Viemed Healthcare reported a 26% compounded annual revenue growth rate since its 2017 public listing and outlined 2026 guidance of $317 million in revenue and $66 million in EBITDA during a presentation at the 17th Annual Midwest IDEAS Conference on August 26, 2026.
The home mechanical ventilator company, which trades under the ticker VMD on the NASDAQ, highlighted a 2.53% intraday gain to $9.33, with after-hours trading at $9.50. The stock has traded between $6.05 and $12.61 over the past 52 weeks, supported by a P/E ratio of 25.96 and an EV/EBITDA multiple of 6.26. Viemed maintains a net cash position with $34 million in trailing 12-month free cash flow and no net debt, yielding an 8% free cash flow margin.
Revenue growth is projected in the low 20% range for 2026, with capital expenditures guided to 9% to 10.5% of revenue, up from 8% in the prior period. Management emphasized a shift toward net income and free cash flow margins, with CEO Casey Hoyt noting the company’s 23% insider ownership and four completed share repurchase programs totaling nearly 700,000 shares.
Service line performance showed complex respiratory services accounting for 47% of revenue, with sleep apnea therapy and resupply contributing 22%. Oxygen therapy grew 8% in 2025, while airway clearance increased 18%. Women’s health and maternal health revenue doubled following the acquisition of Lehan’s, now representing 8% of total revenue. Medicare remains the largest payer at 35%, followed by commercial insurance at 24% and Medicare Advantage at 20%.
The company serves over 198,000 patients across all 50 states, with a Medicare market penetration of approximately 5% in a ventilator therapy market serving 1.25 million eligible beneficiaries. Clinical studies published in 2021 and 2022 demonstrated a 43% reduction in relative mortality and $5,400 in annual savings per patient when therapy begins within 30 days. Regulatory updates include a 2.83% CPI-based reimbursement adjustment and a new National Coverage Determination rule aligning with Viemed’s existing practices.
Acquisitions have played a key role in expansion, including HMP for $31 million in June 2023, a joint venture with East Alabama Medical Center for $4.5 million in April 2024, and the pending acquisition of Lehan’s for $28 million to $30 million.
