Viemed narrows 2026 adjusted EBITDA outlook to $64–66M
Viemed generated $53.9 million of operating cash flow and $26.1 million of free cash flow in the trailing twelve months ended September 30, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Viemed Healthcare, Inc. (VMD) reported third-quarter 2026 revenue of $80.7 million, up 12.2% year over year and 3.3% sequentially. Net income attributable to Viemed was $4.6 million ($0.11 per diluted share), up 32.0% year over year; Adjusted EBITDA, a non-GAAP measure, was $17.1 million, up 5.8% year over year and 24.4% sequentially. PAP therapy patients totaled 43,861 and sleep resupply patients 40,918 during the quarter. The Board authorized a new share repurchase program for up to 5% of shares outstanding.
For full-year 2026, revenue guidance is now $316 million to $320 million, versus $314 million to $320 million previously; Adjusted EBITDA guidance is $64 million to $66 million, versus $64 million to $68 million; net capital expenditures are expected at 8.0% to 9.0% of revenue, versus 8.5% to 10.0%. The outlook excludes potential future acquisitions or other strategic transactions. Operating cash flow was $11.5 million and free cash flow $4.0 million for the quarter. Viemed repurchased 115,000 common shares for approximately $1.0 million during the quarter, excluding taxes.
4 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointQuarterly revenue rose 12.2% to $80.7 million year over year.
- Moderate pointAttributable net income increased 32.0% to $4.6 million year over year.
- Moderate pointAdjusted EBITDA increased 5.8% to $17.1 million year over year.
- Moderate point. Forward-looking: it has not happened yet and may not happen.The Board authorized a new repurchase program for up to 5% of shares outstanding.
Negative
- None.
Filing Explained
The investor presentation reports 795,802 shares repurchased through September 30 for $7.5 million; shares outstanding at quarter-end were 38,053,094, compared with 38,019,082 at December 31, 2025, so the reported repurchases had not left a lower period-end share count.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $80.7 million
Net income attributable to Viemed: $4.6 million
Adjusted EBITDA: $17.1 million
+5 more
8 metrics
Revenue
$80.7 million
Third quarter 2026; up 12.2% year over year
Net income attributable to Viemed
$4.6 million
Third quarter 2026; up 32.0% year over year
Adjusted EBITDA
$17.1 million
Third quarter 2026; up 5.8% year over year
Net cash provided by operating activities
$11.5 million
Third quarter 2026
Free cash flow
$4.0 million
Third quarter 2026; non-GAAP measure
2026 net revenue guidance
$316 million to $320 million
Updated full-year guidance; previously $314 million to $320 million
2026 Adjusted EBITDA guidance
$64 million to $66 million
Updated full-year guidance; previously $64 million to $68 million
Net capital expenditure guidance
8.0% to 9.0% of net revenue
Updated full-year 2026 guidance; previously 8.5% to 10.0%
Key Terms
Adjusted EBITDA, free cash flow, Net CAPEX, working capital
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA totaled $17.1 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 $4.0 million for the quarter"
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 CAPEX financial
"Net CAPEX is calculated as purchases of property and equipment minus proceeds"
Net capex is the amount a company spends on long‑lasting physical assets (like factories, equipment, or buildings) after subtracting money it received from selling old assets. Think of it like how much you invest in renovating a house after selling old furniture: it shows whether the business is putting cash into future operations or shrinking, and it matters to investors because it directly affects cash flow, future growth capacity, and the company’s ability to generate profits.
working capital financial
"Working Capital $11,966"
Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.
Earnings Snapshot
Revenue: $80.7 million · Guidance included
Third quarter 2026
Revenue
$80.7 million
up 12.2% year over year
Net income attributable to Viemed
$4.6 million
up 32.0% year over year
Adjusted EBITDA
$17.1 million
up 5.8% year over year
Guidance
For full-year 2026, net revenue is expected to be $316 million to $320 million, Adjusted EBITDA $64 million to $66 million, and net capital expenditures 8.0% to 9.0% of net revenue.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did VMD report in Q3 2026?
Viemed reported $80.7 million in third-quarter 2026 revenue, up 12.2% year over year and 3.3% sequentially. Ventilator rental revenue was $37.5 million, up 7.4% year over year.
What is VMD's updated 2026 financial guidance?
Viemed expects 2026 net revenue of $316 million to $320 million and Adjusted EBITDA of $64 million to $66 million. Net capital expenditures are expected to be 8.0% to 9.0% of net revenue. The outlook excludes potential future acquisitions or other strategic transactions.
How much availability did VMD report under its credit facilities?
Viemed reported approximately $46 million available under its existing credit facilities as of September 30, 2026. It also reported $9.7 million in cash and cash equivalents and $12.0 million in working capital.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 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 November 4, 2026 , Viemed Healthcare, Inc. (the "Company") issued a press release announcing its financial results for the three and nine months ended September 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 nine months ended September 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 7.01. Regulation FD Disclosure
The Company expects to use the presentation attached to this Current Report on Form 8-K as Exhibit 99.3 (the “Investor Deck Presentation”) and incorporated herein by reference, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others. The Investor Deck Presentation is also available on the Company’s website, https://www.viemed.com/investors.
The information contained in the Investor Deck Presentation is summary information that is intended to be considered in the context of the Company's Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in the Investor Deck Presentation, except as required by law although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.
The information presented in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.3 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or specifically incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01. Financial Statements and Exhibits
| (d) | Exhibits | |||||||
Exhibit Number | Description | |||||||
99.1 Press Release dated November 4, 2026.
99.2 Financial Supplement dated November 4, 2026.
99.3 Viemed Investor Deck Presentation November 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: November 4, 2026
| VIEMED HEALTHCARE, INC. | ||||||||
| By: | /s/ Trae Fitzgerald | |||||||
| Trae Fitzgerald | ||||||||
| Chief Financial Officer | ||||||||
VIEMED HEALTHCARE ANNOUNCES THIRD QUARTER 2026 FINANCIAL RESULTS
Lafayette, Louisiana (November 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 and nine months ended September 30, 2026, and updated guidance for the full year ending December 31, 2026.
Third Quarter 2026 Financial and Operational Highlights (all dollar amounts are USD):
•Net revenue for the quarter ended September 30, 2026 totaled a Company record $80.7 million, an increase of $8.8 million, or 12.2%, compared with the prior-year quarter, and 3.3% sequentially.
•Net income attributable to Viemed totaled $4.6 million, or $0.11 per diluted share, an increase of 32.0% compared to $3.5 million, or $0.09 per diluted share, in the prior-year quarter, and a 67.8% sequential increase from $2.8 million in the second quarter of 2026. Net income attributable to Viemed represented 5.7% of net revenue, compared to 3.5% in the preceding quarter.
•Adjusted EBITDA totaled $17.1 million, an increase of 5.8% year over year and 24.4% sequentially. Adjusted EBITDA as a percentage of net revenue increased to 21.1%, compared to 17.6% in the second quarter of 2026, representing an improvement of approximately 350 basis points.
•Ventilator rental revenue increased 7.4% year over year to $37.5 million, supported by higher average patient volumes. The Company's period-end ventilator patient count totaled 12,552 as of September 30, 2026.
•PAP therapy patients increased 37.5% year over year and 16.0% sequentially to 43,861 during the third quarter. Sleep resupply patients increased 22.1% year over year and 10.5% sequentially to 40,918.
