Viemed Healthcare Announces Second Quarter 2025 Financial Results

LAFAYETTE, Louisiana—Respiratory provider Viemed Healthcare, Inc., reported a nearly 15% increase in revenue for its latest quarter ended June 30, 2025, crediting increases in ventilator and sleep patients with continued growth expected for the remainder of the year.

The company reported net revenues for the quarter were $63.1 million representing an increase of $8.1 million, or 14.7%, over net revenues reported for the comparable quarter ended June 30, 2024. Net income attributable to Viemed for the quarter totaled $3.2 million, or $0.08 per diluted share, an increase of 115.1% over net income attributable to Viemed of $1.5 million, or $0.04 per diluted share, for the quarter ended June 30, 2024.

According to Viemed, the adjusted EBITDA for the quarter totaled $14.3 million, an 11.5% increase as compared to the quarter ended June 30, 2024.  During the second quarter of 2025, the company said it repurchased and cancelled 270,061 common shares under its share repurchase program at a cost of $1.8 million, representing an average buyback price of $6.79 per share.

The company increased its ventilator patient count to 12,152 as of June 30, 2025, an increase of 11.4% over June 30, 2024, and a 2.9% sequential increase from March 31, 2025.

Viemed said it increased its PAP therapy patient count to 26,260, an increase of 51.4% over June 30, 2024, and a 14.7% sequential increase from March 31, 2025. The company’s sleep resupply patient count was 25,246 as of June 30, 2025, an increase of 25.1% over June 30, 2024, and a 10.0% sequential increase from March 31, 2025.

As of June 30, 2025, the company maintains a strong cash balance of $20.0 million and an overall working capital balance of $18.0 million. Long term debt as of June 30, 2025 amounted to $3.5 million, and the company said it has $55 million available under existing credit facilities.

Viemed closed on the previously announced acquisition of Lehan’s Medical Equipment for a base purchase price of $26 million, subject to customary adjustments, plus estimated contingent payments of $2.2 million.

Major Report Highlights

• Net revenue up 14.7%
• PAP patients up 50%
• Sleep resupply up 25%
• Ventilator patients up 11%

Updated Full Year 2025 Guidance:

The company announced that net revenue for the year ending December 31, 2025 is expected to be in the range of $271 million to $277 million, increased from the prior range of $256 million to $265 million. The increase in the range is primarily related to the inclusion of Lehan’s anticipated results for the second half of 2025, officials said.

Adjusted EBITDA for the year ending December 31, 2025 is expected to be in the range of $59 million to $62 million, increased from the prior range of $55 million to $58 million. The increase in the range is primarily related to the inclusion of Lehan’s anticipated results for the second half of 2025. 

“The solid execution of our vent and sleep businesses—together with continued leveraging of expenses—produced second quarter results that met our expectations and kept us on track for our organic growth targets in 2025.,” said Casey Hoyt, Viemed’s CEO. “The addition of Lehan’s enabled us to increase our full year revenue and Adjusted EBITDA guidance, and the early progress from our integration plans reinforces the confidence we have in accelerating their growth. The strong operating cash flow during the quarter continues to contribute to our rock-solid balance sheet. We have successfully deployed that capital into share repurchases and have remained active to date with that program in the third quarter.”

Hoyt said that the company is pleased about the new national coverage determination recently issued by the Centers for Medicare & Medicaid Services. 

“It’s a major opportunity in terms of what we’ve been fighting for as a collective industry and as an individual company,” he said. “The big win is that the tried and failed approach on BiPAP and step therapy is both. That’s a huge victory for patients because the (Medicare Advantage) plans—they’re leaning on the step therapy as a means to divert and defer using non-invasive ventilation on patients.”

While Viemed is ready to take on the new requirements laid out by the rule, he said, some smaller DME providers may be hit hard by it—which could lead to further consolidation in the industry and potential acquisition opportunities.