Viemed Healthcare Inc (VMD) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the VieMed second-quarter 2024 earnings call. Our host for today's call is Todd Zehnder, Chief Operating Officer. (Operator Instructions)

女士們先生們，美好的一天，歡迎參加 VieMed 2024 年第二季財報電話會議。我們今天電話會議的主持人是營運長 Todd Zehnder。（操作員說明）

I would like to now turn the call over to your host, Mr. Zehnder. You may begin.

現在我想將電話轉給主持人曾德爾先生。你可以開始了。

Hi. Thank you, and good morning, everyone. We appreciate you joining us today.

你好。謝謝大家，大家早安。我們感謝您今天加入我們。

I'm excited to share that -- please note that our remarks in this conference call may include forward-looking statements under the US federal securities laws or forward-looking information under applicable Canadian Securities legislation, which we collectively refer to as forward-looking statements. Such statements reflect the company's current views and intentions with respect to future results or events and are subject to certain risks and uncertainties, which could cause actual results or events to vary from those indicated in forward-looking statements.

我很高興分享這一點 - 請注意，我們在本次電話會議中的言論可能包括美國聯邦證券法下的前瞻性陳述或適用的加拿大證券立法下的前瞻性信息，我們統稱為前瞻性信息聲明。此類陳述反映了公司目前對未來結果或事件的看法和意圖，並受到某些風險和不確定性的影響，可能導致實際結果或事件與前瞻性陳述中所示的結果或事件有所不同。

Examples of such risks and uncertainties are discussed in our disclosure documents filed with the SEC for the security regulatory authorities in certain provinces of Canada. Because of these risks and uncertainties investors should not place undue reliance on forward-looking statements. The forward-looking statements made in this conference call are made as of today, and the company undertakes no obligations to update or revise any forward-looking statements except as required by law.

我們向 SEC 提交給加拿大某些省份的安全監管機構的揭露文件中討論了此類風險和不確定性的範例。由於這些風險和不確定性，投資者不應過度依賴前瞻性陳述。本次電話會議中所做的前瞻性陳述截至今天，本公司不承擔更新或修改任何前瞻性陳述的義務，除非法律要求。

The second-quarter financial news release, including the related financial statements, are available on the SEC's website.

第二季財務新聞稿，包括相關財務報表，可在 SEC 網站上取得。

I'll now turn it over to Casey to get things started.

我現在將把它交給凱西讓事情開始。

Okay. Thank you, Todd, and good morning, everyone. We appreciate you joining us today.

好的。謝謝托德，大家早安。我們感謝您今天加入我們。

I'm excited to share that the second quarter of 2024 has been nothing short of exceptional for VieMed. Our organic growth in the company's core product categories remains impressive, consistent with our strategic vision. Our net revenue for the quarter reached a new company record of $55 million, exceeding the top end of our guidance and representing a 27% increase over the previous year. We are incredibly happy with our results and our opportunities for continued growth. This remarkable growth is a testament to our robust operational performance and the unwavering dedication of our team.

我很高興地告訴大家，2024 年第二季對 VieMed 來說絕對是不平凡的一年。我們在公司核心產品類別上的有機成長仍然令人印象深刻，這與我們的策略願景一致。我們本季的淨收入達到 5,500 萬美元，創下公司新紀錄，超過了我們指導的上限，比前一年增長了 27%。我們對我們的成果和持續成長的機會感到非常滿意。這一顯著的成長證明了我們強勁的營運表現和團隊堅定不移的奉獻精神。

Our VieMed family continues to expand, now numbering 1,121 employees as of June 30, which includes our talented team at East Alabama HomeMed following our acquisition on April 1. Our HomeMed integration is on track and we are close to the point where we were moving past process changes and can start to focus on growth for East Alabama Medical Center and VieMed. We expect to realize further growth throughout the back half of the year and are really more excited about the framework we have created for future JV opportunities through this transaction.

我們的 VieMed 家族不斷擴大，截至 6 月 30 日，員工人數已達 1,121 名，其中包括 4 月 1 日收購後位於東阿拉巴馬州 HomeMed 的才華橫溢的團隊。我們的 HomeMed 整合已步入正軌，我們已經接近完成流程變更的階段，可以開始專注於東阿拉巴馬醫療中心和 VieMed 的成長。我們預計今年下半年將進一步成長，並且對我們透過此交易為未來合資機會創建的框架感到更加興奮。

New ventilator setups are incredibly strong with active vent patients growing by 4.4% during the quarter compared to the March patient count. A major component of our successful quarterly performance is the impressive results from our sales force restructuring initiatives.

新的呼吸器設置非常強勁，與 3 月的患者數量相比，本季主動通氣患者數量增加了 4.4%。我們成功的季度業績的一個主要組成部分是我們的銷售團隊重組計劃所取得的令人印象深刻的成果。

We have refined our approach, enhanced developmental conversations, identified and strategically invested in the right talent earlier in the training life cycle. New incentive plans and alignment of performance targets have also contributed to these results. The impact of our new sales structure is evident with a 15% increase in average monthly setups per sales rep compared to the beginning of the year.

