Viemed Hits Record $270M Revenue, Guides 2026 for $310–320M with $65–69M EBITDA
Viemed Healthcare posted Q4 revenue of $76.2M (+26% YoY) and full-year revenue of $270.3M (+21%), delivering record adjusted EBITDA of $61.4M. The company authorized a share repurchase, guided 2026 revenue of $310–320M with EBITDA of $65–69M, and noted ventilator rentals fell to 51% as sleep therapy rose to 20%.
1. Q4 and Full-Year Results
Viemed posted Q4 revenue of $76.2 million, up 26% year-over-year, and Q4 adjusted EBITDA of $18.2 million. Full-year revenue reached $270.3 million (+21%) with adjusted EBITDA of $61.4 million representing a 22.7% margin.
2. 2026 Outlook and Share Repurchase
The company guided 2026 revenue of $310–320 million and adjusted EBITDA of $65–69 million, and authorized a new share repurchase program. Management cited improving momentum under the updated Medicare coverage criteria and strong January ventilator setups.
3. Business Mix Evolution
Ventilator rentals declined to 51% of revenue as sleep therapy increased to 20%, with PAP patient count up 62% year-over-year and new sleep setups rising 70%. Maternal health products contributed roughly $9 million (about 3% of revenue) following the Lehan’s acquisition, while equipment and supply sales jumped 63%.
4. Cash Flow and Balance Sheet Strength
Operating cash flow was $51.9 million in 2025, and free cash flow totaled $28.1 million, more than doubling 2024 levels. The company ended with $13.5 million in cash, $11.3 million in long-term debt and $46 million available under its credit facilities.