Reporting Period July 1 ‐ 31, 2024
- Date
- 2024-08-21
Summary
A supplementary exhibit to the monthly operating report for the reporting period July 1 - 31, 2024 in In re: Vyaire Medical, Inc., et al., Case No. 24-11217 (BLS), filed August 21, 2024 as Doc 429-1. The five-page exhibit answers Part 7, Questions a., c. and g., on prepetition obligations paid under "first day" orders entered by the Bankruptcy Court, insider payments limited to regular salary and compensation, and post-petition financing obtained under orders at Docket No. 103 and Docket No. 248. A Statement of Cash Receipts and Disbursements reports total operating receipts of $14,677,855, total operating disbursements of $17,751,346, a DIP Draw of $3,000,000 and an ending book cash balance of $5,798,954. It prints a balance sheet dated July 30, 2024 and an income statement by debtor entity, and closes with a bank reconciliation attestation signed by the Chief Restructuring Officer.
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Case 24-11217-BLS Doc 429-1 Filed 08/21/24 Page 1 of 5
In re: Vyaire Medical, Inc., et al. Case No.: 24‐11217 (BLS)
Reporting Period July 1 ‐ 31, 2024
Supplementary Exhibit & Answers
Part 7, Question a. (Were any payments made on prepetition debt?):
The Debtors have received authority to pay certain prepetition obligations under various “first day” orders entered by the
Bankruptcy Court. Amounts paid are monitored and made in accordance with the applicable “first day” orders governing
payment of such prepetition obligations.
Part 7, Question c. (Were any payments made to or on behalf of insiders?):
Payments made on behalf of insiders include only regular salary and compensation to the Debtors’ CEO, CFO, certain
other officers, and/or independent directors.
Part 7, Question g. (Was there any postpetition borrowing, other than trade credit?):
The Debtors obtained post-petition financing consistent with the Interim Order Approving Motion to Approve Debtor In
Possession Financing [Docket No. 103] and the Final Order (I) Authorizing the Debtors to Obtain Postpetition Financing,
(II) Authorizing the Debtors to Use Cash Collateral, (III) Granting Liens and Providing Superpriority Administrative Expense
Claims, (IV) Granting Adequate Protection, (V) Modifying Automatic Stay, and (VI) Granting Related Relief [Docket No.
248].
Case 24-11217-BLS Doc 429-1 Filed 08/21/24 Page 2 of 5
In re: Vyaire Medical, Inc., et al.
24‐11217 (BLS)
Statement of Cash Receipts and Disbursements
July 1 ‐ 31, 2024 Vyaire Medical,
Inc.
Operating Receipts (Consolidated)
Collections $ 14,677,855
Total Operating Receipts 14,677,855
Operating Disbursements
Trade Vendors (6,941,960)
Payroll & Comissions (7,500,145)
T&E Credit card (724,868)
State and other taxes (57,508)
Insurance (411,708)
Inter‐company transfers (2,115,157)
Total Operating Disbursements (17,751,346)
Net Cash Flow from Operations (3,073,491)
Non‐ Operating Receipts / (Disbursements)
Other Non‐Operational (568,613)
Total Non‐ Operating Receipts / (Disbursements) (568,613)
Total Net Cash Flow (3,642,104)
Restructuring Receipts/(Disbursements)
DIP Draw 3,000,000
Professional Fees (10,856,465)
D&O, Critical Vendor and Other Contingency (323,000)
Total Restructuring Receipts/(Disbursements) (8,179,465)
Liquidity
Book Cash Balance ‐ Start 17,844,893
Net Cash Flow (+/‐) (11,821,569)
Change in Outstanding ACH/Wire/Check Balance (224,370)
Book Cash Balance ‐ End 5,798,954
Case 24-11217-BLS Doc 429-1 Filed 08/21/24 Page 3 of 5
In re: Vyaire Medical, Inc., et al.
