8-K
VIEMED HEALTHCARE, INC. (VMD)
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 5, 2025
Viemed Healthcare, Inc.
(Exact name of registrant as specified in its charter)
| British Columbia, Canada | 001-38973 | N/A | |||
|---|---|---|---|---|---|
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) | 625 E. Kaliste Saloom Rd.<br><br>Lafayette, Louisiana | 70508 | |
| --- | --- | ||||
| (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 |
|---|---|---|
| Common shares, no par value | VMD | The Nasdaq Stock Market LLC |
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 5, 2025, Viemed Healthcare, Inc. (the "Company") issued a press release announcing its financial results for the three and nine months ended September 30, 2025. 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, 2025. The Financial Supplement is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the foregoing information, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information and Exhibits 99.1 and 99.2 be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
| (d) | Exhibits |
|---|---|
| Exhibit <br>Number | Description |
| --- | --- |
99.1 Press Release dated November 5, 2025.
99.2 Financial Supplement dated November 5, 2025.
104 Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 5, 2025
| VIEMED HEALTHCARE, INC. | |
|---|---|
| By: | /s/ Trae Fitzgerald |
| Trae Fitzgerald | |
| Chief Financial Officer |
Document
VIEMED HEALTHCARE ANNOUNCES THIRD QUARTER 2025 FINANCIAL RESULTS
Lafayette, Louisiana (November 5, 2025) Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD), an in-home clinical care provider of post-acute respiratory healthcare equipment and services in the United States, announced today that it has reported its financial results for the three and nine months ended September 30, 2025.
Operational highlights (all dollar amounts are USD):
•Net revenues for the quarter ended September 30, 2025 were $71.9 million, setting a Company record, representing an increase of $13.9 million, or 24.0%, over net revenues reported for the comparable quarter ended September 30, 2024.
•Net income attributable to Viemed for the quarter ended September 30, 2025 totaled $3.5 million, or $0.09 per diluted share.
•Adjusted EBITDA for the quarter ended September 30, 2025 totaled $16.1 million, a 15.5% increase as compared to the quarter ended September 30, 2024.
•Net cash provided by operating activities totaled $18.4 million for the quarter and $48.5 million for the trailing twelve months ended September 30, 2025. Free cash flow totaled $12.4 million for the quarter and $23.3 million for the trailing twelve months ended September 30, 2025.
•On July 1, 2025, Viemed closed on the strategic acquisition of Lehan’s Medical Equipment (“Lehan”). The results of Lehan’s operations have been included in the consolidated financial statements since the date of acquisition and were immediately accretive to net income and earnings per share.
•During the third quarter of 2025, the Company repurchased and cancelled 1,706,380 common shares under its share repurchase program at a cost of $11.4 million, representing an average buyback price of $6.68 per share.
•The Company increased its ventilator patient count to 12,372 as of September 30, 2025, an increase of 8.8% over September 30, 2024, and a 1.8% sequential increase from June 30, 2025.
•The Company increased its PAP therapy patient count to 31,891 as of September 30, 2025, an increase of 63.7% over September 30, 2024, and a 21.4% sequential increase from June 30, 2025. The Company's sleep resupply patient count was 33,518 as of September 30, 2025, an increase of 51.4% over September 30, 2024, and a 32.8% sequential increase from June 30, 2025.
•As of September 30, 2025, the Company maintains a strong cash balance of $11.1 million and an overall working capital balance of $5.8 million. Long term debt as of September 30, 2025 amounted to $19.6 million and the Company has $38 million available under existing credit facilities.
Full Year 2025 Guidance (all dollar amounts are USD):
The Company is updating its financial guidance for the year ending December 31, 2025:
•Net Revenue: Now expected to be in the range of $271 million to $273 million, compared to the previous guidance of $271 million to $277 million.
•Adjusted EBITDA: Now expected to be in the range of $60 million to $62 million, compared to the previous guidance of $59 million to $62 million.
The narrowing of the range primarily reflects the passage of time and increased visibility into the remainder of the year, as the forecast period shortens. This outlook excludes the impact of any potential future acquisitions or other strategic transactions. For additional information regarding non-GAAP financial measures, please refer to the "Use of Non-GAAP Financial Information and Financial Guidance" section below.