我們改進了方法，加強了發展對話，在培訓生命週期的早期識別並策略性地投資於合適的人才。新的激勵計畫和績效目標的調整也促成了這些結果。我們新的銷售結構的影響是顯而易見的，與年初相比，每個銷售代表的平均每月設定增加了 15%。

New reps are hitting their sales target faster and at higher rates than ever before, giving us tremendous optimism about the next 18 to 24 months of ventilator growth. We are now at the phase of the sales restructuring where management is in place, existing sales reps are producing at higher levels, and we will be accelerating recruiting efforts throughout the back half of the year.

新銷售代表以比以往更快、更高的速度實現銷售目標，這讓我們對未來 18 至 24 個月的呼吸器成長感到非常樂觀。我們現在正處於銷售重組階段，管理層已就位，現有銷售代表的工作水平更高，我們將在下半年加快招聘力度。

Market penetration for non-invasive ventilation remains in the sub-10% range, and we are observing considerable demand widespread throughout the country. Our Industry Association A Home Care recently engaged Dobson Davanzo for a comprehensive non-invasive ventilation to quantify the differences in outcomes and treatment cause for patients receiving an IV therapy versus those who don't. This research will also analyze the experiences of Medicare Advantage patients. We believe this new study will further educate payers on the substantial advantages of non-invasive ventilation, reinforcing the significant benefits already highlighted by existing research.

非侵入性通氣的市場滲透率仍低於 10%，我們觀察到全國廣泛存在著巨大的需求。我們的家庭護理行業協會最近聘請 Dobson Davanzo 進行全面的非侵入性通氣，以量化接受靜脈注射治療的患者與未接受靜脈注射治療的患者的結果和治療原因的差異。這項研究還將分析 Medicare Advantage 患者的經驗。我們相信這項新研究將進一步讓付款人了解非侵入性通氣的實質優勢，強化現有研究已經強調的顯著優勢。

As many of you know, VieMed was a pioneer in the non-invasive ventilation market, resulting in a fleet with a number of aging ventilators. The recent Philips recall of these older machines has presented a unique opportunity to replace these devices and alleviate the need for future servicing. We've entered into an agreement with Philips to buy back a large number of our affected events. By leveraging substantial volume purchase discounts with manufacturers of new ventilators, we can use the proceeds from the buyback to significantly reduce the average age of our VIP fleet without negative impacts on our overall cash flows and P&L.

正如許多人所知，VieMed 是非侵入性通氣市場的先驅，導致其擁有大量老化的呼吸器。飛利浦最近召回了這些舊機器，這為更換這些設備並減少未來維修的需求提供了獨特的機會。我們已與飛利浦達成協議，回購大量受影響的活動。透過利用新呼吸器製造商的大幅批量採購折扣，我們可以利用回購收益顯著降低 VIP 機隊的平均壽命，而不會對我們的整體現金流和損益產生負面影響。

Our sleep business continues to experience strong organic growth and it now represents 15% of our revenue mix. The GLP-1 craze may be contributing to this increase in sleep volume, as more folks are addressing their health concerns at higher rates around the country. Sleep has grown at a double-digit quarterly rate over March. CPAP and sleep lines continue to thrive reflecting the enduring demand and effectiveness of positive airway pressure solutions.

我們的睡眠業務持續經歷強勁的有機成長，目前占我們收入組合的 15%。GLP-1 熱潮可能是睡眠量增加的原因之一，因為全國各地越來越多的人正在以更高的比例解決他們的健康問題。3 月睡眠季度成長率達兩位數。CPAP 和睡眠系列繼續蓬勃發展，反映出氣道正壓通氣解決方案的持久需求和有效性。

On the technology front, we have been beta testing machine learning tools that we view will further improve our processes and provide opportunities to enhance our patient care capabilities. These technological and software developments are helping us to accelerate fulfillment times and optimize claim processes. Furthermore, proprietary Engage platform continues to aggregate valuable patient data and create workflow efficiencies for our RTs in the field. We expect to realize real efficiencies and opportunities in the coming quarters as a result of the technology investments.

在技​​術方面，我們一直在測試機器學習工具，我們認為這些工具將進一步改進我們的流程，並為增強我們的患者護理能力提供機會。這些技術和軟體的發展正在幫助我們加快履行時間並優化索賠流程。此外，專有的 Engage 平台繼續聚合有價值的患者數據，並為我們的現場 RT 創造工作流程效率。我們期望透過技術投資在未來幾季實現真正的效率和機會。

On the payer and regulatory front, we have swiftly and successfully migrated all of our payers away from Change Healthcare. We can now confidently say that we expect no material impact in timely filing denials as a result of the Changed Healthcare cyber-attack. Affected claims are being processed on the alternative clearing houses. AAHomecare is also continuing to push for the reinstatement of 75-25 blended rates, which if successful has the potential to further improve margins.

