VIEMED HEALTHCARE, INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>VIEMED HEALTHCARE, INC. has filed its 2023 Form 10-K detailing its fiscal year performance and business operations.</b>

AI Summary

VIEMED HEALTHCARE, INC. (VMD) filed a Annual Report (10-K) with the SEC on March 6, 2024. VIEMED HEALTHCARE, INC. filed its 2023 Form 10-K on March 6, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in A1 and its fiscal year ends on December 31. VIEMED HEALTHCARE, INC. is classified under SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090]. The company's principal business address is 625 E. KALISTE SALOOM RD., LAFAYETTE, LA 70508.

Why It Matters

For investors and stakeholders tracking VIEMED HEALTHCARE, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of VIEMED HEALTHCARE, INC.'s financial health, operational strategies, and risk factors for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's performance, understand its market position, and evaluate potential risks and opportunities.

Risk Assessment

Risk Level: medium — VIEMED HEALTHCARE, INC. shows moderate risk based on this filing. The company's reliance on Medicare and Medicaid for accounts receivable presents a medium risk due to potential changes in reimbursement policies or funding.

Analyst Insight

Review the company's revenue streams and cost structure in the 10-K to understand its profitability drivers and identify areas for potential efficiency improvements.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-06 — Filing Date (FILED AS OF DATE)
• 8090 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 337.504.3802 — Business Phone (BUSINESS PHONE)

Key Players & Entities

• VIEMED HEALTHCARE, INC. (company) — FILER
• VMD (company) — tk
• LAFAYETTE (company) — CITY
• LA (company) — STATE
• Medicare (regulator) — CustomerConcentrationRiskMember
• Medicaid (regulator) — CustomerConcentrationRiskMember

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces customer concentration risk related to accounts receivable from Medicare and Medicaid, indicating a significant reliance on these government programs.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-06: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by VIEMED HEALTHCARE, INC. for the fiscal year 2023.)

SIC Code

Standard Industrial Classification code used to categorize businesses based on their primary activity. (Identifies VIEMED HEALTHCARE, INC.'s industry as SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090].)

Key Financial Figures

• $30.0 m — of a revolving credit facility of up to $30.0 million, a delayed draw term loan facilit
• $30 m — elayed draw term loan facility of up to $30 million, and an accordion feature allowin
• $90 million — for a total borrowing capacity of up to $90 million. Page 6 VIEMED HEALTHCARE, INC. (T
• $50,000 — icare program maintain a surety bond of $50,000 per National Provider Identifier ("NPI"

Filing Documents

• vmd-20231231.htm (10-K) — 1497KB
• q42023exhibit41.htm (EX-4.1) — 26KB
• exhibit2112023subsidiaries.htm (EX-21.1) — 6KB
• exhibit2312023consentofind.htm (EX-23.1) — 4KB
• q42023exhibit311.htm (EX-31.1) — 10KB
• q42023exhibit312.htm (EX-31.2) — 10KB
• q42023exhibit321.htm (EX-32.1) — 4KB
• q42023exhibit322.htm (EX-32.2) — 4KB
• a971executivecompensationc.htm (EX-97.1) — 32KB
• 0001729149-24-000077.txt (&nbsp;) — 7691KB
• vmd-20231231.xsd (EX-101.SCH) — 42KB
• vmd-20231231_cal.xml (EX-101.CAL) — 108KB
• vmd-20231231_def.xml (EX-101.DEF) — 225KB
• vmd-20231231_lab.xml (EX-101.LAB) — 691KB
• vmd-20231231_pre.xml (EX-101.PRE) — 488KB
• vmd-20231231_htm.xml (XML) — 948KB

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 27

Cybersecurity

Item 1C. Cybersecurity 27

Properties

Item 2. Properties 28

Legal Proceedings

Item 3. Legal Proceedings 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28 PART II 29

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29

Reserved

Item 6. Reserved 29

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 38

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data F-1

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 43

Controls and Procedures

Item 9A. Controls and Procedures 43

Other Information

Item 9B. Other Information 44

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 44 PART III 45

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 45

Executive Compensation

Item 11. Executive Compensation 45

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 45

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 45

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 45

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 45

Form 10-K Summary

Item 16. Form 10-K Summary 47 VIEMED HEALTHCARE, INC. (Tabular amounts expressed in thousands of U.S. Dollars, except per share amounts) December 31, 2023 and 2022 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements and information in this Annual Report on Form 10-K may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 or "forward-looking information" as such term is defined in applicable Canadian securities legislation (collectively, "forward-looking statements"). Any statements other than statements of historical information, including those that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. These forward-looking statements are made as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management regarding future events, and include, but are not limited to, statements with respect to: operating results; profitability; financial condition and resources; anticipated needs for working capital; liquidity; capital resources; capital expenditures; milestones; licensing milestones; information with respect to future growth and growth strategies; anticipated trends in our industry; our future financing plans; timelines; currency fluctuations; government regulation; unanticipated expenses; commercial disputes or claims; limitations on insurance coverage or other reimbursement;

Business

Item 1. Business Company Overview Viemed Healthcare, Inc. (the "Company" or "Viemed"), 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 counseling to patients in their homes using cutting edge technologies. The Company currently serves patients in all 50 states of the United States. Viemed's primary objective is to focus on the growth of its business and thereby solidify its position as one of the largest providers of home therapy for patients suffering from respiratory diseases that require a high level of service, with such programs being designed specifically for payors to have the ability to treat patients in the home for less total cost and with a superior quality of care. Viemed's services include respiratory disease management, neuromuscular care, in-home sleep testing and sleep apnea treatment, oxygen therapy, respiratory equipment rentals, and healthcare staffing services. Viemed expects to use a growth model whereby expansion is effectuated through existing service areas as well as in new regions through a cost efficient launch that reduces location expenses. Viemed expects that it will continue to employ more respiratory therapists ("RTs") in order to assure the high service model is accomplished in the home. By focusing overhead costs to personnel that service the patient rather than physical location costs, Viemed anticipates continuing to efficiently scale its business in regions that are currently not being effectively serviced. The continued trend of servicing patients in the home rather than in hospitals is aligned with Viemed's business objectives and management anticipates that this trend will continue to offer growth opportunities for the Company. Viemed expects to continue to be a solution to the rising healthcare costs

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