Viemed reports growth, eyes new markets

Friday, August 16, 2019

LAFAYETTE, La. – Viemed Healthcare cracked the Florida market in the second quarter of 2019 and has a goal of being in the lower 48 states within the next year or so, CEO Casey Hoyt said during a recent earnings call.

“We finished the quarter licensed to do business in 48 states, Medicare approved in 38 states and conducting business in 29 states,” he said.

Viemed Healthcare reported revenue of $22.5 million for the second quarter of 2019, a 45% increase compared to the same period last year. It reported net income of $1.8 million, a 23% decrease.

For the first six months of 2019, revenue was $43 million, compared to $29.6 million for the same period last year. Net income was $3.97 million vs. $4.7 million.

Viemed saw its patient vent count grow by about 40% during the second quarter, compared to 12% during the first quarter.

The company began beta testing a lymphedema product in five target areas, said Hoyt. Viemed’s existing sleep model is well positioned to help the company make inroads into the $4 billion U.S. lymphedema market.

“The same call points we used for our Home Sleep Delivered business are the call points for lymphedema so the two could be sold at the same time,” he said. “We look forward to growing lymphedema beyond the five areas in the near future.”

Other highlights:

The company has purchased a 77,000-square foot building that will serve as its corporate headquarters;

And earlier this month, Viemed received approval to begin listing on the Nasdaq Capital Market under the symbol “VMD.”