Viemed Healthcare, Inc.

Good day, ladies and gentlemen, and welcome to the VIMED second quarter 2024 earnings call. Our host for today's call is Todd Zender, Chief Operating Officer. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. I would like to now turn the call over to your host, Mr. Zender. You may begin.

All right, thank you, and good morning, everyone. We appreciate you joining us today. I'm excited to share that Please note that our remarks in this conference call may include forward-looking statements under the U.S. 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. 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. The second quarter financial news release, including the related financial statements, are available on the SEC's website. I'll now turn it over to Casey to get things started.

Okay, thank you, Todd, and good morning, everyone. We appreciate you joining us today. I'm excited to share that the second quarter of 2024 has been nothing short of exceptional for ViMed. 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. Our BiMed family continues to expand, now numbering 1,121 employees as of June 30th, which includes our talented team at East Alabama HomeMed following our acquisition on April 1st. Our home med integration is on track and we are close to the point where we are moving past process changes and can start to focus on growth for East Alabama Medical Center and ViMed. 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. 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 Salesforce restructuring initiatives. We have refined our approach, enhanced developmental conversations, identified and strategically invested in the right talent earlier in the training lifecycle. 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 vent setups per sales rep compared to the beginning of the year. 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. 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, AA Home Care, recently engaged Dobson Devonzo for a comprehensive non-invasive ventilation study to quantify the differences in outcomes and treatment costs for patients receiving an IVF 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. As many of you know, ViMed 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 vents. 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 VIT fleet without negative impacts on our overall cash flows and P&L. 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. 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, the proprietary engaged 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 investment. 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 and timely filing denials as a result of the changed healthcare cyber attack. Affected claims are being processed on the alternative clearinghouses. AA Home Care is also continuing to push for the reinstatement of 75-25 blended rates, which if successful, has the potential to further improve margins. We are also experiencing behavior shifts in 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 bi-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 vent therapy and ultimately improve overall access to care in a timely manner. Recently announced mergers and acquisitions in the home healthcare sector underscore the robust appeal for the industry. For instance, Owens & Miners' $1.4 billion pending transaction to acquire Rotec, a large national HME provider, highlights the sector's significant attractiveness. We view this development as a testament to the industry's potential rather than a threat to BiMed's competitive stance. Our M&A pipeline remains active, reflecting our continued interest in acquisitions and promising growth opportunities. At BiMed, 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 the sector. With more financial and operational updates on the quarter, I'll now hand the call over to our Chief Operating Officer, Todd. Todd? All right.