Viemed Healthcare Maps Growth in Home Respiratory Care, Sleep and Maternal Health

Key Points

• Viemed’s core complex respiratory-care business remains its foundation, serving about 200,000 patients nationwide through in-home respiratory therapists, connected devices and telehealth. Management sees substantial growth potential given low penetration of noninvasive ventilation services.
• The company is diversifying into sleep therapy, portable oxygen and maternal health. Sleep revenue rose 44% year over year, while recent acquisitions—including Lehan’s Medical Equipment—expanded its geographic reach and maternal-health offerings.
• Management projects 2026 revenue of $315 million to $320 million and adjusted EBITDA near $66 million. Viemed reported $34 million in free cash flow, no net debt, anticipated reimbursement increases and continued share repurchases.

Viemed Healthcare NASDAQ: VMD outlined its strategy to expand home-based respiratory care, diversify its revenue mix and maintain organic growth during a company presentation led by Chief Executive Officer Casey Hoyt and Chief Operating Officer Todd Zehnder.

Hoyt said the company, which was founded about 20 years ago, serves approximately 200,000 patients across all 50 states. Its largest business is complex respiratory care, representing about half of operations. The company provides noninvasive ventilation and in-home respiratory therapy for patients with severe chronic obstructive pulmonary disease, neuromuscular conditions and other respiratory illnesses.

“Our business in a nutshell is very high touch, high tech,” Hoyt said, describing a model that combines respiratory therapists visiting patients in their homes with connected technology and telehealth capabilities.

Complex respiratory care remains the foundation

Hoyt said complex respiratory patients are often at a critical stage of illness and may otherwise have frequent hospital and emergency-room visits. The company’s respiratory therapists use connected devices and tablets to assess patient needs remotely, monitor equipment and determine whether an in-person visit or hospital referral is necessary.

The company said its studies have indicated that its therapy can reduce emergency-room visits and hospitalizations, while reporting a 39% all-cause reduction in relative mortality and estimated annual savings of $5,484 per patient for payers. Those findings are available on the company’s website and investor materials, according to Hoyt.

Viemed’s noninvasive ventilation service has less than 10% market penetration, Hoyt said. He cited an estimated 25 million people in the U.S. with COPD and said only about 60,000 Medicare beneficiaries currently receive the company’s NIV-type service. VieMed is the second-largest ventilation provider nationally, he said.

The company’s model differs from traditional durable medical equipment providers because its therapists operate from mobile vehicles rather than a large network of brick-and-mortar facilities. Hoyt said this structure supports faster response times and allows the company to use local data, including COPD prevalence, hospital admissions and bed capacity, when selecting markets for expansion.

Diversification includes sleep, oxygen and maternal health

While complex respiratory care remains the core business, Hoyt said VieMed has broadened its offerings. Sleep apnea-related products account for roughly 24% of the business, oxygen represents about 10%, and the company also operates staffing and maternal-health businesses.

Sleep therapy revenue grew 44% year over year, according to Hoyt, while sleep resupply revenue increased 47%. Resupply consists of recurring sales of masks, tubing and filters. He said sleep patients are generally younger and often covered by private insurance, helping diversify the company’s patient and payer mix beyond its Medicare-focused complex respiratory segment.

Viemed also provides portable oxygen concentrators rather than relying primarily on oxygen tanks. Hoyt said this offering can help serve earlier-stage COPD patients and potentially create a pathway to higher-acuity respiratory services as their needs progress.

The company has completed three acquisitions in recent years:

• HMP, acquired in June 2023, expanded coverage in Tennessee and northern Mississippi.
• East Alabama HomeMed, a joint venture with a hospital system in Opelika, Alabama.
• Lehan’s Medical Equipment, acquired in July 2025, which added sleep and maternal-health operations in the Chicago area and Wisconsin.

Hoyt said the Lehan’s acquisition has positioned maternal health as a potential fast-growing area. The business markets breast pumps and related consumables to expecting mothers whose private insurance may cover the products. VieMed has expanded that offering into Texas, Indiana and Ohio, with additional expansion underway.

Regulatory conditions and financial outlook

Hoyt said a national coverage determination for ventilator products has created clearer operating standards for the industry. The rules include patient-use requirements, such as using devices for at least four hours per day on 70% of days. He said VieMed had already been preparing for such standards, while some competitors have faced greater difficulty adapting.

The company is also not subject to competitive bidding for the products it serves through 2028, according to Hoyt. He said the company expects reimbursement to benefit from annual inflation-related increases of approximately 2% to 2.8%.

Zehnder said the company has produced a 26% compounded annual growth rate since becoming public, with approximately $50 million to $55 million of revenue from its three acquisitions and the remainder from organic growth. He said the business had $34 million in free cash flow at the end of the second quarter of 2026 and no net debt.

For 2026, management projected revenue of approximately $315 million to $320 million, with a midpoint of $317 million, and adjusted EBITDA in the mid-$60 million range, with a midpoint of $66 million. Zehnder said capital expenditures are expected to be about 8.5% to 9% of revenue as the company shifts toward less capital-intensive product categories.

The company has also continued to repurchase shares, Zehnder said, noting that VieMed completed its third buyback last year and has begun a fourth program. About 700,000 shares were repurchased during the prior quarter, he said.

About Viemed Healthcare (NASDAQ:VMD)

Viemed Healthcare, Inc NASDAQ: VMD provides in-home medical equipment and clinical services for patients with chronic respiratory conditions. The company focuses on helping individuals receive complex respiratory care in their homes, with an emphasis on reducing hospitalizations and supporting long-term disease management.

Its services and products include home mechanical ventilation, supplemental oxygen, sleep therapy equipment, respiratory therapy, and related durable medical equipment.

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