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Revenue: $71.9 million, representing 24% year-over-year growth and 14% sequential growth.

Gross Profit: $41.3 million, with a 57.5% gross margin.

Adjusted EBITDA: $16.1 million, up 16% from the prior year, with a 22.4% margin.

Net Income: $3.5 million or $0.09 per diluted share.

SG&A Expenses: 44.4% of revenue, a 160 basis point improvement year-over-year.

Capital Expenditures: $7.6 million, down from $11 million a year ago.

Free Cash Flow: Trailing twelve-month free cash flow totaled $23.3 million.

Cash and Debt: $11.1 million in cash, $5.8 million in working capital, and $19.6 million in long-term debt.

Full Year Revenue Outlook: Expected between $271 million and $273 million.

Full Year Adjusted EBITDA Outlook: Expected between $60 million and $62 million.

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Release Date: November 06, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Viemed Healthcare Inc (NASDAQ:VMD) reported record revenue of $71.9 million, representing a 24% year-over-year growth and 14% sequential growth.

The acquisition of Leehan's medical equipment contributed to immediate accretion and diversification of the business.

Ventilation revenue achieved double-digit year-over-year growth, demonstrating sustained demand.

The company successfully integrated Leehan's medical equipment, expanding its sleep footprint and adding 2,465 patients.

Viemed Healthcare Inc (NASDAQ:VMD) completed its 2025 share repurchase program, enhancing its ability to pursue strategic growth opportunities.

The company's core ventilation business now accounts for less than 50% of net revenue, indicating a shift that may concern some investors.

There is a potential risk of competitive bidding returning, which could impact revenue streams.

The healthcare sector, in general, is underperforming, affecting investor interest and stock performance.

Revenue per patient in the sleep therapy segment has been declining sequentially, raising concerns about profitability.

The shift in payer mix with lower Medicare exposure could introduce authorization friction and audit risks.

Q: Can you confirm the organic growth rate excluding the contribution from Leehan's acquisition? A: Casey Hoyt, CEO: The organic growth rate was approximately 14% on revenue growth.

Q: What is driving the significant growth in the sleep segment compared to peers? A: Casey Hoyt, CEO: We are gaining market share by hiring dedicated sleep sales reps and leveraging our experience and infrastructure. The focus on sleep sales started around 5-6 years ago, and we are seeing success with our strategy.

Q: What are your thoughts on the potential return of competitive bidding and its impact on your business? A: Trae Fitzgerald, CFO: We anticipate competitive bidding will return. We are operationally prepared and expect to participate in all CBAs. The maternal side of the business is insulated from competitive bidding as it is primarily commercial and Medicaid.

Q: How do you plan to manage the shift in payer mix and its impact on margins? A: W. Todd Zehnder, COO: The shift is due to diversification and the acquisition of Leehan's, which has minimal Medicare exposure. We are managing this with efficient revenue cycle management and maintaining low accounts receivable.

Q: What are the priority areas for technological investment in the midterm? A: Casey Hoyt, CEO: We are focusing on AI and machine learning, particularly in the intake division to streamline processes. We have a team exploring further applications to enhance scalability and operational efficiency.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.