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Viemed Healthcare Inc. (VMD-0.45%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Viemed Healthcare Inc. generated revenues of $224.3 million, marking an increase of 22.5% compared to the previous year. The growth was primarily driven by an increase in ventilator rental revenue and other home medical equipment rentals.
The company reported a gross profit of $133.2 million, with a gross profit percentage of 59.4%, down from 61.6% in the prior year. The decrease in gross profit percentage was attributed to a shift in revenue mix due to product and service diversification.
Selling, general, and administrative expenses were $106.2 million, representing 47.4% of total revenue, a slight improvement from 48.0% in the previous year. The increase in absolute expenses was due to higher employee-related costs.
Net income for the year was $11.4 million, up from $10.2 million in the previous year. The increase was primarily due to organic growth and expansion of the patient base.
Viemed's cash and cash equivalents increased to $17.5 million as of December 31, 2024, from $12.8 million at the end of the previous year. The company attributed this increase to cash provided by operating activities.
The company outlined its strategy for continued growth through the expansion of existing service areas and entry into new territories, with a focus on cost-efficient launches to reduce location expenses.
Viemed anticipates future growth opportunities by offering more cost-effective, home-based solutions to rising healthcare costs in the United States, while maintaining a high level of patient care.
The filing also details the company's compliance with various regulatory requirements and its efforts to manage risks associated with cybersecurity threats and other operational challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Viemed Healthcare Inc. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.