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LAFAYETTE, La. – Viemed Healthcare reported core net revenue of $35.8 million for the third quarter of 2022, a 28% increase compared to the same period last year and a company record.
Viemed grew its ventilator patient count to 9,127, an 11% increase, representing the highest year-over-year growth rate since the beginning of the COVID-19 pandemic.
“Our impressive third quarter financial results reflect robust growth and the team’s disciplined execution of strategy,” said Casey Hoyt, CEO. “The momentum behind patient and service expansion continues to exceed expectations and we have successfully reversed margin compression in EBITDA. Looking forward, our inflation-adjusted reimbursement environment combined with tactical cost containment initiatives have the company incredibly well positioned to outperform during the upcoming business cycle.”
Viemed reported adjusted EBITDA of $7 million for the third quarter and adjusted EBITDA of $20.7 million for the nine months ended Sept. 30, 2022.
The company had a cash balance of $21.5 million and an overall working capital balance of $22.3 million. Total long-term debt as of Sept. 30, 2022, was $4.2 million.