Viemed Healthcare (NASDAQ: VMD) lifts 2026 outlook after record Q2
Rhea-AI Filing Summary
Viemed Healthcare reported record second-quarter 2026 net revenue of $78.1 million, up 23.9% from a year earlier and 3.6% sequentially. Net income attributable to the company was $2.8 million, or $0.07 per diluted share, while Adjusted EBITDA was $13.7 million, a 4.0% year-over-year decrease. The company generated $15.9 million of operating cash flow and $8.6 million of free cash flow in the quarter.
Viemed ended June 30, 2026 with $10.7 million in cash, long-term debt of $6.4 million, working capital of $6.1 million, and $46 million available under existing credit facilities. The company reported a record 12,635 ventilator patients, plus strong growth in PAP therapy and sleep resupply patients, and repurchased 530,802 shares for $5.1 million. Full-year 2026 net revenue guidance was raised to $314–$320 million, Adjusted EBITDA guidance set at $64–$68 million, and net capital expenditures are now expected at 8.5%–10.0% of net revenue.
Positive
- Record Q2 2026 revenue and guidance raise: Net revenue reached $78.1 million, up 23.9% year-over-year, with management raising full-year 2026 net revenue guidance to $314–$320 million.
- Strong cash generation and balance sheet: Q2 operating cash flow was $15.9 million and free cash flow $8.6 million, with cash of $10.7 million, long-term debt of $6.4 million, and $46 million of undrawn credit.
Negative
- Profitability pressure despite growth: Q2 2026 Adjusted EBITDA of $13.7 million declined 4.0% year-over-year, and full-year Adjusted EBITDA guidance was narrowed lower to $64–$68 million from $65–$69 million.
Filing Explained
The August 3 Form 8-K reports Viemed’s second-quarter results under Item 2.02, but the attached press release and financial supplement are furnished information: they are not treated as filed under Section 18 of the Exchange Act and are not automatically incorporated into other SEC filings.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net revenue Q2 2026: $78.1 million
Net income attributable Q2 2026: $2.8 million
Adjusted EBITDA Q2 2026: $13.7 million
+5 more
8 metrics
Net revenue Q2 2026
$78.1 million
Quarter ended June 30, 2026; up 23.9% year-over-year and ~3.6% sequentially
Net income attributable Q2 2026
$2.8 million
Net income attributable to Viemed Healthcare, Inc. for the quarter ended June 30, 2026
Adjusted EBITDA Q2 2026
$13.7 million
Quarter ended June 30, 2026; 4.0% decrease versus quarter ended June 30, 2025
Operating cash flow Q2 2026
$15.9 million
Net cash provided by operating activities for the quarter ended June 30, 2026
Free cash flow Q2 2026
$8.6 million
Free cash flow for the quarter ended June 30, 2026, based on net CAPEX of $7.3 million
Cash balance June 30, 2026
$10.680 million
Cash and cash equivalents on the condensed consolidated balance sheet at June 30, 2026
Long-term debt June 30, 2026
$6.374 million
Long-term debt outstanding at June 30, 2026, excluding current portion
Ventilator patients Q2 2026
12,635 patients
Active ventilator patients on recurring billing service at June 30, 2026; record census
Key Terms
Adjusted EBITDA, free cash flow, Net capital expenditures, non-GAAP financial measures, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA for the quarter ended June 30, 2026 totaled $13.7 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Free cash flow totaled $8.6 million for the quarter and $34.4 million TTM"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Net capital expenditures financial
"Net capital expenditures are now expected to range from 8.5% to 10.0% of net revenue"
Net capital expenditures are the cash a business spends on buying, improving or replacing long-lasting assets (like factories, equipment or buildings) minus any cash it receives from selling similar assets. Think of it as the money a homeowner puts into new appliances and roof repairs after selling an old car — it shows how much a company is investing to maintain or grow its ability to produce future revenue. Investors watch this number because it directly reduces available cash, signals growth or maintenance needs, and helps assess future profitability and the company’s capital intensity.