Casey Hoyt, Viemed’s CEO, commented, “We delivered another outstanding quarter marked by strong execution and sustained expansion of our patient base across every major service line. Our disciplined approach to capital deployment was demonstrated through the full completion of our 2025 share repurchase program, while the acquisition of Lehan’s Medical Equipment further enhanced our market presence and diversified our service capabilities. Both initiatives were accretive to earnings per share and reflect our unwavering commitment to creating long-term shareholder value while improving patient outcomes across the communities we serve."
"In addition, our strong liquidity and consistent free cash flow generation provide the flexibility to pursue strategic growth opportunities and return capital to shareholders, while preserving the financial strength that underpins our long-term success.”
Conference Call Details
The Company will host a conference call to discuss third quarter results on Thursday, November 6, 2025, 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=asCOlSnC
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 an in-home clinical care provider of post-acute respiratory healthcare equipment and services in the United States, including non-invasive ventilators (NIV), sleep therapy, staffing, and other complementary products and services. Viemed focuses on efficient and effective in-home treatment with clinical practitioners providing therapy, education and counseling to patients in their homes using high-touch and high-tech services. Visit our website at www.viemed.com.
For further information, please contact:
Investor Relations
ir@viemed.com
Trae Fitzgerald
Chief Financial Officer
(337) 504-3802
Forward-Looking Statements
Certain statements contained in this press release may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or “forward-looking information” as such term is defined in applicable Canadian securities legislation (collectively, “forward-looking statements”). Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “potential”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “projects”, or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “will”, “should”, “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. All statements other than statements of historical fact, including those that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance, including the Company's net revenue and Adjusted EBITDA guidance for 2025, the anticipated synergies and other benefits of the acquisition of Lehan's Medical Equipment, future capital allocation priorities, liquidity position, free cash flow generation, and strategic growth opportunities, are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking statements to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: the general business, market and economic conditions in the regions in which we operate; significant capital requirements and operating risks that we may be subject to; our ability to implement business strategies and pursue business opportunities; volatility in the market price of our common shares; the state of the capital markets; the availability of funds and resources to pursue operations; inflation; reductions in reimbursement rates and audits of reimbursement claims by various governmental and private payor entities; dependence on few payors; possible new drug discoveries; dependence on key suppliers; granting of permits and licenses in a highly regulated business; competition; disruptions in or attacks (including cyber-attacks) on our information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which we are exposed; difficulty integrating newly acquired businesses; the impact of new and changes to, or application of, current laws and regulations; the overall difficult litigation and regulatory environment; increased competition; increased funding costs and market volatility due to market illiquidity and competition for funding; critical accounting estimates and changes to accounting standards, policies, and methods used by us; and the occurrence of natural and unnatural catastrophic events or health epidemics or concerns, and claims resulting from such events or concerns, as well as other general economic, market and business conditions; and other factors beyond our control; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and with the securities regulatory authorities in certain provinces of Canada available at www.sedarplus.ca. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.
Use of Non-GAAP Financial Information and Financial Guidance
This press release includes references to financial measures that are calculated and presented using methodologies other than those in accordance with generally accepted accounting principles in the United States (“GAAP”), including Adjusted EBITDA and free cash flow. Any non-GAAP financial measures presented herein are intended to supplement, and not to be considered superior to or as a substitute for, the Company’s consolidated financial statements prepared in accordance with GAAP. These non-GAAP financial measures exclude significant expense and income items required by GAAP, and are subject to inherent limitations, including the exercise of judgment by management regarding which items to exclude or include. Non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies. The reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the tables accompanying this release.
This press release contains non-GAAP financial guidance. There is no reliable or reasonably estimable comparable GAAP measure for the Company’s non-GAAP financial guidance because the Company is not able to reliably predict the impact of certain items that typically have one or more of the following characteristics: highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods. As a result, reconciliation of the non-GAAP financial guidance to the most directly comparable GAAP measure is not available without unreasonable effort. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company’s future GAAP results. The Company’s financial guidance in this press release excludes the impact of potential future strategic acquisitions and any items that have not yet been identified or quantified. This guidance is subject to risks and uncertainties inherent in all forward-looking statements, as outlined above.
VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars, except share amounts)
(Unaudited)
| At<br>September 30, 2025 | At<br>December 31, 2024 | |||
|---|---|---|---|---|
| ASSETS | ||||
| Current assets | ||||
| Cash and cash equivalents | $ | 11,123 | $ | 17,540 |
| Accounts receivable, net | 27,414 | 24,911 | ||
| Inventory | 5,269 | 4,320 | ||
| Income tax receivable | 1,913 | — | ||
| Prepaid expenses and other assets | 4,265 | 6,109 | ||
| Total current assets | $ | 49,984 | $ | 52,880 |
| Long-term assets | ||||
| Property and equipment, net | 80,512 | 76,279 | ||
| Finance lease right-of-use assets | — | 50 | ||
| Operating lease right-of-use assets | 3,589 | 2,831 | ||
| Equity investments | 2,794 | 2,794 | ||
| Deferred tax asset | 5,669 | 8,398 | ||
| Identifiable intangibles, net | 1,348 | 848 | ||
| Goodwill | 58,464 | 32,989 | ||
| Total long-term assets | $ | 152,376 | $ | 124,189 |
| TOTAL ASSETS | $ | 202,360 | $ | 177,069 |
| LIABILITIES | ||||
| Current liabilities | ||||
| Trade payables | $ | 8,670 | $ | 5,322 |
| Deferred revenue | 7,810 | 6,694 | ||
| Income taxes payable | — | 3,883 | ||
| Accrued liabilities | 25,007 | 20,157 | ||
| Finance lease liabilities, current portion | — | 50 | ||
| Operating lease liabilities, current portion | 1,149 | 811 | ||
| Current portion of long-term debt | 1,554 | 409 | ||
| Total current liabilities | $ | 44,190 | $ | 37,326 |
| Long-term liabilities | ||||
| Accrued liabilities | 680 | 846 | ||
| Operating lease liabilities, less current portion | 2,410 | 2,007 | ||
| Long-term debt | 19,585 | 3,589 | ||
| Total long-term liabilities | $ | 22,675 | $ | 6,442 |
| TOTAL LIABILITIES | $ | 66,865 | $ | 43,768 |
| Commitments and Contingencies | — | — | ||
| SHAREHOLDERS' EQUITY | ||||
| Common stock - No par value: unlimited authorized; 38,017,907 and 39,132,897 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 16,901 | 23,365 | ||
| Additional paid-in capital | 19,453 | 18,337 | ||
| Retained earnings | 97,254 | 89,691 | ||
| TOTAL VIEMED HEALTHCARE, INC.'S SHAREHOLDERS' EQUITY | $ | 133,608 | $ | 131,393 |
| Noncontrolling interest in subsidiary | 1,887 | 1,908 | ||
| TOTAL SHAREHOLDERS' EQUITY | 135,495 | 133,301 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 202,360 | $ | 177,069 |
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, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Revenue | $ | 71,914 | $ | 58,004 | $ | 194,099 | $ | 163,562 |
| Cost of revenue | 30,569 | 23,633 | 82,744 | 66,497 | ||||
| Gross profit | $ | 41,345 | $ | 34,371 | $ | 111,355 | $ | 97,065 |
| Operating expenses | ||||||||
| Selling, general and administrative | 31,919 | 26,671 | 89,147 | 77,988 | ||||
| Research and development | 775 | 757 | 2,419 | 2,265 | ||||
| Stock-based compensation | 2,180 | 1,712 | 6,832 | 4,764 | ||||
| Depreciation and amortization | 397 | 348 | 1,098 | 1,140 | ||||
| Loss (gain) on disposal of property and equipment | 476 | (469) | (2,528) | (801) | ||||
| Other expense (income), net | (44) | (276) | (191) | 261 | ||||
| Income from operations | $ | 5,642 | $ | 5,628 | $ | 14,578 | $ | 11,448 |
| Non-operating income and expenses | ||||||||
| Income (loss) from investments | — | 96 | — | (954) | ||||
| Interest expense, net | (507) | (225) | (818) | (629) | ||||
| Net income before taxes | 5,135 | 5,499 | 13,760 | 9,865 | ||||
| Provision for income taxes | 1,535 | 1,594 | 4,200 | 2,880 | ||||
| Net income | $ | 3,600 | $ | 3,905 | $ | 9,560 | $ | 6,985 |
| Net income attributable to noncontrolling interest | 87 | 27 | 265 | 36 | ||||
| Net income attributable to Viemed Healthcare, Inc. | $ | 3,513 | $ | 3,878 | $ | 9,295 | $ | 6,949 |
| Net income per share | ||||||||
| Basic | $ | 0.09 | $ | 0.10 | $ | 0.24 | $ | 0.18 |
| Diluted | $ | 0.09 | $ | 0.10 | $ | 0.23 | $ | 0.17 |
| Weighted average number of common shares outstanding: | ||||||||
| Basic | 38,638,660 | 38,870,823 | 39,190,666 | 38,803,887 | ||||
| Diluted | 40,495,761 | 40,779,414 | 41,086,178 | 40,702,001 |
VIEMED HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
(Unaudited)
