- Internet revenues for the quarter ended December 31, 2023 reached a brand new Firm report of $50.7 million representing a rise of $13.2 million, or 35%, over internet revenues reported for the comparable quarter ended December 31, 2022. Complete internet revenues for the yr ended December 31, 2023 had been a record-breaking $183.0 million, a rise of $44.2 million, or 32%, over the yr ended December 31, 2022.
- Internet revenue for the quarter ended December 31, 2023 totaled $3.5 million, a rise of 43% over internet revenue reported for the comparable quarter ended December 31, 2022. Internet revenue for the yr ended December 31, 2023 totaled $10.2 million, a rise of 65% over the yr ended December 31, 2022, marking the Firm’s seventh consecutive yr of constructive internet revenue.
- Adjusted EBITDA for the quarter and yr ended December 31, 2023 totaled $12.8 million and a report $43.1 million, respectively. A reconciliation of reported non-GAAP monetary measures to their most instantly comparable U.S. GAAP monetary measures could be discovered within the tables accompanying this press launch.
- Internet money supplied by working actions for the yr ended December 31, 2023 totaled $45.2 million, a rise of $17.5 million, or 62.9%, over the yr ended December 31, 2022. Free Money Circulation for the yr ended December 31, 2023 totaled $19.1 million, a rise of $14.3 million, or 294%, over the yr ended December 31, 2022.
- As of December 31, 2023, the Firm maintains a powerful money steadiness of $12.8 million ($16.9 million at December 31, 2022), and an total working capital steadiness of $6.2 million ($20.9 million at December 31, 2022). Lengthy-term debt as of December 31, 2023 amounted to $6.0 million (the corporate had no long-term debt at December 31, 2022). After efficiently finishing an roughly $30 million acquisition throughout 2023, the Firm ended the yr with no internet debt and has roughly $53 million accessible beneath current credit score services.
- The Firm expects to generate internet revenues of roughly $49.7 million to $51.0 million through the first quarter of 2024 and assumes that the 75/25 blended Medicare reimbursement price adjustment in non-rural, non-competitive bid areas will not be prolonged.
“We’re thrilled to announce one other distinctive yr of monetary efficiency at Viemed, marked by strong double-digit annual development and sustained profitability,” mentioned Casey Hoyt, Viemed’s CEO. “We’re significantly happy with the Firm’s capability to generate free money move, enabling us to gas continued robust development. This underscores the effectiveness of our strategic initiatives and the dedication of our total group. These accomplishments reaffirm our dedication to delivering enduring worth to our stakeholders.”
Convention Name Particulars
The Firm will host a convention name to debate fourth quarter and yr finish outcomes on Thursday, March 7, 2024 at 11:00 a.m. ET.
events might take part within the name by dialing:
877-407-6176 (US Toll-Free)
+1-201-689-8451 (Worldwide)
Reside Audio Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Axpi0DDw
Following the conclusion of the decision, an audio recording and transcript of the decision could be accessed on the Firm’s web site.
ABOUT Viemed Healthcare, INC.
Viemed is a supplier of in-home medical tools and post-acute respiratory healthcare companies in america. Viemed’s service choices are centered on efficient in-home remedy with scientific practitioners offering remedy and counseling to sufferers of their houses utilizing cutting-edge know-how. Go to our web site at www.viemed.com.
For additional info, please contact:
Glen Akselrod
Bristol Capital
905-326-1888
glen@bristolir.com
Todd Zehnder
Chief Working Officer
Viemed Healthcare, Inc.
