Viemed Healthcare, Inc. (the “Company” or “Viemed”) (TSX: VMD.TO
and NASDAQ:VMD), a home medical equipment supplier that provides
post-acute respiratory care services in the United States,
announced today that it is increasing its previously issued net
revenue guidance for the first quarter of 2020. In addition,
the Company is providing an update on current operations and
response to the growing number of COVID-19 cases around the
country.
As previously disclosed, in response to the
COVID-19 virus, the Company began modifying its clinical protocols
to limit unnecessary patient encounters in order to ensure the
safety of its employees as well as the safety of its patients. At
this time, these measures do not appear to be negatively impacting
the Company’s patient attrition rate. The Company’s current
ability to assess potential patients in hospitals varies by
hospital and city, but overall the Company’s business of setting up
new patients in the home is continuing.
Additionally, the Company is working with
various governmental agencies and health systems around the country
to assist in the response to the COVID-19 virus. The Company
continues to be a resource to help transition patients with chronic
respiratory failure, amongst other disease states, out of the
hospital quicker in order to free up valuable hospital beds for
COVID-19 patients. The Company is working to source equipment
for third parties to be used in acute facilities to assist COVID-19
patients, and is preparing to mobilize certain of its therapists to
educate other clinicians on ventilators as well as to provide
critical care in the facilities that need this assistance.
The Company is actively fulfilling equipment orders in the more
severely COVID-19 impacted areas of Louisiana and New York, and
continues to work with these states and others to help during this
pandemic.
As mentioned above, the Company has fulfilled
some of the orders that have been received to date, and anticipates
fulfilling a larger amount during the second quarter. The
Company continues to receive new equipment, and has been utilizing
a portion of its existing equipment to assist with the immediate
COVID-19 crisis while continuing to meet the needs of its patient
base. As a result of these sales of new equipment, the
Company is revising its previously issued guidance and currently
estimates that first quarter 2020 net revenues will be
approximately $23.7 to $23.9 million. Additionally,
sales of previously used equipment will be recognized in gain on
disposal of property and equipment in the Company's financial
statements and is currently estimated to be approximately $1.4 to
$1.5 million. Second quarter guidance based on this growing
demand is expected to be provided during May in conjunction with
the reporting of the Company’s first quarter results. The
extent and duration of the effect of these additional sales on our
operational and financial performance will depend on future
developments, including the duration, spread and intensity of the
outbreak and actions taken by the government and private business
to attempt to contain the COVID-19 virus, all of which are
uncertain and difficult to predict considering the rapidly evolving
landscape.
“I am very proud to see that the quick actions
we have taken so far appear to be keeping our growing patient base
comfortable in their homes and our employees safe, and there
appears to be only positive impacts from our modifications of the
treatment regimens,” said Casey Hoyt, Viemed CEO. “We recognize
that being one of the largest home-based ventilator companies 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
largest assets. Our team is working tirelessly on all
potential solutions to help the government and health systems
during this COVID-19 crisis.”
ABOUT VIEMED HEALTHCARE, INC.
Viemed, through its indirect wholly-owned
subsidiaries Sleep Management, L.L.C. and Home Sleep Delivered,
L.L.C., is a home medical equipment supplier that provides
post-acute respiratory care services in the United States. Sleep
Management, L.L.C. focuses on disease management and improving the
quality of life for respiratory patients through clinical
excellence, education, and technology. Its service offerings are
based on effective home treatment with respiratory care
practitioners providing therapy and counseling to patients in their
homes using cutting edge technology. Home Sleep Delivered, L.L.C.
focuses on providing in-home sleep testing for sleep apnea
sufferers. Visit our website at www.viemed.com.