在付款人和監管方面，我們已迅速成功地將所有付款人從 Change Healthcare 遷移出去。我們現在可以自信地說，我們預計 Changed Healthcare 網路攻擊不會對及時提交拒絕造成重大影響。受影響的索賠正在替代清算所處理。AAHomecare 也繼續推動恢復 75-25 混合費率，如果成功的話，有可能進一步提高利潤率。

We are also experiencing behavior shifts and payers adjusting to more favorable medical policies. As a result of regulatory enforcement and voluntary compliance, there are a number of payers modifying step therapy approaches to trying and failing by level devices before authorizing ventilation. These changes stand to reduce the burden patients experience on being placed on inferior treatments for chronic respiratory failure. These positive medical policy trends also help our clinicians fast track VIP therapy and ultimately improve overall access to care in a timely manner.

我們也正在經歷行為轉變和付款人適應更優惠的醫療政策。由於監管強制執行和自願遵守，許多付款人修改了階梯治療方法，在授權通氣之前通過水平裝置進行嘗試和失敗。這些變化將減輕患者因慢性呼吸衰竭的劣質治療而承受的負擔。這些積極的醫療政策趨勢也幫助我們的臨床醫生快速追蹤 VIP 治療，並最終及時改善整體護理的可近性。

Recently announced mergers and acquisitions in the home health care sector underscore the robust appeal for the industry. For instance, Owens & Minor's $1.4 billion pending transaction to acquire Rotech, a large national HME provider highlights the fact there's significant attractiveness. We view this development as a testament to the industry's potential rather than a threat to the VieMed's competitors vents. Our M&A pipeline remains active reflecting our continued interest in acquisitions and promising growth opportunities.

最近宣布的家庭醫療保健行業的併購凸顯了該行業的強勁吸引力。例如，Owens & Minor 正在以 14 億美元收購 Rotech（大型全國性 HME 供應商）的待決交易，凸顯了該市場具有巨大吸引力的事實。我們認為這一發展證明了該行業的潛力，而不是對 VieMed 競爭對手的威脅。我們的併購管道仍然活躍，反映出我們對收購的持續興趣和有希望的成長機會。

At VieMed, we are incredibly well positioned within our market as a leading provider of complex respiratory care. Ventilation services continue to be at our foundation and present an amazing opportunity for profitable growth in this sector.

在 VieMed，我們作為複雜呼吸護理的領先提供者，在市場中處於令人難以置信的有利地位。通風服務仍然是我們的基礎，並為該領域的獲利成長提供了絕佳的機會。

With more financial and operational updates on the quarter, I'll now hand the call over to our Chief Operating Officer, Todd Zehnder. Todd?

隨著本季更多財務和營運更新，我現在將把電話轉交給我們的營運長 Todd Zehnder。托德？

Thanks, Casey. In reviewing the financial results, all figures are in US dollars, and the full results have been made available on the SEC website.

謝謝，凱西。在審查財務結果時，所有數據均以美元為單位，完整結果已在 SEC 網站上發布。

Our core business generated net revenue of $55 million during the second quarter of 2024, as compared to net revenues of $43.3 million in the second quarter of 2023, which equates to a 27% increase. Our revenue increased approximately 9% sequentially, all of which about $900,000 was organic, which is an extremely strong growth rate.

我們的核心業務在 2024 年第二季的淨收入為 5,500 萬美元，而 2023 年第二季的淨收入為 4,330 萬美元，成長了 27%。我們的營收比上一季成長了約 9%，其中約 90 萬美元全部為有機收入，這是一個非常強勁的成長率。

Operationally, the first half of the year has been strong, and we have worked through the majority of the first quarter and Change Healthcare headwinds. We continue to remain committed and optimistic that we will be able to continue our high organic growth rates. Our second-quarter revenue from vents was approximately 56%, as compared to approximately 60% in the second quarter of 2023.

在營運方面，今年上半年表現強勁，我們已經度過了第一季的大部分時間和變革醫療保健的逆風。我們繼續保持承諾和樂觀，我們將能夠繼續保持高有機成長率。我們第二季來自通風口的收入約為 56%，而 2023 年第二季約為 60%。

Our gross and EBITDA margins are still strong and we continue to be successful in managing our cost structure this year. And is showing in both gross and EBITDA contribution. Our gross and EBITDA margins during the quarter came in at 60% and 23% respectively. Our second-quarter gross and EBITDA amounts came in at $32.9 million and $12.8 million, respectively.

我們的毛利率和 EBITDA 利潤率依然強勁，今年我們在成本結構管理方面繼續取得成功。並在總貢獻和 EBITDA 貢獻中得到體現。本季我們的毛利率和 EBITDA 利潤率分別為 60% 和 23%。我們第二季的總營收和 EBITDA 金額分別為 3,290 萬美元和 1,280 萬美元。

Our SG&A for the quarter totaled approximately $26.5 million, as compared to $20.6 million in the second quarter of 2023. G&A as a percentage of revenue decreased sequentially from 49% during the first quarter of 24% to 48% during the second quarter of 2024 and continues our theme of managing our G&A well. We will continue to manage our G&A costs and also remain committed to invest in our patient and employee experiences and once again expect to grow revenues at a faster rate than expenses.