•Net cash provided by operating activities totaled $11.5 million for the quarter and $53.9 million for the trailing twelve months ended September 30, 2026. Free cash flow totaled $4.0 million for the quarter and $26.1 million for the trailing twelve months ended September 30, 2026.
•The Company ended the quarter with $9.7 million in cash, $12.0 million in working capital, and approximately $46 million available under its existing credit facilities. During the quarter, the Company repaid $2.1 million of term debt and repurchased 115,000 common shares for approximately $1.0 million (excluding taxes).
Updated Full Year 2026 Guidance (all dollar amounts are USD):
Based on third quarter performance and increased visibility into the remainder of the year, the Company is raising the low end of its revenue guidance, narrowing its Adjusted EBITDA guidance range, and lowering its net capital expenditure outlook. The updated guidance reflects continued growth across the Company's diversified platform, anticipated sequential improvement in revenue and Adjusted EBITDA in the fourth quarter, and reduced capital intensity as less capital-intensive product and service offerings contribute a greater share of revenue.
•Net revenue is expected to be in the range of $316 million to $320 million, compared with the previous range of $314 million to $320 million.
•Adjusted EBITDA is expected to range from $64 million to $66 million, compared with the previous range of $64 million to $68 million.
•Net capital expenditures are now expected to range from 8.0% to 9.0% of net revenue, compared with the previous range of 8.5% to 10.0%.
This outlook excludes the impact of potential future acquisitions or other strategic transactions. 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, commented:
“Viemed delivered another record quarter, with revenue reaching $80.7 million and continued growth across our respiratory, sleep, and women's health businesses. This marks our first full year-over-year quarterly comparison following the Lehan acquisition, and achieving double-digit revenue growth underscores the strength of our increasingly diversified platform and the opportunities ahead of us.”
“We are particularly pleased with the improvement in profitability this quarter. Our attributable net income increased 68% sequentially, while Adjusted EBITDA grew 24%, significantly outpacing revenue growth and demonstrating improved operating leverage. These results reflect the progress we anticipated following our investments earlier this year, and we see additional opportunities to improve efficiency as those initiatives mature. We remain focused on expanding our reach, delivering high-quality patient care, and building on this momentum as we finish the year.”
Conference Call Details
The Company will host a conference call to discuss third quarter results on Thursday, November 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=AAf4KB3V
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 improvements in operating efficiency, and profitability, anticipated benefits from technology, purchasing and operational initiatives, 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 acquisitions or strategic transactions 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 September 30, 2026 | At December 31, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Current assets | ||||||||||||||
| Cash and cash equivalents | $ | 9,676 | $ | 13,501 | ||||||||||
| Accounts receivable, net | 34,887 | 25,586 | ||||||||||||
| Inventory | 4,552 | 5,047 | ||||||||||||
| Income tax receivable | — | 227 | ||||||||||||
| Prepaid expenses and other assets | 10,175 | 4,132 | ||||||||||||
| Total current assets | $ | 59,290 | $ | 48,493 | ||||||||||
| Long-term assets | ||||||||||||||
| Property and equipment, net | 75,596 | 78,775 | ||||||||||||
| Operating lease right-of-use assets | 4,242 | 3,580 | ||||||||||||
| Equity investments | 3,184 | 2,794 | ||||||||||||
| Deferred tax asset | 5,289 | 5,289 | ||||||||||||
| Identifiable intangibles, net | 1,095 | 1,285 | ||||||||||||
| Goodwill | 58,938 | 58,938 | ||||||||||||
| Total long-term assets | $ | 148,344 | $ | 150,661 | ||||||||||
| TOTAL ASSETS | $ | 207,634 | $ | 199,154 | ||||||||||
| LIABILITIES | ||||||||||||||
| Current liabilities | ||||||||||||||
| Trade payables | $ | 10,628 | $ | 7,333 | ||||||||||
| Deferred revenue | 8,015 | 7,520 | ||||||||||||
| Income taxes payable | 1,925 | — | ||||||||||||
| Accrued liabilities | 24,818 | 23,910 | ||||||||||||
| Operating lease liabilities, current portion | 1,427 | 1,203 | ||||||||||||
| Current portion of long-term debt | 511 | 1,090 | ||||||||||||
| Total current liabilities | $ | 47,324 | $ | 41,056 | ||||||||||
| Long-term liabilities | ||||||||||||||
| Accrued liabilities | 977 | 922 | ||||||||||||
| Operating lease liabilities, less current portion | 2,835 | 2,364 | ||||||||||||
| Long-term debt | 4,510 | 11,291 | ||||||||||||
| Total long-term liabilities | $ | 8,322 | $ | 14,577 | ||||||||||
| TOTAL LIABILITIES | $ | 55,646 | $ | 55,633 | ||||||||||
| Commitments and Contingencies | — | — | ||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||
Common stock - No par value: unlimited authorized; 38,053,094 and 38,019,082 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 17,937 | 16,912 | ||||||||||||
| Additional paid-in capital | 19,277 | 21,742 | ||||||||||||
| Retained earnings | 112,875 | 102,891 | ||||||||||||
| TOTAL VIEMED HEALTHCARE, INC.'S SHAREHOLDERS' EQUITY | $ | 150,089 | $ | 141,545 | ||||||||||
Noncontrolling interest in subsidiary | 1,899 | 1,976 | ||||||||||||
| TOTAL SHAREHOLDERS' EQUITY | 151,988 | 143,521 | ||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 207,634 | $ | 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 80,673 | $ | 71,914 | $ | 234,184 | $ | 194,099 | |||||||||||||||
| Cost of revenue | 34,481 | 30,569 | 100,117 | 82,744 | |||||||||||||||||||
