Record 2025 growth at Viemed (NASDAQ: VMD) plus new share buyback
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Viemed Healthcare reported record 2025 results with net revenue of $270.3 million, up 21% from 2024, driven by organic growth and its Lehan's Medical Equipment acquisition. Net income attributable to Viemed rose 33% to $14.9 million, and Adjusted EBITDA reached a record $61.4 million.
The company generated strong free cash flow of $28.1 million for 2025, up sharply from $11.6 million, while ventilator, PAP therapy, and sleep resupply patient counts all increased. For 2026, Viemed guides net revenue to $310–$320 million and Adjusted EBITDA to $65–$69 million. The board also approved a new share repurchase program for up to 1,930,131 common shares, about 5% of shares outstanding, effective through March 2027.
Positive
- Record 2025 performance: Net revenue grew 21% to $270.3 million, net income attributable to Viemed rose 33% to $14.9 million, and Adjusted EBITDA reached a record $61.4 million, indicating strong scaling and profitability.
- Free cash flow surge and buyback: Free cash flow increased to $28.1 million from $11.6 million in 2024, and the board approved a new share repurchase program for up to 1,930,131 shares (about 5% of shares outstanding).
Negative
- None.
Insights
Record growth, strong cash generation, and a sizable buyback authorization signal a clearly constructive update.
Viemed delivered 2025 net revenue of
Cash generation was particularly notable: operating cash flow rose from
For
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): March 4, 2026
(Exact name of registrant as specified in its charter)
British Columbia, | N/A | |||||||||||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (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 | ||||||
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 2.02. Results of Operations and Financial Condition
On March 4, 2026 , Viemed Healthcare, Inc. (the "Company") issued a press release announcing its financial results for the three months and year ended December 31, 2025. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
In addition, a copy of the Company's Financial Supplement for the three months and year ended December 31, 2025 is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure
On March 4, 2026 , the Company also issued a press release announcing that its Board of Directors has approved a share repurchase program, the details of which are summarized in Item 8.01 below. That press release is furnished as Exhibit 99.3 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 presented in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, 99.2, and 99.3, 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 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 8.01. Other Events
On March 4, 2026 , the Company's Board of Directors authorized and approved a share repurchase program on Nasdaq. Under the terms of the program, Viemed may repurchase up to 1,930,131 common shares of the Company from time to time through open market purchases, block purchases or otherwise in accordance with applicable securities laws, including Rule 10b-18 of the Exchange Act.
Certain statements contained in this Current Report on Form 8-K 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”), including statements regarding potential repurchases by the Company of its common shares. By their nature, forward-looking statements are subject to risks, uncertainties, and contingencies, including the market price of the common shares, the availability of common shares for repurchase and the available funds for the repurchase of common shares. The Company does not undertake to update any forward-looking statements, including those contained in this Current Report on Form 8-K. For further information regarding risks and uncertainties associated with the Company, please refer to the “Risk Factors” section of the Company’s SEC filings, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Item 9.01. Financial Statements and Exhibits