| Nine Months Ended September 30, | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Cash flows from operating activities | ||||
| Net income | $ | 9,560 | $ | 6,985 |
| Adjustments for: | ||||
| Depreciation and amortization | 21,043 | 19,002 | ||
| Stock-based compensation expense | 6,832 | 4,764 | ||
| Distributions of earnings received from equity method investments | — | 147 | ||
| Income from equity method investments | — | (261) | ||
| Loss from debt investment | — | 1,344 | ||
| Gain on disposal of property and equipment | (2,528) | (801) | ||
| Amortization of deferred financing costs | 121 | 135 | ||
| Deferred income tax expense (benefit) | 2,729 | (3,507) | ||
| Changes in working capital: | ||||
| Accounts receivable, net | (670) | (8,213) | ||
| Inventory | (163) | 583 | ||
| Prepaid expenses and other assets | (626) | 340 | ||
| Trade payables | 767 | 747 | ||
| Deferred revenue | 622 | 489 | ||
| Accrued liabilities | 1,584 | 2,424 | ||
| Income tax payable/receivable | (5,796) | (76) | ||
| Net cash provided by operating activities | $ | 33,475 | $ | 24,102 |
| Cash flows from investing activities | ||||
| Purchase of property and equipment | (31,248) | (25,942) | ||
| Cash paid for acquisitions, net of cash acquired | (26,332) | (2,999) | ||
| Proceeds from sale of property and equipment | 15,026 | 7,440 | ||
| Net cash used in investing activities | $ | (42,554) | $ | (21,501) |
| Cash flows from financing activities | ||||
| Proceeds from exercise of options | 1,439 | 416 | ||
| Proceeds from term notes | 9,000 | — | ||
| Principal payments on term notes | (484) | (954) | ||
| Proceeds from revolving credit facilities | 13,000 | 3,000 | ||
| Payments on revolving credit facilities | (5,000) | (5,000) | ||
| Payments for debt issuance costs | — | (171) | ||
| Shares redeemed to pay income tax | (1,732) | (1,065) | ||
| Shares repurchased under the share repurchase program | (13,225) | — | ||
| Repayments of finance lease liabilities | (50) | (319) | ||
| Distributions to non-controlling interest | (286) | — | ||
| Net cash provided by (used in) financing activities | $ | 2,662 | $ | (4,093) |
| Net decrease in cash and cash equivalents | (6,417) | (1,492) | ||
| Cash and cash equivalents at beginning of year | 17,540 | 12,839 | ||
| Cash and cash equivalents at end of period | $ | 11,123 | $ | 11,347 |
| Supplemental disclosures of cash flow information | ||||
| Cash paid during the period for interest | $ | 587 | $ | 745 |
| Cash paid during the period for income taxes, net of refunds | $ | 7,267 | $ | 6,416 |
| Supplemental disclosures of non-cash transactions | ||||
| Equipment and other fixed asset purchases payable at end of period | $ | 4,774 | $ | 2,854 |
| Equipment sales receivable at end of period | $ | — | $ | 1,683 |
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 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; unaudited)
| For the quarter ended | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net income attributable to Viemed Healthcare, Inc. | $ | 3,513 | $ | 3,157 | $ | 2,625 | $ | 4,316 | $ | 3,878 | $ | 1,468 | $ | 1,603 | $ | 3,477 |
| Add back: | ||||||||||||||||
| Depreciation & amortization | 7,539 | 6,891 | 6,613 | 6,366 | 6,408 | 6,309 | 6,285 | 5,918 | ||||||||
| Interest expense, net | 507 | 132 | 179 | 147 | 225 | 254 | 150 | 256 | ||||||||
| Stock-based compensation(a) | 2,180 | 2,341 | 2,311 | 1,521 | 1,712 | 1,620 | 1,432 | 1,534 | ||||||||
| Transaction costs(b) | 847 | 53 | 85 | 11 | 12 | 221 | 110 | 61 | ||||||||
| Impairment of assets(c) | — | — | — | — | 125 | 2,173 | — | — | ||||||||
| Income tax expense | 1,535 | 1,713 | 952 | 1,881 | 1,594 | 768 | 518 | 1,599 | ||||||||
| Adjusted EBITDA | $ | 16,121 | $ | 14,287 | $ | 12,765 | $ | 14,242 | $ | 13,954 | $ | 12,813 | $ | 10,098 | $ | 12,845 |
(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 should be considered in addition to, and not as a substitute for, net cash provided by operating activities as reported under GAAP. The Company's presentation of this financial measure may not be comparable to similarly titled measures used by other companies.