337-504-3802
investorinfo@viemed.com
Ahead-Wanting Statements
Sure statements contained on this press launch might represent “forward-looking statements” inside the which means of the U.S. Personal Securities Litigation Reform Act of 1995 or “forward-looking info” as such time period is outlined in relevant Canadian securities laws (collectively, “forward-looking statements”). Typically, however not at all times, forward-looking statements could be recognized by means of phrases reminiscent of “plans”, “expects”, “is predicted”, “price range”, “potential”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “tasks”, or the negatives thereof or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “will”, “ought to”, “might”, “may”, “would”, “may” or “might be taken”, “happen” or “be achieved” or the detrimental of those phrases or comparable terminology. All statements apart from statements of historic reality, together with people who categorical, or contain discussions as to, expectations, beliefs, plans, targets, assumptions or future occasions or efficiency, together with the Firm’s internet income steerage for the primary quarter, will not be historic details and could also be forward-looking statements and should contain estimates, assumptions and uncertainties that would trigger precise outcomes or outcomes to vary materially from these expressed within the forward-looking statements. Such statements mirror the Firm’s present views and intentions with respect to future occasions, and present info accessible to the Firm, and are topic to sure dangers, uncertainties and assumptions. Many components may trigger the precise outcomes, efficiency or achievements that could be expressed or implied by such forward-looking statements to range from these described herein ought to a number of of those dangers or uncertainties materialize. These components embody, with out limitation: the overall enterprise, market and financial circumstances within the areas through which the Firm operates; important capital necessities and working dangers that the Firm could also be topic to; the power of the Firm to implement enterprise methods and pursue enterprise alternatives; volatility available in the market value of the Firm’s frequent shares; the state of the capital markets; the supply of funds and assets to pursue operations; inflation; reductions in reimbursement charges and audits of reimbursement claims by numerous governmental and personal payor entities; dependence on few payors; attainable new drug discoveries; dependence on key suppliers; granting of permits and licenses in a extremely regulated enterprise; competitors; disruptions in or assaults (together with cyber-attacks) on the Firm’s info know-how, web, community entry or different voice or knowledge communications programs or companies; the evolution of varied varieties of fraud or different prison habits to which the Firm is uncovered; issue integrating newly acquired companies; the affect of recent and modifications to, or utility of, present legal guidelines and laws; the general troublesome litigation and regulatory atmosphere; elevated competitors; elevated funding prices and market volatility on account of market illiquidity and competitors for funding; vital accounting estimates and modifications to accounting requirements, insurance policies, and strategies utilized by the Firm; the Firm’s standing as an rising development firm and a smaller reporting firm; and the incidence of pure and unnatural catastrophic occasions or well being epidemics or issues, and claims ensuing from such occasions or issues; in addition to these danger components mentioned or referred to within the Firm’s disclosure paperwork filed with the U.S. Securities and Trade Fee (the “SEC”) accessible on the SEC’s web site at www.sec.gov, together with the Firm’s most up-to-date Annual Report on Kind 10-Ok, and with the securities regulatory authorities in sure provinces of Canada accessible at www.sedar.com . Ought to any issue have an effect on the Firm in an surprising method, or ought to assumptions underlying the forward-looking statements show incorrect, the precise outcomes or occasions might differ materially from the outcomes or occasions predicted. Any such forward-looking statements are expressly certified of their entirety by this cautionary assertion. Furthermore, the Firm doesn’t assume accountability for the accuracy or completeness of such forward-looking statements. The forward-looking statements included on this press launch are made as of the date of this press launch and the Firm undertakes no obligation to publicly replace or revise any forward-looking statements, apart from as required by relevant regulation.
Use of Non-GAAP Monetary Measures
This press launch refers to Adjusted EBITDA and Free Money Circulation, that are monetary measures that aren’t ready in accordance with usually accepted accounting rules in america (“GAAP”). Adjusted EBITDA and Free Money Circulation must be thought of along with, not as an alternative choice to, or superior to, monetary measures calculated in accordance with U.S. GAAP.
Administration believes Adjusted EBITDA gives useful info with respect to the Firm’s working efficiency as seen by administration, together with a view of the Firm’s enterprise that isn’t depending on the affect of the Firm’s capitalization construction and objects that aren’t a part of the Firm’s day-to-day operations. Administration makes use of Adjusted EBITDA (i) to match the Firm’s working efficiency on a constant foundation, (ii) to calculate incentive compensation for the Firm’s staff, (iii) for planning functions, together with the preparation of the Firm’s inner annual working price range, and (iv) to judge the efficiency and effectiveness of the Firm’s operational methods. Accordingly, administration believes that Adjusted EBITDA gives helpful info in understanding and evaluating the Firm’s working efficiency in the identical method as administration. Adjusted EBITDA will not be a measurement of the Firm’s monetary efficiency beneath U.S. GAAP and shouldn’t be thought of as a substitute for income or internet revenue, as relevant, or every other efficiency measures derived in accordance with U.S. GAAP and will not be akin to different equally titled measures of different companies. Adjusted EBITDA has limitations as an analytical software and you shouldn’t think about it in isolation or as an alternative choice to evaluation of the Firm’s working outcomes as reported beneath U.S. GAAP. Adjusted EBITDA doesn’t mirror the affect of sure money prices ensuing from issues the Firm considers to not be indicative of ongoing operations; and different corporations within the Firm’s business might calculate Adjusted EBITDA otherwise than we do, limiting its usefulness as a comparative measure.
