1 unchanged sentence
Except as set forth below, there have been no material changes in our risk factors from those disclosed in that Annual Report.
−Removed: We will no longer qualify as an “emerging growth company” as of December 31, 2024 and, as a result, we will no longer be able to avail ourselves of certain reduced reporting requirements applicable to emerging growth companies, subject to certain grace periods.
−Removed: We are currently an “emerging growth company,” as defined in the JOBS Act, and we have taken advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies,” including not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding advisory “say-on-pay” votes on executive compensation and shareholder advisory votes on golden parachute compensation.
−Removed: In addition, as an emerging growth company, we have elected to use the extended transition period for complying with new or revised accounting standards until those standards would otherwise apply to private companies.
−Removed: As a result, our consolidated financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies.
−Removed: We will no longer qualify as an “emerging growth company” as of December 31, 2024, which the last day of the fiscal year following the fifth anniversary of our first sale of common equity securities pursuant to an effective registration statement under the Securities Act.
−Removed: As a result, subject to certain grace periods, we will be required to:
−Removed: • engage an independent registered public accounting firm to provide an attestation report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;
−Removed: • submit certain executive compensation matters to stockholder advisory votes;
−Removed: • disclose a compensation discussion and analysis, including disclosure regarding certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the chief executive officer’s compensation to median employee compensation.
−Removed: We will no longer able to take advantage of cost savings associated with the JOBS Act.
−Removed: Furthermore, if the additional requirements applicable to non-emerging growth companies divert the attention of our management and personnel from other business concerns, they could have a material adverse effect on our business, financial condition and results of operations.
−Removed: The increased costs will decrease our net income or increase our net loss and may require us to reduce costs in other areas of our business.
−Removed: We cannot predict or estimate the amount or timing of additional costs we may incur to respond to these requirements.
−Removed: Furthermore, if we are unable to satisfy our obligations as a non-emerging growth company, we could be subject to delisting of our common stock, fines, sanctions and other regulatory action and potentially civil litigation.
−Removed: As a result of our loss of “emerging growth company” status, it is possible that investors will find our common stock less attractive in light of the fact that we have relied on certain of these exemptions.
−Removed: If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our share price may be more volatile.
−Removed: In addition, any failure to comply with these additional requirements in a timely manner, or at all, could have an adverse effect on our business and results of operations and could cause a decline in the price of our common stock.
−Removed: VIEMED HEALTHCARE, INC.
−Removed: September 30, 2024 and 2023
+Added: A reduction or elimination of coverage or reimbursement of our products by third-party payors, including Medicare, in the future could adversely affect our business and results of operations.
+Added: A substantial portion of our revenues are derived from reimbursement by Medicare and other third-party payors for our ventilator products and services.
+Added: Currently, ventilators are covered under the National Coverage Determination ("NCD") for the DME Reference List, effective since April 1, 2003, for the treatment of neuromuscular diseases, thoracic restrictive diseases, and chronic respiratory failure resulting from chronic obstructive pulmonary disease ("COPD").
+Added: While the DME Reference List has been updated, no standalone NCD has been issued for ventilators.
+Added: On September 11, 2024, CMS initiated a national coverage analysis ("NCA") for noninvasive positive pressure ventilation ("NIPPV") in the home for treating chronic respiratory failure due to COPD.
+Added: A proposed decision memo was published on March 11, 2025, with a final decision expected by June 9, 2025, although this date may be subject to change.
+Added: We have actively participated in the analysis process, including the submission of formal comments, and continue to engage with CMS, the Department of Health and Human Services, and members of Congress on matters related to ventilator coverage.
+Added: A new NCD that clearly defines the medical necessity criteria for ventilator devices could significantly affect patient access, reimbursement, and utilization of ventilator therapies, and may have a material impact on our business.
+Added: Because Medicare coverage criteria often influence commercial payors, including Medicare Advantage plans, changes to Medicare policy may have broader implications for coverage and reimbursement across our payer base.
+Added: If coverage or reimbursement by Medicare or other third-party payors is reduced or eliminated, or if we are unable to expand or maintain coverage with additional commercial payors, our business, financial condition, and results of operations could be materially and adversely affected.
+Added: Adverse global macroeconomic conditions, including supply chain disruptions, tariffs, and fluctuations in foreign currency exchange rates, could negatively impact our operations, costs, and profitability.
+Added: Our business may be affected by a range of global macroeconomic conditions, including newly imposed tariffs, disruptions to the supply chain, and fluctuations in foreign currency exchange rates.
+Added: While nearly all of our revenues are generated within the United States and denominated in U.S.
+Added: dollars, we rely on both domestic and international suppliers for the medical equipment and supplies we rent and sell to patients.
+Added: As a result, our cost structure and operational efficiency are subject to global market dynamics that may influence the availability and pricing of key products.
+Added: In the first quarter of 2025, the United States government implemented new tariffs on a wide range of imported goods from several countries.
+Added: These actions led to reciprocal measures by impacted trade partners.
+Added: Although medical equipment has typically been excluded from prior tariff rounds, the breadth of the new measures and the potential for further expansion have introduced uncertainty regarding future equipment costs and sourcing stability.
+Added: Alternative sourcing arrangements, engagement with domestic manufacturers where feasible, and optimization of inventory and supply chain planning may help mitigate potential disruptions and support margin stability.
+Added: Additionally, global supply chain constraints continue to pose risks to our ability to acquire essential equipment and components in a timely and efficient manner.
+Added: Factors such as raw material shortages, longer lead times from suppliers, and increased transportation expenses may limit our responsiveness to patient needs and may affect our ability to scale the business effectively.
+Added: Although our operations are primarily domestic, we are indirectly exposed to foreign currency exchange rate fluctuations through our international sourcing activities.
+Added: Changes in the value of the U.S.
+Added: dollar relative to other currencies, including the Canadian dollar and Chinese yuan, may impact the prices we pay to suppliers, which could increase our cost of goods sold and reduce our gross margins.
+Added: If these macroeconomic pressures persist or worsen, our ability to manage supply continuity, control costs, and meet patient demand could be adversely affected.
+Added: As a result, our financial condition, operating results, and long-term strategic objectives may be negatively impacted.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.