Key Highlights

• Record net Revenue of $80.7 million for Q3 2026, up 12.2% year-over-year and 3.3% sequentially

• PAP therapy patients increased 37.5% year-over-year and 16.0% sequentially to 43,861, while sleep resupply patients grew 22.1% year-over-year

• Net Income attributable to Viemed totaled $4.6 million, up 32.0% year-over-year, with adjusted EBITDA Margin improving to 21.1%

• Company raised the low end of full-year 2026 revenue guidance to $316–$320 million and lowered net Capital Expenditure outlook

Viemed Healthcare, Inc.(NASDAQ:VMD), a national provider of technology-enabled, home-based healthcare solutions and chronic disease management, reported record financial results for the third quarter ended September 30, 2026. Net revenue totaled $80.7 million, representing a 12.2% increase over the prior-year quarter and a 3.3% sequential improvement. The company also updated its full-year 2026 guidance, raising the low end of its revenue outlook.

Revenue Growth and Patient Volume Expansion

The $80.7 million in quarterly revenue marked a company record, driven by growth across the respiratory, sleep, and women's health businesses. Ventilator rental revenue increased 7.4% year-over-year to $37.5 million, supported by higher average patient volumes. The company's period-end ventilator patient count stood at 12,552 as of September 30, 2026. The sleep therapy Business continued its rapid expansion, with PAP therapy patients increasing 37.5% year-over-year and 16.0% sequentially to 43,861 during the quarter. Sleep resupply patients grew 22.1% year-over-year and 10.5% sequentially to 40,918. CEO Casey Hoyt noted that the quarter represents the first full year-over-year comparison following the Lehan acquisition, with the company achieving double-digit revenue growth on that larger base.

Profitability and Adjusted Metrics

Net income attributable to Viemed totaled $4.6 million, or $0.11 per diluted share, representing a 32.0% increase from $3.5 million, or $0.09 per diluted share, in the prior-year quarter. Sequentially, net income rose 67.8% from $2.8 million in the second quarter of 2026. Net income margin improved to 5.7% of revenue, compared to 3.5% in Q2 2026. Adjusted EBITDA for the quarter totaled $17.1 million, an increase of 5.8% year-over-year and 24.4% sequentially. The adjusted EBITDA margin expanded approximately 350 basis points sequentially to 21.1%, up from 17.6% in the second quarter.

Cash Flow and Updated Guidance

Net cash provided by Operating Activities totaled $11.5 million for the quarter and $53.9 million for the Trailing Twelve Months ended September 30, 2026. Free Cash Flow was $4.0 million for the quarter and $26.1 million on a trailing twelve-month basis. The company ended the quarter with $9.7 million in cash, $12.0 million in working capital, and approximately $46 million available under its existing Credit facilities. During the quarter, Viemed repaid $2.1 million of term Debt and repurchased 115,000 common shares for approximately $1.0 million. For full-year 2026, the company now expects net revenue of $316 million to $320 million, narrowing from the prior range of $314 million to $320 million. Adjusted EBITDA guidance was also narrowed to $64 million to $66 million from $64 million to $68 million. Net capital expenditures are now expected to range from 8.0% to 9.0% of net revenue, down from the previous 8.5% to 10.0%, reflecting reduced capital intensity as less capital-intensive product and service offerings contribute a larger share of revenue.

The Takeaway

Viemed's Q3 2026 results reflect continued expansion in patient volumes across its respiratory and sleep therapy platforms, with the PAP therapy patient base growing at a particularly notable pace. The sequential margin improvement from Q2 to Q3, with adjusted EBITDA margin expanding 350 basis points, suggests the company is gaining Operating Leverage as its post-acquisition platform scales. The narrowed guidance ranges and lower capital expenditure outlook provide additional visibility into the company's near-term financial trajectory.