| (d) | Exhibits | |||||||
Exhibit Number | Description | |||||||
99.1 Press Release dated March 4, 2026.
99.2 Financial Supplement dated March 4, 2026.
99.3 Press Release dated March 4, 2026.
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: March 4, 2026
| VIEMED HEALTHCARE, INC. | ||||||||
| By: | /s/ Trae Fitzgerald | |||||||
| Trae Fitzgerald | ||||||||
| Chief Financial Officer | ||||||||
VIEMED HEALTHCARE ANNOUNCES RECORD 2025 FINANCIAL RESULTS
Lafayette, Louisiana (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
ir@viemed.com
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)
| At December 31, 2025 | At December 31, 2024 | |||||||||||||
| ASSETS | ||||||||||||||
| Current assets | ||||||||||||||
| Cash and cash equivalents | $ | 13,501 | $ | 17,540 | ||||||||||
Accounts receivable, net | 25,586 | 24,911 | ||||||||||||
| Inventory | 5,047 | 4,320 | ||||||||||||
Income tax receivable | 227 | — | ||||||||||||
| Prepaid expenses and other assets | 4,132 | 6,109 | ||||||||||||
| Total current assets | $ | 48,493 | $ | 52,880 | ||||||||||
| Long-term assets | ||||||||||||||
| Property and equipment, net | 78,775 | 76,279 | ||||||||||||
| Finance lease right-of-use assets | — | 50 | ||||||||||||
| Operating lease right-of-use assets | 3,580 | 2,831 | ||||||||||||
| Equity investments | 2,794 | 2,794 | ||||||||||||
| Deferred tax asset | 5,289 | 8,398 | ||||||||||||
| Identifiable intangibles, net | 1,285 | 848 | ||||||||||||
| Goodwill | 58,938 | 32,989 | ||||||||||||
| Total long-term assets | $ | 150,661 | $ | 124,189 | ||||||||||
| TOTAL ASSETS | $ | 199,154 | $ | 177,069 | ||||||||||
| LIABILITIES | ||||||||||||||
| Current liabilities | ||||||||||||||
| Trade payables | $ | 7,333 | $ | 5,322 | ||||||||||
| Deferred revenue | 7,520 | 6,694 | ||||||||||||
| Income taxes payable | — | 3,883 | ||||||||||||
| Accrued liabilities | 23,910 | 20,157 | ||||||||||||
| Finance lease liabilities, current portion | — | 50 | ||||||||||||
| Operating lease liabilities, current portion | 1,203 | 811 | ||||||||||||
| Current portion of long-term debt | 1,090 | 409 | ||||||||||||
| Total current liabilities | $ | 41,056 | $ | 37,326 | ||||||||||
| Long-term liabilities | ||||||||||||||
| Accrued liabilities | 922 | 846 | ||||||||||||
| Operating lease liabilities, less current portion | 2,364 | 2,007 | ||||||||||||
| Long-term debt | 11,291 | 3,589 | ||||||||||||
| Total long-term liabilities | $ | 14,577 | $ | 6,442 | ||||||||||
| TOTAL LIABILITIES | $ | 55,633 | $ | 43,768 | ||||||||||
| Commitments and Contingencies | — | — | ||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||
Common stock - No par value: unlimited authorized; 38,019,082 and 39,132,897 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 16,912 | 23,365 | ||||||||||||
| Additional paid-in capital | 21,742 | 18,337 | ||||||||||||
| Retained earnings | 102,891 | 89,691 | ||||||||||||
| TOTAL VIEMED HEALTHCARE, INC.'S SHAREHOLDERS' EQUITY | $ | 141,545 | $ | 131,393 | ||||||||||
| Noncontrolling interest in subsidiary | 1,976 | 1,908 | ||||||||||||
| TOTAL SHAREHOLDERS' EQUITY | 143,521 | 133,301 | ||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 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 | ||||||||||||||||||||
| Revenue | $ | 76,181 | $ | 60,695 | $ | 270,280 | $ | 224,257 | |||||||||||||||
| Cost of revenue | 32,078 | 24,557 | 114,822 | 91,054 | |||||||||||||||||||
| Gross profit | $ | 44,103 | $ | 36,138 | $ | 155,458 | $ | 133,203 | |||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Selling, general and administrative | 32,219 | 28,211 | 121,366 | 106,199 | |||||||||||||||||||
| Research and development | 598 | 803 | 3,017 | 3,068 | |||||||||||||||||||
| Stock-based compensation | 2,300 | 1,521 | 9,132 | 6,285 | |||||||||||||||||||
Depreciation and amortization | 387 | 343 | 1,485 | 1,483 | |||||||||||||||||||
Loss (gain) on disposal of property and equipment | 289 | (1,104) | (2,239) | (1,905) | |||||||||||||||||||
Other expense (income), net | (61) | (88) | (252) | 173 | |||||||||||||||||||
| Income from operations | $ | 8,371 | $ | 6,452 | $ | 22,949 | $ | 17,900 | |||||||||||||||