24‐11217 (BLS)
Balance Sheet
July 30, 2024
Revolutionary Vyaire
Vyaire Medical, Bird Products Breathe US Breathe US Medical Devices, SensorMedics VIASYS Holdings VM Finance Sub, Vyaire Finance Vyaire Financial Vyaire Holding Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical BR Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Respiratory Vyaire TSR MidCo, Vyaire TSR Sub,
Inc. Corporation HoldCo, Inc. Holdings LP EME Medical, Inc. Inc. Corporation Inc. LLC Vyaire Company B.V. Holdings LLC Company 202, Inc. 203, Inc. 205, Inc. 206, Inc. 211, Inc. LLC Capital LLC Consumables LLC International LLC LLC Payroll LLC Receivables LLC Diagnostics LLC LLC LLC
Current Assets
Assets Held for Sale – – – – – – – – – – – – – – – – – – – – – – – – – – – –
Cash & Cash Equivalents 9,450,825 – 15,335,853 – – – – – – – (23,992) – – – 267,578 (10,634) – (170,680) – – – – – – – – – –
Income Taxes - Current – – – – – – – – – – – – – – – 0 – – – – – – – – – – – –
Intercompany AR 2,888,693,944 – 80,000,000 – – – – – – – 54,060,702 1,422,704,346 89,472 342,691,128 (36,128,985) 2,372,427 – 163,929,628 281 – – 259 – 1,081,861,048 2,409,122,714 – – –
Inventories, Net (1,055) – – – – – – – – – – – – – 48,379,492 – – 12,316,637 – – – – – – – – – –
Other 80,126,583 – – – – – – – – – – – – – – – – 22,098 – – – – – 0 5,203,556 – – –
Prepaid Expense - Net 9,040,205 – – – – – – – – – – – – – 2,509,842 – – 1,040,431 – – – – – – – – – –
Related Party Receivables 60,507 – – – – – – – – – – – – – – – – – – – – – – – – – – –
Restricted Cash 964,000 – – – – – – – – – – – – – – – – – – – – – – – – – – –
Trade Receivables - Net 1,613,976 – – – – – – – – – – – – – 16,229,436 0 – 2,618,454 – – – – – 3 (0) – – –
Total Current Assets 2,989,948,985 – 95,335,853 – – – – – – – 54,036,710 1,422,704,346 89,472 342,691,128 31,257,363 2,361,794 – 179,756,568 281 – – 259 – 1,081,861,051 2,414,326,270 – – –
Long Term Assets
Intercompany Assets - LT 841,266,912 (47,150,760) – – – – 96,448,502 (61,378,003) – – 82,496,397 – 1,124,029,413 (39,042,848) 191,749,446 – – 56,523,340 80,066,929 – – 125,982,033 – – – – – –
Investments in Leases LT – – – – – – – – – – – – – – 46,500 – – – – – – – – – – – – –
Fixed Assets, Net 19,084,386 – – – – – – – – – – – – – 1,356,924 – – 557,105 – – – – – – – – – –
Goodwill 694,142 – – – – – – – – – – – – – (116,921) – – 0 – – – – – – – – – –
Intangible Assets - Net – – – – – – – – – – – – – – – – – 1,000,000 – – – – – – – – – –
Right of Use Asset 34,583,804 – – – – – – – – – – – – – 22,744,584 – – – – – – – – – – – – –
Other LT Assets 120,704 – – – – – – – 5,000,000 – – – – – 3,986,386 – – – – – – – – – – – – –
LT Deferred Taxes (0) – – – – – – – – – – – 0 – – – – – – – – – – – – – – –
Total Long Term Assets 895,749,947 (47,150,760) – – – – 96,448,502 (61,378,003) 5,000,000 – 82,496,397 – 1,124,029,413 (39,042,848) 219,766,919 – – 58,080,445 80,066,929 – – 125,982,033 – – – – – –
Total Assets 3,885,698,932 (47,150,760) 95,335,853 – – – 96,448,502 (61,378,003) 5,000,000 – 136,533,107 1,422,704,346 1,124,118,885 303,648,279 251,024,281 2,361,794 – 237,837,013 80,067,210 – – 125,982,292 – 1,081,861,051 2,414,326,270 – – –
Current Liabilities
Warranty and Product Recall Reserves (2,119) – – – – – – – – – – – – – – – – 670,425 – – – – – – – – – –