我們本季的 SG&A 總額約為 2,650 萬美元，而 2023 年第二季為 2,060 萬美元。G&A 佔營收的百分比從第一季的 49% 24% 連續下降至 2024 年第二季的 48%，延續了我們管理好 G&A 的主題。我們將繼續管理我們的一般管理費用，並繼續致力於投資於我們的患者和員工體驗，並再次期望收入的成長速度快於支出的成長速度。

For the quarter, we invested approximately $8.9 million on patient CapEx, primarily on various respiratory products. The gross CapEx is higher than normal this quarter because we have begun to sell back some of our fleet to Philips in conjunction with their recall, and hence are buying new vents from other manufacturers.

本季度，我們在患者資本支出上投資了約 890 萬美元，主要投資於各種呼吸產品。本季的總資本支出高於正常水平，因為我們已開始將部分機隊在召回的同時出售給飛利浦，因此正在從其他製造商購買新的通風口。

We sold back approximately 2.6 million of vents during the second quarter that should be considered an offset to our CapEx number. That context of this, during the second quarter, Philips began offering event buyback program in relation to the trilogy vents that have been on recall. We're utilizing the buyback program for a portion of our fleet and plan to remediate a portion after the process is fully developed by Philips and the related governmental agencies. We are waiting to hear when the remediation can begin and will continue to monetize a portion of our fleet over the next year or so.

我們在第二季度售回了大約 260 萬個通風口，這應該被視為抵消我們的資本支出數字。在此背景下，第二季度，飛利浦開始提供與召回的三部曲通風口相關的事件回購計畫。我們正在對部分機隊實施回購計劃，並計劃在飛利浦和相關政府機構完全開發此流程後修復部分機隊。我們正在等待補救措施何時開始，並將在未來一年左右繼續將我們部分機隊貨幣化。

We have recorded some gains as a result of this project during the quarter and expect to do so until it is completed. Offsetting some of that gain, are two unique items that impacted net income but not EBITDA for the quarter. We took reserves related to a former vendor filing bankruptcy and an amount that we were owed from them, as well as an impairment on one of our investments down to fair market value.

我們在本季度取得了該專案的一些成果，並預計在專案完成之前實現這一目標。抵銷部分收益的是兩個影響淨利潤但不影響本季 EBITDA 的獨特項目。我們提取了與申請破產的前供應商相關的準備金以及我們欠他們的金額，並將我們的一項投資減值至公平市場價值。

The total amount before tax benefits of these two items was approximately $2.2 million. We have once again funded our CapEx out of discretionary cash flow, and continue to manage the business in order to drop free cash flow onto the balance sheet. Our percentage of net CapEx to EBITDA was healthy at 49%. We will continue to update our free cash flow disclosure on an annual basis, as we discussed last quarter.

這兩項的稅前福利總額約為 220 萬美元。我們再次從可自由支配的現金流中為我們的資本支出提供資金，並繼續管理業務，以便將自由現金流納入資產負債表。我們的淨資本支出佔 EBITDA 的比例維持在 49%。正如我們上季度討論的那樣，我們將繼續每年更新我們的自由現金流揭露。

As an update to the cash collections being impacted by the Change Healthcare cybersecurity issue, we have fully restored connectivity to all of our payers through alternative clearing houses, and we made up a significant amount of the deferred collections during the second quarter. We are still working through finalizing the cash collections on the remaining claims, and estimate that we still have approximately $4 million of increased AR on June 30, as a result of this issue. We are confident that this project will be completed during the third quarter, with a substantial portion of the impacted amounts already collected in July.

作為受 Change Healthcare 網路安全問題影響的現金收款的更新，我們已透過替代清算所完全恢復了與所有付款人的連接，並且我們在第二季度彌補了大量的延期收款。我們仍在努力完成剩餘索賠的現金催收工作，並估計由於此問題，到 6 月 30 日我們仍有大約 400 萬美元的增加 AR。我們相信該項目將在第三季完成，大部分受影響金額已於 7 月收到。

Our capital allocation opportunities remain consistent and that our organic growth is the highest priority. Our inorganic growth, debt paydown and then equity buybacks continue to round out those priorities as evidenced by our JV signed on April 1 and the $3 million paydown of our revolver on July 31. We ended the quarter in a net cash positive position once again, and have total long-term debt of $8.7 million. Our working capital at the end of the quarter was $13.1 million.

我們的資本配置機會保持一致，我們的有機成長是重中之重。我們的無機成長、債務償還和股權回購繼續完善這些優先事項，我們 4 月 1 日簽署的合資企業和 7 月 31 日左輪手槍的 300 萬美元償還就證明了這一點。本季結束時，我們再次實現淨現金正值，長期債務總額為 870 萬美元。本季末我們的營運資金為 1,310 萬美元。

Moving on to the third quarter, we have provided net revenue guidance in the $56.5 million to $57.7 million range related to our core business. The midpoint of our net revenue guidance is up 16% over the core revenue in the third quarter of 2023, and is once again showing impressive sequential growth. We remain active in our discussions with investors and analysts and once again have seen our US institutional ownership increase over the last couple of quarters. We remain excited about telling our story of growth, and see the current market as an opportunity to attract new investors.