| Non-operating income and expenses | |||||||||||||||||||||||
Income (loss) from investments | — | — | — | (954) | |||||||||||||||||||
Interest expense, net | (364) | (147) | (1,182) | (776) | |||||||||||||||||||
| Net income before taxes | 8,007 | 6,305 | 21,767 | 16,170 | |||||||||||||||||||
| Provision for income taxes | 2,191 | 1,881 | 6,391 | 4,761 | |||||||||||||||||||
| Net income | $ | 5,816 | $ | 4,424 | $ | 15,376 | $ | 11,409 | |||||||||||||||
Net income attributable to noncontrolling interest | 177 | 108 | 442 | 144 | |||||||||||||||||||
Net income attributable to Viemed Healthcare, Inc. | $ | 5,639 | $ | 4,316 | $ | 14,934 | $ | 11,265 | |||||||||||||||
| Net income per share | |||||||||||||||||||||||
| Basic | $ | 0.15 | $ | 0.11 | $ | 0.38 | $ | 0.29 | |||||||||||||||
| Diluted | $ | 0.14 | $ | 0.10 | $ | 0.37 | $ | 0.28 | |||||||||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||||||
| Basic | 38,018,546 | 39,027,522 | 38,895,228 | 38,754,893 | |||||||||||||||||||
| Diluted | 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 | |||||||||||||
| Cash flows from operating activities | ||||||||||||||
| Net income | $ | 15,376 | $ | 11,409 | ||||||||||
| Adjustments for: | ||||||||||||||
Depreciation and amortization | 28,613 | 25,368 | ||||||||||||
Stock-based compensation expense | 9,132 | 6,285 | ||||||||||||
| Distributions of earnings received from equity method investments | — | 147 | ||||||||||||
| Income from equity method investments | — | (261) | ||||||||||||
Loss (income) from debt investment | — | 1,344 | ||||||||||||
Loss (gain) on disposal of property and equipment | (2,239) | (1,905) | ||||||||||||
Amortization of deferred financing costs | 228 | 187 | ||||||||||||
Deferred income tax expense (benefit) | 3,109 | (3,840) | ||||||||||||
Changes in working capital: | ||||||||||||||
Accounts receivable, net | 1,158 | (6,073) | ||||||||||||
Inventory | 59 | 574 | ||||||||||||
Prepaid expenses and other assets | (503) | 544 | ||||||||||||
Trade payables | 479 | 359 | ||||||||||||
Deferred revenue | 359 | 364 | ||||||||||||
Accrued liabilities | 255 | 2,857 | ||||||||||||
Income tax payable/receivable | (4,110) | 1,730 | ||||||||||||
| Net cash provided by operating activities | $ | 51,916 | $ | 39,089 | ||||||||||
| Cash flows from investing activities | ||||||||||||||
| Purchase of property and equipment | (39,985) | (37,771) | ||||||||||||
| Investment in equity investments | — | (1,000) | ||||||||||||
Cash paid for acquisitions, net of cash acquired | (26,332) | (2,999) | ||||||||||||
Proceeds from sale of debt security | — | 750 | ||||||||||||
| Proceeds from sale of property and equipment | 16,151 | 10,321 | ||||||||||||
| Net cash used in investing activities | $ | (50,166) | $ | (30,699) | ||||||||||
| Cash flows from financing activities | ||||||||||||||
| Proceeds from exercise of options | 1,439 | 1,017 | ||||||||||||
Proceeds from term notes | 9,000 | — | ||||||||||||
Principal payments on term notes | (730) | (1,071) | ||||||||||||
Proceeds from revolving credit facilities | 13,000 | 3,000 | ||||||||||||
Principal payments on revolving credit facilities | (13,000) | (5,000) | ||||||||||||
Payments for debt issuance costs | (115) | (192) | ||||||||||||
| Shares redeemed to pay income tax | (1,734) | (1,069) | ||||||||||||
| Shares repurchased under the share repurchase program | (13,225) | — | ||||||||||||
Repayments of finance lease liabilities | (50) | (338) | ||||||||||||
Distributions to non-controlling interest | (374) | (36) | ||||||||||||
Net cash used in financing activities | $ | (5,789) | $ | (3,689) | ||||||||||
Net increase (decrease) in cash and cash equivalents | (4,039) | 4,701 | ||||||||||||
| Cash and cash equivalents at beginning of year | 17,540 | 12,839 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 13,501 | $ | 17,540 | ||||||||||
| Supplemental disclosures of cash flow information | ||||||||||||||
| Cash paid during the period for interest | $ | 874 | $ | 950 | ||||||||||
Cash paid during the period for income taxes, net of refunds | $ | 7,390 | $ | 6,827 | ||||||||||