Accrued Expenses 3,881,053,923 – 15,335,853 – – – 481,096 – 5,000,000 – 18,588,890 1,422,704,346 10,027,650 341,585,808 24,825,993 – – 8,321,857 281 – – 259 – 1,077,804,154 1,570,683,124 – – –
Accounts Payable 21,906,810 – – – – – – – – – – – – – 10,709,534 206,731 – 9,411,747 – – – – – – – – – –
Related Party AP – – – – – – – – – – – – – – (0) – – – – – – – – – – – – –
Current Portion of LT Debt 440,137,010 – – – – – – – – – – – – – – – – – – – – – – 1 – – – –
Accrued Compensation & Benefits 6,388,173 – – – – – – – – – – – – – 5,001,325 – – (0) – – – – – 2,554,848 – – – –
Short-term lease liabilities 9,216,915 – – – – – – – – – – – – – 1,368,397 – – – – – – – – – – – – –
Other Current Liabilities 83,799,018 – – – – – – – – – (14,784) – 414,775 – 1,638,549 – – (10,931) – – – – – – – – – –
Total Current Liabilities 4,443,367,542 – 15,335,853 – – – 481,096 – 5,000,000 – 18,574,107 1,422,704,346 10,442,425 341,585,808 51,045,933 206,731 – 20,102,014 281 – – 259 – 1,080,359,004 1,570,683,124 – – –
Long Term Liabilities
Long Term Debt – – – – – – – – – – 114,391,900 – – – – – – – – – – – – – – – – –
Accrued pension and postretirement benefits – – – – – – – – – – – – – – – – – – – – – – – – – – – –
Deferred Revenue, less current portion – – – – – – – – – – – – – – 10,136,863 – – 278,679 – – – – – – – – – –
Deferred Tax Liabilities - LT – – – – – – – – – – – – – – (0) – – – – – – – – – – – – –
lntercompany Liab - LT 13,169,118 – – – – – – – – – – 850,812,832 – – – – – – – – – – – – – – – –
Long-term lease liabilities 33,310,216 – – – – – – – – – – – – – 21,981,992 – – – – – – – – – – – – –
Other Long Term Liabilities 50,499,926 0 – – – – 0 (0) – – 2 – (16) (1) (1) (0) (0) 3 – – – – (0) (0) – – – –
Total Long-Term Liabilities 96,979,260 0 – – – – 0 (0) – – 114,391,902 850,812,832 (16) (1) 32,118,855 (0) (0) 278,683 – – – – (0) (0) – – – –
Total Liabilities 4,540,346,802 0 15,335,853 – – – 481,096 (0) 5,000,000 – 132,966,009 2,273,517,178 10,442,409 341,585,807 83,164,788 206,731 (0) 20,380,697 281 – – 259 (0) 1,080,359,004 1,570,683,124 – – –
Equity
Treasury Stock (253,150,493) – – – – – – – – – – – – – – – – – – – – – – – – – – –
AOCI – – – – – – (241,559) – – – 255,660 – – (26,830,436) – – – – – – – – – – – – – –
Common Stock 298 – – – – – – – – – – – 33,873 672,366,304 66,946,908 – – 0 – – – – – – – – – –
Preferred Stock – – – – – – – – – – – – – – – – – – – – – – – – – – – –
APIC 667,174,641 (48,618,194) 80,000,000 – – – 98,329,852 (61,538,167) – – 4,753,683 (850,812,832) 1,138,239,258 (610,769,008) (29,401,617) (57,102) – 11,569,341 73,858,936 13,588 – 125,982,033 – – 850,812,802 – – –
Retained Earnings (1,068,672,316) 1,467,433 – – – – (2,120,887) 160,164 – – (1,442,244) – (24,596,654) (72,704,388) 130,314,202 2,212,165 0 205,886,974 6,207,993 (13,588) – – 0 1,502,048 (7,169,656) – – –
Total Equity (654,647,871) (47,150,760) 80,000,000 – – – 95,967,406 (61,378,003) – – 3,567,098 (850,812,832) 1,113,676,476 (37,937,528) 167,859,494 2,155,063 0 217,456,316 80,066,929 – – 125,982,033 0 1,502,048 843,643,146 – – –
Total Liabilities and Equity 3,885,698,932 (47,150,760) 95,335,853 – – – 96,448,502 (61,378,003) 5,000,000 – 136,533,107 1,422,704,346 1,124,118,885 303,648,279 251,024,281 2,361,794 – 237,837,013 80,067,210 – – 125,982,292 – 1,081,861,051 2,414,326,270 – – –
Case 24-11217-BLS Doc 429-1 Filed 08/21/24 Page 4 of 5
In re: Vyaire Medical, Inc., et al.
