- Viemed Healthcare (TSX:VMD) has raised its guidance for 2020’s first quarter
- The move has come on the back of strong growth in the company’s in-home respiratory business, due to COVID-19
- Viemed is serving patients with chronic respiratory diseases who are leaving hospital to make way for COVID-19 patients
- The company is also sourcing and distributing equipment to hospitals which are actively treating coronavirus patients
- Viemed Healthcare (TSX:VMD) is trading for C$9.12 per share with a market cap of $350 million
Medical equipment supplier, Viemed Healthcare (TSX:VMD) has rounded up its first quarter guidance, citing ballooning sales caused by COVID-19.
The Louisiana-based home health care provider specialises in post-date respiratory care services in the US. The company specifically aids those patients with chronic respiratory issues.
Viemed’s core business of setting up new patients within their homes is ongoing and experiencing strong growth. This is especially true as many hospitals have had to empty their hospital beds, to accomodate COVID-19 patients.
This has led to net revenue guidance for the company’s first quarter being scaled up.
The company hasscaled back the number of interactions patients are having with care providers, to protect both from infection. Viemed has stated that these measures “do not appear to be negatively impacting the company’s patient attrition rate”.
The COVID-19 crisis has provided an opportunity to source equipment for third parties involved in treating acute coronavirus cases. Viemed is also looking at mobilising portions of its workforce to educate other clinicians on ventilators. The company is considering sending some of its workforce to provide critical care in facilities that need assistance.
In Louisiana and New York, the company has been actively fulfilling equipment orders in more severely impacted areas. New York is currently where the COVID-19 pandemic is at its worst.
Viemed’s CEO, Casey Hoyt, expressed pride in the company’s actions to grow their patient base and protect Americans during the pandemic.
“We recognise that being one of the largest home-based ventilator company in the country puts us in a unique position to help with the current pandemic.
“We have long said our ventilator inventory and our network of respiratory therapists around the country are our two biggest assets.
“Our team is working tirelessly on all potential solutions to help the government and health systems during this COVID-19 crisis.
Viemed Healthcare (TSX:VMD) is trading for C$9.12 per share at 10:28am EDT.