non-GAAP financial measures financial
"This press release includes references to financial measures that are calculated and presented using methodologies other than GAAP, including Adjusted EBITDA and free cash flow"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
trailing twelve months financial
"Free cash flow totaled $8.6 million for the quarter and $34.4 million for the trailing twelve months ended June 30, 2026"
Trailing twelve months is a rolling measure of a company’s financial performance that adds together the most recent four quarters of results to show how the business has done over the last 12 months, rather than a fixed fiscal year. Investors use it like checking a car’s last 12 months of fuel use to see current efficiency — it highlights recent trends, evens out seasonal swings, and provides an up-to-date basis for comparing and valuing companies.
Earnings Snapshot
Net revenue: $78.1 million · Guidance included
Quarter ended June 30, 2026
Net revenue
$78.1 million
Increased 23.9% year-over-year and approximately 3.6% sequentially.
Net income attributable to Viemed
$2.8 million
Resulted in diluted earnings per share of $0.07.
Adjusted EBITDA
$13.7 million
Decreased 4.0% compared with the quarter ended June 30, 2025.
Operating cash flow
$15.9 million
Supported quarterly free cash flow of $8.6 million.
Guidance
For full-year 2026, the company expects net revenue of $314–$320 million, Adjusted EBITDA of $64–$68 million, and net capital expenditures of 8.5%–10.0% of net revenue.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Viemed Healthcare (VMD)'s Q2 2026 revenues and growth?
Viemed reported Q2 2026 net revenue of $78.1 million, a 23.9% year-over-year increase and approximately 3.6% sequential growth. This set a company revenue record, driven by ventilation, PAP therapy, sleep resupply, and women’s health offerings.
How profitable was Viemed Healthcare (VMD) in Q2 2026?
Net income attributable to Viemed was $2.8 million, or $0.07 per diluted share. Adjusted EBITDA totaled $13.7 million, a 4.0% decline from the prior-year quarter, partly due to a non-recurring gain that benefited last year’s results.
What cash flow and liquidity did Viemed Healthcare (VMD) report for Q2 2026?
Viemed generated $15.9 million of net cash from operating activities and $8.6 million of free cash flow in Q2 2026. The company ended the quarter with $10.7 million in cash, $6.4 million of long-term debt, and $46 million of available credit facilities.
What full-year 2026 guidance did Viemed Healthcare (VMD) provide?
For 2026, Viemed expects net revenue of $314–$320 million, Adjusted EBITDA of $64–$68 million, and net capital expenditures of 8.5%–10.0% of net revenue. The revenue range’s low end was raised, while Adjusted EBITDA and capex ranges were revised.
How did Viemed Healthcare (VMD)'s patient volumes trend in Q2 2026?
Viemed ended Q2 2026 with a record 12,635 ventilator patients, up 4.0% year-over-year. PAP therapy patients reached 37,825, up 44.0%, and sleep resupply patients were 37,035, up 46.7% year-over-year, indicating broad platform growth.
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): August 3, 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 August 3, 2026 , Viemed Healthcare, Inc. (the "Company") issued a press release announcing its financial results for the three and six months ended June 30, 2026. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In addition, the Company issued a Financial Supplement with respect to its financial results for the three and six months ended June 30, 2026. The Financial Supplement is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the foregoing information, including Exhibits 99.1 and 99.2, 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 Exhibits 99.1 and 99.2 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 August 3, 2026.
99.2 Financial Supplement dated August 3, 2026.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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: August 3, 2026
| VIEMED HEALTHCARE, INC. | ||||||||
| By: | /s/ Trae Fitzgerald | |||||||
| Trae Fitzgerald | ||||||||
| Chief Financial Officer | ||||||||
VIEMED HEALTHCARE ANNOUNCES SECOND QUARTER 2026 FINANCIAL RESULTS
Lafayette, Louisiana (August 3, 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 and six months ended June 30, 2026, and updated guidance for the full year ending December 31, 2026.
