Viemed shares fell 10.9% after earnings, despite record revenue and higher net income. The likely concern is weaker year-over-year adjusted EBITDA growth than revenue growth, alongside an adjusted EBITDA margin that remained below the year-ago level.
- Revenue was a record $80.7 million, up 12.2% year over year; management said both comparison quarters included a full three months of Lehan operations.
- Net income attributable to Viemed rose 32% year over year to $4.6 million, or $0.11 per diluted share, and increased about 68% sequentially.
- Adjusted EBITDA grew about 6% year over year to $17.1 million, slower than revenue growth. Margin was 21.1%, versus 22.4% a year ago, though up from 17.6% in Q2.
- Therapy patients reached 43,900, up 37.5% year over year and more than 6,000 sequentially; resupply patients rose about 22% year over year to 40,900.
- Ventilator rental revenue increased to $37 million from $35.4 million in Q1 and $36.4 million in Q2; management said nine-month revenue was approximately 8% above the prior-year period.
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