進入第三季度，我們提供了與核心業務相關的淨收入指導，範圍為 5,650 萬美元至 5,770 萬美元。我們的淨收入指導中位數比 2023 年第三季的核心收入增長 16%，並再次顯示出令人印象深刻的環比增長。我們仍然積極與投資者和分析師進行討論，並再次看到我們的美國機構所有權在過去幾季有所增加。我們仍然對講述我們的成長故事感到興奮，並將當前市場視為吸引新投資者的機會。

At this time, I'll turn it over to Casey to wrap things up.

這時候，我會把事情交給凱西來完成。

Thank you, Todd.

謝謝你，托德。

As we look back on the second quarter of 2024, we are proud of the robust growth we've achieved and the solid foundation, we've built for future success. The opportunities presented by the Philips recall and the ongoing success of our sales force restructuring initiatives, highlights our ability to adapt and thrive in a dynamic market environment.

當我們回顧 2024 年第二季時，我們為我們所實現的強勁成長以及我們為未來成功奠定的堅實基礎感到自豪。飛利浦召回帶來的機會以及我們銷售團隊重組計畫的持續成功，凸顯了我們在動態市場環境中適應和發展的能力。

We're excited about the potential for future growth in our core product categories. Our advancements in technology and machine learning, underscore our commitment to innovation and improve patient care. Our strong financial performance and the swift integration of East Alabama, HomeMed are testament to our team's strategic vision and operational excellence. Our proactive approach to regulatory and payer challenges, demonstrates our dedication to staying ahead of industry trends and ensuring the best outcomes for our patients and partners.

我們對核心產品類別未來的成長潛力感到興奮。我們在技術和機器學習方面的進步強調了我們對創新和改善患者護理的承諾。我們強勁的財務表現以及東阿拉巴馬州和 HomeMed 的快速整合證明了我們團隊的策略願景和卓越營運。我們積極主動地應對監管和付款人挑戰，這表明我們致力於保持行業趨勢領先地位並確保為患者和合作夥伴提供最佳結果。

We are deeply appreciative of the continued support and trust from our investors, analysts, employees and partners. Your confidence in VieMed fuels our drive to excel and pushes the boundaries of what's possible in respiratory care.

我們非常感謝投資者、分析師、員工和合作夥伴的持續支持和信任。您對 VieMed 的信心將激勵我們不斷追求卓越，並突破呼吸照護領域的可能界限。

Thank you for joining us today. This concludes our prepared remarks. We will now open the floor up for further questions.

感謝您今天加入我們。我們準備好的演講到此結束。我們現在請大家提出進一步的問題。

(Operator Instructions) Brooks O'Neil, Lake Street Capital.

（操作員說明）Brooks O'Neil，Lake Street Capital。

Thank very much. Good morning, guys. Terrific quarter. I have a few questions. I guess, I'd like to start. It feels to me like you're in a super target-rich environment. I might, make an analogy it feels a little bit like you're looking at a flock of duck, coming over the duck line and I'm curious do you think about that as taking your shot down and hoping you hit something or would you say it's a little different than that that you're really trying to prioritize the best opportunities and take careful shots at each one.

非常感謝。早安，夥計們。很棒的季度。我有幾個問題。我想，我想開始。在我看來，你就像處於一個超級目標豐富的環境。我可能會打個比方，感覺有點像你正在看著一群鴨子，越過鴨線，我很好奇你是否認為這就是擊中目標並希望擊中某些東西，或者你會這樣做嗎？你真正嘗試優先考慮最佳機會並仔細對待每個機會有點不同。

Well, to stay on your duck analogy we're trying to get three shots per man out of each flock. So we're being really efficient with how we do things and that kind of ties back to the sales restructuring, Brooks. I mean, we see it as a target-rich really complex respiratory for all of our products right now, include vest and vents and even sleep. Their target-rich environments and all of our sales folks are trained to cross-sell across all of those lines.

好吧，為了繼續你的鴨子類比，我們正在嘗試從每個鴨群中每人射擊三槍。因此，我們的做事方式非常高效，這與銷售重組有關，布魯克斯。我的意思是，我們現在將其視為我們所有產品的目標豐富且非常複雜的呼吸系統，包括背心和通風口，甚至睡眠產品。他們的目標豐富的環境和我們所有的銷售人員都接受過所有這些產品線交叉銷售的培訓。

We're getting the production out of them thanks to increased training and improved management -- and now we feel really confident about our management team out there. And so we're going to crank up a lot more fuel in the fire on recruiting for not just the back half of the year, but back half and beyond.

由於增加了培訓和改進了管理，我們正在從他們那裡獲得產出——現在我們對我們的管理團隊非常有信心。因此，我們不僅會在今年下半年，而且在下半年及以後的招募中加大力度進行招募。

And I will just add one thing to the duck analogy we don't miss very often. And we're going to stay consistent with that theme that we're very careful where we take our shots and we're good at them generally. So we're patient but we're prudent.

我只想在我們不經常錯過的鴨子比喻中添加一件事。我們將與這個主題保持一致，即我們在拍攝時非常小心，而且我們通常擅長拍攝。所以我們有耐心，但也很謹慎。

Okay. That all makes sense. Let me ask you about the most recent thing the JV that you've completed and you mentioned a framework. Do you see a lot of opportunities for replicating that structure and that opportunity in other markets or with other partners?