Operational highlights (all dollar amounts are USD):
•Net revenues for the quarter ended June 30, 2026 were $78.1 million, setting a Company record, representing an increase of $15.0 million, or 23.9%, compared with the prior-year quarter and an increase of approximately 3.6% sequentially.
•Net income attributable to Viemed for the quarter ended June 30, 2026 totaled $2.8 million, or $0.07 per diluted share.
•Adjusted EBITDA for the quarter ended June 30, 2026 totaled $13.7 million, a 4.0% decrease as compared to the quarter ended June 30, 2025. The prior year period included a $1.0 million non-recurring gain on disposal of property and equipment related to the ventilator return program, which benefited net income and concluded during 2025.
•Net cash provided by operating activities totaled $15.9 million for the quarter and $60.8 million for the trailing twelve months ended June 30, 2026. Free cash flow totaled $8.6 million for the quarter and $34.4 million for the trailing twelve months ended June 30, 2026.
•During the second quarter of 2026, the Company repurchased and cancelled 530,802 common shares under its share repurchase program at a cost of $5.1 million (excluding taxes), representing an average buyback price of $9.65 per share.
•The Company ended the second quarter of 2026 with a record 12,635 ventilator patients, an increase of 4.0% over June 30, 2025, and a 4.5% sequential increase from March 31, 2026.
•The Company increased its PAP therapy patient count to 37,825 as of June 30, 2026, an increase of 44.0% over June 30, 2025, and a 5.3% sequential increase from March 31, 2026. The Company's sleep resupply patient count was 37,035 as of June 30, 2026, up 46.7% year over year and 10.0% sequentially.
•As of June 30, 2026, the Company maintained a cash balance of $10.7 million and an overall working capital balance of $6.1 million. The Company repaid $2.2 million of its term loan during the quarter ended June 30, 2026. Long-term debt totaled $6.4 million and the Company has $46 million available under existing credit facilities.
Updated Full Year 2026 Guidance (all dollar amounts are USD):
Based on first-half performance and favorable operating trends across ventilation and the broader platform, the Company is raising the low end and narrowing the range of its full-year net revenue guidance. The Company is also revising its Adjusted EBITDA guidance and net capital expenditure outlook. The revised guidance reflects the growing contribution from less capital-intensive product and service revenue.
•Net revenue is now expected to be in the range of $314 million to $320 million, compared with the previous range of $312 million to $320 million.
•Adjusted EBITDA is now expected to range from $64 million to $68 million, compared with the previous range of $65 million to $69 million.
•Net capital expenditures are now expected to range from 8.5% to 10.0% of net revenue, compared with the previous range of 9.0% to 10.5%.
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 CEO, noted, “Viemed delivered another record quarter, with revenue reaching $78.1 million and our ventilator patient census rising to the highest level in company history. Strong ventilator setup activity, improving patient compliance, record PAP volume, and continued expansion in resupply and maternal health demonstrate the momentum building across our entire platform.”
“The strength of these results reflects the durable and increasingly diversified company we have built. Viemed has multiple growth engines, strong cash generation, a solid balance sheet, and the financial flexibility to continue investing in our people, technology, and patient care capabilities. We are making those investments deliberately to support the patient growth already entering the platform, and we enter the second half of 2026 confident in Viemed's ability to deliver consistent and increasingly predictable growth.”