| Supplemental disclosures of non-cash transactions | ||||||||||||||
Equipment and other fixed asset purchases payable at end of period | $ | 3,221 | $ | 2,179 | ||||||||||
Equipment sales receivable at end of period | $ | — | $ | 2,844 | ||||||||||
Non-cash consideration received for sale of debt security | $ | — | $ | 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)
| For the quarter ended | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | ||||||||||||||||||
Net Income attributable to Viemed Healthcare, Inc. | $ | 5,639 | $ | 3,513 | $ | 3,157 | $ | 2,625 | $ | 4,316 | $ | 3,878 | $ | 1,468 | $ | 1,603 | ||||||||||
| Add back: | ||||||||||||||||||||||||||
Depreciation & amortization | 7,570 | 7,539 | 6,891 | 6,613 | 6,366 | 6,408 | 6,309 | 6,285 | ||||||||||||||||||
Interest expense, net | 364 | 507 | 132 | 179 | 147 | 225 | 254 | 150 | ||||||||||||||||||
Stock-based compensation(a) | 2,300 | 2,180 | 2,341 | 2,311 | 1,521 | 1,712 | 1,620 | 1,432 | ||||||||||||||||||
Transaction costs(b) | 139 | 847 | 53 | 85 | 11 | 12 | 221 | 110 | ||||||||||||||||||
Impairment of assets(c) | — | — | — | — | — | 125 | 2,173 | — | ||||||||||||||||||
Income tax expense | 2,191 | 1,535 | 1,713 | 952 | 1,881 | 1,594 | 768 | 518 | ||||||||||||||||||
| Adjusted EBITDA | $ | 18,203 | $ | 16,121 | $ | 14,287 | $ | 12,765 | $ | 14,242 | $ | 13,954 | $ | 12,813 | $ | 10,098 | ||||||||||
For the year ended | December 31, 2025 | December 31, 2024 | ||||||||||||
Net Income attributable to Viemed Healthcare, Inc. | $ | 14,934 | $ | 11,265 | ||||||||||
| Add back: | ||||||||||||||
Depreciation & amortization | 28,613 | 25,368 | ||||||||||||
Interest expense, net | 1,182 | 776 | ||||||||||||
Stock-based compensation(a) | 9,132 | 6,285 | ||||||||||||
Transaction costs(b) | 1,124 | 354 | ||||||||||||
Impairment of assets(c) | — | 2,298 | ||||||||||||
Income tax expense | 6,391 | 4,761 | ||||||||||||
| Adjusted EBITDA | $ | 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, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | |||||||||||||||
| Net cash provided by operating activities | $ | 51,916 | $ | 39,089 | |||||||||||||
| Less: | |||||||||||||||||
| Purchase of property and equipment | (39,985) | (37,771) | |||||||||||||||
| Proceeds from sale of property & equipment | 16,151 | 10,321 | |||||||||||||||
| Net CAPEX | (23,834) | (27,450) | |||||||||||||||
Free cash flow | $ | 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 | $ Change | % Change | ||||||||||||||||||||||||||||||
| Net revenue from rentals | |||||||||||||||||||||||||||||||||||
| Ventilator rentals, non-invasive and invasive | $ | 136,749 | 50.6 | % | $ | 124,577 | 55.6 | % | $ | 12,172 | 9.8 | % | |||||||||||||||||||||||
| Other home medical equipment rentals | 58,386 | 21.6 | % | 48,651 | 21.7 | % | 9,735 | 20.0 | % | ||||||||||||||||||||||||||
| Net revenue from sales and services | |||||||||||||||||||||||||||||||||||
| Equipment and supply sales | 50,254 | 18.6 | % | 30,896 | 13.7 | % | 19,358 | 62.7 | % | ||||||||||||||||||||||||||
| Service revenues | 24,891 | 9.2 | % | 20,133 | 9.0 | % | 4,758 | 23.6 | % | ||||||||||||||||||||||||||
| Total net revenue | $ | 270,280 | 100.0 | % | $ | 224,257 | 100.0 | % | $ | 46,023 | 20.5 | % | |||||||||||||||||||||||
Financial Supplement NASDAQ: VMD March 4, 2026 1 Fourth Quarter & Full Year 2025
Disclaimers Forward Looking Statements Certain statements contained in this Financial Supplement 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, future capital allocation priorities, including share repurchases, liquidity position, free cash flow generation, and strategic growth opportunities, 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; and the occurrence of natural and unnatural catastrophic events or health epidemics or concerns, and claims resulting from such events or concerns, 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 Financial Supplement are made as of the date of this Financial Supplement and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law. This Financial Supplement 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. Non-GAAP and Other Financial Information This presentation 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. A reconciliation between GAAP and non-GAAP financial information is provided below. 2 VieMed Healthcare Inc. I Supplemental Presentation