For further information, please contact:
Glen AkselrodBristol Capital905-326-1888glen@bristolir.com
Todd ZehnderChief Operating OfficerViemed Healthcare,
Inc.337-504-3802investorinfo@viemed.com
Forward-Looking Statements
Certain statements contained in this press
release may constitute “forward-looking statements” within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995 or “forward-looking information” as such term is defined in
applicable Canadian securities legislation (collectively,
“forward-looking statements”). Often, but not always,
forward-looking statements can be identified by the use of words
such as “plans”, “expects”, “is expected”, “budget”, “potential”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or
“believes”, “projects”, or the negatives thereof or variations of
such words and phrases or statements that certain actions, events
or results “will”, “should”, “may”, “could”, “would”, “might” or
“will be taken”, “occur” or “be achieved” or the negative of these
terms or comparable terminology. All statements other than
statements of historical fact, including those that express, or
involve discussions as to, expectations, beliefs, plans,
objectives, assumptions or future events or performance, including
the impact of the COVID-19 virus and the Company's response to the
COVID-19 virus on the Company’s business and results of operation,
including the Company's guidance for net revenue and gain on
disposal of property and equipment for the first quarter of 2020,
and the Company’s ability to source equipment and to mobilize
certain of its therapists to assist in the response to the COVID-19
virus, are not historical facts and may be forward-looking
statements and may involve estimates, assumptions and uncertainties
that could cause actual results or outcomes to differ materially
from those expressed in the forward-looking statements. Such
statements reflect the Company's current views and intentions with
respect to future events, and current information available to the
Company, and are subject to certain risks, uncertainties and
assumptions. Many factors could cause the actual results,
performance or achievements that may be expressed or implied by
such forward-looking statements to vary from those described herein
should one or more of these risks or uncertainties materialize.
These factors include, without limitation: the general business,
market and economic conditions in the regions in which the Company
operates; the Company may be subject to significant capital
requirements and operating risks; the ability of the Company to
implement business strategies and pursue business opportunities;
volatility in the market price of shares in the capital of the
Company; the Company’s novel business model; the risk that the
clinical application of treatments that demonstrate positive
results in a study may not be positively replicated or that such
test results may not be predictive of actual treatment results or
may not result in the adoption of such treatments by providers; the
state of the capital markets; the availability of funds and
resources to pursue operations; decline of reimbursement rates;
dependence on few payors; possible new drug discoveries; dependence
on key suppliers; granting of permits and licenses in a highly
regulated business; competition; low profit market segments;
disruptions in or attacks (including cyber-attacks) on the
Company's information technology, internet, network access or other
voice or data communications systems or services; the evolution of
various types of fraud or other criminal behavior to which the
Company is exposed; the failure of third parties to comply with
their obligations; difficulty integrating newly acquired
businesses; the impact of new and changes to, or application of,
current laws and regulations; the overall difficult litigation and
regulatory environment; increased competition; changes in foreign
currency rates; increased funding costs and market volatility due
to market illiquidity and competition for funding; critical
accounting estimates and changes to accounting standards, policies,
and methods used by the Company; the impact of the previously
disclosed restatement and correction of our previously issued
financial statements; the previously disclosed identified material
weakness in our internal control over financial reporting and our
ability to remediate that material weakness; the initiation of
legal or regulatory proceedings with respect to the restatement and
corrections; the adverse effects on our business, results of
operations, financial condition and stock price, as a result of the
restatement and correction process; the Company’s status as an
emerging growth company and a foreign private issuer; and the
occurrence of natural and unnatural catastrophic events or health
epidemics or concerns, such as the recent COVID-19 outbreak, and
claims resulting from such events or concerns; as well as those
risk factors discussed or referred to in the Company’s disclosure
documents filed with the U.S. Securities and Exchange Commission
(the “SEC”) available on the SEC’s website at www.sec.gov,
including the Company’s most recent Annual Report on Form 10-K, and
with the securities regulatory authorities in certain provinces of
Canada available at www.sedar.com. Should any factor affect the
Company in an unexpected manner, or should assumptions underlying
the forward-looking statements prove incorrect, the actual results
or events may differ materially from the results or events
predicted. Any such forward-looking statements are expressly
qualified in their entirety by this cautionary statement. Moreover,
the Company does not assume responsibility for the accuracy or
completeness of such forward-looking statements. The
forward-looking statements included in this press release are made
as of the date of this press release and the Company undertakes no
obligation to publicly update or revise any forward-looking
statements, other than as required by applicable law.
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