Viemed Healthcare (VMD) investor relations material

Company overview and business model

• Operates as a home medical equipment and services provider, focused on complex respiratory care and sleep therapy, with a differentiated, remote-first operating model.

• Services approximately 150,000 patients across all 50 states, with a core presence in 35-36 states.

• Emphasizes keeping patients at home to reduce healthcare costs, leveraging regulatory and innovation trends post-COVID.

• Core business is non-invasive ventilation, with high gross margins (upper 60s to low 70s) and an average patient length of stay of 17 months.

• Market remains underpenetrated, with only 6% of eligible patients receiving therapy, providing significant growth runway.

Growth strategy and financial performance

• Maintains consistent organic growth, expanding into new markets by targeting underserved populations with high COPD rates.

• Diversifies revenue through adjacent products (supplemental oxygen, airway clearance, sleep therapy) and a healthcare staffing agency launched in 2021.

• Sleep therapy is the fastest-growing segment, with 2Q setups up 70% year-over-year and resupply patients up 25%.

• Has remained profitable every year since going public, with revenue and free cash flow per share now 5x higher than at spin-out.

• Reached $270 million in annual revenue and $60 million EBITDA, with a run rate over $300 million post-acquisition.

Capital allocation and acquisitions

• Prioritizes organic growth but pursues measured acquisitions to fill geographic or product gaps, not as a roll-up strategy.

• Recent acquisitions include H&P Home Medical Products (2023), a hospital JV (2024), and Lehan's (2025), with Lehan's adding a strong sleep and maternity product line.

• Completed three stock buybacks, most recently repurchasing 5% of shares for $13.2 million.

• Maintains a strong balance sheet with no net debt, $20 million in cash, and an untapped $55 million credit facility.