Viemed 'reaping the benefit’ of diverse model

LAFAYETTE, La. – Viemed Healthcare’s various lines of business are “clicking on all cylinders,” as the company seeks to ramp up organic growth, say execs. 

To do that, Viemed is further diversifying its product offerings and reducing its reliance on ventilators. In the fourth quarter of 2022, vents comprised approximately 66% of the company’s core revenue vs. 76% in the fourth quarter of 2021. 

“Staffing is rolling, CPAPs are rolling, oxygen's doing great,” said COO Todd Zehnder on a recent call to discuss fourth quarter and year-end financial results for 2022. “We've been at it for a while now, and we're reaping the benefit of them becoming feeders to our vent business.” 

Viemed reported net revenues of $37.5 million attributable to its core business for the fourth quarter and total net revenues of $138.8 million for the full year 2022, including $2.3 million of COVID-19 related contact and vaccine tracing services. 

‘Black cloud’ lifted 

The company prevailed in its four-year appeal of findings from the Office of Inspector General in January, when an administrative law judge overturned the remaining disputed non-invasive ventilator claims and ordered CMS to repay previously remitted funds of about $1.1 million. That decision has energized the company’s efforts to ink new deals with payers, says Zehnder. 

“That was a black cloud with some payers throughout the country,” he said. “So, we have a major opportunity to go in there and have another conversation and really talk not just about getting back in the network with some, but how do we become more relevant in the value-based discussion. So, we're super pumped about that initiative as well.” 

‘Big problems’ solved 

Ringing the NASDAQ bell on March 6 only added to Viemed’s excitement for the future, says CEO Casey Hoyt. 

“We've proven to be incredibly resilient in recent years in confronting the adversity related to the COVID pandemic, device recalls and the OIG report,” he said. “We didn't just weather the storms, but instead we turned each into incredible opportunities to solve big problems and do so profitably.”