Key Themes for Q4 2025 and FY 2025 3 Delivered strong double-digit organic growth complemented by contributions from our 2025 acquisition of Lehan’s Medical Equipment. Generated significantly higher free cash flow, further strengthening our balance sheet and enhancing financial flexibility. Returned capital to shareholders through the completion of the 2025 share repurchase program. • Revenue increased 26% YOY in Q4 and 21% for the full year 2025 • Sleep therapy patients increased 62% YOY and 8% sequentially in Q4; new sleep patient starts increased 70% YOY and sleep resupply patient count increased 49% YOY and 9% sequentially • Ventilator patient growth of 4% YOY • Net income attributable to Viemed increased 31% YOY in Q4 and 33% for FY 2025, marking Viemed’s 9th consecutive year of positive net income • Adjusted EBITDA increased 28% YOY for Q4 and 20% for FY 2025 • Delivered strong cash generation, with operating cash flow up 33% and free cash flow up 141% year over year VieMed Healthcare Inc. I Supplemental Presentation
Financial and Operational Highlights 4 (expressed in thousands of U.S. Dollars, except operational information). (1) Refer to “Adjusted EBITDA" in this presentation for the definition of Adjusted EBITDA and a reconciliation to its most comparable GAAP measure. (2) Vent Patients represents the number of active ventilator patients on recurring billing service at the end of each calendar quarter. (3) PAP Therapy Patients represents the number of distinct patients billed for PAP therapy services during each calendar quarter. (4) Sleep Resupply Patients represents the number of distinct patients who received supplies through our sleep resupply program during each calendar quarter. For the quarter ended: 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 Financial Information: Revenue $76,181 $71,914 $63,056 $59,129 $60,695 $58,004 $54,965 $50,593 Gross Profit $44,103 $41,345 $36,731 $33,279 $36,138 $34,371 $32,892 $29,802 Gross Profit % 58% 57% 58% 56% 60% 59% 60% 59% Net Income attributable to Viemed Healthcare, Inc. $5,639 $3,513 $3,157 $2,625 $4,316 $3,878 $1,468 $1,603 Cash and Cash Equivalents (As of) $13,501 $11,123 $20,016 $10,160 $17,540 $11,347 $8,807 $7,309 Total Assets (As of) $199,154 $202,360 $184,603 $178,079 $177,069 $169,526 $163,947 $154,875 Adjusted EBITDA(1) $18,203 $16,121 $14,287 $12,765 $14,242 $13,954 $12,813 $10,098 Operational Information: Vent Patients(2) 12,259 12,372 12,152 11,809 11,795 11,374 10,905 10,450 PAP Therapy Patients(3) 34,528 31,891 26,260 22,899 21,338 19,478 17,349 15,726 Sleep Resupply Patients(4) 36,561 33,518 25,246 22,941 24,478 22,143 20,185 18,904 VieMed Healthcare Inc. I Supplemental Presentation
Medicare 38% Medicaid/ MCO 8% Medicare Advantage 21% Commercial 21% Other 12% Ventilation 51% Sleep 20% Oxygen 9% Staffing 8% Other 9% Maternal 3% FY 2025 Rental 72% Sales 28% Medicare 41% Medicaid/ MCO 7% Medicare Advantage 21% Commercial 18% Other 13% Ventilation 56% Sleep 16% Oxygen 11% Staffing 9% Other 8% FY 2024 Service, Payor and Revenue Mix 5 SERVICE MIX PAYOR MIX REVENUE MIX VieMed Healthcare Inc. I Supplemental Presentation SERVICE MIX PAYOR MIX Rental 77% Sales 23% REVENUE MIX
Revenue Highlights 6 For the quarter ended 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 Rental Revenue (expressed in thousands of USD): Ventilators, non-invasive & invasive $35,888 $34,883 $33,819 $32,159 $33,173 $31,772 $30,445 $29,187 Other home medical equipment rentals $16,200 $15,401 $13,823 $12,962 $13,047 $12,459 $12,211 $10,934 Sales & Service Revenue (expressed in thousands of USD): Equipment and supply sales $17,521 $15,700 $9,514 $7,519 $8,940 $8,440 $7,378 $6,138 Service revenues $6,572 $5,930 $5,900 $6,489 $5,535 $5,333 $4,931 $4,334 Total revenues $76,181 $71,914 $63,056 $59,129 $60,695 $58,004 $54,965 $50,593 Rental Revenue (% of Total revenue): Ventilators, non-invasive & invasive 47.1% 48.5% 53.6% 54.4% 54.7% 54.8% 55.4% 57.7% Other home medical equipment rentals 21.3% 21.4% 21.9% 21.9% 21.5% 21.5% 22.2% 21.6% Sales & Service Revenue (% of Total revenue): Equipment and supply sales 23.0% 21.8% 15.1% 12.7% 14.7% 14.6% 13.4% 12.1% Service revenues 8.6% 8.3% 9.4% 11.0% 9.1% 9.2% 9.0% 8.6% Total revenues 100% 100% 100% 100% 100% 100% 100% 100% VieMed Healthcare Inc. I Supplemental Presentation
