Viemed Healthcare US (VMD)
NASDAQ:VMD
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Viemed Healthcare
(NASDAQ:VMD)
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Rating:80Outperform
Price Target:
$10.00
▲(45.35% Upside)
Action:ReiteratedDate:03/17/26
The score is driven primarily by strong technical strength and a generally healthy financial foundation (growth, strong gross margins, and low leverage). Supportive earnings-call guidance and improved cash generation add upside, while valuation is only moderate and margin/free-cash-flow consistency remain key risks to monitor.
Positive Factors
Revenue Diversification & Patient Growth
Rapid expansion in sleep, PATH therapy and resupply materially diversifies Viemed’s revenue mix beyond core ventilator rentals. These high-growth, recurring service lines increase patient lifetime value, reduce single-segment concentration, and provide durable recurring revenue as chronic-care adoption and resupply needs persist.
Negative Factors
Regulatory Transition (NCD) Drag
The updated national coverage determination reduces the eligible ventilator patient pool and raises documentation requirements, creating persistent headwinds to ventilator unit growth. Higher compliance effort increases operating cost and physician-education needs, potentially slowing topline growth in that segment for several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Diversification & Patient Growth
Rapid expansion in sleep, PATH therapy and resupply materially diversifies Viemed’s revenue mix beyond core ventilator rentals. These high-growth, recurring service lines increase patient lifetime value, reduce single-segment concentration, and provide durable recurring revenue as chronic-care adoption and resupply needs persist.
Read all positive factors
Viemed Healthcare (VMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$380.60M
Dividend YieldN/A
Average Volume (3M)348.14K
Price to Earnings (P/E)19.4
Beta (1Y)0.63
Revenue Growth20.52%
EPS Growth33.18%
CountryUS
Employees1,222
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.14
Shares Outstanding38,483,585
10 Day Avg. Volume294,170
30 Day Avg. Volume348,142
Financial Highlights & Ratios
PEG Ratio0.62
Price to Book (P/B)2.04
Price to Sales (P/S)1.07
P/FCF Ratio24.22
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue1.42
Enterprise Value/Gross Profit2.50
Enterprise Value/Ebitda7.39
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.47
Revenue Forecast (FY)$332.55M
Viemed Healthcare Business Overview & Revenue Model
Company Description
Viemed Healthcare, Inc., through its subsidiaries, provides in-home durable medical equipment (DME) and post-acute respiratory healthcare services to patients in the United States. It provides respiratory disease management solutions, including tr...
How the Company Makes Money
Viemed primarily makes money by delivering respiratory-related home therapy services and renting/providing the associated durable medical equipment (DME) to patients, then billing third-party payors. The company’s revenue model is largely recurrin...
Viemed Healthcare Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive outlook: Viemed delivered record revenue and adjusted EBITDA, materially improved free cash flow, diversified its revenue mix with strong growth in sleep and resupply, and closed an accretive maternal health acquisition. The company acknowledges near-term headwinds from the implementation of the updated NCD—causing short-term moderation in ventilator growth, additional compliance effort, and an expected flat Q1 cadence—but emphasizes that these are transition-related and that early 2026 signals (strong January vent setups, ALJ appeals success) indicate improvement. Financial position (low net leverage, liquidity) and a disciplined capital allocation plan (including buybacks) underpin confidence in the growth plan, making the positives outweigh the transition-related negatives.Positive Updates
Record Revenue and Adjusted EBITDA
Full-year 2025 revenue of $270.3M, up ~21% YoY; Q4 revenue $76.2M, up 26% YoY. Record adjusted EBITDA of $61.4M for 2025 with a margin of ~22.7%; Q4 adjusted EBITDA of $18.2M.
Negative Updates
Moderation in Ventilator Patient Growth
Fourth-quarter ventilator patient growth moderated as the industry implements the updated national coverage determination (NCD). Some patients who previously qualified may not under the new criteria, creating short-term coverage friction.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue and Adjusted EBITDA
Full-year 2025 revenue of $270.3M, up ~21% YoY; Q4 revenue $76.2M, up 26% YoY. Record adjusted EBITDA of $61.4M for 2025 with a margin of ~22.7%; Q4 adjusted EBITDA of $18.2M.
