The health care space remains one of the top options that growth investors should consider in the first half of the 2020s. Only the technology space was able to outpace health care in terms of growth over the course of the 2010s. The S&P/TSX Capped Health Care Index fell marginally on Monday, March 27. However, this sector is coloured by the performance of Canadian cannabis stocks.
VieMed Healthcare (TSX:VMD)(NASDAQ:VMD) is a Louisiana-based company that provides in-home durable medical equipment (DME) and post-acute respiratory healthcare services to patients in the United States. Shares of this healthcare stock have climbed 28% in 2023 as of close on March 27. The stock has soared 107% year over year. However, its shares have dipped 4.3% over the past week.
This company released its fourth quarter and full year fiscal 2022 results on March 2, 2023. It posted total revenues of $138 million for the full year – up from $117 million in the previous year. Meanwhile, gross profit jumped to $84.6 million compared to $73.4 million in fiscal 2021. Looking ahead, VieMed expects to generate total revenues between $38 million to $39 million in the first quarter of fiscal 2023.
VieMed enters fiscal 2023 with strong liquidity. It is well-positioned to shop aggressively for opportunities in a burgeoning health care space. Shares of this healthcare stock are trading in solid value territory compared to its industry peers at the time of this writing. Meanwhile, it is geared up for very strong earnings growth going forward.
