Viemed Healthcare Inc VMD

Healthcare

Viemed Healthcare, Inc. through its subsidiaries, is a provider of home medical equipment (HME) and post-acute respiratory healthcare services in the United States. The Company’s service offerings are focused on effective in-home treatment with clinical practitioners providing therapy and counselling to patients in their homes using cutting edge technologies. The Company’s products and services include Home Medical Equipment, In-home sleep testing, and Healthcare staffing. Home Medical Equipment provides respiratory and other home medical equipment, including home ventilation, bi-level positive airway pressure (BiPAP) and continuous positive airway pressure (CPAP) devices, percussion vests, and other medical equipment. In-home sleep testing provides in home sleep apnea testing services. Healthcare staffing provides healthcare staffing and recruitment services. The Company provides home medical equipment services through its interest in East Alabama HomeMed, LLC (HomeMed).

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Viemed Healthcare Inc > RBC

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Post by retiredcfon Nov 03, 2021 9:00am

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Post# 34081234

RBC

Their upside scenario target is US$12.00. Only posting the first part because some of their reports (such as this one) are a real pain to cut and paste. GLTA

VieMed Healthcare, Inc.

Solid 3Q21 while weathering Delta surge; posts nice sequential improvement

Our view:

VMD solid 3Q21 results came in above our expectations, with core organic growth of 12% YOY (excl. COVID-related revs), despite the delta surge impacting new patient vent counts. With the expansion of CPAP and O2 segments, increasing vent counts, and strong (and improving) margins, the fundamentals remain attractive. We maintain our Outperform rating, though lower our PT to $9/sh (from $13/sh) on 7.5x our FY22E EBITDA (prior ~11x), largely due to the recent multiple compression amongst peers.

Key points:
Strong top-line growth enabled adj. EBITDA margin expansion (+230 bps YOY) to 25.3%. Adj. EBITDA came in nicely above expectations at $7.4MM vs. our $6.1MM estimate and consensus of $6.3MM. Though VMD saw a tighter labor market, the company's retention remained steady limiting SG&A pressure. Mgmt expects 4Q21 core revs of $27.8-28.8MM and $1.5-1.7MM of COVID-related revs (or $29.3-30.5MM total) vs. our/consensus estimates of $29.9MM/$28.6MM.