24‐11217 (BLS)
Income Statement
July 1 ‐31, 2024
Revolutionary Vyaire Medical Vyaire Medical Vyaire
Vyaire Medical, Bird Products Breathe US Breathe US EME Medical, Medical SensorMedics VIASYS VM Finance Vyaire Vyaire Finance Vyaire Financial Vyaire Holding Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Consumables International Vyaire Medical Vyaire Medical Vyaire Respiratory Vyaire TSR Vyaire TSR Sub,
Inc. Corporation HoldCo, Inc. Holdings LP Inc. Devices, Inc. Corporation Holdings Inc. Sub, LLC Company B.V. Holdings LLC Company 202, Inc. 203, Inc. 205, Inc. 206, Inc. 211, Inc. BR LLC Capital LLC LLC LLC LLC Payroll LLC Receivables LLC Diagnostics LLC MidCo, LLC LLC
Revenue
Third Party Revenue – – – – – – – – – – – – – – 97,822,163 – – 22,461,679 – – – – – – – – – –
Intercompany Revenue – – – – – – – – – – – – – – 6,620,049 – – 33,475 – – – – – – – – – –
Total Revenue – – – – – – – – – – – – – – 104,442,212 – – 22,495,154 – – – – – – – – – –
COGS
Standard COGS – – – – – – – – – – – – – – 37,043,037 – – 9,741,787 – – – – – – – – – –
IC COGS – – – – – – – – – – – – – – 6,752,960 – – 208,565 – – – – – – – – – –
OCOS (3,939) – – – – – – – – – – – – – (14,521,187) – – 113,384 – – – – – – – – – –
Total COGS (3,939) – – – – – – – – – – – – – 29,274,810 – – 10,063,736 – – – – – – – – – –
Operating Expenses
Salaries & Benefits 33,560,781 – – – – – – – – – – – – – 31,878,598 – – – – – – – – – – – – –
Other Operating Expenses 74,379,213 – – – – – – – – – – – (1,304,351) – 17,324,997 – – 396,465 – – – – – – – – – –
Total Operating Expenses 107,939,994 – – – – – – – – – – – (1,304,351) – 49,203,595 – – 396,465 – – – – – – – – – –
Non-Operating Expenses
Amortizations – – – – – – – – – – – – – – (23,384) – – – – – – – – – – – – –
Currency 1,133,561 – – – – – – – – – (58,040) – – – 1,967 – – – – – – – – – – – – –
Income Tax Expense – – – – – – – – – – – – – – – – – – – – – – – – – – – –
Net Interest 39,323,959 – – – – – – – – – 61,823 – – – – – – – – – – – – – – – – –
Non-recurring charges 2,515,199 – – – – – – – – – – – – – 4,347,349 – – – – – – – – – – – – –
Other Income Expense (1,130,407) – – – – – – – – – – – – – – – – 170,781 – – – – – – (6,320) – – –
Disposal of Business 1,702,754 – – – – – – – – – – – – – – – – – – – – – – – – – – –
Restructuring 3,690,277 – – – – – – – – – – – – – 255,637 – – – – – – – – – – – – –
Total Non-Operating Expenses 47,235,342 – – – – – – – – – 3,783 – – – 4,581,569 – – 170,781 – – – – – – (6,320) – – –
Net Income (155,171,397) – – – – – – – – – (3,783) – 1,304,351 – 21,382,239 – – 11,864,172 – – – – – – 6,320 – – –
Case 24-11217-BLS Doc 429-1 Filed 08/21/24 Page 5 of 5
In re: Vyaire Medical, Inc., et al. Case No.: 24‐11217 (BLS)
Reporting Period 7/1/2024 ‐ 7/31/2024
Bank Reconciliations
The Debtors hereby submit this attestation regarding bank account reconciliations in lieu of providing copies of bank
statements, bank reconciliations and journal entries.
The Debtors’ standard practice is to ensure that bank reconciliations are completed before closing the books each reporting
period. I attest that each of the Debtors’ bank accounts has been reconciled in accordance with their standard practices.
/s/ Charles N. Braley 8/21/2024
Signature of Authorized Individual Date
Charles N. Braley Chief Restructuring Officer
Printed Name of Authorized Individual Title of Authorized Individual
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