DALLAS, TX -- January 6th, 2026 -- Viemed Healthcare, Inc. (NASDAQ: VMD). Stonegate Capital Partners initiates their coverage on Viemed Healthcare, Inc. (NASDAQ: VMD). Viemed Healthcare is the leading U.S. provider of in-home post-acute respiratory care, specializing in non-invasive ventilation (“NIV”) for patients with COPD and chronic respiratory failure. The Company delivers care through a clinician-driven, high-touch model that integrates respiratory therapists, proprietary clinical workflows, and continuous patient monitoring to improve outcomes and reduce total cost of care. While ventilation remains the core foundation of the business, Viemed has successfully diversified into complementary services—including sleep therapy and resupply, oxygen therapy, staffing, and maternity care—creating a more resilient and scalable platform.
Market Opportunity: Ventilation accounted for approximately 56% of FY24 revenue, with the remaining balance generated by a rapidly expanding portfolio of ancillary services. COPD affects an estimated 14–16M U.S. adults and drives roughly $50B in annual healthcare costs, creating a large, durable demand pool for Viemed’s core NIV offering. In parallel, obstructive sleep apnea (“OSA”) impacts 30M+ U.S. adults, with the domestic sleep therapy market estimated at ~$2.3B and projected to nearly double by 2034. Management highlighted that increasing GLP-1 adoption is expanding OSA screening, PAP initiations, and recurring resupply volumes, providing an incremental secular tailwind to Viemed’s sleep platform. Growing payer and provider emphasis on cost-effective, in-home care further supports expansion across sleep, oxygen, and maternity programs. Importantly, core ventilator therapies are excluded from Medicare’s Competitive Bidding Program and are clinically proven to reduce hospitalizations and total cost of care, materially lowering reimbursement risk relative to broader HME peers.
Quarterly Resutls: Viemed delivered record 3Q25 results, reflecting broad-based growth across ventilation, sleep, and newer ancillary segments. Net revenue increased 24.0% y/y to $71.9M, driven by its 15th consecutive quarter of organic growth and the accretive contribution from Lehan’s Medical Equipment. Adjusted EBITDA rose $16.1M, representing a ~22.4% margin. Operational metrics remained robust. Ventilator patients reached 12,372, up 8.8% y/y, while PAP therapy patients increased 63.7% y/y and 21.4% sequentially. Sleep resupply patients grew 51.4% y/y and 32.8% sequentially, surpassing PAP rental patients for the first time—highlighting successful conversion to recurring, high-retention revenue streams.
Outlook: Management reaffirmed FY25 guidance of $271–$273M in revenue and $60–$62M of adjusted EBITDA, implying ~20% y/y revenue growth and ~22% EBITDA margins. Key catalysts include continued sleep and resupply volume inflection, incremental GLP-1–driven OSA diagnosis and PAP adoption, further operational leverage from technology deployment, and ongoing capital return supported by growing free cash flow.
Valuation: We use a P/E and EV/EBITDA comp analysis to guide our valuation. Our Forward P/E analysis arrives at a valuation range of $10.15 to $15.22 with a mid-point of $12.68. Our EV/EBITDA valuation results in a range of $13.26 to $15.17 with a mid-point of $14.21. Lastly, we note that VMD is one of the cheapest comps when viewed through an EV/Revenue range.
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 services for public and private companies.