Conference Call Details
The Company will host a conference call to discuss second quarter results on Tuesday, August 4, 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=peVp8cbE
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 2026 net revenue, Adjusted EBITDA and net capital expenditure guidance, anticipated patient and revenue growth, expected operating leverage, technology and personnel investments, capital allocation priorities, share repurchases and future cash generation, 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; changes in U.S. trade policies and retaliatory responses from other countries, including tariffs; 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; 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.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars, except share amounts)
(Unaudited)
| At June 30, 2026 | At December 31, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Current assets | ||||||||||||||
| Cash and cash equivalents | $ | 10,680 | $ | 13,501 | ||||||||||
| Accounts receivable, net | 32,229 | 25,586 | ||||||||||||
| Inventory | 5,268 | 5,047 | ||||||||||||
| Income tax receivable | — | 227 | ||||||||||||
| Prepaid expenses and other assets | 5,788 | 4,132 | ||||||||||||
| Total current assets | $ | 53,965 | $ | 48,493 | ||||||||||
| Long-term assets | ||||||||||||||
| Property and equipment, net | 77,159 | 78,775 | ||||||||||||
| Operating lease right-of-use assets | 4,531 | 3,580 | ||||||||||||
| Equity investments | 3,184 | 2,794 | ||||||||||||
| Deferred tax asset | 5,289 | 5,289 | ||||||||||||
| Identifiable intangibles, net | 1,158 | 1,285 | ||||||||||||
| Goodwill | 58,938 | 58,938 | ||||||||||||
| Total long-term assets | $ | 150,259 | $ | 150,661 | ||||||||||
| TOTAL ASSETS | $ | 204,224 | $ | 199,154 | ||||||||||
| LIABILITIES | ||||||||||||||
| Current liabilities | ||||||||||||||
| Trade payables | $ | 10,986 | $ | 7,333 | ||||||||||
| Deferred revenue | 8,003 | 7,520 | ||||||||||||
| Income taxes payable | 1,830 | — | ||||||||||||
| Accrued liabilities | 24,941 | 23,910 | ||||||||||||
| Operating lease liabilities, current portion | 1,416 | 1,203 | ||||||||||||
| Current portion of long-term debt | 717 | 1,090 | ||||||||||||
| Total current liabilities | $ | 47,893 | $ | 41,056 | ||||||||||
| Long-term liabilities | ||||||||||||||
| Accrued liabilities | 900 | 922 | ||||||||||||
| Operating lease liabilities, less current portion | 3,093 | 2,364 | ||||||||||||
| Long-term debt | 6,374 | 11,291 | ||||||||||||
| Total long-term liabilities | $ | 10,367 | $ | 14,577 | ||||||||||
| TOTAL LIABILITIES | $ | 58,260 | $ | 55,633 | ||||||||||
| Commitments and Contingencies | — | — | ||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||
Common stock - No par value: unlimited authorized; 38,088,228 and 38,019,082 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 17,981 | 16,912 | ||||||||||||
| Additional paid-in capital | 17,810 | 21,742 | ||||||||||||
| Retained earnings | 108,237 | 102,891 | ||||||||||||
| TOTAL VIEMED HEALTHCARE, INC.'S SHAREHOLDERS' EQUITY | $ | 144,028 | $ | 141,545 | ||||||||||
Noncontrolling interest in subsidiary | 1,936 | 1,976 | ||||||||||||
| TOTAL SHAREHOLDERS' EQUITY | 145,964 | 143,521 | ||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 204,224 | $ | 199,154 | ||||||||||
VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. Dollars, except outstanding shares and per share amounts)