We present non-GAAP free cash flow for the current quarter and trailing twelve months (TTM) as a supplemental liquidity measure. Management believes free cash flow provides investors with useful insight into the company’s ability to generate cash, fund growth initiatives, and return capital to shareholders. Free cash flow is defined as net cash provided by operating activities, as reported under 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.
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, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | ||||||
| Net cash provided by operating activities | $ | 48,462 | $ | 18,367 | $ | 12,254 | $ | 2,854 | $ | 14,987 |
| Less: | ||||||||||
| Purchase of property and equipment | (43,077) | (7,636) | (8,129) | (15,483) | (11,829) | |||||
| Proceeds from sale of property and equipment | 17,907 | 1,671 | 6,402 | 6,953 | 2,881 | |||||
| Net CAPEX | (25,170) | (5,965) | (1,727) | (8,530) | (8,948) | |||||
| Free cash flow | $ | 23,292 | $ | 12,402 | $ | 10,527 | $ | (5,676) | $ | 6,039 |
VIEMED HEALTHCARE, INC.
Key Financial and Operational Information
(Expressed in thousands of U.S. Dollars, except vent patients)
(Unaudited)
| For the quarter ended | September 30,<br>2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial Information: | ||||||||||||||||||||||||
| Revenue | $ | 71,914 | $ | 63,056 | $ | 59,129 | $ | 60,695 | $ | 58,004 | $ | 54,965 | $ | 50,593 | $ | 50,739 | ||||||||
| Gross Profit | $ | 41,345 | $ | 36,731 | $ | 33,279 | $ | 36,138 | $ | 34,371 | $ | 32,892 | $ | 29,802 | $ | 32,111 | ||||||||
| Gross Profit % | 57 | % | 58 | % | 56 | % | 60 | % | 59 | % | 60 | % | 59 | % | 63 | % | ||||||||
| Net Income attributable to Viemed Healthcare, Inc. | $ | 3,513 | $ | 3,157 | $ | 2,625 | $ | 4,316 | $ | 3,878 | $ | 1,468 | $ | 1,603 | $ | 3,477 | ||||||||
| Cash and Cash Equivalents (As of) | $ | 11,123 | $ | 20,016 | $ | 10,160 | $ | 17,540 | $ | 11,347 | $ | 8,807 | $ | 7,309 | $ | 12,839 | ||||||||
| Total Assets (As of) | $ | 202,360 | $ | 184,603 | $ | 178,079 | $ | 177,069 | $ | 169,526 | $ | 163,947 | $ | 154,875 | $ | 154,895 | ||||||||
| Adjusted EBITDA(1) | $ | 16,121 | $ | 14,287 | $ | 12,765 | $ | 14,242 | $ | 13,954 | $ | 12,813 | $ | 10,098 | $ | 12,845 | ||||||||
| Operational Information: | ||||||||||||||||||||||||
| Vent Patients(2) | 12,372 | 12,152 | 11,809 | 11,795 | 11,374 | 10,905 | 10,450 | 10,327 | ||||||||||||||||
| PAP Therapy Patients(3) | 31,891 | 26,260 | 22,899 | 21,338 | 19,478 | 17,349 | 15,726 | 14,900 | ||||||||||||||||
| Sleep Resupply Patients(4) | 33,518 | 25,246 | 22,941 | 24,478 | 22,143 | 20,185 | 18,904 | 18,902 |
(1) Refer to "Reconciliation from GAAP Net Income to Non-GAAP Adjusted EBITDA " section above for definition of Adjusted EBITDA.
