VIEMED HEALTHCARE (VMD) Company Report

Viemed Healthcare (VMD) has strategically diversified its business, shifting from being 90% ventilator-focused five years ago to 50% ventilator and 20% sleep apnea today, while maintaining margins.
The company's unique high-touch model involves clinicians embedded in hospitals and proprietary in-home technology, differentiating it from traditional DME providers and contributing to a 16% reduction in mortality for complex respiratory patients.
Approximately 70% of Viemed's quarterly revenue is recurring from rental equipment, with 30% from transactional services, and the company expects its Adjusted EBITDA margins to remain sustainable in the low 20s (around 22%).
Viemed prioritizes capital allocation to organic growth, followed by debt repayment, M&A (having completed three acquisitions), and share buybacks, having generated positive net income, double-digit organic growth, and free cash flow for eight years.
Looking ahead to 2026, key growth drivers include expanding complex respiratory sales and maternal health, with the company's products not being included in competitive bidding, removing a significant distraction.

Jan 15, 2026, 3:00 PM

Transcript

Viemed Healthcare Discusses Business Model Diversification, Growth, and Financial Strategy

VMD

M&A

Share Buyback

Revenue Acceleration/Inflection

Viemed Healthcare (VMD) has diversified its business from 90% ventilator services five years ago to 50% today, with 20% from sleep apnea and 10% from oxygen therapy, while maintaining margins.
The company holds a competitive edge due to a new National Coverage Determination (NCD) with CMS, which its competitors were less prepared for.
Approximately 70% of Viemed's quarterly revenue is recurring from equipment rentals, and it expects sustainable Adjusted EBITDA margins in the low 20s, around 22%.
Organic growth is the top capital allocation priority, with key drivers including the sleep business growing at 45% and a focus on maternal health.
Viemed's products will not be included in competitive bidding, removing a prior industry concern and providing a clear runway for growth.

Jan 15, 2026, 3:00 PM

Transcript

VieMed Healthcare Highlights Diversification, Competitive Edge, and Strong Financials

VMD

Revenue Acceleration/Inflection

M&A

Share Buyback

VieMed Healthcare has diversified its business from 90% ventilator-focused five years ago to 50% ventilator and 20% Sleep today, with the Sleep division experiencing approximately 45% growth this year.
The company gained a competitive edge from a National Coverage Determination (NCD) with CMS, for which it was well-prepared, unlike many competitors.
Approximately 70% of quarterly revenue is recurring from rental products, contributing to sustainable EBITDA margins in the low 20s (around 22%).
VieMed has consistently delivered positive net income, double-digit organic growth, and free cash flow for eight years as a standalone company, maintaining no net debt and executing three share buybacks.
The company's products will not be included in competitive bidding, eliminating a past distraction and providing a clear path for future growth.

Jan 15, 2026, 3:00 PM

Transcript

Viemed Healthcare Amends Credit Agreement, Reports Strong Q3 2025 Results, and Updates 2025 Guidance

VMD

Debt Issuance

Earnings

Guidance Update

Viemed Healthcare, Inc. (VMD) entered into a Third Amendment to its Credit Agreement on November 7, 2025, extending the delayed draw term loan commitment expiration date to November 29, 2026, from November 29, 2025.
The company reported strong Q3 2025 financial results, including 24% net revenue growth and a 16% increase in Adjusted EBITDA compared to Q3 2024, with $12.4 million in free cash flow.
Viemed Healthcare updated its 2025 guidance, revising net revenue to $271 million to $273 million and Adjusted EBITDA to $60 million to $62 million, noting that higher-margin Sleep services are tracking ahead of expectations.
Operational highlights for Q3 2025 include 9% year-over-year growth in Vent patients, 64% year-over-year growth in PAP therapy patients, and 51% year-over-year growth in Sleep resupply patients.
As of September 2025, the company repurchased 1.98 million common shares for $13.2 million at an average price of $6.69 per share under its 2025 share repurchase program.

Nov 7, 2025, 9:02 PM

8-K

Viemed Healthcare Reports Record Q3 2025 Revenue and Updates Full-Year Guidance

VMD

Earnings

Guidance Update

M&A

Viemed Healthcare reported record Q3 2025 revenue of $71.9 million, representing 24% growth year-over-year and 14% sequential growth, with adjusted EBITDA reaching $16.1 million, up 16% from the prior year.
The company's core ventilation business now accounts for less than half of net revenue for the first time in over a decade, driven by diversification into new service lines, notably sleep therapy, which saw new patient starts grow 96% year-over-year.
The acquisition of Lehans Medical Equipment contributed to growth and expanded Viemed's service offerings into maternal health, a new service line expected to be a significant growth driver in 2026.
Viemed updated its full-year 2025 net revenue outlook to $271 million to $273 million and adjusted EBITDA to $60 million to $62 million, reflecting a shift in product mix where higher-margin sleep is tracking ahead and lower-margin staffing is growing slower.
The company completed a share repurchase program in September, repurchasing nearly 2 million shares at an average price of approximately $6.69, and reported $23.3 million in trailing 12-month free cash flow.

