vmd-20240630

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission file number: 001-38973

Viemed Healthcare, Inc.

(Exact name of registrant as specified in its charter)


British Columbia, Canada		N/A
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification Number)

	625 E. Kaliste Saloom Rd. Lafayette, LA 70508
(Address of principal executive offices, including zip code)

	(337) 504-3802
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Shares, no par value	VMD	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐

Accelerated filer ☒

Non-Accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of July 25, 2024, there were 38,825,799 common shares of the registrant outstanding.


VIEMED HEALTHCARE, INC. TABLE OF CONTENTS
June 30, 2024 and 2023


		Page
PART I - FINANCIAL INFORMATION		3
Item 1. Financial Statements		3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Income	4
	Condensed Consolidated Statements of Changes in Shareholders' Equity	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to the Condensed Consolidated Financial Statements	7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		25
	Forward-Looking Statements	25
	General Matters	26
	Overview	26
	Trends Affecting Our Business	27
	Results of Operations	29
	Non-GAAP Financial Measures	35
	Liquidity and Capital Resources	36
	Accounting and Disclosure Matters	38
Item 3. Quantitative and Qualitative Disclosures About Market Risk		40
Item 4. Controls and Procedures		40
PART II - OTHER INFORMATION		41
Item 1. Legal Proceedings		41
Item 1A. Risk Factors		41
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		42
Item 3. Defaults Upon Senior Securities		42
Item 4. Mine Safety Disclosures		42
Item 5. Other Information		42
Item 6. Exhibits		43
Signatures		44

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements


VIEMED HEALTHCARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars, except outstanding shares)
	Note	At June 30, 2024		At December 31, 2023
		(Unaudited)		(Audited)
ASSETS
Current assets
Cash and cash equivalents	2	$	8,807	$	12,839
Accounts receivable, net	2	27,063		18,451
Inventory	2	4,424		4,628
Income tax receivable		446		—
Prepaid expenses and other assets		4,235		2,449
Total current assets		$	44,975	$	38,367
Long-term assets
Property and equipment, net	4	74,701		73,579
Finance lease right-of-use assets		125		401
Operating lease right-of-use assets		2,893		2,872
Equity investments	2	1,794		1,680
Debt investment	2	1,000		2,219
Deferred tax asset	10	4,558		4,558
Identifiable intangibles, net		912		567
Goodwill	3	32,989		29,765
Other long-term assets	9	—		887
Total long-term assets		$	118,972	$	116,528
TOTAL ASSETS		$	163,947	$	154,895
LIABILITIES
Current liabilities
Trade payables		$	6,334	$	4,180
Deferred revenue		6,723		6,207
Income taxes payable		—		2,153
Accrued liabilities	5	16,801		17,578
Finance lease liabilities, current portion		111		256
Operating lease liabilities, current portion	6	737		678
Current portion of long-term debt	6	772		1,072
Total current liabilities		$	31,478	$	32,124
Long-term liabilities
Accrued liabilities	8	441		558
Finance lease liabilities, less current portion		28		132
Operating lease liabilities, less current portion	6	2,105		2,184
Long-term debt	5	8,715		6,002
Total long-term liabilities		$	11,289	$	8,876
TOTAL LIABILITIES		$	42,767	$	41,000

Commitments and Contingencies		—		—

SHAREHOLDERS' EQUITY
Common stock - No par value: unlimited authorized; 38,825,799 and 38,506,161 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	8	$	21,910	$	18,702
Additional paid-in capital		15,867		15,698
Retained earnings		81,594		79,495
TOTAL VIEMED HEALTHCARE, INC.'S SHAREHOLDERS' EQUITY		$	119,371	$	113,895
Noncontrolling interest in subsidiary	3	1,809		—
TOTAL SHAREHOLDERS' EQUITY		121,180		113,895
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	163,947

SEC Form 10-Q filed by Viemed Healthcare Inc.