Viemed Raises 2026 Revenue Floor After Record Quarter

The Tip Desk · November 4, 2026 · 3 min read

Net revenue hit a record $80.7 million in the third quarter as attributable net income reached $4.6 million, or $0.11 a share.

Viemed Healthcare, Inc. (VMD), a national provider of technology-enabled home-based healthcare, reported record net revenue of $80.7 million for the three months ended September 30, 2026, up 12.2% from a year earlier and 3.3% from the prior quarter.

Year-over-year growth slowed from 23.9% in the second quarter and 28% in the first. The company said the third quarter was the first full year-over-year comparison after the Lehan acquisition.

Net income attributable to Viemed was $4.6 million, or $0.11 a share, up 32.0% from $3.5 million, or $0.09 a share, a year earlier. That was a 67.8% sequential increase from $2.8 million in the second quarter. Net income as a percentage of net revenue rose to 5.7% from 3.5% in the preceding quarter.

Adjusted EBITDA was $17.1 million, up 5.8% year over year and 24.4% sequentially. Adjusted EBITDA as a percentage of net revenue increased to 21.1% from 17.6% in the second quarter, an improvement of about 350 basis points. Chief Executive Casey Hoyt said attributable net income increased 68% sequentially and Adjusted EBITDA grew 24%, outpacing revenue growth, and that the results reflected progress anticipated after investments earlier in the year.

Ventilator rental revenue increased 7.4% year over year to $37.5 million, which the company said was supported by 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. Sleep resupply patients increased 22.1% year over year and 10.5% sequentially to 40,918.

Net cash provided by operating activities was $11.5 million for 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 trailing twelve months.

The company ended the quarter with $9.7 million in cash, $12.0 million in working capital, and about $46 million available under existing credit facilities. During the quarter it repaid $2.1 million of term debt and repurchased 115,000 common shares for about $1.0 million, excluding taxes.

Based on third-quarter performance and increased visibility into the remainder of the year, Viemed raised the low end of full-year 2026 net revenue guidance to $316 million to $320 million from $314 million to $320 million. Adjusted EBITDA guidance was narrowed to $64 million to $66 million from $64 million to $68 million. Net capital expenditures are now expected to range from 8.0% to 9.0% of net revenue, compared with the previous 8.5% to 10.0%. The company said the updated outlook reflects continued growth across its platform, anticipated sequential improvement in revenue and Adjusted EBITDA in the fourth quarter, and reduced capital intensity as less capital-intensive product and service offerings contribute a greater share of revenue. The outlook excludes potential future acquisitions or other strategic transactions.