(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.
viemed_q32025supplementa
Financial Supplement NASDAQ: VMD Leading th e Healthcare Industry in Home Respiratory Care November 5, 2025 1 Third Quarter 2025
Disclaimers Forward Looking Statements Certain statements contained in this Financial Supplement may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or “forward-looking information” as such term is defined in applicable Canadian securities legislation (collectively, “forward-looking statements”). Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “potential”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “projects”, or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “will”, “should”, “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. All statements other than statements of historical fact, including those that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance, including the Company's net revenue and Adjusted EBITDA guidance for 2025, and the anticipated benefits of the acquisition of Lehan’s Medical Equipment, including its expected contribution to the Company’s financial performance in the second half of 2025, 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 the we operate; significant capital requirements and operating risks that we may be subject to; our ability to implement business strategies and pursue business opportunities; volatility in the market price of our common shares; the state of the capital markets; the availability of funds and resources to pursue operations; inflation; reductions in reimbursement rates and audits of reimbursement claims by various governmental and private payor entities; dependence on few payors; possible new drug discoveries; dependence on key suppliers; granting of permits and licenses in a highly regulated business; competition; disruptions in or attacks (including cyber-attacks) on our information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which we are exposed; difficulty integrating newly acquired businesses; the impact of new and changes to, or application of, current laws and regulations; the overall difficult litigation and regulatory environment; increased competition; increased funding costs and market volatility due to market illiquidity and competition for funding; critical accounting estimates and changes to accounting standards, policies, and methods used by us; and the occurrence of natural and unnatural catastrophic events or health epidemics or concerns, and claims resulting from such events or concerns, 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.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this Financial Supplement are made as of the date of this Financial Supplement and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law. This Financial Supplement contains non-GAAP financial guidance. There is no reliable or reasonably estimable comparable GAAP measure for the Company’s non-GAAP financial guidance because the Company is not able to reliably predict the impact of certain items that typically have one or more of the following characteristics: highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods. As a result, reconciliation of the non-GAAP financial guidance to the most directly comparable GAAP measure is not available without unreasonable effort. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company’s future GAAP results. Non-GAAP and Other Financial Information This presentation includes references to financial measures that are calculated and presented using methodologies other than those in accordance with generally accepted accounting principles in the United States (“GAAP”), including Adjusted EBITDA and free cash flow. Any non-GAAP financial measures presented herein are intended to supplement, and not to be considered superior to or as a substitute for, the Company’s consolidated financial statements prepared in accordance with GAAP. These non-GAAP financial measures exclude significant expense and income items required by GAAP, and are subject to inherent limitations, including the exercise of judgment by management regarding which items to exclude or include. Non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies. A reconciliation between GAAP and non-GAAP financial information is provided below. 2 VieMed Healthcare Inc. I Supplemental Presentation
