VMD adds Illinois HME footprint with $26M Lehan’s buyout

Rhea-AI Filing Summary

Viemed Healthcare, Inc. (VMD) filed an 8-K to announce the closing of its acquisition of Lehan’s Medical Equipment, a privately held home medical equipment provider based in DeKalb, Illinois. The transaction consists of a $26 million base purchase price, subject to customary adjustments, plus an estimated $2.2 million contingent consideration.

The company stated that it will update its full-year 2025 guidance to reflect Lehan’s expected contribution when it reports Q2 2025 earnings (period ended June 30, 2025). No immediate changes to guidance or pro-forma financials were included in this filing; the related press release is furnished as Exhibit 99.1 and deemed “furnished,” not “filed,” under the Exchange Act.

For investors, the filing signals completion of a strategic bolt-on acquisition that expands VMD’s geographic reach into Illinois and broadens its home medical equipment offerings. The cash outlay and contingent payments may affect near-term liquidity, while future revenue impact will be clarified with the forthcoming guidance update.

Positive

• Completion of acquisition eliminates transaction uncertainty and immediately expands VMD’s presence in the Illinois home medical equipment market.
• Management plans to update 2025 guidance, indicating confidence that Lehan’s will have a measurable impact on near-term results.

Negative

• $26 million cash outlay plus $2.2 million contingent consideration may pressure near-term liquidity and leverage until synergies materialize.
• No pro-forma financials or updated guidance were provided, leaving investors without clarity on revenue contribution or accretion timing.

Insights

Financial Analyst

TL;DR: Acquisition closed; modest size but positive strategic expansion, guidance update pending.

The $26 million base price (plus a potential $2.2 million earn-out) represents a tuck-in deal rather than a transformative buy, yet it broadens VMD’s footprint into Illinois and diversifies its HME product mix. Management intends to revise 2025 guidance with Q2 results, implying that incremental revenue is material enough to warrant disclosure but not yet quantified. Because consideration is largely upfront cash, investors should monitor EBITDA accretion and leverage metrics in the forthcoming update. Overall, strategic fit appears sound and signals management’s commitment to inorganic growth.

Risk Analyst

TL;DR: Integration and earn-out obligations introduce execution and liquidity risks; financial impact still unknown.

While geographically accretive, the deal adds at least $28.2 million in commitments before any revenue contribution is disclosed. Without pro-forma figures or financing details, it is unclear how the purchase affects leverage or free cash flow. Contingent consideration suggests performance targets that might pressure integration speed. Investors should watch for cost synergies, retention of Lehan’s customer base, and any dilution from financing mechanisms once guidance is updated.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 2, 2025

Viemed Healthcare, Inc.

(Exact name of registrant as specified in its charter)

British Columbia, Canada

001-38973

N/A

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

625 E. Kaliste Saloom Rd. Lafayette, Louisiana						70508
(Address of principal executive offices)						(Zip Code)

(337) 504-3802

(Registrant’s telephone number, including area code) 

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common shares, no par value			VMD			The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01.     Regulation FD Disclosure

On July 2, 2025, Viemed Healthcare, Inc. (the “Company”) issued a press release announcing the completion of its previously announced acquisition of Lehan’s Medical Equipment (“Lehan”), a privately held provider of home medical equipment headquartered in DeKalb, Illinois. The acquisition includes a base purchase price of $26 million, subject to customary adjustments, and estimated contingent consideration of approximately $2.2 million.

The Company also announced that it anticipates updating its previously issued full-year 2025 guidance to reflect the expected contribution from the acquisition when it reports earnings results for the quarter ended June 30, 2025.

A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the foregoing information, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information and Exhibit 99.1 be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.    Financial Statements and Exhibits

(d) Exhibits

Exhibit Number						Description
99.1						Press Release dated July 2, 2025
104						Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 2, 2025

VIEMED HEALTHCARE, INC.
By:						/s/ Trae Fitzgerald
						Trae Fitzgerald
						Chief Financial Officer

FAQ

What did Viemed Healthcare (VMD) announce on July 2, 2025?

VMD reported the completion of its acquisition of Lehan’s Medical Equipment via an 8-K filing.

How much did Viemed pay for Lehan’s Medical Equipment?

The deal includes a $26 million base purchase price and an estimated $2.2 million contingent consideration.

When will VMD update its 2025 guidance?

Management expects to update full-year 2025 guidance when it releases Q2 2025 earnings covering the period ended June 30, 2025.

What type of company is Lehan’s Medical Equipment?

Lehan’s is a privately held provider of home medical equipment headquartered in DeKalb, Illinois.

Does the 8-K include financial statements for the acquisition?

No. The filing furnishes a press release but does not include pro-forma financial statements or updated guidance.