Viemed Healthcare Announces Record 2025 Financial Results
LAFAYETTE, LA / ACCESS Newswire / March 4, 2026 / Viemed Healthcare, Inc. (the "Company" or "Viemed") (NASDAQ:VMD), a national provider of technology-enabled, home-based healthcare solutions and chronic disease management, announced today that it has reported its financial results for the three months and year ended December 31, 2025, and issued its guidance for the full year ending December 31, 2026.
Fourth Quarter and Full Year Operational Highlights (all dollar amounts are USD):
Net revenues for the quarter ended December 31, 2025 were a company record $76.2 million, an increase of $15.5 million, or 26%, over net revenues reported for the comparable quarter ended December 31, 2024. Total net revenues for the year ended December 31, 2025 were $270.3 million, an increase of $46.0 million, or 21%, over the year ended December 31, 2024, reflecting continued strong organic growth complemented by revenue contributions from our 2025 acquisition of Lehan's Medical Equipment.
Net income attributable to Viemed for the quarter ended December 31, 2025 totaled $5.6 million, or $0.14 per diluted share, an increase of 31% over net income attributable to Viemed reported for the comparable quarter ended December 31, 2024. Net income attributable to Viemed for the year ended December 31, 2025 totaled $14.9 million, or $0.37 per diluted share, an increase of 33% over the year ended December 31, 2024, marking the Company's ninth consecutive year of positive net income.
Adjusted EBITDA for the quarter and year ended December 31, 2025 totaled $18.2 million and a record $61.4 million, respectively.
The Company continued to generate strong free cash flow while delivering robust growth. Net cash provided by operating activities for the year ended December 31, 2025 totaled $51.9 million compared with $39.1 million for the year ended December 31, 2024. Free cash flow for the year ended December 31, 2025 totaled $28.1 million compared with $11.6 million for the year ended December 31, 2024.
The Company's ventilator patient count totaled 12,259 as of December 31, 2025, an increase of 4% over December 31, 2024.
The Company increased its PAP therapy patient count to 34,528 as of December 31, 2025, an increase of 62% over December 31, 2024. The Company also increased its sleep resupply patient count to 36,561 as of December 31, 2025, an increase of 49% over December 31, 2024.
As of December 31, 2025, the Company maintained a cash balance of $13.5 million, and an overall working capital balance of $7.4 million. Long-term debt totaled $11.3 million and the Company had $46 million available under existing credit facilities.
Full Year 2026 Guidance (all dollar amounts are USD):
The Company is providing the following financial guidance for the year ending December 31, 2026:
Net revenue is expected to be in the range of $310 million to $320 million.
Adjusted EBITDA is expected to be in the range of $65 million to $69 million.
Net capital expenditures are expected to be in the range of 10% to 11.5% of net revenue.
See "Use of Non-GAAP Financial Information and Financial Guidance" below for further information about non-GAAP financial measures and non-GAAP financial guidance.
Casey Hoyt, Viemed's Chief Executive Officer, commented, "Our 2025 performance reflects the continued strength of our technology-enabled home care model and the growing demand for high-quality chronic care management delivered in the home. We delivered strong double-digit organic growth by providing consistent, high-quality care that patients value and referral partners trust, driving deeper penetration across our markets. Leveraging our long-established nationwide payor network, we are expanding our maternal health offerings and extending our reach to serve more patients. With disciplined execution and platform-enhancing acquisitions, we enter 2026 with momentum and a clear focus on operational excellence, innovation, and long-term value creation."
Todd Zehnder, Viemed's Chief Operating Officer, added, "Our strong free cash flow generation and disciplined financial management continue to provide us with significant flexibility. Based on the strength of our balance sheet and our confidence in the durability of our cash flows, our Board has authorized a new share repurchase program for 2026. This authorization reflects our ongoing commitment to thoughtful capital allocation, allowing us to return capital to shareholders while continuing to invest in organic growth and strategic opportunities."
Conference Call Details
The Company will host a conference call to discuss its fourth quarter and year end results, as well as its 2026 guidance, on Thursday, March 5, 2026 at 11:00 a.m. ET.
Interested parties may participate in the call by dialing:
877-407-6176 (US Toll-Free)
+1-201-689-8451 (International)
Live Audio Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=hp8iUwVS
Following the conclusion of the call, an audio recording and transcript of the call can be accessed on the Company's website.
ABOUT VIEMED HEALTHCARE, INC.
Viemed is a provider of home medical equipment and post-acute healthcare services in the United States, with a focus on respiratory, chronic care, and women's health products and services. Viemed's model emphasizes efficient, high-quality care delivered in the home through a combination of high-touch clinical support and technology-enabled services, including therapy, education, and counseling provided by our clinical practitioners. For more information, visit our website at www.viemed.com.
