Viemed Healthcare Stock Earnings Reports

Viemed Healthcare reported strong Q1 2026 results with revenue of $75.4M, up 28% year-over-year, driven by growth in sleep (PAP patients up 57% YoY to ~36k), expanding maternal health following the Lehan acquisition, and improving ventilator startup momentum. Ventilator rental revenue grew ~10% YoY, but net ventilator patient census was 12,089 as some patients cycled due to new NCD compliance evaluations; compliance among active ventilator patients has improved ~20% since the NCD. Gross margin was 56.8% and adjusted EBITDA was $14.3M (19% of revenue); on a comparable basis (excluding a prior-year disposal gain) adjusted EBITDA margin expanded ~200 bps YoY. Free cash flow improved materially to $2.6M (vs. -$5.7M prior year), driven by stronger operating cash flow ($8.1M) and lower net CapEx ($5.5M). Trailing twelve-month free cash flow rose to $36.3M. Balance sheet: $9.8M cash, $46M available on credit facility, and net long-term debt essentially zero after $3.2M principal paydown. Management initiated a $1.4M share repurchase (150k shares) and reaffirmed capital priorities: invest in organic growth, evaluate disciplined M&A, return capital opportunistically. Full-year guidance: net revenue narrowed/upgraded to $312M–$320M, adjusted EBITDA reaffirmed $65M–$69M, and net CapEx guidance lowered to 9%–10.5% of revenue. Management emphasized continued operational execution, regulatory positioning (limited competitive-bidding exposure and enrollment moratorium that favors incumbents), and confidence in scaling maternal health and sleep while adapting to NCD compliance dynamics in ventilation.