Strong Financial Performance
Organic revenue increased by 14.5%, and total revenue increased by 16.9%. Adjusted EBITDA grew 26% for the quarter to $12.8 million, with an adjusted EBITDA margin of 21.6%, up 160 basis points from a year ago.
Vent and Sleep Business Growth
Vent revenue was only down 3% sequentially but up 10% year-over-year. The sleep business saw a 7% sequential increase in sleep therapy patients and a 46% increase year-over-year.
Acquisition of Lehan's Medical Equipment
Viemed signed an agreement to acquire Lehan's Medical Equipment for $26 million, expanding their reach in respiratory and women's health markets.
Effective Sales Restructuring
The sales restructuring implemented last year resulted in a 9% sequential increase in new patient starts for vent patients and an overall positive impact on future business results.
Positive Regulatory Environment
Recent regulatory changes, such as the CMS proposed national policy coverage determination on noninvasive positive pressure ventilation, are viewed as moving in the right direction.