Dallas, Texas–(Newsfile Corp. – March 11, 2026) – Viemed Healthcare, Inc. (NASDAQ: VMD). Stonegate Capital Partners Updates Coverage on Viemed Healthcare, Inc. (NASDAQ: VMD). In FY25, Viemed grew net revenue 21% y/y to $270.3M, generated $14.9M of net income, and delivered record adj. EBITDA of $61.4M. Growth benefited from continued platform momentum and contributions from Lehan’s, with additional tailwinds from the broader shift to in-home care and accelerating sleep/resupply adoption. The key headwind was short-term friction from the updated NCD, which added documentation requirements and tightened coverage criteria, temporarily moderating ventilator patient growth. We note that this did not change reimbursement levels, and vent activity has already started to normalize. Viemed ended the year with free cash flow up 141% y/y.
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Key Takeaways:
- Sleep and resupply are overtaking ventilation, improving recurring revenue quality and reducing regulatory sensitivity.
- Lehan’s broadens commercial exposure, diversifies payors, and creates a longer runway for scaled growth.
- Despite margin mix pressure, FY26 guidance and valuation suggest durable growth remains underappreciated.
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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.
Contacts:
Stonegate Capital Partners
(214) 987-4121
[email protected]
Source: Stonegate, Inc.
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Matribhumi Samachar English