Liquidity Metrics 7 Positioned for growth • The Company maintains a healthy balance sheet with effectively no net debt as of December 31, 2025, providing significant financial flexibility. • As of December 31, 2025, the Company had $46 million in unfunded commitments available under its existing credit facilities, supporting growth initiatives such as the acquisition of Lehan’s, which closed on July 1, 2025. For the period ended 12/31/25 12/31/24 12/31/23 Cash on hand $ 13,501 $ 17,540 $ 12,839 Working Capital $ 7,437 $ 15,554 $ 6,243 Long Term Debt $ 11,291 $ 3,589 $ 6,002 VieMed Healthcare Inc. I Supplemental Presentation (expressed in thousands of U.S. Dollars)
Free Cash Flow 8 VieMed Healthcare Inc. I Supplemental Presentation (expressed in thousands of U.S. Dollars) Reconciliation from GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow 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. Free cash flow is defined as net cash provided by operating activities, as reported under U.S. GAAP, 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 in order to reflect both outflows and inflows associated with routine equipment turnover. Historically reported amounts of Free Cash Flow for the year ended December 31, 2023 have been recast to include the effect of proceeds from the sale of property and equipment. This adjustment aligns the calculation with the Company’s current presentation methodology and more accurately reflects net cash flows for capital expenditures by accounting for inflows on asset dispositions. For the year ended 12/31/25 12/31/24 12/31/23 Net cash provided by operating activities $ 51,916 $ 39,089 $ 45,212 Less: Purchase of property and equipment (39,985) (37,771) (26,093) Proceeds from sale of property and equipment 16,151 10,321 2,588 Net CAPEX (23,834) (27,450) (23,505) Free Cash Flow $ 28,082 $ 11,639 $ 21,707 Net Capex % of Net Revenue 8.8% 12.2% 12.8% Net Capex % of Adjusted EBITDA 38.8% 53.7% 54.6%
2026 Guidance – Commentary 9 Core Metrics • Net revenue of $310 million to $320 million • Adjusted EBITDA of $65 million to $69 million • Net CAPEX of 10% to 11.5% of net revenue Directional Commentary on Quarterly Cadence • Q1 is typically flat to slightly down sequentially when compared with Q4 • Expect sequential growth Q2 through Q4 Detailed Assumptions • Excludes the impact of potential acquisitions • Assumes sequential revenue growth of 3% to 5% in Q2, Q3, and Q4 VieMed Healthcare Inc. I Supplemental Presentation
Adjusted EBITDA 10 (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 of Net Income to Non-GAAP Adjusted EBITDA For the quarter ended: 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 Net Income attributable to Viemed Healthcare, Inc. $ 5,639 $ 3,513 $ 3,157 $ 2,625 $ 4,316 $ 3,878 $ 1,468 $ 1,603 Add back: Depreciation & amortization 7,570 7,539 6,891 6,613 6,366 6,408 6,309 6,285 Interest expense, net 364 507 132 179 147 225 254 150 Stock-based compensation(a) 2,300 2,180 2,341 2,311 1,521 1,712 1,620 1,432 Transaction costs(b) 139 847 53 85 11 12 221 110 Impairment of assets(c) - - - - - 125 2,173 - Income tax expense 2,191 1,535 1,713 952 1,881 1,594 768 518 Adjusted EBITDA $ 18,203 $ 16,121 $ 14,287 $ 12,765 $ 14,242 $ 13,954 $ 12,813 $ 10,098 VieMed Healthcare Inc. I Supplemental Presentation (expressed in thousands of U.S. Dollars) 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.
VIEMED HEALTHCARE ANNOUNCES 2026 SHARE REPURCHASE PROGRAM
LAFAYETTE, La., (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, today announced that its Board of Directors has authorized a share repurchase program effective through March 2027.
