Viemed Healthcare Inc Reports Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Viemed Healthcare, Inc. Reports Q2 2024 Financial Results
LAFAYETTE, La., Aug. 7, 2024 (GLOBE NEWSWIRE) – Viemed Healthcare, Inc. (NASDAQ: VMD), a national leader in respiratory care and technology-enabled home medical equipment services, reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Q1 2024 | Consensus Estimates | YoY Change | QoQ Change |
|---|---|---|---|---|---|---|
| Revenue | $55.0M | $43.3M | $50.5M | $53.8M | +27% | +9% |
| Net Income | $1.5M | Not provided | Not provided | Not provided | - | - |
| Adjusted EBITDA | $12.8M | $9.8M | Not provided | Not provided | +31% | - |
Interpretation: Viemed reported record revenue of $55.0 million, exceeding market consensus of $53.8 million and showcasing a 27% year-over-year increase and a 9% increase from the previous quarter. The adjusted EBITDA stood at $12.8 million, reflecting a robust 31% year-over-year growth.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Previous Guidance | YoY Change |
|---|---|---|---|
| Complex Respiratory Services | $55.0M | $53.8M | +27% |
Interpretation: The Company's complex respiratory services continue to drive its revenue streams, aligning closely with the previous guidance of $53.8M and demonstrating significant year-over-year growth of 27%.
Operational Data
| Operational Metric | Q2 2024 | Q1 2024 | QoQ Change |
|---|---|---|---|
| Ventilator Patient Count | 10,905 | 10,446 | +4.4% |
Viemed has set a new Company record with 10,905 ventilator patients, marking a 4.4% increase from the previous quarter.
Executive Commentary
Casey Hoyt, Viemed's CEO, commented, "The remarkable organic growth of our complex respiratory services continues to validate our strategy at Viemed. Our second-quarter results demonstrate the substantial demand for these essential services and confirm Viemed's leading position in meeting the needs for complex respiratory care."
Forward Guidance
Viemed has provided forward guidance for Q3 2024, expecting net revenues to fall between $56.5 million and $57.7 million.
Stock Price Movement
Following the earnings release, Viemed's stock experienced a decline of approximately 3.48%.
In summary, Viemed Healthcare, Inc. delivered strong financial performance in Q2 2024, with record revenue driven by robust segment growth and an increase in the ventilator patient count. Future guidance aligns with continuous growth prospects, reflecting strong market demand for its services.