Reporting Period September 1 - 30, 2024
- Date
- 2024-10-22
Summary
A supplementary exhibit to a monthly operating report in In re Vyaire Medical, Inc., et al., Case No. 24-11217 (BLS), filed October 22, 2024 as Doc 649-1, for the reporting period September 1 - 30, 2024. It answers Part 7 questions on prepetition debt payments, payments to or on behalf of insiders and postpetition borrowing, citing the debtor-in-possession financing orders at Docket No. 103 and Docket No. 248. The statement of cash receipts and disbursements reports collections of $9,036,365, total operating disbursements of $8,720,180, a $5,000,000 DIP draw and an ending book cash balance of $7,573,583. The 5-page exhibit also includes a consolidated balance sheet at September 30, 2024, an income statement for the period, and an attestation on bank account reconciliations signed by the Chief Restructuring Officer.
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Case 24-11217-BLS Doc 649-1 Filed 10/22/24 Page 1 of 5
In re: Vyaire Medical, Inc., et al. Case No.: 24-11217 (BLS)
Reporting Period September 1 - 30, 2024
Supplementary Exhibit & Answers
Part 7, Question a. (Were any payments made on prepetition debt?):
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].
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, General
Counsel, 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].
Case 24-11217-BLS Doc 649-1 Filed 10/22/24 Page 2 of 5
In re: Vyaire Medical, Inc., et al.
24-11217 (BLS)
Statement of Cash Receipts and Disbursements
September 1 - 30, 2024 Vyaire Medical,
Inc.
Operating Receipts (Consolidated)
Collections $ 9,036,365
Total Operating Receipts 9,036,365
Operating Disbursements
Trade Vendors (4,492,883)
Payroll & Comissions (5,164,992)
T&E Credit card (413,257)
State and other taxes (52,654)
Insurance (89,262)
Inter-company transfers 1,492,867
Total Operating Disbursements (8,720,180)
Net Cash Flow from Operations 316,185
Non- Operating Receipts / (Disbursements)
Other Non-Operational (14,560)
Total Non- Operating Receipts / (Disbursements) (14,560)
Total Net Cash Flow 301,624
Restructuring Receipts/(Disbursements)
DIP Draw 5,000,000
Professional Fees (5,574,513)
D&O, Critical Vendor and Other Contingency (100,000)
Total Restructuring Receipts/(Disbursements) (674,513)
Liquidity
Book Cash Balance - Start 7,574,456
Net Cash Flow (+/-) (372,889)
Change in Outstanding ACH/Wire/Check Balance 372,015
Book Cash Balance - End 7,573,583
Case 24-11217-BLS Doc 649-1 Filed 10/22/24 Page 3 of 5
In re: Vyaire Medical, Inc., et al.
24-11217 (BLS)
Balance Sheet
September 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 3,036,286 - 29,272,973 - - - - - - - (24,759) - - - 368,361 (10,634) - (122,787) - - - - - - - - - -
Income Taxes - Current - - - - - - - - - - - - - - - 0 - - - - - - - - - - - -
Intercompany AR 2,925,490,795 - 80,000,000 - - - - - - - 53,716,545 1,422,704,346 136,302 342,691,128 (33,863,854) 2,372,427 - 168,008,422 281 - - 259 - 1,095,552,668 2,409,122,714 - - -
Inventories, Net (1,055) - - - - - - - - - - - - - 44,199,021 - - 12,976,171 - - - - - - - - - -
Other 80,231,970 - - - - - - - - - - - - - (15,530) - - - - - - - - 0 5,203,556 - - -
Prepaid Expense - Net 6,809,152 - - - - - - - - - - - - - 2,506,517 - - 3,603,319 - - - - - - - - - -
Related Party Receivables 60,507 - - - - - - - - - - - - - - - - - - - - - - - - - - -
Restricted Cash 964,000 - - - - - - - - - - - - - - - - - - - - - - - - - - -
Trade Receivables - Net 3,484,109 - - - - - - - - - - - - - 12,316,537 0 - 2,301,456 - - - - - (245) (0) - - -
