Viemed Healthcare — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net revenue for the quarter ended September 30, 2026, reached a record $80.7 million, representing a 12.2% year-over-year increase and a 3.3% sequential increase.
• Net income attributable to Viemed totaled $4.6 million ($0.11 per diluted share), a 32.0% year-over-year increase and a 67.8% sequential increase from $2.8 million in Q2 2026.
• Net income margin was 5.7% of net revenue, up from 3.5% in the preceding quarter.
• Adjusted EBITDA was $17.1 million, a 5.8% year-over-year increase and a 24.4% sequential increase; Adjusted EBITDA margin improved to 21.1% from 17.6% in Q2 2026.
• Net cash provided by operating activities was $11.5 million for the quarter and $53.9 million for the trailing twelve months ended September 30, 2026.
• Free cash flow was $4.0 million for the quarter and $26.1 million for the trailing twelve months ended September 30, 2026.
• The company ended the quarter with $9.7 million in cash, $12.0 million in working capital, and approximately $46 million available under existing credit facilities.
• During the quarter, the company repaid $2.1 million of term debt and repurchased 115,000 common shares for approximately $1.0 million.

Guidance and Future Outlook:

• Full-year 2026 net revenue guidance is raised to $316 million–$320 million (previously $314 million–$320 million).
• Full-year 2026 Adjusted EBITDA guidance is narrowed to $64 million–$66 million (previously $64 million–$68 million).
• Full-year 2026 net capital expenditures are lowered to 8.0%–9.0% of net revenue (previously 8.5%–10.0%).
• Management anticipates sequential improvement in revenue and Adjusted EBITDA in the fourth quarter.
• The outlook reflects reduced capital intensity as less capital-intensive product and service offerings contribute a greater share of revenue.
• Guidance excludes the impact of potential future acquisitions or other strategic transactions.

Business Segments and Product Lines:

• Ventilator rental revenue increased 7.4% year-over-year to $37.5 million, supported by higher average patient volumes.
• Period-end ventilator patient count totaled 12,552 as of September 30, 2026.
• PAP therapy patients increased 37.5% year-over-year and 16.0% sequentially to 43,861.
• Sleep resupply patients increased 22.1% year-over-year and 10.5% sequentially to 40,918.
• Growth was reported across respiratory, sleep, and women's health businesses.
• The quarter marked the first full year-over-year comparison following the Lehan acquisition.

Market and Competitive Landscape:

• The press release does not provide specific data on market share, competitor names, or specific market trends beyond general growth in patient volumes.

Risks and Challenges:

• Forward-looking statements identify risks including general business and economic conditions, capital requirements, reimbursement rate reductions, payor dependence, and regulatory changes.
• Risks also include competition, cyber-attacks, fraud, integration of acquired businesses, and changes in trade policies or tariffs.
• The press release notes that actual results may differ from forward-looking statements due to uncertainties and assumptions.

Management Commentary and Tone:

• CEO Casey Hoyt described the quarter as a "record quarter" and highlighted "double-digit revenue growth" as evidence of the strength of the diversified platform.
• Management expressed particular pleasure with profitability improvements, noting Adjusted EBITDA growth significantly outpaced revenue growth, demonstrating improved operating leverage.
• Management stated that results reflect progress anticipated following earlier investments and sees opportunities to improve efficiency as initiatives mature.
• The tone emphasizes confidence in expanding reach, delivering high-quality care, and building momentum to finish the year.

Other Key Points:

• The company hosted a conference call on November 5, 2026, to discuss results.
• The press release includes reconciliations of GAAP net income to Adjusted EBITDA and GAAP net cash provided by operating activities to free cash flow.
• The company has a non-GAAP financial guidance policy that excludes the impact of potential future acquisitions or strategic transactions.
• Share repurchases totaled 115,000 shares for approximately $1.0 million during the quarter.
• Term debt repayments totaled $2.1 million during the quarter.