- Viemed Healthcare (VMD.TO) reports Q1 2021 financial results
- Net core business revenues for the quarter ended March 31, 2021, were $25.5 million
- This was an increase of USD$2.7 million or 12 per cent over the comparable quarter ended March 31, 2020
- The 2020 quarter included USD$1.0 million of revenue and USD$2.5 million of proceeds on used equipment sales related to COVID-19 response sales and services
- Total revenues for the second quarter of 2021 are estimated to be approximately USD$26.7 million to USD$28.2 million
- Viemed Healthcare, Inc. (VMD.TO) is down 1.07 per cent and is trading at C$12.05 at 1:25 pm ET
Viemed Healthcare, Inc. (VMD.TO) has reported its financial results for the three months ended March 31, 2021.
Net revenues attributable to Viemed’s core business for the quarter ended March 31, 2021 were $25.5 million. This was an increase of USD$2.7 million or 12 per cent over net core revenues reported for the comparable quarter ended March 31, 2020.
Total net revenues for the current quarter were USD$28.4 million which included approximately USD$2.9 million for contact tracing services and product sales related to the COVID-19 pandemic.
Net income for the quarter ended March 31, 2021 totaled approximately USD$1.7 million, compared to USD$4.2 million for the quarter ended March 31, 2020.
The 2020 quarter included USD$1.0 million of revenue and USD$2.5 million of proceeds on used equipment sales related to COVID-19 response sales and services.
Viemed had reported a cash balance of USD$31.1 million at March 31, 2021 (USD$31.0 million at December 31, 2020) and an overall working capital balance of USD$26.4 million (USD$24.2 million at December 31, 2020).
Total long-term debt as of March 31, 2021 was USD$6.1 million (USD$6.6 million at December 31, 2020).
Viemed expects to generate net revenues attributable to its core business of approximately USD$26.2 million to USD$27.2 million during the second quarter of 2021.
While its COVID-19 response-related business has slowed during the current year, it is continuing to pursue additional sales and support revenues and estimates second quarter 2021 revenues of approximately USD$0.5 million to USD$1.0 million related to the COVID-19 pandemic.
Total revenues for the second quarter of 2021 are estimated to be approximately USD$26.7 million to USD$28.2 million.
“The first quarter will very likely be the quarter where things began to reopen from the COVID-19 pandemic and I am once again proud of our ability to keep servicing high need patients,” said Casey Hoyt, Viemed’s CEO.
“Our new patient uploads during March were the highest single month since the pandemic began and gave us the ability to grow our core business even with the challenges faced during January and February,” added Hoyt.
Viemed is a provider of in-home medical equipment and post-acute respiratory healthcare services in the United States.
Viemed Healthcare, Inc. (VMD.TO) is down 1.07 per cent and is trading at C$12.05 at 1:25 pm ET.