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 78,097 | $ | 63,056 | $ | 153,511 | $ | 122,185 | |||||||||||||||
| Cost of revenue | 33,049 | 26,325 | 65,636 | 52,175 | |||||||||||||||||||
| Gross profit | $ | 45,048 | $ | 36,731 | $ | 87,875 | $ | 70,010 | |||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Selling, general and administrative | 37,132 | 28,803 | 71,924 | 57,228 | |||||||||||||||||||
| Research and development | 504 | 847 | 1,083 | 1,644 | |||||||||||||||||||
| Stock-based compensation | 2,032 | 2,341 | 4,483 | 4,652 | |||||||||||||||||||
Depreciation and amortization | 388 | 353 | 776 | 701 | |||||||||||||||||||
| Loss (gain) on disposal of property and equipment | 598 | (636) | 954 | (3,004) | |||||||||||||||||||
| Other income, net | (67) | (72) | (102) | (147) | |||||||||||||||||||
| Income from operations | $ | 4,461 | $ | 5,095 | $ | 8,757 | $ | 8,936 | |||||||||||||||
| Non-operating income and expenses | |||||||||||||||||||||||
| Loss from investments | 162 | — | 162 | — | |||||||||||||||||||
Interest expense, net | 248 | 132 | 553 | 311 | |||||||||||||||||||
| Net income before taxes | 4,051 | 4,963 | 8,042 | 8,625 | |||||||||||||||||||
| Provision for income taxes | 1,151 | 1,713 | 2,429 | 2,665 | |||||||||||||||||||
| Net income | $ | 2,900 | $ | 3,250 | $ | 5,613 | $ | 5,960 | |||||||||||||||
| Net income attributable to noncontrolling interest | 136 | 93 | 267 | 178 | |||||||||||||||||||
| Net income attributable to Viemed Healthcare, Inc. | $ | 2,764 | $ | 3,157 | $ | 5,346 | $ | 5,782 | |||||||||||||||
| Net income per share | |||||||||||||||||||||||
| Basic | $ | 0.07 | $ | 0.08 | $ | 0.14 | $ | 0.15 | |||||||||||||||
| Diluted | $ | 0.07 | $ | 0.08 | $ | 0.13 | $ | 0.14 | |||||||||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||||||
| Basic | 38,245,491 | 39,515,247 | 38,336,534 | 39,471,244 | |||||||||||||||||||
| Diluted | 41,125,716 | 41,083,760 | 40,851,506 | 41,393,523 | |||||||||||||||||||
VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
(Unaudited)
| Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Cash flows from operating activities | ||||||||||||||
| Net income | $ | 5,613 | $ | 5,960 | ||||||||||
| Adjustments for: | ||||||||||||||
Depreciation and amortization | 15,141 | 13,504 | ||||||||||||
| Stock-based compensation expense | 4,483 | 4,652 | ||||||||||||
| Loss (gain) on disposal of property and equipment | 954 | (3,004) | ||||||||||||
Amortization of deferred financing costs | 132 | 64 | ||||||||||||
Deferred income tax benefit | — | (1,961) | ||||||||||||
| Loss from other investments | 162 | — | ||||||||||||
Changes in working capital: | ||||||||||||||
| Accounts receivable, net | (6,643) | (1,638) | ||||||||||||
| Inventory | (221) | (4) | ||||||||||||
| Prepaid expenses and other assets | (1,665) | (150) | ||||||||||||
| Trade payables | 2,072 | 1,598 | ||||||||||||
| Deferred revenue | 483 | 499 | ||||||||||||
| Accrued liabilities | 1,405 | (1,979) | ||||||||||||
| Income tax payable/receivable | 2,057 | (2,433) | ||||||||||||
| Net cash provided by operating activities | $ | 23,973 | $ | 15,108 | ||||||||||
| Cash flows from investing activities | ||||||||||||||
| Purchase of property and equipment | (15,172) | (23,612) | ||||||||||||
| Investment in equity investments | (552) | — | ||||||||||||
| Proceeds from sale of property and equipment | 2,401 | 13,355 | ||||||||||||