The Firm makes use of Free Money Circulation in its operational and monetary decision-making and believes free money move is helpful to traders as a result of comparable measures are incessantly utilized by securities analysts, traders, scores businesses and different events to judge the Firm’s opponents and to measure the power of corporations to service their debt. The Firm’s presentation of Free Money Circulation shouldn’t be construed as a measure of liquidity or discretionary money accessible to the Firm to fund its money wants, together with investing within the development of its enterprise and assembly its obligations.
Viemed Healthcare, INC. CONSOLIDATED BALANCE SHEETS (Expressed in 1000’s of U.S. {Dollars}, besides share quantities) |
||||||
At December 31, 2023 |
At December 31, 2022 |
|||||
ASSETS | ||||||
Present belongings | ||||||
Money and money equivalents | $ | 12,839 | $ | 16,914 | ||
Accounts receivable, internet | 18,451 | 15,379 | ||||
Stock | 4,628 | 3,574 | ||||
Earnings tax receivable | — | 26 | ||||
Pay as you go bills and different belongings | 2,449 | 3,849 | ||||
Complete present belongings | $ | 38,367 | $ | 39,742 | ||
Lengthy-term belongings | ||||||
Property and tools, internet | 73,579 | 67,743 | ||||
Finance lease right-of-use belongings | 401 | — | ||||
Working lease right-of-use belongings | 2,872 | 694 | ||||
Fairness investments | 1,680 | 2,155 | ||||
Debt funding | 2,219 | 2,000 | ||||
Deferred tax asset | 4,558 | 3,119 | ||||
Identifiable intangibles, internet | 567 | — | ||||
Goodwill | 29,765 | — | ||||
Different long-term belongings | 887 | 1,590 | ||||
Complete long-term belongings | 116,528 | 77,301 | ||||
TOTAL ASSETS | $ | 154,895 | $ | 117,043 | ||
LIABILITIES | ||||||
Present liabilities | ||||||
Commerce payables | $ | 4,180 | $ | 2,650 | ||
Deferred income | 6,207 | 4,624 | ||||
Earnings taxes payable | 2,153 | — | ||||
Accrued liabilities | 17,578 | 11,092 | ||||
Finance lease liabilities, present portion | 256 | — | ||||
Working lease liabilities, present portion | 678 | 495 | ||||
Present debt | 1,072 | — | ||||
Complete present liabilities | $ | 32,124 | $ | 18,861 | ||
Lengthy-term liabilities | ||||||
Accrued liabilities | 558 | 889 | ||||
Finance lease liabilities, much less present portion | 132 | — | ||||
Working lease liabilities, much less present portion | 2,184 | 199 | ||||
Lengthy-term debt | 6,002 | — | ||||
Complete long-term liabilities | $ | 8,876 | $ | 1,088 | ||
TOTAL LIABILITIES | $ | 41,000 | $ | 19,949 | ||
Commitments and Contingencies | — | — | ||||
SHAREHOLDERS’ EQUITY | ||||||
Frequent inventory – No par worth: limitless approved; 38,506,161 and 38,049,739 issued and excellent as of December 31, 2023 and December 31, 2022, respectively | 18,702 | 15,123 | ||||
Extra paid-in capital | 15,698 | 12,125 | ||||
Retained earnings | 79,495 | 69,846 | ||||
TOTAL SHAREHOLDERS’ EQUITY | $ | 113,895 | $ | 97,094 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 154,895 | $ | 117,043 |
Viemed Healthcare, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Expressed in 1000’s of U.S. {Dollars}, besides excellent shares and per share quantities) |
|||||||||||||||
Three Months Ended December 31, |
12 months Ended December 31, |
||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Income | $ | 50,739 | $ | 37,508 | $ | 183,008 | $ | 138,832 | |||||||
Value of income | 18,628 | 14,612 | 70,225 | 54,152 | |||||||||||
Gross revenue | $ | 32,111 | $ | 22,896 | $ | 112,783 | $ | 84,680 | |||||||
Working bills | |||||||||||||||