Total Current Assets 3,020,075,763 - 109,272,973 - - - - - - - 53,691,786 1,422,704,346 136,302 342,691,128 25,511,051 2,361,794 - 186,766,581 281 - - 259 - 1,095,552,423 2,414,326,270 - - -
Long Term Assets
Intercompany Assets - LT 921,266,912 (47,150,760) 160,000 - - - 173,847,784 18,621,997 - - 86,862,485 - 1,204,029,413 40,957,152 191,749,446 - - 56,523,340 80,066,929 - - 125,982,033 - - - - - -
Investments in Leases LT - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Fixed Assets, Net 17,266,674 - - - - - - - - - - - - - 1,258,226 - - 525,762 - - - - - - - - - -
Goodwill - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Intangible Assets - Net - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Right of Use Asset 33,334,771 - - - - - - - - - - - - - 22,495,648 - - - - - - - - - - - - -
Other LT Assets 120,704 - - - - - - - 5,000,000 - - - - - 3,986,386 - - - - - - - - - - - - -
LT Deferred Taxes (0) - - - - - - - - - - - 0 - - - - - - - - - - - - - - -
Total Long Term Assets 971,989,061 (47,150,760) 160,000 - - - 173,847,784 18,621,997 5,000,000 - 86,862,485 - 1,204,029,413 40,957,152 219,489,705 - - 57,049,102 80,066,929 - - 125,982,033 - - - - - -
Total Assets 3,992,064,823 (47,150,760) 109,432,973 - - - 173,847,784 18,621,997 5,000,000 - 140,554,270 1,422,704,346 1,204,165,715 383,648,279 245,000,756 2,361,794 - 243,815,684 80,067,210 - - 125,982,292 - 1,095,552,423 2,414,326,270 - - -
Current Liabilities
Warranty and Product Recall Reserves (2,119) - - - - - - - - - - - - - - - - 661,758 - - - - - - - - - -
Accrued Expenses 3,908,012,817 - 109,272,973 - - - 481,096 - 5,000,000 - 19,100,021 1,422,704,346 10,074,480 341,585,808 24,547,029 - - 8,321,857 281 - - 259 - 1,089,912,071 1,570,683,124 - - -
Accounts Payable 23,713,538 - - - - - - - - - - - - - 7,221,409 206,731 - 12,323,166 - - - - - - - - - -
Related Party AP - - - - - - - - - - - - - - (0) - - - - - - - - - - - - -
Current Portion of LT Debt 458,905,868 - - - - - - - - - - - - - - - - - - - - - - 1 - - - -
Accrued Compensation & Benefits 2,925,515 - - - - - - - - - - - - - 2,987,481 - - (0) - - - - - 4,138,177 - - - -
Short-term lease liabilities 9,327,508 - - - - - - - - - - - - - 1,375,068 - - - - - - - - - - - - -
Other Current Liabilities 83,704,152 - - - - - - - - - (15,256) - 414,775 - 1,799,650 - - (16,864) - - - - - 126 - - - -
Total Current Liabilities 4,487,455,091 - 109,272,973 - - - 481,096 - 5,000,000 - 19,084,764 1,422,704,346 10,489,255 341,585,808 44,984,647 206,731 - 22,788,293 281 - - 259 - 1,094,050,375 1,570,683,124 - - -
Long Term Liabilities
Long Term Debt - - - - - - - - - - 118,100,756 - - - - - - - - - - - - - - - - -
Accrued pension and postretirement benefits - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Deferred Revenue, less current portion - - - - - - - - - - - - - - 8,653,809 - - 195,381 - - - - - - - - - -
Deferred Tax Liabilities - LT - - - - - - - - - - - - - - (0) - - - - - - - - - - - - -
lntercompany Liab - LT 13,263,588 - - - - - - - - - - 850,812,832 - - - - - - - - - - - - - - - -
Long-term lease liabilities 31,720,415 - - - - - - - - - - - - - 21,778,591 - - - - - - - - - - - - -
Other Long Term Liabilities 50,499,926 0 - - - - 0 (0) - - 2 - (16) (1) (1) (0) (0) 3 - - - - (0) (0) - - - -
Total Long-Term Liabilities 95,483,929 0 - - - - 0 (0) - - 118,100,758 850,812,832 (16) (1) 30,432,399 (0) (0) 195,384 - - - - (0) (0) - - - -
Total Liabilities 4,582,939,021 0 109,272,973 - - - 481,096 (0) 5,000,000 - 137,185,523 2,273,517,178 10,489,239 341,585,807 75,417,047 206,731 (0) 22,983,677 281 - - 259 (0) 1,094,050,375 1,570,683,124 - - -
Equity
Treasury Stock (253,150,493) - - - - - - - - - - - - - - - - - - - - - - - - - - -
