Overview

• US home healthcare provider's Q1 revenue rose 28% yr/yr to $75.4 mln

• Adjusted EBITDA for Q1 increased 12% yr/yr, reflecting business mix shift

• Company repurchased 150,000 shares for $1.4 mln in Q1

Outlook

• Viemed now expects 2026 net revenue of $312 mln to $320 mln, raised from prior guidance

• Company reaffirms 2026 adjusted EBITDA guidance of $65 mln to $69 mln

• Net capital expenditures for 2026 now expected at 9% to 10.5% of net revenue

Result Drivers

• SLEEP AND MATERNAL HEALTH GROWTH - Co said rapid growth in sleep and maternal health service lines contributed to Q1 results, per CEO Casey Hoyt

• VENTILATOR BUSINESS MOMENTUM - Co reported continued momentum in its ventilator business, per CEO Casey Hoyt

• SHIFT TO CAPITAL-EFFICIENT SERVICES - Co said a shift in revenue mix toward less capital-intensive service lines is producing structurally lower capital intensity and supporting free cash flow generation

Company press release: ID:nACSf5BXga

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$75.41 mln	$74.40 mln (2 Analysts)
Q1 Net Income		$2.71 mln
Q1 Gross Profit		$42.83 mln
Q1 Income from Operations		$4.30 mln
Q1 Pretax Profit		$3.99 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the healthcare facilities & services peer group is "buy"

• Wall Street's median 12-month price target for Viemed Healthcare Inc is $13.00, about 37.1% above its May 4 closing price of $9.48

• The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 16 three months ago

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