Promoting, basic and administrative | 23,905 | 17,172 | 87,884 | 68,161 | |||||||||||
Analysis and growth | 651 | 722 | 2,782 | 2,696 | |||||||||||
Inventory-based compensation | 1,534 | 1,317 | 5,849 | 5,202 | |||||||||||
Depreciation and amortization | 434 | 241 | 1,391 | 1,012 | |||||||||||
Loss on disposal of property and tools | 272 | 178 | 645 | 346 | |||||||||||
Different revenue, internet | 26 | (268 | ) | (98 | ) | (989 | ) | ||||||||
Earnings from operations | $ | 5,289 | $ | 3,534 | $ | 14,330 | $ | 8,252 | |||||||
Non-operating revenue and bills | |||||||||||||||
Earnings from fairness methodology investments | 43 | 82 | 485 | 935 | |||||||||||
Curiosity expense, internet | (256 | ) | (32 | ) | (424 | ) | (197 | ) | |||||||
Internet revenue earlier than taxes | 5,076 | 3,584 | 14,391 | 8,990 | |||||||||||
Provision for revenue taxes | 1,599 | 1,146 | 4,148 | 2,768 | |||||||||||
Internet revenue | $ | 3,477 | $ | 2,438 | $ | 10,243 | $ | 6,222 | |||||||
Different complete revenue | |||||||||||||||
Change in unrealized acquire/loss on by-product devices, internet of tax | — | (56 | ) | — | 278 | ||||||||||
Different complete revenue | $ | — | $ | (56 | ) | $ | — | $ | 278 | ||||||
Complete revenue | $ | 3,477 | $ | 2,382 | $ | 10,243 | $ | 6,500 | |||||||
Internet revenue per share | |||||||||||||||
Fundamental | $ | 0.09 | $ | 0.06 | $ | 0.27 | $ | 0.16 | |||||||
Diluted | $ | 0.09 | $ | 0.06 | $ | 0.25 | $ | 0.16 | |||||||
Weighted common variety of frequent shares excellent: | |||||||||||||||
Fundamental | 38,492,731 | 38,015,795 | 38,354,071 | 38,655,403 | |||||||||||
Diluted | 40,383,109 | 39,513,158 | 40,378,922 | 39,807,434 |
Viemed Healthcare, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in 1000’s of U.S. {Dollars}) |
||||||||
12 months Ended December 31, | ||||||||
2023 | 2022 | |||||||
Money flows from working actions | ||||||||
Internet revenue | $ | 10,243 | $ | 6,222 | ||||
Changes for: | ||||||||
Depreciation and amortization | 21,862 | 15,630 | ||||||
Change in stock reserve | — | (1,418 | ) | |||||
Inventory-based compensation expense | 5,849 | 5,202 | ||||||
Distributions of earnings acquired from fairness methodology investments | 980 | 1,079 | ||||||
Earnings from fairness methodology investments | (485 | ) | (935 | ) | ||||
Earnings from debt funding | (219 | ) | — | |||||
Loss on disposal of property and tools | 645 | 346 | ||||||
Deferred revenue tax (profit) expense | (1,439 | ) | 1,746 | |||||
Modifications in working capital, internet of results from acquisitions: | ||||||||
Accounts receivable, internet | (1,058 | ) | (2,556 | ) | ||||
Stock | (472 | ) | 301 | |||||
Pay as you go bills and different belongings | 2,176 | (2,838 | ) | |||||
Commerce payables | (859 | ) | (318 | ) | ||||
Deferred income | 851 | 871 | ||||||
Accrued liabilities | 4,959 | 2,549 | ||||||
Earnings tax payable/receivable | 2,179 | 1,867 | ||||||
Internet money supplied by working actions | $ | 45,212 | $ | 27,748 | ||||
Money flows from investing actions | ||||||||
Buy of property and tools | (26,093 | ) | (22,898 | ) | ||||
Funding in fairness investments | (20 | ) | (141 | ) | ||||
Money paid for acquisition of HMP, internet of money acquired | (28,588 | ) | — | |||||
Funding in debt safety | — | (2,000 | ) | |||||
Proceeds from sale of property and tools | 2,588 | 1,063 | ||||||
Internet money utilized in investing actions | $ | (52,113 | ) | $ | (23,976 | ) | ||
Money flows from financing actions | ||||||||
Proceeds from train of choices | 1,303 | 283 | ||||||
Proceeds from time period notes | 5,000 | — | ||||||
