferred revenue | 851 | 871 | ||||||||||||
Accrued liabilities | 4,959 | 2,549 | ||||||||||||
Income tax payable/receivable | 2,179 | 1,867 | ||||||||||||
Net cash provided by operating activities | $ | 45,212 | $ | 27,748 | ||||||||||
Cash flows from investing activities | ||||||||||||||
Purchase of property and equipment | (26,093) | (22,898) | ||||||||||||
Investment in equity investments | (20) | (141) | ||||||||||||
Cash paid for acquisition of HMP, net of cash acquired | (28,588) | — | ||||||||||||
Investment in debt security | — | (2,000) | ||||||||||||
Proceeds from sale of property and equipment | 2,588 | 1,063 | ||||||||||||
Net cash used in investing activities | $ | (52,113) | $ | (23,976) | ||||||||||
Cash flows from financing activities | ||||||||||||||
Proceeds from exercise of options | 1,303 | 283 | ||||||||||||
Proceeds from term notes | 5,000 | — | ||||||||||||
Principal payments on term notes | (3,721) | (5,796) | ||||||||||||
Proceeds from revolving credit facilities | 8,000 | — | ||||||||||||
Payments on revolving credit facilities | (7,005) | — | ||||||||||||
Shares redeemed to pay income tax | (594) | (143) | ||||||||||||
Shares repurchased under the share repurchase program | — | (9,568) | ||||||||||||
Repayments of lease liabilities | (157) | (42) | ||||||||||||
Net cash provided by (used in) financing activities | $ | 2,826 | $ | (15,266) | ||||||||||
Net decrease in cash and cash equivalents | (4,075) | (11,494) | ||||||||||||
Cash and cash equivalents at beginning of year | 16,914 | 28,408 | ||||||||||||
Cash and cash equivalents at end of period | $ | 12,839 | $ | 16,914 | ||||||||||
Supplemental disclosures of cash flow information | ||||||||||||||
Cash paid during the period for interest | $ | 851 | $ | 231 | ||||||||||
Cash paid (received) during the period for income taxes, net of refunds | $ | 3,566 | $ | (846) | ||||||||||
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) | $ | 530 |
For the quarter ended | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | ||||||||||||||||||
Net Income | $ | 3,477 | $ | 2,919 | $ | 2,330 | $ | 1,517 | $ | 2,438 | $ | 1,055 | $ | 967 | $ | 1,762 | ||||||||||
Add back: | ||||||||||||||||||||||||||
Depreciation & amortization | 5,918 | 5,975 | 5,207 | 4,762 | 4,373 | 4,120 | 3,740 | 3,397 | ||||||||||||||||||
Interest expense (income) | 256 | 237 | (20) | (49) | 32 | 42 | 59 | 64 | ||||||||||||||||||
Stock-based compensation(a) | 1,534 | 1,453 | 1,471 | 1,391 | 1,317 | 1,309 | 1,271 | 1,305 | ||||||||||||||||||
Transaction costs(b) | 61 | 177 | 94 | 206 | — | — | — | — | ||||||||||||||||||
Income tax expense | 1,599 | 1,320 | 728 | 501 | 1,146 | 456 | 421 | 745 | ||||||||||||||||||
Adjusted EBITDA | $ | 12,845 | $ | 12,081 | $ | 9,810 | $ | 8,328 | $ | 9,306 | $ | 6,982 | $ | 6,458 | $ | 7,273 |
Year Ended December 31, 2023 | ||||||||
Net Income | $ | 10,243 | ||||||
Add back: | ||||||||
Depreciation & amortization | 21,862 | |||||||
Interest expense (income) | 424 | |||||||
Stock-based compensation(a) | 5,849 | |||||||
Transaction costs(b) | 538 | |||||||
Income tax expense | 4,148 | |||||||
Adjusted EBITDA | $ | 43,064 |
(in thousands) | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 13,284 | $ | 7,684 | $ | 45,212 | $ | 27,748 | ||||||||||||||||||
Purchase of property and equipment | (7,932) | (5,572) | (26,093) | (22,898) | ||||||||||||||||||||||
Free Cash Flow | $ | 5,352 | $ | 2,112 | $ | 19,119 | $ | 4,850 |
For the quarter ended | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | ||||||||||||||||||
Financial Information: | ||||||||||||||||||||||||||
Revenue | $ | 50,739 | $ | 49,402 | $ | 43,311 | $ | 39,556 | $ | 37,508 | $ | 35,759 | $ | 33,310 | $ | 32,255 | ||||||||||
Gross Profit | 32,111 | 30,562 | 26,106 | 24,004 | 22,896 | 21,651 | 20,390 | 19,743 | ||||||||||||||||||
Gross Profit % | 63 | % | 62 | % | 60 | % | 61 | % | 61 | % | 61 | % | 61 | % | 61 | % | ||||||||||
Net Income | 3,477 | 2,919 | 2,330 | 1,517 | 2,438 | 1,055 | 967 | 1,762 | ||||||||||||||||||
Cash and Cash Equivalents (As of) | 12,839 | 10,078 | 10,224 | 23,544 | 16,914 | 21,478 | 21,922 | 29,248 | ||||||||||||||||||
Total Assets (As of) | 154,895 | 149,400 | 149,117 | 124,634 | 117,043 | 119,419 | 115,904 | 119,007 | ||||||||||||||||||
Adjusted EBITDA(1) | 12,845 | 12,081 | 9,810 | 8,328 | 9,306 | 6,982 | 6,458 | 7,273 | ||||||||||||||||||
Operational Information: | ||||||||||||||||||||||||||
Vent Patients(2) | 10,327 | 10,244 | 10,005 | 9,337 | 9,306 | 9,127 | 8,837 | 8,434 |
Cover |
Mar. 06, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 06, 2024 |
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 |
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