| Gross profit | $ | 46,192 | $ | 41,345 | $ | 134,067 | $ | 111,355 | |||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Selling, general and administrative | 35,508 | 31,919 | 107,432 | 89,147 | |||||||||||||||||||
| Research and development | 501 | 775 | 1,584 | 2,419 | |||||||||||||||||||
| Stock-based compensation | 2,476 | 2,180 | 6,959 | 6,832 | |||||||||||||||||||
Depreciation and amortization | 392 | 397 | 1,168 | 1,098 | |||||||||||||||||||
| Loss (gain) on disposal of property and equipment | 412 | 476 | 1,366 | (2,528) | |||||||||||||||||||
| Other income, net | (59) | (44) | (161) | (191) | |||||||||||||||||||
| Income from operations | $ | 6,962 | $ | 5,642 | $ | 15,719 | $ | 14,578 | |||||||||||||||
| Non-operating income and expenses | |||||||||||||||||||||||
| Loss from investments | — | — | 162 | — | |||||||||||||||||||
Interest expense, net | 177 | 507 | 730 | 818 | |||||||||||||||||||
| Net income before taxes | 6,785 | 5,135 | 14,827 | 13,760 | |||||||||||||||||||
| Provision for income taxes | 2,048 | 1,535 | 4,477 | 4,200 | |||||||||||||||||||
| Net income | $ | 4,737 | $ | 3,600 | $ | 10,350 | $ | 9,560 | |||||||||||||||
| Net income attributable to noncontrolling interest | 99 | 87 | 366 | 265 | |||||||||||||||||||
| Net income attributable to Viemed Healthcare, Inc. | $ | 4,638 | $ | 3,513 | $ | 9,984 | $ | 9,295 | |||||||||||||||
| Net income per share | |||||||||||||||||||||||
| Basic | $ | 0.12 | $ | 0.09 | $ | 0.26 | $ | 0.24 | |||||||||||||||
| Diluted | $ | 0.11 | $ | 0.09 | $ | 0.24 | $ | 0.23 | |||||||||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||||||
| Basic | 38,102,064 | 38,638,660 | 38,257,518 | 39,190,666 | |||||||||||||||||||
| Diluted | 41,192,313 | 40,495,761 | 40,975,362 | 41,086,178 | |||||||||||||||||||
VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
(Unaudited)
| Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Cash flows from operating activities | ||||||||||||||
| Net income | $ | 10,350 | $ | 9,560 | ||||||||||
| Adjustments for: | ||||||||||||||
Depreciation and amortization | 22,859 | 21,043 | ||||||||||||
| Stock-based compensation expense | 6,959 | 6,832 | ||||||||||||
| Loss (gain) on disposal of property and equipment | 1,366 | (2,528) | ||||||||||||
Amortization of deferred financing costs | 198 | 121 | ||||||||||||
Deferred income tax expense | — | 2,729 | ||||||||||||
| Loss from other investments | 162 | — | ||||||||||||
Changes in working capital: | ||||||||||||||
| Accounts receivable, net | (9,301) | (670) | ||||||||||||
| Inventory | 495 | (163) | ||||||||||||
| Prepaid expenses and other assets | (6,010) | (626) | ||||||||||||
| Trade payables | 2,672 | 767 | ||||||||||||
| Deferred revenue | 495 | 622 | ||||||||||||
| Accrued liabilities | 3,063 | 1,584 | ||||||||||||
| Income tax payable/receivable | 2,152 | (5,796) | ||||||||||||
| Net cash provided by operating activities | $ | 35,460 | $ | 33,475 | ||||||||||
| Cash flows from investing activities | ||||||||||||||
| Purchase of property and equipment | (23,788) | (31,248) | ||||||||||||
| Investment in equity investments | (552) | — | ||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (26,332) | ||||||||||||
| Proceeds from sale of property and equipment | 3,555 | 15,026 | ||||||||||||
| Net cash used in investing activities | $ | (20,785) | $ | (42,554) | ||||||||||
| Cash flows from financing activities | ||||||||||||||
| Proceeds from exercise of options | 1,071 | 1,439 | ||||||||||||
Proceeds from term notes | — | 9,000 | ||||||||||||
| Principal payments on term notes | (7,558) | (484) | ||||||||||||
Proceeds from revolving credit facilities | — | 13,000 | ||||||||||||
Payments on revolving credit facilities | — | (5,000) | ||||||||||||
| Shares redeemed to pay income tax | (2,082) | (1,732) | ||||||||||||
| Payments for share repurchase programs | (7,738) | (13,225) | ||||||||||||
Repayments of finance lease liabilities | — | (50) | ||||||||||||
Distributions to non-controlling interest | (443) | (286) | ||||||||||||
Payments of acquisition-related contingent consideration | (1,750) | — | ||||||||||||
Net cash provided by (used in) financing activities | $ | (18,500) | $ | 2,662 | ||||||||||
Net decrease in cash and cash equivalents | (3,825) | (6,417) | ||||||||||||
| Cash and cash equivalents at beginning of year | 13,501 | 17,540 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 9,676 | $ | 11,123 | ||||||||||
| Supplemental disclosures of cash flow information | ||||||||||||||
| Cash paid during the period for interest | $ | 508 | $ | 587 | ||||||||||
Cash paid during the period for income taxes, net of refunds | $ | 2,326 | $ | 7,267 | ||||||||||
| Supplemental disclosures of non-cash transactions | ||||||||||||||
Equipment and other fixed asset purchases payable at end of period | $ | 3,844 | $ | 4,774 | ||||||||||
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 | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | ||||||||||||||||||
Net income attributable to Viemed Healthcare, Inc. | $ | 4,638 | $ | 2,764 | $ | 2,582 | $ | 5,639 | $ | 3,513 | $ | 3,157 | $ | 2,625 | $ | 4,316 | ||||||||||
| Add back: | ||||||||||||||||||||||||||
Depreciation & amortization | 7,718 | 7,520 | 7,621 | 7,570 | 7,539 | 6,891 | 6,613 | 6,366 | ||||||||||||||||||
Interest expense, net | 177 | 248 | 305 | 364 | 507 | 132 | 179 | 147 | ||||||||||||||||||
Stock-based compensation(a) | 2,476 | 2,032 | 2,451 | 2,300 | 2,180 | 2,341 | 2,311 | 1,521 | ||||||||||||||||||
Transaction costs(b) | — | — | 74 | 139 | 847 | 53 | 85 | 11 | ||||||||||||||||||
Impairment of assets(c) | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Income tax expense | 2,048 | 1,151 | 1,278 | 2,191 | 1,535 | 1,713 | 952 | 1,881 | ||||||||||||||||||
| Adjusted EBITDA | $ | 17,057 | $ | 13,715 | $ | 14,311 | $ | 18,203 | $ | 16,121 | $ | 14,287 | $ | 12,765 | $ | 14,242 | ||||||||||
(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. Free cash flow does not represent residual cash flow available for discretionary expenditures.
