Viemed Announces 2017 Year End Preliminary Financial Results
LAFAYETTE, LOUISIANA–(Marketwired – Jan. 29, 2018) - Viemed Healthcare, Inc. (the “Company” or “Viemed“) (TSX VENTURE:VMD), a participating Medicare durable medical equipment supplier that provides post-acute respiratory care services in the United States, announced today that it expects to post final year end December 31, 2017 results on SEDAR by the end of March after the completion of the independent audit. Preliminary results show annual revenue to be approximately US$46.5-$47 million and Adjusted EBITDA to be in the range of 25%-26%.
Casey Hoyt, Viemed’s Chief Executive Officer, said “We are extremely pleased with the preliminary 2017 financial results that show a tremendous amount of organic growth during a period where we also consummated our recent corporate transaction. With over 10,000 baby boomers turning 65 every day, a significant need exists for effective homecare solutions to reduce patient hospital stay and costly re- admissions. As the largest independent specialized provider of non-invasive ventilation (NIV) in the US home respiratory health care industry, a significant opportunity exists in offering home based solutions to this aging population and Viemed is perfectly positioned to do so for many years to come.”
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 participating Medicare durable 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.
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 releasing its 2017 annual financial results by the end of March 2018; 2017 revenues being $46.5-$47 million; and 2017 Adjusted EBITDA being 25%-26%; 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 completion of the audit of 2017 by the auditors of the Company in time for the Company to release the results by the end of March 2018; and final audited numbers being consistent with preliminary results. 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, credit, market (including equity, commodity, foreign exchange, and interest rate), liquidity, operational (including technology and infrastructure), reputational, insurance, strategic, regulatory, legal, environmental, capital adequacy, and other risks.
Examples of such risk 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.
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 (Adjusted EBITDA) reconciled to net income for the indicated periods:
|Estimated Net Income %||6%||-||7%|
|Estimated Adjustments % (Income Tax, Depreciation, Interest, and Stock Compensation)||19%||-||19%|
|Estimated Adjusted EBITDA %||25%||-||26%|
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.
The references in this press release to projected Adjusted EBITDA for fiscal 2017 are forward-looking information about prospective financial performance and readers are cautioned that this information may not be appropriate for other purposes.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Chief Operating Officer
Viemed Healthcare, Inc.