Viemed’s core business soars
By HME News Staff
Updated 9:31 AM CDT, Tue May 9, 2023
LAFAYETTE, La. - Viemed reported net revenue attributable to its core business was $39.6 million for the first quarter of 2023, a 31% increase compared to the same period in 2022 and a new company record.
Total net revenue increased 6%.
“Our recently announced operating results demonstrate that the core business is firing on all cylinders,” said Casey Hoyt, Viemed’s CEO. “We are excited to amplify our robust organic growth through accretive acquisitions that create powerful revenue synergies, diversify our offerings, and build upon strong relationships with stakeholders. Our recent acquisition initiatives are the natural progression of strategic investments that create a better experience for patients, physicians, and payors, and will ultimately allow us to expand care to those in need.”
Viemed recently announced plans to acquire Home Medical Products in Tennessee, a large regional provider of respiratory focused home medial solutions with annual net revenue of about $28 million in 2022.
Other financial results:
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Net income of $1.5 million
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Adjusted EBITDA of $8.3 million, a 15% increase
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39% increase in cash balance to $23.5 million
Viemed expects to generate net revenue attributable to its core business of about $40.2 million to $41.2 million during the second quarter, excluding the impact from any acquired revenues during the period.
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