Viemed Healthcare Reports Record 2025 Results

Company highlights diversification beyond ventilator rentals, strong cash flow, and 2026 outlook.

Published on Mar. 6, 2026

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Viemed Healthcare (NASDAQ:VMD) executives used the company's fourth-quarter and full-year earnings call to highlight a 'milestone year' in 2025, pointing to record revenue and Adjusted EBITDA, stronger free cash flow, and continued progress diversifying the business beyond its core ventilator rental franchise. Management also addressed the industry's transition to updated Medicare coverage criteria for noninvasive ventilation, describing near-term friction but reporting early signs of improving momentum entering 2026.

Why it matters

Viemed's strong 2025 results and diversification efforts demonstrate its ability to adapt and grow in a changing healthcare landscape. The company's success in expanding beyond ventilator rentals into areas like sleep therapy, resupply, and maternal health suggests it is well-positioned to navigate industry shifts, such as the transition to new Medicare coverage criteria for noninvasive ventilation.

The details

For the fourth quarter, Viemed reported revenue of $76.2 million, up 26% year-over-year. Full-year revenue was $270.3 million, an increase of approximately 21% versus 2024, which management said reflected broad-based organic growth and the contribution from the Lehan's acquisition. Adjusted EBITDA for the full year totaled a record $61.4 million, representing a margin of approximately 22.7%. The company also saw substantial improvements in cash generation, with free cash flow more than doubling to $28.1 million in 2025.

  • Viemed reported Q4 2025 results on March 6, 2026.
  • Full-year 2025 revenue was $270.3 million, up 21% from 2024.
  • Adjusted EBITDA for 2025 was a record $61.4 million.

The players

Viemed Healthcare

An American provider of home-based respiratory therapy services, specializing in the management of patients requiring long-term mechanical ventilation and pulmonary support.

Casey Hoyt

The CEO of Viemed Healthcare.

Todd

The CFO of Viemed Healthcare.

Lehan's Medical Equipment

A company acquired by Viemed Healthcare in 2025 that expanded the company's maternal health product offerings.

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