VIEMED HEALTHCARE, INC.

Listed Company

VMDCIK 0001729149NasdaqAcceleratedServices-Misc Health & Allied Services, NecA1CAFY ends Dec 31

Period

FY 2025

Revenue

$270.28M

Net Income

$14.93M

Total Assets

$199.15M

Equity

$141.54M

Shares Out

38.60M

Op. Cash Flow

$51.92M

Business

Viemed Healthcare, Inc. provides home medical equipment (HME) and post-acute respiratory healthcare services delivered in patients’ homes across the United States. It offers in-home respiratory therapy and counseling, HME rental and sales including invasive and non-invasive home ventilation, BiPAP/CPAP, percussion vests, oxygen concentrators, in‑home sleep testing and sleep apnea treatment, supplies, and healthcare staffing and recruitment services. Its operating programs comprise respiratory disease management, neuromuscular care, oxygen therapy, sleep apnea management, in‑home sleep testing and staffing services supported by licensed respiratory therapists. Viemed serves patients in all 50 states through direct in‑home care and reimbursement relationships with Medicare, Medicaid and commercial payors, sourcing hardware from medical vendors.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	270	224	183	139	117
Cost of revenue	115	91	70	54	44
Gross profit	155	133	113	85	73
Selling, general and administrative	121	106	88	68	55
Research and development	3	3	3	3	2
Stock-based compensation	9	6	6	5	5
Depreciation and amortization	1	1	1	1	—
Loss (gain) on disposal of property and equipment	−2	−2	645,000	346,000	448,000
Other expense (income), net	−252,000	173,000	−98,000	−989,000	−2
Income from operations	23	18	14	8	12
Income (loss) from investments	0	−954,000	485,000	935,000	1
Interest expense, net	−1	−776,000	−424,000	−197,000	−318,000
Net income before taxes	22	16	14	9	13
Provision for income taxes	6	5	4	3	3
Net income	15	11	10	6	—
Net income attributable to noncontrolling interest	442,000	144,000	0	0	—
Net income attributable to Viemed Healthcare, Inc.	15	11	10	6	9
Basic (in USD per share)	0.38	0.29	0.27	0.16	0.23
Diluted (in USD per share)	0.37	0.28	0.25	0.16	0.22
Basic (in shares)	39	39	38	39	39
Diluted (in shares)	41	41	40	40	41

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	14	18	13	17	28
Accounts receivable, net	26	25	18	15	13
Inventory	5	4	5	4	2
Income tax receivable	227,000	0	0	26,000	2
Prepaid expenses and other assets	4	6	2	4	2
Total current assets	48	53	38	40	47
Property and equipment, net	79	76	74	68	—
Finance lease right-of-use assets	0	50,000	401,000	0	—
Operating lease right-of-use assets	4	3	3	694,000	—
Equity investments	3	3	2	—	—
Deferred tax asset	5	8	5	3	5
Identifiable intangibles, net	1	848,000	567,000	0	—
Goodwill	59	33	30	0	—
Total long-term assets	151	124	117	77	71
TOTAL ASSETS	199	177	155	117	118
Trade payables	7	5	4	3	3
Deferred revenue	8	7	6	5	4
Income taxes payable	0	4	2	0	0
Accrued liabilities	24	20	18	11	9
Finance lease liabilities, current portion	0	50,000	256,000	0	—
Operating lease liabilities, current portion	1	811,000	678,000	495,000	—
Current portion of long-term debt	1	409,000	1	0	1
Total current liabilities	41	37	32	19	18
Accrued liabilities	922,000	846,000	558,000	889,000	757,000
Operating lease liabilities, less current portion	2	2	2	199,000	—
Long-term debt	11	4	6	0	4
Total long-term liabilities	15	6	9	1	5
TOTAL LIABILITIES	56	44	41	20	23
Commitments and Contingencies	0	0	0	0	0
Common stock - No par value: unlimited authorized; 38,019,082 and 39,132,897 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	17	23	19	15	14
Additional paid-in capital	22	18	16	12	8
Retained earnings	103	90	79	70	73
TOTAL VIEMED HEALTHCARE, INC.'S SHAREHOLDERS' EQUITY	142	131	114	97	95
Noncontrolling interest in subsidiary	2	2	0	—	—
TOTAL SHAREHOLDERS' EQUITY	144	133	114	97	95
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	199	177	155	117	118

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	29	25	22	16	—
Stock-based compensation expense	9	6	6	5	5
Distributions of earnings received from equity method investments	0	147,000	980,000	1	416,000
Income from equity method investments	0	−261,000	−485,000	−935,000	−1
Loss (income) from debt investment	0	1	−219,000	0	—
Amortization of deferred financing costs	228,000	187,000	0	0	—
Deferred income tax expense (benefit)	3	−4	−1	2	4
Accounts receivable, net	1	−6	−1	−3	−7
Inventory	59,000	574,000	−472,000	301,000	−212,000
Prepaid expenses and other assets	−503,000	544,000	2	−3	−226,000
Trade payables	479,000	359,000	−859,000	−318,000	133,000
Deferred revenue	359,000	364,000	851,000	871,000	344,000
Accrued liabilities	255,000	3	5	3	−4
Income tax payable/receivable	−4	2	2	2	−2
Net cash provided by operating activities	52	39	45	28	22
Purchase of property and equipment	−40	−38	−26	−23	−20
Investment in equity investments	0	−1	−20,000	−141,000	−599,000
Cash paid for acquisitions, net of cash acquired	−26	−3	−29	0	—
Proceeds from sale of debt security	0	750,000	0	0	—
Proceeds from sale of property and equipment	16	10	3	1	596,000
Net cash used in investing activities	−50	−31	−52	−24	−20
Proceeds from exercise of options	1	1	1	283,000	112,000
Proceeds from term notes	9	0	5	0	—
Principal payments on term notes	−730,000	−1	−4	−6	−152,000
Proceeds from revolving credit facilities	13	3	8	0	—
Principal payments on revolving credit facilities	−13	−5	−7	0	—
Payments for debt issuance costs	−115,000	−192,000	0	0	—
Shares redeemed to pay income tax	−2	−1	−594,000	−143,000	−1
Shares repurchased under the share repurchase program	−13	0	0	−10	0
Repayments of finance lease liabilities	−50,000	−338,000	−157,000	42,000	—
Distributions to non-controlling interest	−374,000	−36,000	0	0	—
Net cash provided by (used in) financing activities	−6	−4	3	−15	−5
Net increase (decrease) in cash and cash equivalents	−4	5	−4	−11	−3
Cash paid during the period for interest	874,000	950,000	851,000	231,000	351,000
Cash paid during the period for income taxes, net of refunds	7	7	4	−846,000	2
Non-cash change in debt from the reclassification of debt issuance costs	0	0	−594,000	0	—
Net non-cash changes to operating lease	0	0	−41,000	530,000	—
Equipment and other fixed asset purchases payable at end of period	3	2	1	739,000	—
Equipment sales receivable at end of period	0	3	0	0	—
Non-cash consideration received for sale of debt security	0	125,000	0	0	—

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