Viemed Healthcare (VMD) Investor presentation summary

Platform and market

• National in-home care platform serves 223,000+ patients across all 50 states; built on complex respiratory care and expanding into sleep, oxygen, airway clearance and women’s health.

• Revenue CAGR since public listing was 26%; TTM free cash flow was $26M at 3Q26, with no net debt.

• An estimated 25M people in the U.S. have COPD; estimated market penetration for NIV service among annual Medicare beneficiaries was 5%.

• High-touch clinical care, 24/7 respiratory therapist support and technology-enabled remote workflows aim to improve adherence, patient engagement and outcomes.

Services and growth strategy

• Ventilation remains the core, while sleep, oxygen, airway clearance, women’s health and staffing broaden the service mix and leverage shared infrastructure and payer relationships.

• Sleep reached an inflection point after the Philips recall; HMP and Lehan’s acquisitions expanded the PAP therapy and resupply platform.

• At 3Q26, PAP therapy patients increased 38% YoY and sleep resupply patients increased 22% YoY.

• Growth priorities include geographic expansion, densifying existing markets, national women’s health rollout, technology-led operating efficiencies and complementary acquisitions.

• Acquisitions of HMP, East Alabama Health + HomeMed and Lehan’s added sleep capabilities, a hospital JV model, geographic reach and women’s health.

Financial performance

• FY2025 net revenue reached $270.3M, up 21% YoY; adjusted EBITDA was $61.4M, up 20%, diluted EPS grew 32%, and free cash flow was $28.1M.

• 3Q26 revenue was $80.7M, up 12% YoY including Lehan in both periods; adjusted EBITDA was $17.1M and TTM free cash flow was $26M.

• 3Q26 ventilator rental revenue increased 7.4% YoY and 2.9% sequentially to $37.5M; operating cash flow was $11.5M and free cash flow was $4.0M.

• FY2026 guidance: net revenue of $316M–$320M, adjusted EBITDA of $64M–$66M and net capex of 8%–9% of net revenue.

• As service mix diversifies, gross margin has moderately compressed; adjusted EBITDA margin has held steady while free cash flow expanded with declining capex intensity.