10-Q · May 5, 2026
Viemed Healthcare, Inc. reported Q1 2026 revenue of $75.4 million, reflecting a significant growth of 27.5% year-over-year, driven by strong demand in the rental and sales of medical equipment. Despite missing EPS…
Earnings analysis · 10-Q
VMD earnings analysis
Filed August 3, 2026 · Our reading of the company's report
The latest report
Viemed delivered Q2 revenue of $78.097 million, up 23.9% year over year and 3.6% sequentially, supported by growth in ventilator, sleep/PAP, resupply and women's-health offerings, including Lehan operations. However,…
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Viemed delivered Q2 revenue of $78.097 million, up 23.9% year over year and 3.6% sequentially, supported by growth in ventilator, sleep/PAP, resupply and women's-health offerings, including Lehan operations. However, gross margin fell to 57.7% from 58.3%, operating margin declined to 5.7% from 8.1%, and net income attributable to Viemed decreased 12.4% to $2.764 million as SG&A growth and disposal losses outweighed revenue gains. Six-month operating cash flow improved to $23.973 million, but receivables rose $6.6 million and cash ended at $10.680 million; the filing contains no quantitative guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Revenue growth accelerated to 23.9% YoY
Q2 revenue rose $15.041 million, or 23.9%, year over year to $78.097 million and increased $2.683 million, or 3.6%, sequentially from $75.414 million in Q1 2026. Growth was broad-based across each reported revenue category.
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Diversification powered sales growth
Equipment and supply sales nearly doubled, rising $9.457 million, or 99.4%, to $18.971 million, driven by women's-health product sales and higher PAP resupply volumes. Other HME rentals grew $2.585 million, or 18.7%, to $16.408 million.
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Patient census expanded materially
Patient counts reached 12,635 ventilator patients, 37,825 PAP therapy patients and 37,035 sleep-resupply patients at June 30, 2026. These compare with 12,152, 26,260 and 25,246, respectively, at June 30, 2025.
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Operating cash flow improved strongly
Six-month operating cash flow increased $8.865 million to $23.973 million from $15.108 million a year earlier. Purchases of property and equipment were $15.151 million, equal to 9.9% of $153.511 million six-month revenue.
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Capital return program remains active
The company repurchased 680,802 shares during the first six months of 2026 under its 2026 program; 1,249,329 shares remained available at June 30. Q2 purchases totaled 535,260 shares at a $9.65 average price.
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Management sees adequate near-term liquidity
Liquidity includes $10.680 million of cash, no revolver borrowings and $7.4 million outstanding under the term loan at June 30, 2026. Management believes cash, operating cash flow and facility availability will fund requirements for at least the next 12 months.
What to watch
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Profitability declined despite revenue growth
Operating margin contracted 240 basis points year over year to 5.7% from 8.1%, while net income attributable to Viemed declined $0.393 million, or 12.4%, to $2.764 million despite 23.9% revenue growth.
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Mix shift is diluting gross margin
Gross margin decreased 60 basis points year over year to 57.7% as sales-and-services revenue increased to 32.4% of revenue from 24.4%. Management notes this mix generally carries lower gross margins, albeit lower capital-expenditure needs.
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SG&A growth outpaced revenue
SG&A rose $8.329 million, or 28.9%, to $37.132 million and reached 47.5% of revenue versus 45.7% a year ago. The increase includes $4.0 million of higher employee compensation, about $0.9 million in phantom-stock compensation and about $0.6 million in sales compensation.
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Prior disposal gains will not recur
The company recorded a $0.598 million loss on equipment disposal versus a $0.636 million gain in Q2 2025; management says the ventilator buyback program was substantially completed in 2025 and does not expect additional material gains.
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Receivables growth consumed working capital
Working-capital investment included a $6.6 million increase in net accounts receivable and a $1.7 million increase in prepaid expenses and other assets during the first six months of 2026. Cash declined to $10.680 million at June 30 from $13.501 million at December 31, 2025.
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No new risk-factor disclosures; policy risk persists
There were no material changes to risk factors from the 2025 Form 10-K, according to Item 1A. Existing policy exposure remains material: CMS issued the final ventilator National Coverage Determination on June 9, 2025, and most OBBBA provisions are scheduled for 2027 and 2028, with some state actions possible in 2026.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance. Management states it expects technology, talent and operating-capacity investments to support future revenue growth and productivity, but says the timing and extent of SG&A leverage depends on when benefits are realized. Quantitative full-year outlook was deferred to the earnings release/call.
Earlier filings 4
10-K · March 4, 2026
Viemed positions itself as a technology-enabled, home-based provider focused on respiratory and chronic care, seeking growth by increasing patients served and expanding its licensed clinical workforce. Recent quarterly…
10-Q · November 6, 2024
Viemed reported Q3 revenue of $58.004M (up $8.602M or 17.4% vs Q3 2023 $49.402M) and GAAP diluted EPS of $0.10 (vs $0.07 in Q3 2023). Revenue growth was broad-based (rentals, sales and services) while operating income…
10-Q · May 6, 2024
Viemed reported Q1 revenue of $50.593M (up $11.037M or 27.9% vs Q1 2023 $39.556M) and GAAP diluted EPS of $0.04 (flat vs $0.04 in Q1 2023) while missing the Street EPS estimate ($0.07). Revenue growth was broad-based…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.