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 | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | |||||||||||||||||||
| Net cash provided by operating activities | $ | 53,901 | $ | 11,487 | $ | 15,902 | $ | 8,071 | $ | 18,441 | |||||||||||||
| Less: | |||||||||||||||||||||||
| Purchase of property and equipment | (32,525) | (8,616) | (8,460) | (6,712) | (8,737) | ||||||||||||||||||
| Proceeds from sale of property and equipment | 4,680 | 1,154 | 1,174 | 1,227 | 1,125 | ||||||||||||||||||
| Net CAPEX | (27,845) | (7,462) | (7,286) | (5,485) | (7,612) | ||||||||||||||||||
| Free cash flow | $ | 26,056 | $ | 4,025 | $ | 8,616 | $ | 2,586 | $ | 10,829 | |||||||||||||
1 Financial Supplement Third Quarter 2026 November 4, 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 improvements in operating efficiency, and profitability, anticipated benefits from technology, purchasing and operational initiatives, 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 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 Financial Supplement 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 Financial Supplement 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 of non-GAAP financial information to the most directly comparable GAAP financial information are provided within this financial supplement. 2 VieMed Healthcare Inc. I Financial Supplement
Key Themes for Q3 2026 3 Delivered record quarterly revenue of $80.7 million, up 12.2% year over year and 3.3% sequentially, alongside a substantial improvement in sequential profitability. With Lehan included in both the current and prior-year quarters for the first time, these results underscore the strength of our increasingly diversified platform and our progress in translating continued revenue growth into stronger earnings. • Net income attributable to Viemed totaled $4.6 million ($0.11 per diluted share), up 32.0% year over year and 67.8% sequentially, increasing to 5.7% of net revenue from 3.5% in the preceding quarter. • Adjusted EBITDA increased 5.8% year over year and 24.4% sequentially to $17.1 million. As a percentage of net revenue, Adjusted EBITDA increased to 21.1% from 17.6% in the preceding quarter, an improvement of approximately 350 basis points. • Ventilator rental revenue increased 7.4% year over year and 2.9% sequentially to $37.5 million, supported by higher average patient volumes. • PAP therapy patients increased 37.5% year over year and 16.0% sequentially to 43,861; sleep resupply patients increased 22.1% year over year and 10.5% sequentially to 40,918. • Generated $11.5 million of operating cash flow and $4.0 million of free cash flow, with trailing twelve-month operating cash flow and free cash flow of $53.9 million and $26.1 million, respectively. Net CAPEX totaled $7.5 million, or 9.2% of revenue, for the quarter. • Narrowed full-year guidance to $316 million–$320 million in revenue and $64 million–$66 million in Adjusted EBITDA, while lowering net CAPEX guidance to 8.0%–9.0% of revenue. VieMed Healthcare Inc. I Financial Supplement
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: 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Financial Information: Revenue $80,673 $78,097 $75,414 $76,181 $71,914 $63,056 $59,129 $60,695 Gross Profit $46,192 $45,048 $42,827 $44,103 $41,345 $36,731 $33,279 $36,138 Gross Profit % 57% 58% 57% 58% 57% 58% 56% 60% Net Income attributable to Viemed Healthcare, Inc. $4,638 $2,764 $2,582 $5,639 $3,513 $3,157 $2,625 $4,316 Cash and Cash Equivalents (As of) $9,676 $10,680 $9,762 $13,501 $11,123 $20,016 $10,160 $17,540 Total Assets (As of) $207,634 $204,224 $197,361 $199,154 $202,360 $184,603 $178,079 $177,069 Adjusted EBITDA(1) $17,057 $13,715 $14,311 $18,203 $16,121 $14,287 $12,765 $14,242 Operational Information: Vent Patients(2) 12,552 12,635 12,089 12,259 12,372 12,152 11,809 11,795 PAP Therapy Patients(3) 43,861 37,825 35,938 34,528 31,891 26,260 22,899 21,338 Sleep Resupply Patients(4) 40,918 37,035 33,661 36,561 33,518 25,246 22,941 24,478 VieMed Healthcare Inc. I Financial Supplement
Ventilation 49% Oxygen 9% Sleep 21% Airway Clearance 6% Women’s Health 6% Staffing 8% Other 1% Q3 2025 Medicare 37% Medicaid/ MCO 8% Medicare Advantage 20% Commercial 23% Other 12% Medicare 34% Medicaid/ MCO 9% Medicare Advantage 21% Commercial 24% Other 12% Ventilation 46% Oxygen 7% Sleep 23% Airway Clearance 7% Women’s Health 8% Staffing 7% Other 2% Q3 2026 Rental 68% Sales 32% Service, Payor and Revenue Mix 5 SERVICE MIX PAYOR MIX REVENUE MIX VieMed Healthcare Inc. I Financial Supplement SERVICE MIX PAYOR MIX Rental 70% Sales 30% REVENUE MIX
Revenue Highlights 6 For the quarter ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Rental Revenue (expressed in thousands of USD): Ventilators, non-invasive & invasive $37,460 $36,411 $35,360 $35,888 $34,883 $33,819 $32,159 $33,173 Other home medical equipment rentals $17,414 $16,408 $16,198 $16,200 $15,401 $13,823 $12,962 $13,047 Sales & Service Revenue (expressed in thousands of USD): Equipment and supply sales $19,414 $18,971 $17,488 $17,521 $15,700 $9,514 $7,519 $8,940 Service revenues $6,385 $6,307 $6,368 $6,572 $5,930 $5,900 $6,489 $5,535 Total revenues $80,673 $78,097 $75,414 $76,181 $71,914 $63,056 $59,129 $60,695 Rental Revenue (% of Total revenue): Ventilators, non-invasive & invasive 46.4% 46.6% 46.9% 47.1% 48.5% 53.6% 54.4% 54.7% Other home medical equipment rentals 21.6% 21.0% 21.5% 21.3% 21.4% 21.9% 21.9% 21.5% Sales & Service Revenue (% of Total revenue): Equipment and supply sales 24.1% 24.3% 23.2% 23.0% 21.8% 15.1% 12.7% 14.7% Service revenues 7.9% 8.1% 8.4% 8.6% 8.3% 9.4% 11.0% 9.1% Total revenues 100% 100% 100% 100% 100% 100% 100% 100% VieMed Healthcare Inc. I Financial Supplement
Liquidity Metrics 7 Positioned for growth • The Company maintains a healthy balance sheet with no net debt as of September 30, 2026, providing significant financial flexibility. • As of September 30, 2026, the Company had $46 million available under its existing credit facilities, supporting our capital allocation strategy. For the period ended 9/30/26 12/31/25 12/31/24 Cash on hand $ 9,676 $ 13,501 $ 17,540 Working Capital $ 11,966 $ 7,437 $ 15,554 Long Term Debt $ 4,510 $ 11,291 $ 3,589 VieMed Healthcare Inc. I Financial Supplement (expressed in thousands of U.S. Dollars)
Free Cash Flow 8 TTM For the quarter ended 9/30/26 9/30/26 6/30/26 3/31/26 12/31/25 Net cash provided by operating activities $ 53,901 $ 11,487 $ 15,902 $ 8,071 $ 18,441 Less: Purchase of property and equipment (32,525) (8,616) (8,460) (6,712) (8,737) Proceeds from sale of property and equipment 4,680 1,154 1,174 1,227 1,125 Net CAPEX (27,845) (7,462) (7,286) (5,485) (7,612) Free cash flow $ 26,056 $ 4,025 $ 8,616 $ 2,586 $ 10,829 VieMed Healthcare Inc. I Financial Supplement (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 does not represent residual cash flow available for discretionary expenditures. 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 $316 million to $320 million, raising the low end from $314 million. • Adjusted EBITDA of $64 million to $66 million, narrowed from $64 million to $68 million. • Net capital expenditures of 8.0% to 9.0% of net revenue, lowered from 8.5% to 10.0%. Q3 2026 Performance and Q4 Outlook • Q3 revenue increased 3.3% sequentially to $80.7 million, consistent with expectations. • Q3 Adjusted EBITDA increased 24.4% sequentially to $17.1 million, reflecting a significant improvement in profitability from Q2. • Continued sequential revenue and Adjusted EBITDA growth anticipated in Q4, consistent with the updated full- year outlook. Key Assumptions • Excludes potential acquisitions and other strategic transactions. • Revenue outlook reflects year-to-date performance and continued growth across the diversified platform. • Adjusted EBITDA outlook reflects updated expectations for Q4 operating performance, while lower net capital expenditure guidance reflects the increasing contribution from less capital-intensive product and service offerings. VieMed Healthcare Inc. I Financial Supplement
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 Attributable to Viemed Healthcare, Inc. to Non-GAAP Adjusted EBITDA For the quarter ended: 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Net Income attributable to Viemed Healthcare, Inc. $ 4,638 $ 2,764 $ 2,582 $ 5,639 $ 3,513 $ 3,157 $ 2,625 $ 4,316 Add back: Depreciation & amortization 7,718 7,520 7,621 7,570 7,539 6,891 6,613 6,366 Interest expense, net 177 248 305 364 507 132 179 147 Stock-based compensation(a) 2,476 2,032 2,451 2,300 2,180 2,341 2,311 1,521 Transaction costs(b) - - 74 139 847 53 85 11 Impairment of assets(c) - - - - - - - - Income tax expense 2,048 1,151 1,278 2,191 1,535 1,713 952 1,881 Adjusted EBITDA $ 17,057 $ 13,715 $ 14,311 $ 18,203 $ 16,121 $ 14,287 $ 12,765 $ 14,242 VieMed Healthcare Inc. I Financial Supplement (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.