Nov 6, 2025, 4:00 PM

Transcript

Viemed Healthcare, Inc. Announces Third Quarter 2025 Financial Results

VMD

Earnings

Guidance Update

M&A

Viemed Healthcare, Inc. reported record net revenues of $71.9 million for the third quarter ended September 30, 2025, marking a 24.0% increase over the comparable quarter in 2024. Net income attributable to Viemed totaled $3.5 million, or $0.09 per diluted share, and Adjusted EBITDA increased 15.5% to $16.1 million for the quarter.
The company completed the strategic acquisition of Lehan’s Medical Equipment on July 1, 2025, which was immediately accretive to net income and earnings per share. Additionally, Viemed repurchased and cancelled 1,706,380 common shares at a cost of $11.4 million during Q3 2025.
Viemed updated its full-year 2025 financial guidance, now expecting net revenue in the range of $271 million to $273 million and Adjusted EBITDA in the range of $60 million to $62 million.

Nov 5, 2025, 9:38 PM

8-K

Vimed (VMD) Provides Business and Financial Update at LD Micro Main Event XIX Investor Conference

VMD

Guidance Update

M&A

Share Buyback

Vimed projects $270 million in revenue and $60 million in EBITDA for the current year, demonstrating consistent organic growth of 27% year over year and profitability since its public listing.
The company specializes in complex respiratory care, with its core ventilation business having gross margins in the upper 60s to low 70s, and is expanding into sleep therapy, which saw Q2 setups increase 70% year over year, and a healthcare staffing agency projected to generate $20 million in revenue this year.
Vimed maintains no net debt and recently completed its third share buyback, repurchasing 5% of its stock for approximately $13.2 million in September.
The company completed the acquisition of Lee Hands on July 1, 2025, which introduces a new maternity product line and contributes to a more resilient revenue and payer mix.

Oct 21, 2025, 6:00 PM

Transcript

Viemed Healthcare Discusses Growth Strategy and Financial Performance

VMD

Guidance Update

M&A

Share Buyback

Viemed Healthcare specializes in complex respiratory care, including non-invasive ventilation and sleep therapy, serving approximately 150,000 patients across all 50 states with a market presence in 35-36 states.
The company has maintained profitability every year of its public existence and is now generating meaningful free cash flow due to an inflection point in its business model and additional product lines.
Viemed recently acquired Lehan Medical Equipment on July 1, 2025, which expands its offerings into maternity products, and subsequently updated its annual guidance to over $270 million in revenue and $60 million in EBITDA.
The company completed its third stock buyback at the end of September, repurchasing approximately 5% of its stock for $13.2 million.
Its sleep therapy segment is a fast-growing area, with Q2 setups up 70% year-over-year and resupply patients up 25%.

Oct 21, 2025, 6:00 PM

Transcript

Viemed Healthcare Announces Record Q2 2025 Financial Results and Raised Full-Year Guidance

VMD

Earnings

Guidance Update

M&A

Viemed Healthcare, Inc. reported record financial results for the second quarter ended June 30, 2025, with net revenues of $63.1 million, an increase of 14.7% over the comparable prior-year quarter.
Net income attributable to Viemed for Q2 2025 totaled $3.2 million, or $0.08 per diluted share, representing a 115.1% increase compared to Q2 2024.
The company completed the previously announced acquisition of Lehan’s Medical Equipment on July 1, 2025, for a base purchase price of $26 million.
Viemed updated its full-year 2025 guidance, increasing expected net revenue to a range of $271 million to $277 million and Adjusted EBITDA to $59 million to $62 million, primarily due to the inclusion of Lehan’s anticipated results for the second half of 2025.

Aug 6, 2025, 12:00 AM

8-K

Viemed Healthcare Announces Share Repurchase Program

VMD

Share Buyback

M&A

Guidance Update

Authorized share repurchase program: The Board approved repurchasing up to 1,976,441 shares (approximately 5% of outstanding shares as of March 31, 2025), effective through June 2026.
Robust liquidity and financial performance: Driven by strong Q1 2025 results, the company maintains no net debt and has access to a $55 million credit facility, supporting its capital allocation strategy.
Growth initiatives underway: The announcement highlights ongoing efforts including the acquisition of Lehan’s Medical Equipment expected to close in Q3 2025, underpinning its growth strategy.