Viemed Healthcare Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because one material operating question is open — not because the substance is shaky. The company has real strengths on the record: years of rising revenue to $270.3 million in 2025, net income of $15.4 million, $60.8 million of operating cash flow over twelve months, essentially no financial debt, and falling dependence on government health insurance, down to 35 percent from 44. What is open is earning power. The adjusted EBITDA margin fell to 18.3 percent in the first half of 2026 from 22.1 percent, and even excluding the now-expired gains from the ventilator buyback program it declined from 19.7 to 18.9 percent. The operating leverage management cited in May 2026 as proof of scale ran in reverse in the second quarter, and the company's own margin commitment was pulled back from 21 to 22 percent to "at least 20 percent." Roughly five margin points are missing in the second half for the midpoint of guidance, with no quantified lever offered so far. On top of that sits the CMS coverage rule of June 9, 2025, a single regulatory decision that the annual report says may significantly affect access to ventilator therapy. None of this threatens the substance — the thin $10.7 million cash position stands against $60.8 million of annual cash generation and $46 million of undrawn credit. Hence yellow rather than red: what is missing is the proof, not the foundation. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Viemed Healthcare grows fast, operates profitably and funds itself with almost no debt: $270.3 million of revenue in 2025, $60.8 million of operating cash flow over twelve months, $7.4 million of financial debt against $144.0 million of equity. The record second quarter of 2026, however, came mainly from acquired, lower-margin sales businesses; the adjusted EBITDA margin fell from 22.1 to 18.3 percent in the half-year, and the company cut its own earnings guidance. Whether 2026 was an investment year or the start of structural margin erosion will be decided in the next two quarterly reports. Not investment advice.
Balance sheet & leverage
At June 30, 2026 the company held $144.0 million of equity against only $7.4 million of financial debt, plus $46 million of undrawn credit facilities and confirmation in the quarterly report that all covenants were met. It repaid $5.4 million in the first half of 2026.
Growth
Revenue rose from $183.0 million in 2023 to $224.3 million in 2024 and $270.3 million in 2025, with $153.5 million in the first half of 2026, up 25.6 percent. Patient counts hit record levels in all three main lines as of June 30, 2026.
Profitability & operating leverage
The adjusted EBITDA margin fell to 18.3 percent in the first half of 2026 from 22.1 percent a year earlier; even excluding gains and losses on equipment disposals it declined from 19.7 to 18.9 percent. Administrative costs rose 28.9 percent in the second quarter against 23.9 percent revenue growth.
Reliability of guidance
In May 2026 management guided to a 21 to 22 percent adjusted EBITDA margin for the year; in August it said "at least 20 percent," and the earnings range was cut from $65 to $69 million to $64 to $68 million. Roughly five margin points are missing in the second half for the midpoint, and the levers named were never quantified.
Business mix & capital intensity
Ventilator rentals fell from 59.2 percent of revenue in 2023 to 46.6 percent in the second quarter of 2026, in favor of capital-light sales and resupply. That lowers the capital expenditure ratio, now guided to 8.5 to 10.0 percent from 9.0 to 10.5 percent, but costs margin — whether more sticks at the bottom is an open question.
Regulation & reimbursement
Medicare dependence fell from 44 percent in 2023 to 35 percent in the first half of 2026. At the same time the CMS coverage rule of June 9, 2025 may, per the annual report, "significantly affect" access to, reimbursement of and utilization of ventilator therapy — a business that was still 50.6 percent of 2025 revenue.
Worth Noting
Trigger for this analysis: the quarterly report (Form 10-Q) for June 30, 2026, filed August 3, 2026, together with the earnings release of the same day (Form 8-K, Exhibit 99.1) and the Form S-8 registration of August 5, 2026.
As-of dates: annual and quarterly figures come from the Form 10-K for 2025 (filed March 4, 2026) and the Form 10-Q filings for March 31, 2026 and June 30, 2026. Price, market value and analyst figures are as of August 26 to 27, 2026.