For further information, please contact:
Investor Relations
[email protected]
Trae Fitzgerald
Chief Financial Officer
(337) 504-3802
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or "forward-looking information" as such term is defined in applicable Canadian securities legislation (collectively, "forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "potential", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "projects", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "will", "should", "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. All statements other than statements of historical fact, including those that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance, including the Company's net revenue and Adjusted EBITDA guidance for 2026 and capital allocation priorities, including share repurchases, are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking statements to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: the general business, market and economic conditions in the regions in which we operate; significant capital requirements and operating risks that we may be subject to; our ability to implement business strategies and pursue business opportunities; volatility in the market price of our common shares; the state of the capital markets; the availability of funds and resources to pursue operations; inflation; reductions in reimbursement rates and audits of reimbursement claims by various governmental and private payor entities; dependence on few payors; possible new drug discoveries; dependence on key suppliers; granting of permits and licenses in a highly regulated business; competition; disruptions in or attacks (including cyber-attacks) on our information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which we are exposed; difficulty integrating newly acquired businesses; the impact of new and changes to, or application of, current laws and regulations; the overall difficult litigation and regulatory environment; increased competition; increased funding costs and market volatility due to market illiquidity and competition for funding; critical accounting estimates and changes to accounting standards, policies, and methods used by us; the occurrence of natural and unnatural catastrophic events or health epidemics or concerns, and claims resulting from such events or concerns; and the use of artificial intelligence technologies; as well as other general economic, market and business conditions; and other factors beyond our control; as well as those risk factors discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and with the securities regulatory authorities in certain provinces of Canada available at www.sedarplus.ca. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.
Use of Non-GAAP Financial Information and Financial Guidance
This press release includes references to financial measures that are calculated and presented using methodologies other than those in accordance with generally accepted accounting principles in the United States ("GAAP"), including Adjusted EBITDA and free cash flow. Any non-GAAP financial measures presented herein are intended to supplement, and not to be considered superior to or as a substitute for, the Company's consolidated financial statements prepared in accordance with GAAP. These non-GAAP financial measures exclude significant expense and income items required by GAAP, and are subject to inherent limitations, including the exercise of judgment by management regarding which items to exclude or include. Non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies. The reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the tables accompanying this release.
This press release contains non-GAAP financial guidance. There is no reliable or reasonably estimable comparable GAAP measure for the Company's non-GAAP financial guidance because the Company is not able to reliably predict the impact of certain items that typically have one or more of the following characteristics: highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods. As a result, reconciliation of the non-GAAP financial guidance to the most directly comparable GAAP measure is not available without unreasonable effort. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company's future GAAP results. The Company's financial guidance in this press release excludes the impact of potential future strategic acquisitions and any items that have not yet been identified or quantified. This guidance is subject to risks and uncertainties inherent in all forward-looking statements, as outlined above.
VIEMED HEALTHCARE, INC.
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars, except share amounts)
$
13,501
$
17,540
25,586
24,911
5,047
4,320
227
-
4,132
6,109
$
48,493
$
52,880
78,775
76,279
-
50
3,580
2,831
2,794
2,794
5,289
8,398
1,285
848
58,938
32,989
$
150,661
$
124,189
$
199,154
$
177,069
$
7,333
$
5,322
7,520
6,694
-
3,883
23,910
20,157
-
50
1,203
811
1,090
409
$
41,056
$
37,326
922
846
2,364
2,007
11,291
3,589
$
14,577
$
6,442
$
55,633
$
43,768
-
-
16,912
23,365
21,742
18,337
102,891
89,691
$
141,545
$
131,393
1,976
1,908
143,521
133,301
$
199,154
$
177,069
VIEMED HEALTHCARE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. Dollars, except outstanding shares and per share amounts)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
$
76,181
$
60,695
$
270,280
$
224,257
32,078
24,557
114,822
91,054
$
44,103
$
36,138
$
155,458
$
133,203
32,219
28,211
121,366
106,199
598
803
3,017
3,068
2,300
1,521
9,132
6,285
387
343
1,485
1,483
289
(1,104
)
(2,239
)
(1,905
)
(61
)
(88
)
(252
)
173
$
8,371
$
6,452
$
22,949
$
17,900
-
-
-
(954
)
(364
)
(147
)
(1,182