| Net cash used in investing activities | $ | (13,323) | $ | (10,257) | ||||||||||
| Cash flows from financing activities | ||||||||||||||
| Proceeds from exercise of options | 1,057 | 1,368 | ||||||||||||
| Principal payments on term notes | (5,422) | (220) | ||||||||||||
| Shares redeemed to pay income tax | (2,038) | (1,631) | ||||||||||||
| Payments for share repurchase programs | (6,761) | (1,664) | ||||||||||||
Repayments of finance lease liabilities | — | (35) | ||||||||||||
Distributions to non-controlling interest | (307) | (193) | ||||||||||||
| Net cash used in financing activities | $ | (13,471) | $ | (2,375) | ||||||||||
| Net increase (decrease) in cash and cash equivalents | (2,821) | 2,476 | ||||||||||||
| Cash and cash equivalents at beginning of year | 13,501 | 17,540 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 10,680 | $ | 20,016 | ||||||||||
| Supplemental disclosures of cash flow information | ||||||||||||||
| Cash paid during the period for interest | $ | 390 | $ | 212 | ||||||||||
Cash paid during the period for income taxes, net of refunds | $ | 373 | $ | 7,059 | ||||||||||
| Supplemental disclosures of non-cash transactions | ||||||||||||||
Equipment and other fixed asset purchases payable at end of period | $ | 4,802 | $ | 3,955 | ||||||||||
Equipment sales receivable at end of period | $ | — | $ | 986 | ||||||||||
Repurchases of shares not yet settled | $ | — | $ | 169 | ||||||||||
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 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||||||||
Net income attributable to Viemed Healthcare, Inc. | $ | 2,764 | $ | 2,582 | $ | 5,639 | $ | 3,513 | $ | 3,157 | $ | 2,625 | $ | 4,316 | $ | 3,878 | ||||||||||
| Add back: | ||||||||||||||||||||||||||
Depreciation & amortization | 7,520 | 7,621 | 7,570 | 7,539 | 6,891 | 6,613 | 6,366 | 6,408 | ||||||||||||||||||
Interest expense, net | 248 | 305 | 364 | 507 | 132 | 179 | 147 | 225 | ||||||||||||||||||
Stock-based compensation(a) | 2,032 | 2,451 | 2,300 | 2,180 | 2,341 | 2,311 | 1,521 | 1,712 | ||||||||||||||||||
Transaction costs(b) | — | 74 | 139 | 847 | 53 | 85 | 11 | 12 | ||||||||||||||||||
Impairment of assets(c) | — | — | — | — | — | — | — | 125 | ||||||||||||||||||
| Income tax expense | 1,151 | 1,278 | 2,191 | 1,535 | 1,713 | 952 | 1,881 | 1,594 | ||||||||||||||||||
| Adjusted EBITDA | $ | 13,715 | $ | 14,311 | $ | 18,203 | $ | 16,121 | $ | 14,287 | $ | 12,765 | $ | 14,242 | $ | 13,954 | ||||||||||
(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 for the current quarter and trailing twelve months (TTM) 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 table is a reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to free cash flow, on a historical basis for the periods indicated:
(Expressed in thousands of U.S. Dollars; unaudited)
| TTM | For the quarter ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||
| Net cash provided by operating activities | $ | 60,781 | $ | 15,902 | $ | 8,071 | $ | 18,441 | $ | 18,367 | |||||||||||||
| Less: | |||||||||||||||||||||||
| Purchase of property and equipment | (31,545) | (8,460) | (6,712) | (8,737) | (7,636) | ||||||||||||||||||
| Proceeds from sale of property and equipment | 5,197 | 1,174 | 1,227 | 1,125 | 1,671 | ||||||||||||||||||
| Net CAPEX | (26,348) | (7,286) | (5,485) | (7,612) | (5,965) | ||||||||||||||||||
| Free cash flow | $ | 34,433 | $ | 8,616 | $ | 2,586 | $ | 10,829 | $ | 12,402 | |||||||||||||