Key Themes for Q3 2025 3 Delivered record third-quarter results marked by strong execution and sustained expansion of our patient base across major service lines. Completed all repurchases authorized under the 2025 share repurchase program, repurchasing $11.4 million worth of common shares during the quarter. Enhanced our market presence and diversified our service capabilities through the acquisition of Lehan’s Medical Equipment. Generated significant free cash flow, reinforcing our strong balance sheet and liquidity position. • Revenue growth of 24% YOY in Q3 • Sustained vent patient growth of 9% YOY in Q3; up 2% sequentially from Q2 • Sleep therapy patients were up 64% YOY and up 21% sequentially in Q3; new sleep patient starts were up 96% YOY, and sleep resupply patient count was up 51% YOY and up 33% sequentially • Net income attributable to Viemed of $3.5M in Q3, or $0.09 per diluted share • Adjusted EBITDA increased 16% YOY for Q3; Adjusted EBITDA margin of 22.4% • Completed repurchases of 1,706,380 common shares for $11.4 million at an average price of $6.68 per share in Q3 VieMed Healthcare Inc. I Supplemental Presentation
Financial and Operational Highlights 4 (expressed in thousands of U.S. Dollars, except operational information). (1) Refer to "Non-GAAP Reconciliations" in this presentation for 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: 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23 Financial Information: Revenue $71,914 $63,056 $59,129 $60,695 $58,004 $54,965 $50,593 $50,739 Gross Profit $41,345 $36,731 $33,279 $36,138 $34,371 $32,892 $29,802 $32,111 Gross Profit % 57% 58% 56% 60% 59% 60% 59% 63% Net Income attributable to Viemed Healthcare, Inc. $3,513 $3,157 $2,625 $4,316 $3,878 $1,468 $1,603 $3,477 Cash and Cash Equivalents (As of) $11,123 $20,016 $10,160 $17,540 $11,347 $8,807 $7,309 $12,839 Total Assets (As of) $202,360 $184,603 $178,079 $177,069 $169,526 $163,947 $154,875 $154,895 Adjusted EBITDA(1) $16,121 $14,287 $12,765 $14,242 $13,954 $12,813 $10,098 $12,845 Operational Information: Vent Patients(2) 12,372 12,152 11,809 11,795 11,374 10,905 10,450 10,327 PAP Therapy Patients(3) 31,891 26,260 22,899 21,338 19,478 17,349 15,726 14,900 Sleep Resupply Patients(4) 33,518 25,246 22,941 24,478 22,143 20,185 18,904 18,902 VieMed Healthcare Inc. I Supplemental Presentation
Medicare 37% Medicaid/ MCO 8% Medicare Advantage 20% Commercial 23% Other 12% Ventilation 49% Sleep 21% Oxygen 9% Staffing 8% Other 7% Maternal 6% Q3 2025 Rental 70% Sales 30% Medicare 40% Medicaid/ MCO 7% Medicare Advantage 22% Commercial 19% Other 12% Ventilation 55% Sleep 17% Oxygen 11% Staffing 9% Other 8% Q3 2024 Service, Payor and Revenue Mix 5 SERVICE MIX PAYOR MIX REVENUE MIX VieMed Healthcare Inc. I Supplemental Presentation SERVICE MIX PAYOR MIX Rental 76% Sales 24% REVENUE MIX
Revenue Highlights 6 For the quarter ended 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23 Rental Revenue (expressed in thousands of USD): Ventilators, non-invasive & invasive $34,883 $33,819 $32,159 $33,173 $31,772 $30,445 $29,187 $29,077 Other home medical equipment rentals $15,401 $13,823 $12,962 $13,047 $12,459 $12,211 $10,934 $11,871 Sales & Service Revenue (expressed in thousands of USD): Equipment and supply sales $15,700 $9,514 $7,519 $8,940 $8,440 $7,378 $6,138 $6,486 Service revenues $5,930 $5,900 $6,489 $5,535 $5,333 $4,931 $4,334 $3,305 Total revenues $71,914 $63,056 $59,129 $60,695 $58,004 $54,965 $50,593 $50,739 Rental Revenue (% of Total revenue): Ventilators, non-invasive & invasive 48.5% 53.6% 54.4% 54.7% 54.8% 55.4% 57.7% 57.3% Other home medical equipment rentals 21.4% 21.9% 21.9% 21.5% 21.5% 22.2% 21.6% 23.4% Sales & Service Revenue (% of Total revenue): Equipment and supply sales 21.8% 15.1% 12.7% 14.7% 14.6% 13.4% 12.1% 12.8% Service revenues 8.3% 9.4% 11.0% 9.1% 9.2% 9.0% 8.6% 6.5% Total revenues 100% 100% 100% 100% 100% 100% 100% 100% VieMed Healthcare Inc. I Supplemental Presentation
Liquidity Metrics 7 Positioned for growth • The Company maintains a healthy balance sheet with only $10 million of net debt as of September 30, 2025, providing significant financial flexibility. • As of September 30, 2025, the Company had $38 million in unfunded commitments available under its existing credit facilities, supporting growth initiatives such as the acquisition of Lehan’s, which closed on July 1, 2025. For the period ended 9/30/25 12/31/24 12/31/23 Cash on hand $ 11,123 $ 17,540 $ 12,839 Working Capital $ 5,794 $ 15,554 $ 6,243 Long Term Debt $ 19,585 $ 3,589 $ 6,002 VieMed Healthcare Inc. I Supplemental Presentation (expressed in thousands of U.S. Dollars)