AOCI - - - - - - (241,559) - - - 215,542 - - (26,830,436) - - - - - - - - - - - - - -
Common Stock 298 - - - - - - - - - - - 33,873 672,366,304 66,946,908 - - 0 - - - - - - - - - -
Preferred Stock - - - - - - - - - - - - - - - - - - - - - - - - - - - -
APIC 747,174,641 (48,618,194) 160,000 - - - 175,729,134 18,461,833 - - 4,753,683 (850,812,832) 1,218,239,258 (530,769,008) (29,401,617) (57,102) - 11,569,341 73,858,936 13,588 - 125,982,033 - - 850,812,802 - - -
Retained Earnings (1,084,898,643) 1,467,433 - - - - (2,120,887) 160,164 - - (1,600,477) - (24,596,654) (72,704,388) 132,038,419 2,212,165 0 209,262,665 6,207,993 (13,588) - - 0 1,502,048 (7,169,656) - - -
Total Equity (590,874,197) (47,150,760) 160,000 - - - 173,366,688 18,621,997 - - 3,368,748 (850,812,832) 1,193,676,476 42,062,472 169,583,710 2,155,063 0 220,832,007 80,066,929 - - 125,982,033 0 1,502,048 843,643,146 - - -
Total Liabilities and Equity $3,992,064,823 $(47,150,760) $109,432,973 $– $– $– $173,847,784 $18,621,997 $5,000,000 $– $140,554,270 $1,422,704,346 $1,204,165,715 $383,648,279 $245,000,756 $2,361,794 $– $243,815,684 $80,067,210 $– $– $125,982,292 $– $1,095,552,423 $2,414,326,270 $– $– $–
Case 24-11217-BLS Doc 649-1 Filed 10/22/24 Page 4 of 5
In re: Vyaire Medical, Inc., et al.
24-11217 (BLS)
Income Statement
September 1 - 30, 2024
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
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 $– $– $– $– $– $– $– $– $– $– $– $– $– $– 5,724,231 $– $– 1,675,818 $– $– $– $– $– $– $– $– $– $–
Intercompany Revenue – – – – – – – – – – – – – – 709,740 – – 2,899 – – – – – – – – – –
Total Revenue – – – – – – – – – – – – – – 6,433,971 – – 1,678,717 – – – – – – – – – –
COGS
Standard COGS – – – – – – – – – – – – – – 2,082,111 – – 759,691 – – – – – – – – – –
IC COGS – – – – – – – – – – – – – – 541,250 – – 1,937 – – – – – – – – – –
OCOS – – – – – – – – – – – – – – 255,419 – – (294,650) – – – – – – – – – –
Total COGS – – – – – – – – – – – – – – 2,878,780 – – 466,977 – – – – – – – – – –
Operating Expenses
Salaries & Benefits (898,695) – – – – – – – – – – – – – 937,864 – – – – – – – – – – – – –
Other Operating Expenses 6,390,388 – – – – – – – – – – – – – 1,188,536 – – 1,056,477 – – – – – – – – – –
Total Operating Expenses 5,491,693 – – – – – – – – – – – – – 2,126,400 – – 1,056,477 – – – – – – – – – –
Non-Operating Expenses
Amortizations 25,714 – – – – – – – – – – – – – – – – – – – – – – – – – – –
Currency 996,933 – – – – – – – – – (18,825) – – – – – – – – – – – – – – – – –
Income Tax Expense – – – – – – – – – – – – – – – – – – – – – – – – – – – –
Net Interest 3,082,096 – – – – – – – – – 25,283 – – – – – – – – – – – – – – – – –
Non-recurring charges (4,202,521) – – – – – – – – – – – – – 178,603 – – – – – – – – – – – – –
Other Income Expense (890,987) – – – – – – – – – – – – – – – – 445 – – – – – – – – – –
Disposal of Business 393,610 – – – – – – – – – – – – – – – – – – – – – – – – – – –
Restructuring (800,095) – – – – – – – – – – – – – 8,720 – – – – – – – – – – – – –
Total Non-Operating Expenses (1,395,250) – – – – – – – – – 6,458 – – – 187,323 – – 445 – – – – – – – – – –
Net Income $(171,397,723) $– $– $– $– $– $– $– $– $– $(162,016) $– $1,304,351 $– $23,106,455 $– $– $15,239,863 $– $– $– $– $– $– $6,320 $– $– $–
Case 24-11217-BLS Doc 649-1 Filed 10/22/24 Page 5 of 5
In re: Vyaire Medical, Inc., et al. Case No.: 24-11217 (BLS)
Reporting Period 9/1/2024 - 9/30/2024
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 10/22/2024
Signature of Authorized Individual Date
Charles N. Braley Chief Restructuring Officer
Printed Name of Authorized Individual Title of Authorized Individual
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