1 Financial Supplement Second Quarter 2026 August 3, 2026 NASDAQ: VMD Viemed Healthcare, Inc.
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 2026 net revenue, Adjusted EBITDA and net capital expenditure guidance, anticipated patient and revenue growth, expected operating leverage, technology and personnel investments, capital allocation priorities, share repurchases and future cash generation, 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; changes in U.S. trade policies and retaliatory responses from other countries, including tariffs; 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, 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. 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. 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. Reconciliations between GAAP and non-GAAP financial information are provided within this financial supplement. 2 VieMed Healthcare Inc. I Supplemental Presentation
Key Themes for Q2 2026 3 Delivered record quarterly revenue of $78.1 million and the largest ventilator census in Company history, as accelerating ventilator growth, record PAP and sleep resupply patient volumes, and continued expansion of our women's health offerings drove first-half momentum that supports an increase to our full-year 2026 revenue guidance. • Revenue increased 24% year-over-year and 4% sequentially • Ventilator patients grew to 12,635, up 4% year-over-year and 5% sequentially, reaching the highest census in company history • PAP therapy patients increased 44% year-over-year and 5% sequentially, along with record PAP setups, and sleep resupply patients increased 47% year-over-year and 10% sequentially • Adjusted EBITDA totaled $13.7M, a 4% decrease year-over-year, with the prior year period including a $1.0M non-recurring gain related to the ventilator return program that benefited net income • Net capital expenditures totaled $7.3 million, or 9.3% of revenue, bringing first-half net capital expenditures to $12.8 million, or 8.3% of revenue • Generated $15.9 million of operating cash flow and $8.6 million of free cash flow • Repurchased 530,802 shares for $5.1 million and reduced debt through $2.2 million of term loan repayments, continuing disciplined capital allocation 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: 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 Financial Information: Revenue $78,097 $75,414 $76,181 $71,914 $63,056 $59,129 $60,695 $58,004 Gross Profit $45,048 $42,827 $44,103 $41,345 $36,731 $33,279 $36,138 $34,371 Gross Profit % 58% 57% 58% 57% 58% 56% 60% 59% Net Income attributable to Viemed Healthcare, Inc. $2,764 $2,582 $5,639 $3,513 $3,157 $2,625 $4,316 $3,878 Cash and Cash Equivalents (As of) $10,680 $9,762 $13,501 $11,123 $20,016 $10,160 $17,540 $11,347 Total Assets (As of) $204,224 $197,361 $199,154 $202,360 $184,603 $178,079 $177,069 $169,526 Adjusted EBITDA(1) $13,715 $14,311 $18,203 $16,121 $14,287 $12,765 $14,242 $13,954 Operational Information: Vent Patients(2) 12,635 12,089 12,259 12,372 12,152 11,809 11,795 11,374 PAP Therapy Patients(3) 37,825 35,938 34,528 31,891 26,260 22,899 21,338 19,478 Sleep Resupply Patients(4) 37,035 33,661 36,561 33,518 25,246 22,941 24,478 22,143 VieMed Healthcare Inc. I Supplemental Presentation
Medicare 40% Medicaid/ MCO 8% Medicare Advantage 22% Commercial 18% Other 12% Medicare 35% Medicaid/ MCO 10% Medicare Advantage 20% Commercial 24% Other 11% Ventilation 47% Oxygen 8% Sleep 22% Airway Clearance 7% Women’s Health 8% Staffing 7% Other 1% Q2 2026 Rental 68% Sales 32% Ventilation 54% Oxygen 10% Sleep 19% Airway Clearance 7% Staffing 8% Other 2% Q2 2025 Service, Payor and Revenue Mix 5 SERVICE MIX PAYOR MIX REVENUE MIX VieMed Healthcare Inc. I Supplemental Presentation SERVICE MIX PAYOR MIX Rental 76% Sales 24% REVENUE MIX
