Viemed Healthcare, Inc. (NASDAQ:VMD) reported financial results for the three and nine months ended September 30, 2026, and revised its outlook for the year ending December 31, 2026. The company reported quarterly revenue of $80.7 million, net income attributable to Viemed of $4.6 million and Adjusted EBITDA of $17.1 million.
#Third-quarter financial performance
Net revenue reached a company record of $80.7 million for the quarter ended September 30, 2026. The figure was $8.8 million, or 12.2%, higher than in the prior-year quarter and increased 3.3% sequentially.
Net income attributable to Viemed was $4.6 million, or $0.11 per diluted share. That compared with $3.5 million, or $0.09 per diluted share, in the prior-year quarter, and $2.8 million in the second quarter of 2026. Net income attributable to Viemed represented 5.7% of net revenue, compared with 3.5% in the preceding quarter.
Adjusted EBITDA, a non-GAAP measure, was $17.1 million, up 5.8% year over year and 24.4% sequentially. Adjusted EBITDA represented 21.1% of net revenue, compared with 17.6% in the second quarter of 2026, an improvement of approximately 350 basis points.
#Respiratory and sleep patient activity
Ventilator rental revenue rose 7.4% year over year to $37.5 million, which the company attributed to higher average patient volumes. The period-end ventilator patient count was 12,552 as of September 30, 2026.
PAP therapy patients increased 37.5% year over year and 16.0% sequentially to 43,861 during the quarter. Sleep resupply patients rose 22.1% year over year and 10.5% sequentially to 40,918.
#Cash flow and capital allocation
Net cash provided by operating activities was $11.5 million during 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 same trailing twelve-month period.
Viemed ended the quarter with $9.7 million in cash, $12.0 million in working capital and approximately $46 million available under its existing credit facilities. It repaid $2.1 million of term debt during the quarter and repurchased 115,000 common shares for approximately $1.0 million, excluding taxes.
#Updated 2026 outlook
Based on third-quarter performance and what the company described as increased visibility into the remainder of the year, Viemed said net revenue is expected to range from $316 million to $320 million for the year ending December 31, 2026. The previous range was $314 million to $320 million.
The company said Adjusted EBITDA is expected to range from $64 million to $66 million, compared with the previous range of $64 million to $68 million. Net capital expenditures are now expected to be between 8.0% and 9.0% of net revenue, compared with the earlier range of 8.5% to 10.0%.
Viemed said the outlook reflects continued growth across its diversified platform, anticipated sequential improvement in revenue and Adjusted EBITDA in the fourth quarter, and reduced capital intensity as less capital-intensive products and services contribute a greater share of revenue. The guidance excludes the impact of potential future acquisitions or other strategic transactions.
These statements are forward-looking and reflect the company’s current views, intentions and available information. Viemed said they are subject to risks, uncertainties and assumptions, and that actual results may differ materially.
#Management comments and company profile
Chief Executive Officer Casey Hoyt said the quarter included growth across the company’s respiratory, sleep and women’s health businesses. Hoyt attributed the profitability improvement to progress following investments made earlier in the year and said the company sees additional opportunities to improve efficiency as those initiatives mature.
Viemed provides home medical equipment and post-acute healthcare services in the United States, with a focus on respiratory, chronic care and women’s health products and services. Its model combines clinical support with technology-enabled services, including therapy, education and counselling delivered by clinical practitioners.
#Non-GAAP measures and stated risks
Viemed said Adjusted EBITDA and free cash flow are non-GAAP measures and should not be treated as substitutes for measures prepared under generally accepted accounting principles in the United States. The company stated that these measures exclude significant expense and income items required by GAAP, involve management judgement over which items to include or exclude, and may not be comparable with similarly titled measures reported by other companies.
The company said management considers Adjusted EBITDA useful for assessing operating performance without the impact of capital structure and items that are not part of day-to-day operations. It also stated that the measure has limitations and should not be considered in isolation.
Viemed identified risks including general business, market and economic conditions; significant capital requirements and operating risks; its ability to implement business strategies and pursue opportunities; volatility in the market price of its common shares; capital-market conditions; the availability of funds and resources; inflation; reimbursement reductions and audits by governmental and private payors; dependence on few payors; possible new drug discoveries; dependence on key suppliers; changes in U.S. trade policies and retaliatory responses from other countries, including tariffs; permits and licences in a highly regulated business; competition; and disruptions or attacks, including cyber-attacks, affecting information technology, internet, network access or voice and data communications systems or services.
Additional stated risks include fraud and other criminal behaviour, difficulty integrating newly acquired businesses, changes to or application of laws and regulations, the litigation and regulatory environment, increased competition, higher funding costs, market volatility caused by market illiquidity and competition for funding, critical accounting estimates, changes to accounting standards, policies and methods, catastrophic events, health epidemics or concerns and related claims, the use of artificial intelligence technologies, other general economic, market and business conditions, and factors beyond the company’s control. Viemed also referred to risk factors in its disclosure documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Further terms and risk factors apply.
#Conference call
Viemed said it will hold a conference call to discuss the third-quarter results on Thursday, November 5, 2026, at 11:00 a.m. ET. The company said an audio recording and transcript will be available on its website after the call.
#Key Takeaways
- Third-quarter net revenue was $80.7 million, while net income attributable to Viemed was $4.6 million, or $0.11 per diluted share.
- Adjusted EBITDA was $17.1 million, representing 21.1% of net revenue.
- Viemed updated its 2026 revenue guidance to $316 million to $320 million and Adjusted EBITDA guidance to $64 million to $66 million.
- Net capital expenditures are expected to range from 8.0% to 9.0% of net revenue, excluding potential future acquisitions or other strategic transactions.
- The company ended the quarter with $9.7 million in cash and approximately $46 million available under existing credit facilities.
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