A Rapidly Growing National Leader In Home-Based Clinical Care. Investor Presentation: NASDAQ: VMD November 2026 VieMed Healthcare Inc. • Investor Presentation 1
Disclaimers VieMed Healthcare Inc. • Investor Presentation Disclaimers and Other Important Information This presentation (the “Presentation”) about VieMed Healthcare, Inc. (“VieMed” or the “Company”) is dated November 2026. It presents information in a summary form and does not purport to be complete. The data contained herein is derived from various internal and external sources. This Presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. No representation or warranty, express or implied, is made or given by or on behalf of VieMed or any of its affiliates, directors, officers or employees as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any person for such information or opinions. VieMed does not undertake or agree to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation that may become apparent. No person has been authorized to give any information or make any representations other than those contained in this Presentation and, if given and/or made, such information or representations must not be relied upon as having been so authorized. The contents of this Presentation are not to be construed as legal, financial or tax advice. This Presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities of VieMed in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Recipients of this Presentation who are considering acquiring securities of VieMed are referred to the entire body of publicly disclosed information regarding VieMed. The information is subject to material updating, revision and further amendment, and is qualified entirely by reference to VieMed’s publicly disclosed information. Forward Looking Statements Certain statements contained in this Presentation 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, future acquisitions, plans for geographic expansion and product rollouts, expected benefits from regulatory developments, industry trends and secular tailwinds, quarterly revenue cadence, 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 VieMed's current views and intentions with respect to future events, and current information available to VieMed, 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 the Company operates; significant capital requirements and operating risks that the Company may be subject to; the ability of the Company to implement business strategies and pursue business opportunities; volatility in the market price of the Company's 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 the Company's 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 the Company is exposed; difficulty integrating newly acquired businesses; the impact of new laws and regulations 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 the Company; 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 VieMed’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 VieMed’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 VieMed 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, VieMed does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this Presentation are made as of the date of this Presentation and VieMed undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law. This Presentation 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. Market and Industry Data Industry and market data used in this Presentation is unaudited and has been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. VieMed has not independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness. This data is subject to change and cannot always be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey of market or industry data. You are cautioned not to give undue weight to such industry and market data. Non-GAAP and Other Financial Information This Presentation includes references to financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“GAAP”), including the measures Adjusted EBITDA and free cash flow. A reconciliation of these non-GAAP financial measures to the nearest GAAP measures can be found in the Appendix to this Presentation. 2
An innovative, national in-home healthcare leader built on clinical excellence... High-touch and high-tech services care model drives cost reduction, increases patient satisfaction and reduces rehospitalizations. VieMed Healthcare Inc. • Investor Presentation 3 Founded in 2006 • Public since 2017 • Headquartered in Lafayette, Louisiana Built a Platform Around Complex Respiratory Services Extensive Nationwide Reach Innovative At-Home Healthcare Robust Growth and Financial Performance 26% compound annual revenue growth rate since public listing, $26M TTM FCF at 3Q26, and no net debt. Serving over 223,000 patients with a capex-light business model in all 50 states. Home-based care platform built on the reputation of clinical excellence in ventilation. Now leveraging our core platform to include sleep, oxygen, airway clearance and women’s health. (1) See reconciliation of Free Cash Flow in Appendix. 1
…led by an experienced management team… VieMed Healthcare Inc. • Investor Presentation 4 Casey Hoyt CEO and original founder 20+ years with VieMed Michael Moore, RRT President and original founder 20+ years with VieMed Todd Zehnder Chief Operating Officer 10+ years with VieMed Randy Dobbs Board of Directors, Chairman 10+ years with VieMed William Frazier, MD Chief Medical Officer 10+ years with VieMed Trae Fitzgerald Chief Financial Officer 10+ years with VieMed Combined management team brings 80+ years of public company experience across GE, Philips, NYSE-listed companies, and Big 4 accounting ~ $381M Market Cap >20% Insider Beneficial Ownership (1) Market cap as of 10-28-2026. 1
...with multiple catalysts driving our growth. 5 VieMed Healthcare Inc. • Investor Presentation Massively underserved market with a purpose-built clinical model to close the gap Complex respiratory care and obstructive sleep apnea remain meaningfully underdiagnosed and undertreated. VieMed's high-touch, technology-enabled approach is designed to reach patients where traditional providers cannot. A vital link between patients, providers, and payors with measurable outcomes Our clinical care model improves patient compliance, reduces hospitalizations, and drives payor value. Designed to create lasting relationships and a defensible competitive position. Proven growth platform with a broadening service mix Organic and inorganic expansion has diversified VieMed well beyond our ventilation roots. Our entry into women’s health is the most recent example of leveraging shared infrastructure for capital-light growth into adjacent markets. Regulatory tailwinds favor our model The shift toward home-based care, efficiency, compliance, and transparency plays directly to VieMed's strengths. We are uniquely positioned to succeed in this environment.