Read all positive updates
Company Guidance
Viemed guided 2026 net revenue of $310–$320 million (midpoint ≈17% year‑over‑year ex‑acquisitions) and adjusted EBITDA of $65–$69 million (noting 2025 adjusted EBITDA was a record $61.4M, 22.7% margin, and included a $2.2M one‑time vent buyback gain); management expects an uneven quarterly cadence—Q1 flat to slightly down sequentially, then roughly 3%–5% sequential growth beginning in Q2—while maintaining stable margins and reinvesting in technology/compliance, targeting net CapEx of ~10%–11.5% of revenue in 2026. For context, 2025 revenue was $270.3M (Q4 $76.2M), gross margin was just under 58%, free cash flow improved to $28.1M (vs. $11.6M in 2024) on $51.9M net cash from operations and ~$23.8M net CapEx (Q4 FCF $10.8M), equipment & supply sales grew ~$19.4M (~63% YoY), ventilator rentals rose ~$12.2M (~10%), non‑vent HME rentals increased ~$9.7M (~20%), services revenue grew ~$4.8M (~24%), PATH therapy patients reached 34,528 (+62% YoY), new sleep setups rose 70% in 2025, resupply patients totaled 36,561 (+49% YoY); balance sheet liquidity includes $13.5M cash, ~$46M available on credit, long‑term debt $11.3M (effectively no net debt), and the board authorized a 2026 share repurchase program after buying back 5% of shares at an average $6.69.Viemed Healthcare Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
83
Very Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 270.28M | 224.26M | 183.01M | 138.83M | 117.06M |
| Gross Profit | 153.97M | 133.20M | 112.78M | 84.68M | 73.41M |
| EBITDA | 50.45M | 42.31M | 36.68M | 24.82M | 24.13M |
| Net Income | 14.93M | 11.27M | 10.24M | 6.22M | 9.13M |
Balance Sheet | |||||
| Total Assets | 214.94M | 177.07M | 154.90M | 117.04M | 117.96M |
| Cash, Cash Equivalents and Short-Term Investments | 13.50M | 17.54M | 12.84M | 16.91M | 28.41M |
| Total Debt | 15.95M | 6.87M | 10.32M | 694.00K | 6.52M |
| Total Liabilities | 71.42M | 43.77M | 41.00M | 19.95M | 23.14M |
| Stockholders Equity | 141.54M | 131.39M | 113.89M | 97.09M | 94.82M |
Cash Flow | |||||
| Free Cash Flow | 11.93M | 1.32M | 19.12M | 4.85M | 2.75M |
| Operating Cash Flow | 51.92M | 39.09M | 45.21M | 27.75M | 22.49M |
| Investing Cash Flow | -50.17M | -30.70M | -52.11M | -23.98M | -19.75M |
| Financing Cash Flow | -5.79M | -3.69M | 2.83M | -15.27M | -5.32M |
Viemed Healthcare Technical Analysis
Positive
6.88
Price Trends
9.04
Positive
8.16
Positive
7.44
Positive
Market Momentum
0.19
Positive
58.64
Neutral
49.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VMD, the sentiment is Positive. The current price of 6.88 is below the 20-day moving average (MA) of 9.46, below the 50-day MA of 9.04, and below the 200-day MA of 7.44, indicating a bullish trend. The MACD of 0.19 indicates Positive momentum. The RSI at 58.64 is Neutral, neither overbought nor oversold. The STOCH value of 49.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VMD.
Viemed Healthcare Risk Analysis
Viemed Healthcare disclosed 39 risk factors in its most recent earnings report. Viemed Healthcare reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Viemed Healthcare Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $380.60M | 19.35 | 10.87% | ― | 20.52% | 33.18% | |
65 Neutral | $806.72M | 21.81 | 13.79% | ― | -0.91% | ― | |
62 Neutral | $511.88M | 34.75 | 9.26% | ― | 12.47% | 21.28% | |
56 Neutral | $191.27M | -8.03 | -11.56% | ― | 3.86% | 43.61% | |
55 Neutral | $77.36M | -0.69 | -54.99% | ― | 5.09% | 81.77% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $268.54M | -3.33 | -104.17% | ― | 56.89% | 34.00% |
* Healthcare Sector Average
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Viemed Healthcare Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Viemed Healthcare Releases Updated March 2026 Investor Presentation
Positive
Mar 16, 2026
Viemed Healthcare has released a new investor deck dated March 2026, which it plans to use in presentations to investors, analysts and other stakeholders and has made available on its website. The materials are positioned as summary information to...
Business Operations and StrategyStock BuybackFinancial Disclosures
Viemed Healthcare Announces Share Repurchase and Strong Outlook
Positive
Mar 4, 2026
Viemed Healthcare, Inc., a national provider of technology-enabled, home-based healthcare solutions focused on respiratory, chronic care, and women’s health, reported record financial results for the fourth quarter and full year ended Decemb...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.