Viemed reports ‘exceptional year’
By HME News Staff
Updated 10:32 AM CST, Thu March 7, 2024
LAFAYETTE, La. – Viemed reported net revenues of $50.7 million for its fourth quarter ended Dec. 31, 2023, an increase of 35% compared to the same period in 2022.
Total net revenues for the year were a record $183 million, an increase of 32%.
Adjusted EBITDA for the quarter and year was $12.8 million and a record $43.1 million, respectively.
"We're thrilled to announce another exceptional year of financial performance at Viemed, marked by robust double-digit annual growth and sustained profitability," said Casey Hoyt, CEO. "We are particularly pleased with the company's capacity to generate free cash flow, enabling us to fuel continued strong growth. This underscores the effectiveness of our strategic initiatives and the dedication of our entire team. These accomplishments reaffirm our commitment to delivering enduring value to our stakeholders."
After successfully completing an approximately $30 million acquisition during 2023, Viemed ended the year with no net debt and has approximately $53 million available under existing credit facilities.
The company expects to generate net revenues of approximately $49.7 million to $51 million during the first quarter of 2024 and assumes that the 75/25 blended Medicare reimbursement rate adjustment in non-rural, non-competitive bid areas will not be extended.
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