Free Cash Flow 8 TTM For the quarter ended 9/30/25 9/30/25 6/30/25 3/31/25 12/31/24 Net cash provided by operating activities $ 48,462 $ 18,367 $ 12,254 $ 2,854 $ 14,987 Less: Purchase of property and equipment (43,077) (7,636) (8,129) (15,483) (11,829) Proceeds from sale of property and equipment 17,907 1,671 6,402 6,953 2,881 Net CAPEX (25,170) (5,965) (1,727) (8,530) (8,948) Free cash flow $ 23,292 $ 12,402 $ 10,527 ($ 5,676) $ 6,039 VieMed Healthcare Inc. I Supplemental Presentation (expressed in thousands of U.S. Dollars) Reconciliation from GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow We present non-GAAP free cash flow for the current quarter and trailing twelve months (TTM) as a supplemental liquidity measure. Management believes free cash flow provides investors with useful insight into the company’s ability to generate cash, fund growth initiatives, and return capital to shareholders. Free cash flow is defined as net cash provided by operating activities, as reported under U.S. GAAP, less net capital expenditures (Net CAPEX). Net CAPEX is calculated as purchases of property and equipment minus proceeds from the sale of property and equipment in order to reflect both outflows and inflows associated with routine equipment turnover. Trailing twelve months (TTM) free cash flow is calculated by aggregating the last four quarters, each calculated using the methodology described above.
2025 Guidance – Commentary 9 Core Metrics • Net revenue of $271 million to $273 million, from $271 million to $277 million • Adjusted EBITDA of $60 million to $62 million (≈22% of net revenue), from $59 million to $62 million Commentary on Guidance • Lower-margin services, including staffing, now expected to grow slightly slower than previous forecasts • Higher-margin lines, led by Sleep, are tracking ahead of prior expectations • Combined impact expected to enhance EBITDA margin with a relatively neutral effect on total revenue VieMed Healthcare Inc. I Supplemental Presentation
Adjusted EBITDA 10 (a) Represents non-cash, equity-based compensation expense associated with option and RSU awards. (b) Represents transaction costs and expenses related to acquisition and integration efforts associated with recently announced or completed acquisitions. (c) Represents impairments of the fair value of investment and litigation-related assets. Reconciliation of Net Income to Non-GAAP Adjusted EBITDA For the quarter ended: 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23 Net Income attributable to Viemed Healthcare, Inc. $ 3,513 $ 3,157 $ 2,625 $ 4,316 $ 3,878 $ 1,468 $ 1,603 $ 3,477 Add back: Depreciation & amortization 7,539 6,891 6,613 6,366 6,408 6,309 6,285 5,918 Interest expense, net 507 132 179 147 225 254 150 256 Stock-based compensation(a) 2,180 2,341 2,311 1,521 1,712 1,620 1,432 1,534 Transaction costs(b) 847 53 85 11 12 221 110 61 Impairment of assets(c) - - - - 125 2,173 - - Income tax expense 1,535 1,713 952 1,881 1,594 768 518 1,599 Adjusted EBITDA $ 16,121 $ 14,287 $ 12,765 $ 14,242 $ 13,954 $ 12,813 $ 10,098 $ 12,845 VieMed Healthcare Inc. I Supplemental Presentation (expressed in thousands of U.S. Dollars) Management believes Adjusted EBITDA provides helpful information with respect to the Company’s operating performance as viewed by management, including a view of the Company’s business that is not dependent on the impact of the Company’s capitalization structure and items that are not part of the Company’s day-to-day operations. Management uses Adjusted EBITDA (i) to compare the Company’s operating performance on a consistent basis, (ii) to calculate incentive compensation for the Company’s employees, (iii) for planning purposes, including the preparation of the Company’s internal annual operating budget, and (iv) to evaluate the performance and effectiveness of the Company’s operational strategies. Accordingly, management believes that Adjusted EBITDA provides useful information in understanding and evaluating the Company’s operating performance in the same manner as management.