好的。這一切都是有道理的。讓我問一下您最近完成的合資企業以及您提到的框架。您是否看到許多在其他市場或與其他合作夥伴複製該結構和機會的機會？

Yeah. I mean, we've gotten close with some. I think really where we're at with it Brooks is I'm hoping to have some real world data to present to our next few opportunities showing the success of HomeMed and how we've been able to improve their bottom line and their efficiencies and so on and so forth. So we expect to probably have more meat on the bone for our value prop pitch to others by year's end. And from there, we can a circle back with some of the ones that we've been close with, and then, b, bring it to the masses. But right now, I think we're in the proving the model out mode if you will.

是的。我的意思是，我們已經和一些人走得很近了。我認為，布魯克斯，我們真正的處境是，我希望能夠向我們接下來的幾次機會展示一些真實世界的數據，展示 HomeMed 的成功以及我們如何能夠提高他們的底線和效率，等等。因此，我們預計到年底，我們向其他人宣傳我們的價值時可能會有更多的實質內容。從那裡，我們可以回到一些我們一直密切關注的人，然後，b，把它帶給大眾。但現在，如果你願意的話，我認為我們正在驗證模型。

Absolutely. Let me ask just one more. It sounds like the Philips recall and buyback in absolute home run for you guys in that you can sell them back some used equipment probably in a favorable way and redeploy the capital in new equipment that is going to have a 10-year life. Am I thinking about that right? Or is there any downside to you guys with what's going on there?

絕對地。讓我再問一個問題。這聽起來像是飛利浦的召回和回購對你們來說絕對是本壘打，因為你們可以以優惠的方式賣回一些二手設備，然後將資金重新部署到壽命為 10 年的新設備上。我這樣想對嗎？或者你們那裡發生的事情有什麼缺點嗎？

No, you think about it correct. It's a project that, we've been working on. We're -- we probably sold about 15% of our fleet back already. We're not exactly sure if we're going to sell the whole thing back. We're just working through that.

不，你想的是對的。這是我們一直在致力於的一個專案。我們可能已經售回了大約 15% 的機隊。我們不確定是否要把整個東西賣回來。我們正在解決這個問題。

But exactly correct in that, we're able to replace the fleet at a cost advantage situation. And at this point we've been able to record an accounting gain as a result of it. It's an operational project, but our team has folded in really well. Philips has been a good partner to work with on it. And thus far it has been extremely positive and nothing but good for the company and the patients at that point.

但完全正確的是，我們能夠在成本優勢的情況下更換機隊。至此，我們已經能夠記錄由此產生的會計收益。這是一個營運項目，但我們的團隊已經很好地融入了。飛利浦一直是這方面的好夥伴。到目前為止，這一切都是非常積極的，對公司和患者來說都是好事。

Appreciate it. Well, great. Thank you very much for taking the questions. Congratulations, and keep up all the good work.

欣賞它。嗯，太好了。非常感謝您接受提問。恭喜你，並繼續努力。

(Operator Instructions) Ilya Zubkov, Freedom Broker.

（操作員指示）Ilya Zubkov，自由掮客。

Good morning, and thank you for taking my question, and congrats with the strong quarter. I have a question on the equipment and supply sales dynamics. One of the mentioned growth drivers of this segment is the sleep and resupply program. And I'm wondering how much does this program contribute to the segment's revenue? And could you elaborate on the quarterly revenue dynamics in this segment as well, because I see that the revenue is rebounding significantly in Q2 comparing to the previous two quarters.

早安，感謝您提出我的問題，並祝賀季度的強勁表現。我有一個關於設備和供應銷售動態的問題。該細分市場提到的成長動力之一是睡眠和補給計劃。我想知道這個計劃對該部門的收入貢獻有多少？您能否詳細說明一下該細分市場的季度收入動態，因為我發現與前兩個季度相比，第二季度的收入正在顯著反彈。

The specific line item that you're asking about is equipment and supply sales. Is that correct?

您詢問的具體行項目是設備和供應品銷售。這是正確的嗎？

Yes. Correct.

是的。正確的。

Okay. It's mainly due to us increasing our sleep business over the last call it two years but then especially last year when we bought out or we bought HMP and then our own VieMed sleep growth being so strong in the last call it one to two years. The primary amount of that is related to our sleep resupply program.

好的。這主要是由於我們在過去（稱為兩年）增加了我們的睡眠業務，但特別是去年，當我們買斷或購買了HMP 時，然後我們自己的VieMed 睡眠增長在過去（稱為一到兩年）中非常強勁。其中主要金額與我們的睡眠補給計劃有關。

And if you're familiar with the sleep business that is really the driver of your long-term value creation in the sleep business is the patients who need, new supplies every three or six months or whatever it is. So as we've stacked on thousands and thousands of new patients into the resupply program that number is going to continue to grow. It has zero CapEx associated with it, which is another good piece of our business. It's all cash flow. And so we fully expect that line item to continue to grow over the coming quarters.