On the earnings calls: transcripts of ten calls (Q1 2024 through Q2 2026) were reviewed. Transcripts are not documents filed with the SEC, so quotations from them are attributed to management as a whole rather than to named individuals. Every figure in the text comes solely from filed reports.
Possible confusion: "Viemed" is occasionally mixed up with similar brand names used by other medical device suppliers; this analysis concerns only Viemed Healthcare, Inc., SEC identifier CIK 0001729149. Despite its Canadian incorporation, the company is a regular U.S. reporting issuer filing Forms 10-K and 10-Q.
Stock Watch
This analysis is as of August 29, 2026. Stock Watch will tell you what's changed at VMD since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 6.30 $ to 12.30 $ · Last price: 9.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Medical Devices
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Viemed Healthcare Inc VMD | 0.3 | 25.0 | 5.9 | 57.5 | – | 20.5 | 37.3 |
| Abbott Laboratories ABT | 173.9 | 29.8 | 17.4 | 56.9 | 13.5 | 5.7 | -22.0 |
| Medtronic PLC MDT | 117.8 | 25.8 | 13.2 | 65.3 | 22.1 | 8.4 | 1.3 |
| Stryker Corporation SYK | 105.8 | 35.0 | 16.8 | 65.6 | 17.8 | 11.2 | -24.9 |
| Boston Scientific Corp BSX | 63.0 | 18.8 | 13.2 | 69.2 | 20.6 | 19.9 | -55.8 |
| Edwards Lifesciences Corp EW | 50.8 | 48.2 | 27.7 | 77.8 | 31.2 | 11.6 | 18.9 |
| DexCom Inc DXCM | 33.9 | 37.1 | 20.1 | 62.5 | 21.4 | 15.6 | 14.1 |
| GE HealthCare Technologies Inc. GEHC | 27.9 | 15.8 | 10.1 | 39.5 | 11.1 | 4.8 | -17.9 |
| STERIS plc STE | 20.3 | 27.3 | 13.7 | 44.4 | 20.0 | 8.7 | -15.5 |
| Median of companies shown | 50.8 | 27.3 | 13.7 | 62.5 | 20.3 | 11.2 | -15.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 31 | 0 | 1 | 0.03 | 6 | 13 | 25 |
| 2017 | 47 | 9 | 8 | 0.22 | 12 | 24 | 38 |
| 2018 | 64 | 10 | 10 | 0.24 | 22 | 35 | 54 |
| 2019 | 80 | 9 | 9 | 0.21 | 19 | 44 | 83 |
| 2020 | 131 | 27 | 32 | 0.78 | 35 | 82 | 113 |
| 2021 | 117 | 12 | 9 | 0.22 | 22 | 95 | 118 |
| 2022 | 139 | 8 | 6 | 0.16 | 28 | 97 | 117 |
| 2023 | 183 | 14 | 10 | 0.25 | 45 | 114 | 155 |
| 2024 | 224 | 18 | 11 | 0.28 | 39 | 131 | 177 |
| 2025 | 270 | 21 | 15 | 0.37 | 52 | 142 | 215 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.10 | 20.70 | 61 | 19.60 | 7.10 | 15 | 3 |
| 2025: Q1 | 0.06 | 59.60 | 59 | 16.90 | 4.40 | 3 | -13 |
| 2025: Q2 | 0.08 | 112.30 | 63 | 14.70 | 5.00 | 12 | 4 |
| 2025: Q3 | 0.09 | -8.80 | 72 | 24.00 | 4.90 | 18 | 11 |
| 2025: Q4 | 0.14 | 35.10 | 76 | 25.50 | 7.40 | 18 | 10 |
| 2026: Q1 | 0.06 | 1.10 | 75 | 27.50 | 3.40 | 8 | 1 |
| 2026: Q2 | 0.07 | -12.50 | 78 | 23.80 | 3.60 | 16 | 7 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Near 52-Week High
- Power Trend
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.41 | 0.39 – 0.43 | 318 | – | 3 |
| 12/31/2027 | 0.54 | 0.44 – 0.66 | 354 | – | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 0.5% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $29.2M |
|---|---|
| Market cap | $347.0M |
| Free cash flow in year ten | $30.9M |
| Terminal value as a share of market value | 46.9% |