)
(776
)
8,007
6,305
21,767
16,170
2,191
1,881
6,391
4,761
$
5,816
$
4,424
$
15,376
$
11,409
177
108
442
144
$
5,639
$
4,316
$
14,934
$
11,265
$
0.15
$
0.11
$
0.38
$
0.29
$
0.14
$
0.10
$
0.37
$
0.28
38,018,546
39,027,522
38,895,228
38,754,893
40,156,552
41,522,457
40,823,823
40,805,085
VIEMED HEALTHCARE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
Year Ended December 31,
2025
2024
$
15,376
$
11,409
28,613
25,368
9,132
6,285
-
147
-
(261
)
-
1,344
(2,239
)
(1,905
)
228
187
3,109
(3,840
)
1,158
(6,073
)
59
574
(503
)
544
479
359
359
364
255
2,857
(4,110
)
1,730
$
51,916
$
39,089
(39,985
)
(37,771
)
-
(1,000
)
(26,332
)
(2,999
)
-
750
16,151
10,321
$
(50,166
)
$
(30,699
)
1,439
1,017
9,000
-
(730
)
(1,071
)
13,000
3,000
(13,000
)
(5,000
)
(115
)
(192
)
(1,734
)
(1,069
)
(13,225
)
-
(50
)
(338
)
(374
)
(36
)
$
(5,789
)
$
(3,689
)
(4,039
)
4,701
17,540
12,839
$
13,501
$
17,540
$
874
$
950
$
7,390
$
6,827
$
3,221
$
2,179
$
-
$
2,844
$
-
$
125
Reconciliation from GAAP Net Income to Non-GAAP Adjusted EBITDA
This press release refers to "Adjusted EBITDA", which is a financial measure that is not prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Management believes Adjusted EBITDA provides helpful information with respect to the Company's operating performance as viewed by management, including a view of the Company's business that is not dependent on the impact of the Company's capitalization structure and items that are not part of the Company's day-to-day operations. Management uses Adjusted EBITDA (i) to compare the Company's operating performance on a consistent basis, (ii) to calculate incentive compensation for the Company's employees, (iii) for planning purposes, including the preparation of the Company's internal annual operating budget, and (iv) to evaluate the performance and effectiveness of the Company's operational strategies. Accordingly, management believes that Adjusted EBITDA provides useful information in understanding and evaluating the Company's operating performance in the same manner as management. Adjusted EBITDA is not a measurement of the Company's financial performance under GAAP and should not be considered as an alternative to revenue or net income, as applicable, or any other performance measures derived in accordance with GAAP. Adjusted EBITDA has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of the Company's operating results as reported under GAAP. Adjusted EBITDA does not reflect the impact of certain cash charges resulting from matters the Company considers not to be indicative of ongoing operations; and other companies in the Company's industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. In calculating Adjusted EBITDA, certain items (mostly non-cash) are excluded from net income attributable to Viemed Healthcare, Inc., including depreciation and amortization of capitalized assets, net interest expense, stock based compensation, transaction costs, impairment of assets, and taxes.
The following unaudited table is a reconciliation of net income attributable to Viemed Healthcare, Inc., the most directly comparable GAAP measure, to Adjusted EBITDA, on a historical basis for the periods indicated:
(Expressed in thousands of U.S. Dollars)
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
$
5,639
$
3,513
$
3,157
$
2,625
$
4,316
$
3,878
$
1,468
$
1,603
7,570
7,539
6,891
6,613
6,366
6,408
6,309
6,285
364
507
132
179
147
225
254
150
2,300
2,180
2,341
2,311
1,521
1,712
1,620
1,432
139
847
53
85
11
12
221
110
-
-
-
-
-
125
2,173
-
2,191
1,535
1,713
952
1,881
1,594
768
518
$
18,203
$
16,121
$
14,287
$
12,765
$
14,242
$
13,954
$
12,813
$
10,098
December 31, 2025
December 31, 2024
$
14,934
$
11,265
28,613
25,368
1,182
776
9,132
6,285
1,124
354
-
2,298
6,391
4,761
$
61,376
$
51,107
(a) Represents non-cash, equity-based compensation expense associated with option and RSU awards.
(b) Represents transaction costs and expenses related to acquisition and integration efforts associated with recently announced or completed acquisitions.
(c) Represents impairments of the fair value of investment and litigation-related assets.
Reconciliation from GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow
This press release refers to "free cash flow" which is a non-GAAP financial measure that does not have a standardized meaning prescribed by GAAP. Free cash flow is defined as net cash provided by operating activities less net capital expenditures ("Net CAPEX"). Net CAPEX is calculated as purchases of property and equipment minus proceeds from the sale of property and equipment. The Company's presentation of this financial measure may not be comparable to similarly titled measures used by other companies.
The Company presents free cash flow as a supplemental liquidity measure. Management believes free cash flow provides investors with useful insight into the Company's ability to generate cash, fund growth initiatives, and return capital to shareholders.
The following unaudited table is a reconciliation of net cash provided by operating activities, the most directly comparable U.S. GAAP measure, to free cash flow on a historical basis for the periods indicated:
Year Ended December 31,
2025
2024
$
51,916
$
39,089
(39,985
)
(37,771
)
16,151
10,321
(23,834
)
(27,450
)
$
28,082
$
11,639
The revenues from each major source are summarized in the following table:
Year Ended December 31,
2025
% of Total Revenue
2024
% of Total Revenue
$
136,749
50.6
%
$
124,577
55.6
%
$
12,172
9.8
%
58,386
21.6
%
48,651
21.7
%
9,735
20.0
%
50,254
18.6
%
30,896
13.7
%
19,358
62.7
%
24,891
9.2
%
20,133
9.0
%
4,758
23.6
%
$
270,280
100.0
%
$
224,257
100.0
%
$
46,023
20.5
%
SOURCE: Viemed Healthcare, Inc.