如果您熟悉睡眠業務，那麼您在睡眠業務中長期創造價值的真正驅動力是需要每三到六個月或其他任何時間提供新用品的患者。因此，隨著我們將成千上萬的新患者納入補給計劃，這個數字也將持續成長。它的相關資本支出為零，這是我們業務的另一個好處。都是現金流。因此，我們完全預期該訂單項目將在未來幾季繼續成長。

Okay, thank you. That is helpful. And I have one more on service revenue. There is a significant ramp up in service revenue this year due to the staffing offering and I'm curious is there any seasonality in this segment that can cause quarter-to-quarter fluctuations of the revenue in the future?

好的，謝謝。這很有幫助。我還有一個關於服務收入的問題。由於人員配備，今年的服務收入顯著增加，我很好奇該領域是否存在季節性因素，可能導致未來收入的季度波動？

No, not really. Those could come and go in the future, but we don't see anything large falling off in the near term. That's really our health care staffing division. And as we've expanded that group over the last several years I mean we just stood that up organically about three years ago. So as they continue to go out there and explain our value proposition and what we can do.

不，不是真的。這些未來可能會出現或消失，但我們認為短期內不會出現任何重大下降。這實際上是我們的醫療保健人員配置部門。由於我們在過去幾年中擴大了該團隊，我的意思是我們大約三年前才有機地建立了這個團隊。因此，當他們繼續走出去解釋我們的價值主張以及我們能做什麼時。

We've gotten some new contracts with some states around the country. And that's just while it's not seasonal it could have terms. But at this point once again we see some good growth coming from that division over the next couple of quarters.

我們已經與全國一些州簽訂了一些新合約。這只是雖然它不是季節性的，但它可能有條款。但此時此刻，我們再次看到該部門在接下來的幾個季度中將出現一些良好的成長。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Doug Cooper, Beacon.

道格·庫珀，燈塔。

Hi. Good morning, guys, and congratulations there on a terrific quarter. It's amazing to me in one sense that the sector has been hit so hard from a stock price perspective, because people think they have a GLP-1s presumably are going to have an impact, but nobody seems to be highlighted impact when they released the results. I think Rotech, by our math, sort of got sold for six of the chain EBITDA multiple. Based on where you guys were before your stockholder this morning, it was trading at five times last quarter's annualized EBITDA, which seems pretty much an all-time low multiple. What do you think has to break here from an investor perspective?

你好。早安，夥計們，恭喜這個季度的出色表現。從某種意義上說，令我驚訝的是，從股價的角度來看，該行業受到瞭如此嚴重的打擊，因為人們認為他們的GLP-1 可能會產生影響，但在發布結果時似乎沒有人強調影響。我認為，根據我們的計算，Rotech 的售價相當於連鎖 EBITDA 倍數的六倍。根據今天早上你們在股東面前的情況，它的交易價格是上個季度年化 EBITDA 的五倍，這似乎是歷史最低倍數。從投資者的角度來看，您認為這裡必須打破什麼？

It could be a lot to do with the GLP craze, which we've only been able to explain in a couple of different ways. We listen to the larger players out there who are doing studies, and it seems nothing has been pulled away from their sleep business or their profitability, which is good. There are companies that are much more focused on it.

這可能與 GLP 熱潮有很大關係，我們只能用幾種不同的方式來解釋。我們聽取了正在進行研究的較大參與者的意見，他們的睡眠業務或盈利能力似乎沒有受到任何影響，這很好。有些公司更加關注這一點。

Sleep makes up roughly 15% of our business right now. And as we did last quarter, and probably the last few quarters, all we can tell you is that by no means is our sleep business feeling any pressure. We're not seeing patients fall off service in any meaningful way, nor are we experiencing any higher attrition rates. The sleep business is doing great, and we continue to grow it, and we're happy to keep growing it.

目前，睡眠業務約占我們業務的 15%。正如我們上個季度，可能還有最後幾季所做的那樣，我們所能告訴您的是，我們的睡眠業務絲毫沒有感受到任何壓力。我們沒有看到患者以任何有意義的方式放棄服務，也沒有遇到更高的流失率。睡眠業務做得很好，我們繼續發展它，我們很高興繼續發展它。

Outside of that, Doug, the stock market has its ebbs and flows, as we all know. We're very considerate of the stock price, but right now we spend 99% of our time just continuing to try to grow the company and add to the bottom line. And we think as long as we keep doing that, the stock price is going to come back around at some point.

除此之外，道格，眾所周知，股市有起有落。我們非常考慮股價，但現在我們 99% 的時間都花在繼續努力發展公司並增加利潤。我們認為，只要我們繼續這樣做，股價就會在某個時候回升。

Do you guys know what percent of your patients are on GLP-1 drugs on the fleet side?

你們知道你們的病患在車隊中使用 GLP-1 藥物的比例是多少嗎？

No, we don't. We haven't delved into that. I know some of our peers have gone out and I think the number they mentioned was maybe 12% of their patients. Once again, we focus our research and are kind of digging in on complex respiratory because that's what drives us every day. But I'd have to think that if you hear from ResMed or some of our peers that that percentage is somewhere around there, then that's probably a pretty decent number for us as well.

