Viemed Healthcare, Inc. reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Revenue for Q3 2024 reached $58.0 million, an increase of $8.6 million (17.4%) from $49.4 million in Q3 2023. For the nine-month period, revenue totaled $163.6 million, up $31.3 million (23.7%) from $132.3 million in the prior year. This growth was primarily driven by increased revenue from ventilator rentals, which rose to $31.8 million in Q3 2024, up from $28.3 million in Q3 2023, and $91.4 million for the nine months, compared to $79.2 million in 2023.
The company's income from operations for Q3 2024 was $5.6 million, a 33.8% increase from $4.2 million in Q3 2023. For the nine months, income from operations rose to $11.4 million, up 26.6% from $9.0 million in the previous year. Net income for Q3 2024 was $3.9 million, reflecting a 33.8% increase from $2.9 million in Q3 2023, while net income for the nine months was $7.0 million, a modest increase of 3.2% from $6.8 million in 2023.
The company’s gross profit for Q3 2024 was $34.4 million, representing 59.3% of total revenue, down from 61.9% in Q3 2023. This decrease was attributed to a changing revenue mix due to product and service diversification. Selling, general, and administrative expenses increased to $26.7 million for Q3 2024, up 12.8% from the previous year, with employee compensation expenses rising significantly due to headcount increases and market-based adjustments.
Viemed Healthcare made strategic acquisitions, including a 60% equity interest in East Alabama HomeMed, LLC, and the full acquisition of Home Medical Products, Inc. for approximately $29 million in cash. These acquisitions contributed to goodwill recognized of $3.2 million and $0.4 million in trade name value.
As of September 30, 2024, the company reported total shareholders' equity of $126.8 million, an increase from $121.2 million at the end of June 2024. The company’s cash and cash equivalents stood at $11.3 million, down from $12.8 million at the end of 2023. Net cash provided by operating activities for the nine months was $24.1 million, a decrease from $31.9 million in the prior year, while net cash used in investing activities was $21.5 million, reflecting capital expenditures and acquisitions.
Overall, Viemed Healthcare's performance in the home medical equipment sector continues to benefit from market trends, including an aging population and increasing demand for respiratory care services, despite facing challenges such as inflationary pressures and reimbursement rate changes.
About VIEMED HEALTHCARE, INC.
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