Revenue Highlights 6 For the quarter ended 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 Rental Revenue (expressed in thousands of USD): Ventilators, non-invasive & invasive $36,411 $35,360 $35,888 $34,883 $33,819 $32,159 $33,173 $31,772 Other home medical equipment rentals $16,408 $16,198 $16,200 $15,401 $13,823 $12,962 $13,047 $12,459 Sales & Service Revenue (expressed in thousands of USD): Equipment and supply sales $18,971 $17,488 $17,521 $15,700 $9,514 $7,519 $8,940 $8,440 Service revenues $6,307 $6,368 $6,572 $5,930 $5,900 $6,489 $5,535 $5,333 Total revenues $78,097 $75,414 $76,181 $71,914 $63,056 $59,129 $60,695 $58,004 Rental Revenue (% of Total revenue): Ventilators, non-invasive & invasive 46.6% 46.9% 47.1% 48.5% 53.6% 54.4% 54.7% 54.8% Other home medical equipment rentals 21.0% 21.5% 21.3% 21.4% 21.9% 21.9% 21.5% 21.5% Sales & Service Revenue (% of Total revenue): Equipment and supply sales 24.3% 23.2% 23.0% 21.8% 15.1% 12.7% 14.7% 14.6% Service revenues 8.1% 8.4% 8.6% 8.3% 9.4% 11.0% 9.1% 9.2% 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 June 30, 2026, providing significant financial flexibility. • As of June 30, 2026, the Company had $46 million in unfunded commitments available under its existing credit facilities, supporting our capital allocation strategy. For the period ended 6/30/26 12/31/25 12/31/24 Cash on hand $ 10,680 $ 13,501 $ 17,540 Working Capital $ 6,072 $ 7,437 $ 15,554 Long Term Debt $ 6,374 $ 11,291 $ 3,589 VieMed Healthcare Inc. I Supplemental Presentation (expressed in thousands of U.S. Dollars)
Free Cash Flow 8 TTM For the quarter ended 6/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Net cash provided by operating activities $ 60,781 $ 15,902 $ 8,071 $ 18,441 $ 18,367 Less: Purchase of property and equipment (31,545) (8,460) (6,712) (8,737) (7,636) Proceeds from sale of property and equipment 5,197 1,174 1,227 1,125 1,671 Net CAPEX (26,348) (7,286) (5,485) (7,612) (5,965) Free cash flow $ 34,433 $ 8,616 $ 2,586 $ 10,829 $ 12,402 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 We present non-GAAP free cash flow for the current quarter and trailing twelve months (TTM) 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. 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. Trailing twelve months (TTM) free cash flow is calculated by aggregating the last four quarters, each calculated using the methodology described above.
2026 Annual Guidance – Commentary 9 Core Metrics • Net revenue of $314 million to $320 million, raised from $312 million to $320 million • Adjusted EBITDA of $64 million to $68 million, revised from $65 million to $69 million • Net capital expenditures of 8.5% to 10.0% of net revenue, lowered from 9.0% to 10.5% Q2 2026 Performance vs. Second-Half Outlook • Q2 revenue of $78.1 million was up 3.6% sequentially compared to Q1 2026, consistent with the seasonal pattern described at the time of initial guidance • Continued sequential revenue growth expected in both Q3 and Q4 • Full-year Adjusted EBITDA margin expected to remain above 20% across the current guidance ranges Key Assumptions • Excludes the impact of potential acquisitions • Higher revenue outlook reflects first-half performance and favorable operating trends across ventilation and the broader platform • Revised Adjusted EBITDA and net capital expenditure guidance reflects the growing contribution from less capital- intensive product and service revenue 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: 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 Net Income attributable to Viemed Healthcare, Inc. $ 2,764 $ 2,582 $ 5,639 $ 3,513 $ 3,157 $ 2,625 $ 4,316 $ 3,878 Add back: Depreciation & amortization 7,520 7,621 7,570 7,539 6,891 6,613 6,366 6,408 Interest expense, net 248 305 364 507 132 179 147 225 Stock-based compensation(a) 2,032 2,451 2,300 2,180 2,341 2,311 1,521 1,712 Transaction costs(b) - 74 139 847 53 85 11 12 Impairment of assets(c) - - - - - - - 125 Income tax expense 1,151 1,278 2,191 1,535 1,713 952 1,881 1,594 Adjusted EBITDA $ 13,715 $ 14,311 $ 18,203 $ 16,121 $ 14,287 $ 12,765 $ 14,242 $ 13,954 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.