不，我們不。我們還沒有深入研究這一點。我知道我們的一些同行已經出去了，我想他們提到的數字可能是他們患者的 12%。我們再次將研究重點放在複雜的呼吸系統上，因為這是我們每天的動力。但我不得不認為，如果您從瑞思邁或我們的一些同行那裡聽說這個百分比在附近，那麼這對我們來說可能也是一個相當不錯的數字。

Okay. And maybe just the last one just based on that, on the private side, the M&A pipeline what are you seeing expectations for guys prices that they want have those come down over the past 12, 18 months as well with the value for a publicly traded company?

好的。也許只是最後一個基於這一點，在私人方面，併購管道您對人們的期望是什麼，他們想要的價格在過去 12 個月、18 個月裡下降了，而且公開交易的價值也下降了公司？

We -- in our discussions, we're talking about the fact that public multiples can't be significantly depressed compared to private multiples, but we haven't really gotten to the point where we were with an HMP and discussed that much of the market out there. So I think that seeing the Rotech transaction was good because that means that things are starting to maybe open up again.

在我們的討論中，我們討論的是這樣一個事實：與私人市盈率相比，公共市盈率不會顯著下降，但我們還沒有真正達到 HMP 的地步，並討論了很多問題。所以我認為看到 Rotech 的交易是件好事，因為這意味著事情可能會開始再次開放。

And I would think a public company multiples out there on that big of a transaction set some sort of marker, but that's somewhat theoretical. And we're going to continue to look for the right opportunity and get -- if we get to the point where we're talking that level of detail we're going to be prudent about the multiple that we pay.

我認為上市公司在如此大的交易中的倍數設置了某種標記，但這在某種程度上是理論上的。我們將繼續尋找合適的機會並獲得——如果我們達到了討論細節的地步，我們將對我們支付的倍數持謹慎態度。

And maybe just a final one for me. Casey, you referred to the non-invasive vent market still less than 10%. What could be the applicable market? It's sort of been like that now for a couple of years despite the bunch of research showing the better outcomes. What do you think -- is this sort of just tag long here? Or is there a big -- how long by the referring physicians that said, yes, I'm going to start referring all my guys to the NIV.

也許對我來說只是最後一個。Casey，您提到非侵入式呼吸器市場仍不到 10%。適用市場是什麼？儘管大量研究顯示了更好的結果，但這種情況已經持續了幾年了。你覺得怎麼樣──這種標籤長嗎？或者，轉診醫生多久後會說，是的，我將開始將我所有的人轉介至 NIV。

I mean the way that we break it down Doug in our investor presentation we focus on -- the 6% is really the Medicare population. So when we say sub-10% we're kind of just assuming that the commercial or the private sector is going to make up the rest of that. But we're still in a drastically underserved population.

我的意思是，道格在我們的投資者演講中我們重點關注的細分方式是——6% 確實是醫療保險人口。因此，當我們說低於 10% 時，我們只是假設商業或私營部門將彌補其餘部分。但我們仍然處於服務嚴重不足的人群中。

Research is important in order to get the penetration number up a little bit higher. We continue to see more positive and positive studies not just the ones that we've accomplished over the years, but others outside forces now proving out the benefits of non-invasive ventilation.

為了提高滲透率，研究很重要。我們繼續看到更多積極和正面的研究，不僅是我們多年來完成的研究，而且其他外部力量現在也證明了非侵入性通氣的好處。

It's exciting to take a look now at the Medicare Advantage population. This is the first time that we've had access to those patients. So we'll see how good those guys have been doing on non-invasive vet care. And it's really exciting to see that AAHomecare. Our industry association is the one that's leading the charge now. It's not for years we've had to be the leader in the research market, but that's changing and physicians are jumping in from across borders and doing studies now.

現在看看 Medicare Advantage 人群令人興奮。這是我們第一次接觸這些患者。所以我們將看看這些人在非侵入性獸醫護理方面做得有多好。看到 AAHomecare 真的很令人興奮。我們的行業協會是現在帶頭的行業協會。多年來，我們一直需要成為研究市場的領導者，但這種情況正在發生變化，醫生現在正在跨國界進行研究。

So it's all positive momentum everything clinically that we're seeing. And so ultimately we hope that that research really will drive penetration up to where more folks are considering NIV the gold standard of care and really step therapy and other forms of treatment to try and fail will become less of an alternative for medical policies and payers to lean on down the road.

因此，我們在臨床上看到的一切都是積極的動力。因此，最終我們希望這項研究能真正推動普及，讓更多人將 NIV 視為護理的黃金標準，真正的階梯療法和其他嘗試失敗的治療形式將不再是醫療政策和付款人的替代方案。靠在路上。

Thanks very much, guys. That's it from me.

非常感謝，夥計們。這就是我說的。

At this time, there are no further questions in queue. I'd like to turn the call back over to our presenters for any further remarks.

目前，隊列中沒有其他問題。我想將電話轉回給我們的主持人，以供進一步評論。

We want to thank everybody for listening in today. Follow up if there's any other questions and appreciate your support. Have a great day.

我們要感謝大家今天的收聽。如有任何其他問題，請跟進並感謝您的支持。祝你有美好的一天。

This concludes the VieMed second-quarter 2024 earnings call. Thank you for attending and have a wonderful rest of your day.

VieMed 2024 年第二季財報電話會議到此結束。感謝您參加並祝您度過愉快的一天。