Viemed Healthcare (VMD) Investor presentation summary

Business overview and growth drivers

• National leader in home-based clinical care, serving over 198,000 patients across all 50 states with a capex-light model and no net debt.

• Core platform built on complex respiratory services, now expanded to sleep, oxygen, airway clearance, women's health, and healthcare staffing.

• High-touch, tech-enabled care model reduces costs, increases patient satisfaction, and lowers rehospitalizations.

• Experienced management team with over 80 years of public company experience and more than 20% insider ownership.

• Multiple catalysts include organic and inorganic growth, regulatory tailwinds, and a proven expansion playbook.

Market position and operating model

• Second largest provider in a massively underserved market, with only 5% market penetration among eligible COPD patients.

• Proprietary clinical platform integrates best-in-class service and devices, with 24/7 respiratory therapist support and remote patient engagement.

• Real-world outcomes show significant reductions in mortality, hospitalizations, ER visits, and healthcare costs for home-based non-invasive ventilation.

• Lean operating model with no retail storefronts, mobile workforce, and data-driven market entry enables rapid, margin-accretive expansion.

• Diversified product offerings include ventilation, PAP therapy, oxygen, airway clearance, women's health, and staffing.

Financial performance and revenue mix

• Record 2025 results: net revenue up 21% to $270M, adjusted EBITDA up 20% to $61M, and diluted EPS up 32%.

• 2Q26 revenue grew 24% YoY to $78.1M, with adjusted EBITDA of $13.7M and TTM free cash flow of $34M.

• Service mix has diversified: ventilation now 47% of revenue, with sleep, oxygen, airway clearance, women's health, and staffing making up the rest.

• Gross margins have moderately compressed as service mix diversifies, but adjusted EBITDA margins remain steady and free cash flow has expanded.

• Nine consecutive years of positive net income, with a 26% revenue CAGR since public listing.