Complex respiratory care is the foundation of our business... VieMed Healthcare Inc. • Investor Presentation Vent Patients on Service 6,500 7,500 8,500 9,500 10,500 11,500 12,500 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q26 3Q26 1 (1) Vent Patients represents the number of active ventilator patients on recurring billing service at the end of each calendar quarter. 6 Attractive Unit Economics Monthly Reimbursement ~$1,050 Avg. Length of Stay ~17 months Rental Structure Uncapped Service Model 24/7 RT included Coverage Medicare + most plans
...serving a population that is massively underserved... (1) As of 2025 (source: HME Databank) VieMed Healthcare Inc. • Investor Presentation 25 Million (estimated) people in the U.S. have COPD Approximately 60,000 annual Medicare beneficiaries on NIV service Estimate of 5% market penetration 2,500,000 or 10% have stage 4 COPD 1,250,000 or 50% of those with stage 4 COPD develop chronic respiratory failure becoming candidates for our therapy VIEMED IS SECOND LARGEST PROVIDER MARKET SHARE HELD BY TOP 10 PROVIDERS 15% 63% 7 1 1 1
... through a tech-enabled, clinical model that sets us apart... Proprietary clinical platform, connecting best-in-class clinical service with best-in-class devices Increase patient and caregiver engagement Increase efficiency of clinicians through improved remote workflow and proactive patient engagement solutions Capture value-based data elements, analysis and insights from patient’s home to improve patient outcomes and generate cost savings 24/7 Respiratory Therapist included in service VieMed Healthcare Inc. • Investor Presentation 8
...and backed by real-world outcomes. VieMed Healthcare Inc. • Investor Presentation Non-invasive ventilation at home reduces mortality in COPD with CRF September 15, 2021 December 29, 2020June 29, 2022 Sample size: 500,000 patients Sample size: 36,000 patients Sample size: 45,000 patients 43% Relative mortality reduction if utilized within 0-7 days 11.6% Cost reduction if utilized within 0-7 days 7.2% Cost reduction if utilized within 0-15 days $5,484 Cost reduction if utilized within 0-7 days Early initiation of non-invasive ventilation at home reduces mortality, hospitalizations, and overall health costs Non-invasive ventilation at home reduces mortality in COPD with CRF 31% Relative reduction in hospital readmissions 38% Immediate reduction in risk of death with NIV 12% Relative reduction in mortality after 12 months 16% Relative reduction in ER visits Non-invasive ventilation at home improves survival and decreases healthcare utilization 39% Relative reduction in all-cause mortality over 7-year period 9% Relative decline in the risk of hospitalizations 22% Relative reduction in the risk of an ER visit 9
Our unique operating model has opened doors to expand our patient base… VieMed Healthcare Inc. • Investor Presentation 10 L E A N O P E R A T I N G M O D E L ✓ No retail storefronts Minimal brick-and-mortar limited to small distribution hubs ✓ Mobile workforce Sales reps and RTs operate from GPS-monitored vehicles, delivering care directly to patients’ homes ✓ Data-driven location selection Target areas with high COPD rates, hospitals struggling with length of stay, and rural markets near existing coverage ✓ Lean market entry New geographies require clinical talent and payer contracts; dual role RTs to start P R O D U C T O F F E R I N G S What fits our current national model Clinician-delivered, remotely monitored services: • Ventilation therapy • PAP therapy & supplies • Breast pumps & maternal support • Stationary and Portable O₂ concentrators • Airway clearance devices Outside our current national model Heavy-logistics DME requiring storefronts and warehousing: • Wheelchairs & mobility • Hospital beds • Bulky oxygen tanks Our unique model drives lower overhead, faster geographic expansion, and higher margins than traditional DME competitors. ✓ Technology focus Focus on products with technology enablement vs. “bent metal” ✓
Ventilation 46% Airway Clearance 7% Oxygen 7% Sleep 23% Women’s Health 8% Staffing 7% Other 2% Ventilation 87% Airway Clearance 5% Oxygen 1% Sleep 6% Other 1% Medicare 34% Medicaid/ MCO 9% Medicare Advantage 21% Commercial 24% Other 12% Medicare 50% Medicaid/ MCO 7% Medicare Advantage 21% Commercial 16% Other 6% … and six years later, the numbers tell the story. SERVICE MIX PAYOR MIX VieMed Healthcare Inc. • Investor Presentation Diverse and Reliable Revenue Streams Q3 2026FY 2019 FY 2019 Q3 2026 11 Ventilation revenue has doubled since 2019, while sales and service revenue grew from 7% to 32% of the revenue mix.
- 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 PAP Therapy Patients Sleep Resupply Patients VieMed Healthcare Inc. • Investor Presentation (1) PAP Therapy patients represents the number of distinct patients billed for PAP therapy services during each calendar quarter. (2) Sleep Resupply Patients represents the number of distinct patients who received supplies through our sleep resupply program during each calendar quarter. (3) American Lung Association 1 2 12 Sleep is the clearest example of what that looks like… 38% 3Q26 YoY PAP Patient Growth 22% 3Q26 YoY Resupply Growth 23% of 3Q26 Net Revenue (and Growing) Multiple Tailwinds Sleep business reached an inflection point following the Philips recall, which created a significant supply gap and drove patients to quality providers. We accelerated our growth through acquisitions of HMP (2023) and Lehan's (2025), building a national PAP therapy and resupply platform. GLP-1s and wearables continue to drive therapy demand. Addressable Market over 30 million in the United States Growth Metrics 3
VieMed Healthcare Inc. • Investor Presentation 13 ...and we’re still expanding our reach. Oxygen Therapy 7% of Revenue FY 2025 Growth Rate of 8% Tankless portable oxygen concentrators Device rentals with lifetime caps Earlier stages of COPD Growing referral channel from vent relationships Airway Clearance 7% of Revenue FY 2025 Growth Rate of 18% Nebulizers, cough assists, percussion vests Complements core respiratory offering Natural benefit to certain vent patients Expanding clinical evidence base Women's Health 8% of Revenue FY 2025 Growth Rate of 100% Breast pumps, insurance- covered, ship-to-home Nursing supplies and lactation accessories Compression garments and postpartum recovery Leverages existing payer relationships and ship-to-home infrastructure Healthcare Staffing 7% of Revenue FY 2025 Growth Rate of 12% Clinical resources to hospitals & agencies Supports continuum of care Deepens key referral relationships Provides operational flexibility (1) As a percentage of 3Q26 revenue. (2) Maternal health reflects a partial year contribution following the acquisition of Lehan's Medical Equipment on July 1, 2025. 1 1 1 1 2
VieMed Healthcare Inc. • Investor Presentation Growth Strategy 14
VieMed Healthcare Inc. • Investor Presentation 15 Three engines driving our next chapter. O R G A N I C G R O W T H Geographic expansion into new target markets Densify existing markets Women’s health national rollout via existing payers Scale sleep through technology- enabled operations I N O R G A N I C G R O W T H Active M&A pipeline: complementary services Proven playbook: HMP, EAMC, Lehan Pristine balance sheet supports deal capacity Targets: platforms leveraging shared infrastructure O P E R A T I O N A L L E V E R A G E AI & technology driving efficiency across lines Declining capex intensity (capital-light mix shift) Favorable FCF margin mix (sleep/women’s health growing faster) Shared infrastructure reduces incremental cost per service
VieMed Healthcare Inc. • Investor Presentation 16 Disciplined M&A has accelerated the platform… Complementary acquisitions leveraging our platform: successfully integrated and accretive June 2023 Complex respiratory synergies Accelerated sleep growth with mature resupply Geographic, product, and payor diversity April 2024 (JV) Referral source and patient base synergies Hospital JV partnership model Complementary to organic growth July 2025 Chicago market platform with brand equity Added women’s health to product offering Sleep rental, sales, and resupply synergies What We Look For: Complementary to core Leverages infrastructure Expands Offerings Expands Geography
VieMed Healthcare Inc. • Investor Presentation 17 … and the runway of opportunities is long. Our infrastructure, clinical expertise, and payor relationships position us to expand into additional complex home- based services as healthcare continues its shift toward home-based care delivery. S E C U L AR T A I L W I N D S CMS Push to Home Federal policy favoring home- based care delivery Aging Population Accelerating demand for complex home care Hospital Cost Pressure Systems seeking lower-cost care partners Stable Regulatory Environment Regulatory stability a strength for the industry The platform we’ve built has applications well beyond our current product set.