Principal funds on time period notes | (3,721 | ) | (5,796 | ) | ||||
Proceeds from revolving credit score services | 8,000 | — | ||||||
Funds on revolving credit score services | (7,005 | ) | — | |||||
Shares redeemed to pay revenue tax | (594 | ) | (143 | ) | ||||
Shares repurchased beneath the share repurchase program | — | (9,568 | ) | |||||
Repayments of lease liabilities | (157 | ) | (42 | ) | ||||
Internet money supplied by (utilized in) financing actions | $ | 2,826 | $ | (15,266 | ) | |||
Internet lower in money and money equivalents | (4,075 | ) | (11,494 | ) | ||||
Money and money equivalents at starting of yr | 16,914 | 28,408 | ||||||
Money and money equivalents at finish of interval | $ | 12,839 | $ | 16,914 | ||||
Supplemental disclosures of money move info | ||||||||
Money paid through the interval for curiosity | $ | 851 | $ | 231 | ||||
Money paid (acquired) through the interval for revenue taxes, internet of refunds | $ | 3,566 | $ | (846 | ) | |||
Supplemental disclosures of non-cash transactions | ||||||||
Non-cash change in debt from the reclassification of debt issuance prices | $ | (594 | ) | $ | — | |||
Internet non-cash modifications to working lease | $ | (41 | ) | $ | 530 |
Non-GAAP Monetary Measures
This press launch refers to “Adjusted EBITDA” which is a non-GAAP monetary measure that doesn’t have a standardized which means prescribed by U.S. GAAP. Adjusted EBITDA is outlined as internet revenue (loss) earlier than internet curiosity expense (revenue), revenue tax expense (profit), depreciation and amortization, and stock-based compensation. Starting with monetary outcomes reported for durations in fiscal yr 2023, Adjusted EBITDA additionally excludes transaction prices and bills associated to acquisition and integration efforts related to lately introduced or accomplished acquisitions. This modification permits traders to match period-over-period outcomes on a extra constant foundation with out the results of acquisitions. We’ve got recast Adjusted EBITDA for prior durations when reported to evolve to the modified presentation. The Firm’s presentation of this monetary measure will not be akin to equally titled measures utilized by different corporations.
The next desk is a reconciliation of internet revenue (loss), probably the most instantly comparable U.S. GAAP measure, to Adjusted EBITDA, on a historic foundation for the durations indicated:
Viemed Healthcare, INC. Reconciliation of Internet Earnings to Non-GAAP Adjusted EBITDA (Expressed in 1000’s of U.S. {Dollars}) (Unaudited) |
||||||||||||||||||
For the quarter ended | December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
September 30, 2022 |
June 30, 2022 |
March 31, 2022 |
||||||||||
Internet Earnings | $ | 3,477 | $ | 2,919 | $ | 2,330 | $ | 1,517 | $ | 2,438 | $ | 1,055 | $ | 967 | $ | 1,762 | ||
Add again: | ||||||||||||||||||
Depreciation & amortization | 5,918 | 5,975 | 5,207 | 4,762 | 4,373 | 4,120 | 3,740 | 3,397 | ||||||||||
Curiosity expense (revenue) | 256 | 237 | (20 | ) | (49 | ) | 32 | 42 | 59 | 64 | ||||||||
Inventory-based compensation (a) | 1,534 | 1,453 | 1,471 | 1,391 | 1,317 | 1,309 | 1,271 | 1,305 | ||||||||||
Transaction prices (b) | 61 | 177 | 94 | 206 | — | — | — | — | ||||||||||
Earnings tax expense | 1,599 | 1,320 | 728 | 501 | 1,146 | 456 | 421 | 745 | ||||||||||
Adjusted EBITDA | $ | 12,845 | $ | 12,081 | $ | 9,810 | $ | 8,328 | $ | 9,306 | $ | 6,982 | $ | 6,458 | $ | 7,273 |
(a) Represents non-cash, equity-based compensation expense related to possibility and RSU awards.
