Looks Pretty Good To Me Operational highlights (all dollar amounts are USD):
- Revenues for the quarter ended June 30, 2019 were approximately $22.5 million and gross margin was $16.9 million, or 75%. Revenues and gross margin increased 45% and 49%, respectively, as compared to the quarter ended June 30, 2018. Revenues for the quarter ended June 30, 2019 grew sequentially by approximately 10% as compared to the quarter ended March 31, 2019.
- The Company grew its ventilator patient count by approximately 40% as compared to the prior year's comparable quarter and 12% over the first quarter of 2019.
- Net income for the quarter ended June 30, 2019 totaled approximately $1.8 million, a 23% decrease as compared to the quarter ended June 30, 2018. Adjusted EBITDA for the quarter ended June 30, 2019 totaled approximately $4.6 million, a 12% increase as compared to the quarter ended June 30, 2018. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this press release.
- The Company completed the purchase of a 77,000 square foot building that will serve as corporate headquarters later this year. The building will allow the Company to continue to expand its back office support staff to keep up with its geographical expansion throughout the lower 48.
- The Company expects to generate total revenues of approximately $23.7 to $24.5 million during the third quarter of 2019. The mid-point of the revenue guidance represents a 41% increase over the quarter ended September 30, 2018. Additionally, the Company expects to have higher margins during the back half of the year, more in line with prior year margins.
"I am extremely pleased with another record breaking quarter in revenue and patient growth," said Casey Hoyt, Viemed CEO. "We are making tremendous strides in our future growth initiatives in the technology, marketing and new referral sources areas, including the VA system as well as the pediatric division. Additionally, we continue to roll out oxygen therapy around the country as well as a new compression therapy product line. These investments, along with our completed building purchase and Nasdaq listing have us on an exciting path to more future success."