Regulatory Stability: Stable reimbursement environment and a new coverage standard that strengthens our position 18 VieMed Healthcare Inc. • Investor Presentation A Rate and Coverage Environment Working in Our Favor. Medicare Reimbursement + 2.0% - 2.8% CPI-driven rate increase took effect in January 2026. Competitive Bidding Program 2028 CMS has signaled a more limited program restart in 2028 Competitive Bidding Products Excluded CMS confirmed in December 2025 that VieMed's core product categories are excluded from the current round. Vent NCD Coverage Stable Long awaited NCD for ventilation a signal of CMS’ continued support for the complex therapy. New Coverage Determination: Near-Term Friction, Long-Term Tailwind. N E A R - T E R M National Coverage Determination (“NCD”) issued in June 2025 adds administrative and clinical complexity to ventilation therapy for both initial patient access and ongoing service. These new standards introduce an initial operational lift for suppliers. L O N G - T E R M Higher clinical standards strengthens VieMed's competitive position and our 24/7 RT model. Added complexity favors nationally-scaled providers like VieMed. Clear standards provide increased patients access for Commercial and Medicare Advantage payors. ✓ ✓ ✓
VieMed Healthcare Inc. • Investor Presentation Financial Performance 19
• Net revenues grew 21% Y-o-Y, reaching a new Company record • Adjusted EBITDA grew 20% Y-o-Y, reaching a new Company record • Diluted EPS grew 32% Y-o-Y, the 9th consecutive year of positive net income • Sleep therapy patients increased 62% Y-o-Y and sleep resupply patient count increased 49% Y-o-Y • Vent patients increased 4% Y-o-Y VieMed Healthcare Inc. • Investor Presentation $270M Net Revenue $61M Adjusted EBITDA $28M Free Cash Flow $14M Cash on Hand $0M Net Debt $46M Credit Facility Availability 9% Net Capex 9 Yrs Positive Net Income (1) See Appendix for non-GAAP reconciliations. (2) Expressed as a percentage of net revenue. 1 1 20 2025: Record results across the business… 1, 2 1.98M Shares repurchased 1
• 3Q 2026 Revenue increased 12% Y-o-Y, including Lehan in both periods • Ventilator rental revenue increased 7.4% Y-o-Y and 2.9% sequentially to $37.5M • 3Q 2026 Adjusted EBITDA totaled $17.1M • Generated $11.5M of operating cash flow and $4.0M of FCF in 3Q 2026 • PAP therapy patients increased 38% Y-o-Y and sleep resupply patient count increased 22% Y-o-Y VieMed Healthcare Inc. • Investor Presentation $80.7M Net Revenue $17.1M Adjusted EBITDA $26M TTM Free Cash Flow $10M Cash on Hand $0M Net Debt $46M Credit Facility Availability 9% Net Capex $4.6M Net Income Attr. to VMD (1) See Appendix for non-GAAP reconciliations. (2) Expressed as a percentage of net revenue. (3) Quarter to date 3Q 2026. (4) Year to date 3Q 2026. 1, 3 1 21 …and continued momentum through 3Q 2026... 1, 2, 4 796K Shares Repurchased 1 4 3 3 1 1
VieMed Healthcare Inc. • Investor Presentation 22 ...reflected in consistent full-year financial performance... FY 12/31/23 FY 12/31/24 FY 12/31/25 2026 Guidance Net Revenue $ 183.0M $ 224.3M $ 270.3M $ 318.0M Gross Margin % 61.6% 59.4% 57.5% Net Income Attr. to VMD $ 10.2M $ 11.3M $ 14.9M Adjusted EBITDA $ 43.1M $ 51.1M $ 61.4M $ 65.0M Adjusted EBITDA % 23.5% 22.8% 22.7% Free Cash Flow $ 21.7M $ 11.6M $ 28.1M As service mix diversifies, gross margins have moderately compressed, Adj EBITDA margins have held steady and free cash flow has expanded with the decline in capex intensity. 1 (1) Mid-point of 2026 annual guidance ranges. See slide 24 for additional information and commentary about our 2026 annual guidance. (2) See reconciliations of Adjusted EBITDA and Free Cash Flow in Appendix. 2 2
VieMed Healthcare Inc. • Investor Presentation $- $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 $300,000,000 $350,000,000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Revenue Adj. EBITDA (1) 2020, 2021 and 2022 includes $34.3 million, $8.6 million and $2.3 million of COVID-19 sales and services, respectively. (2) See reconciliation of Adjusted EBITDA in Appendix. (3) Mid-point of 2026 annual guidance ranges. See slide 24 for additional information and commentary about our 2026 annual guidance. 1 1 1 3 2 23 …and a long track record of consistent growth.
Down ~1% sequentially vs. Q4 2025; consistent with seasonal guidance 2026 Guidance & Commentary 24VieMed Healthcare Inc. • Investor Presentation Net Revenue $316M – $320M Full-Year 2026 Guidance Adjusted EBITDA $64M – $66M Full-Year 2026 Guidance Net CAPEX 8% – 9% of Net Revenue Revenue Cadence Q1 Up ~3% sequentially vs. Q2 2026; consistent with seasonal guidance Q3 NEW Share Repurchase Program 5% of Shares Outstanding Our Board has authorized a new share repurchase program representing up to 5% of shares outstanding. As of 3Q 2026, we repurchased 795,802 common shares at a cost of $7.5 million (excluding taxes), representing an average buyback price of $9.47 per share. Up ~4% sequentially vs. Q1 2026; consistent with seasonal guidance Q2 Q4 Continued sequential revenue growth expected in 4Q
Capital Allocation Strategy 25VieMed Healthcare Inc. • Investor Presentation Our cash flow generation supports all three priorities simultaneously 1 INVEST IN ORGANIC GROWTH Fully funded by operating cash flow. Sleep tech scaling, women’s health national rollout, continued geographic expansion. 2 EXECUTE M&A P IPELINE Complementary acquisitions leveraging our platform. ~$0M net debt, $46M+ facility provides significant capacity. 3 RETURN CAPITAL TO SHAREHOLDERS 4th share repurchase program authorized. Three prior programs returned $26.3M (4.5M shares; $5.79 avg/share).
Why Own VMD 26VieMed Healthcare Inc. • Investor Presentation 1 Proven National Platform with Multiple High-Growth Opportunities Infrastructure serving 223,000+ patients across all 50 states, built over a decade of disciplined clinical execution. Ventilation anchor and complementary lines; all leveraging shared infrastructure and payor relationships. 2 Regulatory Stability 3 Industry Leading Financial Performance Building on nine straight years of positive net income, our maturing ventilation patient base combined with capital-light service lines are meaningfully expanding FCF. 4 Pristine Balance Sheet with M&A Optionality $0M net debt, an active acquisition pipeline, and a proven integration playbook for complementary businesses. 5 Disciplined Capital Allocation - Aligned from the Top Organic growth funded internally. Board has authorized a new share repurchase program. Insiders beneficially own more than 20% of shares outstanding; leadership's interests are squarely aligned with shareholders. NASDAQ: VMD Regulatory clarity on two fronts: ventilation coverage standards established, competitive bidding overhang removed.