(b) Represents transaction prices and bills associated to acquisition and integration efforts related to lately introduced or accomplished acquisitions.
12 months Ended December 31, 2023 |
|||
Internet Earnings | $ | 10,243 | |
Add again: | |||
Depreciation & amortization | 21,862 | ||
Curiosity expense (revenue) | 424 | ||
Inventory-based compensation (a) | 5,849 | ||
Transaction prices (b) | 538 | ||
Earnings tax expense | 4,148 | ||
Adjusted EBITDA | $ | 43,064 |
Free Money Circulation
This press launch refers to “Free Money Circulation” which is a non-GAAP monetary measure that doesn’t have a standardized which means prescribed by U.S. GAAP. Free Money Circulation is outlined as internet money supplied by working actions much less money paid for purchases of property and tools. The Firm’s presentation of this monetary measure will not be akin to equally titled measures utilized by different corporations.
The next unaudited desk is a reconciliation of internet money supplied by working actions, probably the most instantly comparable U.S. GAAP measure, to Free Money Circulation, on a historic foundation for the durations indicated:
(in 1000’s) | Three Months Ended December 31, |
12 months Ended December 31, |
||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Internet money supplied by working actions | $ | 13,284 | $ | 7,684 | $ | 45,212 | $ | 27,748 | ||||||||
Buy of property and tools | (7,932 | ) | (5,572 | ) | (26,093 | ) | (22,898 | ) | ||||||||
Free Money Circulation | $ | 5,352 | $ | 2,112 | $ | 19,119 | $ | 4,850 |
Viemed Healthcare, INC. Key Monetary and Operational Data (Expressed in 1000’s of U.S. {Dollars}, besides vent sufferers) (Unaudited) |
||||||||||||||||||||||||
For the quarter ended | December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
September 30, 2022 |
June 30, 2022 |
March 31, 2022 |
||||||||||||||||
Monetary Data: | ||||||||||||||||||||||||
Income | $ | 50,739 | $ | 49,402 | $ | 43,311 | $ | 39,556 | $ | 37,508 | $ | 35,759 | $ | 33,310 | $ | 32,255 | ||||||||
Gross Revenue | 32,111 | 30,562 | 26,106 | 24,004 | 22,896 | 21,651 | 20,390 | 19,743 | ||||||||||||||||
Gross Revenue % | 63 | % | 62 | % | 60 | % | 61 | % | 61 | % | 61 | % | 61 | % | 61 | % | ||||||||
Internet Earnings | 3,477 | 2,919 | 2,330 | 1,517 | 2,438 | 1,055 | 967 | 1,762 | ||||||||||||||||
Money and Money Equivalents (As of) | 12,839 | 10,078 | 10,224 | 23,544 | 16,914 | 21,478 | 21,922 | 29,248 | ||||||||||||||||
Complete Property (As of) | 154,895 | 149,400 | 149,117 | 124,634 | 117,043 | 119,419 | 115,904 | 119,007 | ||||||||||||||||
Adjusted EBITDA (1) | 12,845 | 12,081 | 9,810 | 8,328 | 9,306 | 6,982 | 6,458 | 7,273 | ||||||||||||||||
Operational Data: | ||||||||||||||||||||||||
Vent Sufferers (2) | 10,327 | 10,244 | 10,005 | 9,337 | 9,306 | 9,127 | 8,837 | 8,434 |
(1) Check with “Non-GAAP Monetary Measures” part above for definition of Adjusted EBITDA.
(2) Vent Sufferers represents the variety of energetic ventilator sufferers on recurring billing service on the finish of every calendar quarter.