For comparison: over the past five years free cash flow shrank by 11.6% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
In den sechs ausgewerteten SEC-Berichten findet sich kein wesentlicher KI-Bezug: KI ist weder Umsatzquelle noch belegter operativer Baustein — der einzige Treffer ist eine allgemeine Risikoklausel ohne Bezug zum eigenen Geschäftsmodell.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-08-03 · 10-Q 2026-05-05 · 10-Q 2025-11-05 · 10-Q 2025-08-06 · 10-K 2026-03-04 · 10-K 2025-03-10
Rated on August 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 24.9%
- More than 10% revenue growth is expected for the coming year 13.6%
- Share count grows by less than 3% a year 0.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 24.9%
- Gross margin at 40% or higher and without meaningful erosion 57.5%
- Goodwill from acquisitions does not grow faster than revenue 27.4%
- Net debt below twice EBITDA 0.1 x EBITDA
- Operating cash flow covers the profits of the last three years 100 m
- Return on capital at 15% or higher, or up versus two years ago 11.9%
- Insiders hold at least 10% or are net buyers 13.9%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 27.0%
- Exp. sales growth 3Y > 5% 14.4%
- EBIT growth 10Y > 5% 55.9%
- Exp. EBIT growth 3Y > 5% 21.9%
- Net debt < 4x EBIT 0.1x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 69.2%
- Return on equity > 15% 18.4%
- ROCE > 15% 11.9%
- Expected return > 10% 26.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Heltz Sabrina | Director | Other | 3,757 | 8.94 | 33,588 |
| Aug 19, 2026 | Heltz Sabrina | Director | Other | 3,757 | – | – |
| Aug 19, 2026 | Heltz Sabrina | Director | Other | 15,029 | – | – |
| Aug 19, 2026 | Kaushal Nitin | Director | Other | 18,786 | – | – |
| Aug 19, 2026 | Smokoff Timothy | Director | Other | 3,757 | 8.94 | 33,588 |
| Aug 19, 2026 | Smokoff Timothy | Director | Other | 3,757 | – | – |
| Aug 19, 2026 | Smokoff Timothy | Director | Other | 15,029 | – | – |
| Aug 19, 2026 | Dobbs Randy E. | Director | Other | 4,191 | 8.94 | 37,468 |
| Aug 19, 2026 | Dobbs Randy E. | Director | Other | 4,191 | – | – |
| Aug 19, 2026 | Dobbs Randy E. | Director | Other | 16,763 | – | – |
The company
About the Company
Viemed Healthcare, Inc. bietet über seine Tochtergesellschaften medizinische Heimausstattung (HME) und postakute respiratorische Gesundheitsdienstleistungen in den USA an.
- Employees
- 1,438
- Headquarters
- Lafayette, LA
- Address
- 625 East Kaliste Saloom Road, 70508 Lafayette, United States
- Phone
- 337 504 3802
- Website
- viemed.com
- IPO Date
- 12/22/2017
- ISIN
- CA92663R1055
Management
| Name | Title | Birth Year |
|---|---|---|
| Casey Hoyt | CEO & Director | 1977 |
| Michael B. Moore CRT | President | 1977 |
| Trae Paul Fitzgerald | Chief Financial Officer | 1988 |
| William Todd Zehnder | COO & Director | 1975 |
| Jeremy Trahan | Executive VP, General Counsel & Corporate Secretary | 1970 |
| William Dana Frazier M.D. | Chief Medical Officer & Director | 1958 |
| Jerome Richard Cambre II | Vice President of Sales | 1971 |
| Michael Freeman | Chief Business Development Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.