VieMed Healthcare Inc. • Investor Presentation Appendix 27
Net CAPEX For the quarter ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Purchase of property and equipment 8,616 8,460 6,712 8,737 7,636 8,129 15,483 11,829 Proceeds from sale of property and equipment (1,154) (1,174) (1,227) (1,125) (1,671) (6,402) (6,953) (2,881) Net CAPEX 7,462 7,286 5,485 7,612 5,965 1,727 8,530 8,948 Net Capex % of Net Revenue 9.2% 9.3% 7.3% 10.0% 8.3% 2.7% 14.4% 14.7% VieMed Healthcare Inc. • Investor Presentation (expressed in thousands of U.S. Dollars) 28
Liquidity Metrics Positioned for growth • The Company maintains a healthy balance sheet with no net debt as of September 30, 2026, providing significant financial flexibility. • As of September 30, 2026, the Company had $46 million available under its existing credit facilities, supporting our capital allocation strategy. For the period ended 9/30/26 12/31/25 12/31/24 Cash on hand $ 9,676 $ 13,501 $ 17,540 Working Capital $ 11,966 $ 7,437 $ 15,554 Long Term Debt $ 4,510 $ 11,291 $ 3,589 VieMed Healthcare Inc. • Investor Presentation (expressed in thousands of U.S. Dollars) 29
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% Free Cash Flow – Annual VieMed Healthcare Inc. • Investor Presentation 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 does not represent residual cash flow available for discretionary expenditures. 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 has 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. (Expressed in thousands of U.S. Dollars) 30
Free Cash Flow – Trailing Twelve Months 31 VieMed Healthcare Inc. • Investor Presentation TTM For the quarter ended 9/30/26 9/30/26 6/30/26 3/31/26 12/31/25 Net cash provided by operating activities $ 53,901 $ 11,487 $ 15,902 $ 8,071 $ 18,441 Less: Purchase of property and equipment (32,525) (8,616) (8,460) (6,712) (8,737) Proceeds from sale of property and equipment 4,680 1,154 1,174 1,227 1,125 Net CAPEX (27,845) (7,462) (7,286) (5,485) (7,612) Free Cash Flow $ 26,056 $ 4,025 $ 8,616 $ 2,586 $ 10,829 (Expressed in thousands of U.S. Dollars) The Company also presents non-GAAP free cash flow for the current quarter and trailing twelve months (TTM) as a supplemental liquidity measure. Free cash flow does not represent residual cash flow available for discretionary expenditures. Trailing twelve months (TTM) free cash flow is calculated by aggregating the last four quarters, each calculated using the methodology as described on the previous slide.
Reconciliation of Adjusted EBITDA (1) Represents non-cash, equity-based compensation expense associated with option and RSU awards. (2) Represents transaction costs and expenses related to acquisition and integration efforts associated with recently announced or completed acquisitions. (3) Represents impairments of the fair value of investment and litigation-related assets. (Expressed in millions of U.S. Dollars) For the year ended: 2025 2024 2023 2022 2021 2020 2019 2018 2017 Net Income attributable to VieMed Healthcare, Inc. $ 14.9 $ 11.3 $ 10.2 $ 6.2 $ 9.1 $ 31.5 $ 8.5 $ 9.5 $ 7.7 Add back: Depreciation and amortization 28.7 25.3 21.9 15.6 11.3 9.6 6.4 3.8 2.5 Interest expense, net 1.2 0.8 0.4 0.2 0.3 0.5 0.3 0.2 0.3 Loss (gain) on derivative - - - - - - (0.4) 0.2 0.2 Stock-based compensation(1) 9.1 6.3 5.9 5.2 5.2 4.9 3.9 2.7 0.8 Transaction costs(2) 1.1 0.3 0.5 - - - - - - Impairment of assets(3) - 2.3 - - - - - - - Income tax expense (benefit) 6.4 4.8 4.2 2.8 3.4 (5.2) 0.3 0.1 - Adjusted EBITDA $ 61.4 $ 51.1 $ 43.1 $ 30.0 $ 29.3 $ 41.3 $ 19.0 $ 16.5 $ 11.5 VieMed Healthcare Inc. • Investor Presentation Adjusted EBITDA is a non-GAAP financial measure that does not have a standardized meaning prescribed by U.S. GAAP. VieMed's presentation of this financial measure may not be comparable to similarly titled measures used by other companies. Management believes Adjusted EBITDA provides helpful information with respect to VieMed’s operating performance as viewed by management, including a view of VieMed’s business that is not dependent on the impact of VieMed’s capitalization structure and items that are not part of VieMed’s day-to-day operations. Management uses Adjusted EBITDA (i) to compare VieMed’s operating performance on a consistent basis, (ii) to calculate incentive compensation for VieMed’s employees, (iii) for planning purposes, including the preparation of VieMed’s internal annual operating budget, and (iv) to evaluate the performance and effectiveness of VieMed’s operational strategies. Accordingly, management believes that Adjusted EBITDA provides useful information in understanding and evaluating VieMed’s operating performance in the same manner as management. The table below is a reconciliation of net income attributable to VieMed Healthcare, Inc., the most directly comparable U.S. GAAP measure, to Adjusted EBITDA, on a historical basis for the periods indicated. In calculating Adjusted EBITDA, certain items(mostly non-cash) are excluded from net income including depreciation and amortization of capitalized assets, net interest expense, stock-based compensation, transaction costs, impairment of assets, and taxes. 32
(1) Refer to the previous slide for discussion of Adjusted EBITDA. (2) Represents non-cash, equity-based compensation expense associated with option and RSU awards. (3) Represents transaction costs and expenses related to acquisition and integration efforts associated with recently announced or completed acquisitions. (4) Represents impairments of the fair value of investment and litigation-related assets. For the quarter ended: 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Net Income attributable to VieMed Healthcare, Inc. $ 4,638 $ 2,764 $ 2,582 $ 5,639 $ 3,513 $ 3,157 $ 2,625 $ 4,316 Add back: Depreciation & amortization 7,718 7,520 7,621 7,570 7,539 6,891 6,613 6,366 Interest expense, net 177 248 305 364 507 132 179 147 Stock-based compensation(2) 2,476 2,032 2,451 2,300 2,180 2,341 2,311 1,521 Transaction costs(3) - - 74 139 847 53 85 11 Impairment of assets(4) - - - - - - - - Income tax expense 2,048 1,151 1,278 2,191 1,535 1,713 952 1,881 Adjusted EBITDA $ 17,057 $ 13,715 $ 14,311 $ 18,203 $ 16,121 $ 14,287 $ 12,765 $ 14,242 VieMed Healthcare Inc. • Investor Presentation (Expressed in thousands of U.S. Dollars) Reconciliation of Adjusted EBITDA1 33
VieMed Healthcare Inc. • Investor Presentation Financial and Operational Highlights (expressed in thousands of U.S. Dollars, except operational information). (1) Refer to slides 32-33 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: 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Financial Information: Revenue $80,673 $78,097 $75,414 $76,181 $71,914 $63,056 $59,129 $60,695 Gross Profit $46,192 $45,048 $42,827 $44,103 $41,345 $36,731 $33,279 $36,138 Gross Profit % 57% 58% 57% 58% 57% 58% 56% 60% Net Income attributable to VieMed Healthcare, Inc. $4,638 $2,764 $2,582 $5,639 $3,513 $3,157 $2,625 $4,316 Cash and Cash Equivalents (As of) $9,676 $10,680 $9,762 $13,501 $11,123 $20,016 $10,160 $17,540 Total Assets (As of) $207,634 $204,224 $197,361 $199,154 $202,360 $184,603 $178,079 $177,069 Adjusted EBITDA(1) $17,057 $13,715 $14,311 $18,203 $16,121 $14,287 $12,765 $14,242 Operational Information: Vent Patients(2) 12,552 12,635 12,089 12,259 12,372 12,152 11,809 11,795 PAP Therapy Patients(3) 43,861 37,825 35,938 34,528 31,891 26,260 22,899 21,338 Sleep Resupply Patients(4) 40,918 37,035 33,661 36,561 33,518 25,246 22,941 24,478 34