Under the share repurchase program, which constitutes a normal course issuer bid under applicable Canadian securities laws, Viemed may purchase up to 1,930,131 common shares of the Company (“the Common Shares”) from time to time in accordance with applicable securities laws, representing approximately 5% of the total issued and outstanding Common Shares as of March 4, 2026.
The Company intends to repurchase Common Shares through open market purchases, block purchases, or otherwise in accordance with applicable securities laws, including pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended. Subject to certain exceptions for block purchases, daily purchases will be limited to 25% of the average daily volume for the four calendar weeks preceding the date of purchase.
Casey Hoyt, Viemed’s Chief Executive Officer, noted, “Our Board’s authorization of a new share repurchase program reflects our confidence in the durability of our cash flows, the strength of our balance sheet, and our commitment to disciplined capital allocation. In 2025, we delivered record revenue and Adjusted EBITDA, more than doubled free cash flow year over year, and ended the year with effectively no net debt.
This authorization represents our fourth share repurchase program. Across our three prior programs, we returned approximately $26.3 million to shareholders through the repurchase of approximately 4.5 million shares. We view repurchases as an opportunistic and value-oriented component of our broader capital allocation framework, alongside continued investment in organic growth and selective acquisitions. With $13.5 million of cash on hand at year end and substantial availability under our credit facilities, we believe we are well positioned to execute on these priorities while maintaining strong financial flexibility.”
The price paid for the Common Shares will be the market price at the time of purchase plus applicable brokerage fees, or such other prices as may be permitted by applicable securities laws. There can be no assurance as to the precise number of Common Shares that will be repurchased under the program, if any. The Company may discontinue its purchases at any time, subject to compliance with applicable securities laws. The Common Shares purchased by the Company will be cancelled.
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.
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 expectations regarding the share repurchase program, including the amount and timing of any repurchases of Common Shares, the funding sources for such repurchases, the availability of Common Shares for repurchase, and the anticipated benefits to shareholders, as well as statements regarding the durability of the Company’s cash flows, its capital allocation priorities, its ability to invest in organic growth and pursue acquisition opportunities, and its financial flexibility, are not historical facts and may constitute 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.
For further information, please contact:
Investor Relations
ir@viemed.com
Trae Fitzgerald
Chief Financial Officer
Viemed Healthcare, Inc.
(337) 504-3802
FAQ
How did Viemed Healthcare (VMD) perform financially in 2025?
Viemed delivered record 2025 results with net revenue of $270.3 million, up 21% year over year. Net income attributable to the company increased 33% to $14.9 million, while Adjusted EBITDA reached a record $61.4 million, reflecting strong operational performance and scale.
What were Viemed Healthcare’s 2025 cash flow and balance sheet highlights?
In 2025, Viemed generated $51.9 million in net cash from operating activities and $28.1 million in free cash flow, up from $11.6 million in 2024. As of December 31, 2025, it held $13.5 million in cash, working capital of $7.4 million, and long-term debt of $11.3 million.
What guidance did Viemed Healthcare (VMD) provide for 2026?
For 2026, Viemed expects net revenue between $310 million and $320 million and Adjusted EBITDA between $65 million and $69 million. The company also anticipates net capital expenditures of 10% to 11.5% of net revenue, excluding potential future acquisitions from this outlook.
What share repurchase program did Viemed announce in March 2026?
Viemed’s board authorized a new share repurchase program effective through March 2027, allowing purchases of up to 1,930,131 common shares, about 5% of shares outstanding. Repurchases may occur via open market or block trades under Rule 10b-18 and applicable Canadian securities laws.
How fast is Viemed Healthcare’s patient base growing in key therapies?
As of December 31, 2025, Viemed’s ventilator patient count rose 4% year over year to 12,259. PAP therapy patients increased 62% to 34,528, while sleep resupply patients grew 49% to 36,561, highlighting expanding reach across its core respiratory and sleep segments.
How did Viemed’s revenue mix evolve between 2024 and 2025?
In 2025, ventilator rentals generated $136.7 million or 50.6% of total revenue, other rental revenue was $58.4 million, and equipment and supply sales reached $50.3 million. Service revenues were $24.9 million, with sales and services growing faster than core ventilator rentals year over year.
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Viemed Healthcare Inc
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Medical Devices
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United States
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