Viemed Healthcare, Inc. · NASDAQ:VMD
Viemed Healthcare — Q3 2025 Earnings Presentation
29 slides from Viemed Healthcare's earnings presentation, November 2025
Slide 1: Leading the Healthcare Industry in Home Respiratory Care
Leading the Investor Presentation: NASDAQ: VMD Healthcare Industry in Home Respiratory Care November 2025 VieMed Healthcare Inc. • Investor Presentation
Slide 2: Disclaimers
Disclaimers Disclaimers and Other Important Information This presentation (the “Presentation”) about Viemed Healthcare, Inc. (“Viemed” or the “Company”) is dated November 2025. It presents information in a summary form and does not purport to be complete. The data contained herein is derived from va
Slide 3: A national, innovative in-home healthcare leader
A national, innovative in-home healthcare leader... National Leader in Complex Extensive Innovative At- Robust Growth and Respiratory Services Nationwide Reach Home Healthcare Financial Performance Providing ventilation, sleep Serving over 163,000 patients High-touch and high-tech 27% compound annua
Slide 4: ...with multiple catalysts driving our growth
...with multiple catalysts driving our growth We address massively underserved populations for complex respiratory care services as well as obstructive sleep apnea Viemed serves as a vital link between patients, providers, and payors for increased patient satisfaction, improved compliance and reduce
Slide 5: Core business growth and attractive vent economics
Core business growth and attractive vent economics... VieMed Vent Rental Patients 1 • $1,050 approximate monthly 12,500 reimbursement rate 11,500 • Covered by Medicare and most insurance plans 10,500 • Uncapped rental, ~17-month average 9,500 length of stay 8,500 • Bundled pricing includes equipment
Slide 6: Deployed across a massively underserved population
...Deployed across a massively underserved population... 25 Million (estimated) people in the U.S. have COPD VIEMED IS THIRD 2,500,000 or 10% have stage 4 COPD 14% LARGEST PROVIDER* 1,250,000 or 50% of those with stage 4 COPD develop chronic respiratory failure becoming candidates for our therapy MA
Slide 7: Combined with a distinct competitive advantage
...Combined with a distinct competitive advantage... Proprietary clinical Increase patient and platform, connecting best-in-class clinical 24/7 caregiver engagement service with Respiratory best-in-class devices Therapist included in service Increase efficiency Capture value-based data of clinicians
Slide 8: And backed by real-world results
...And backed by real-world results... June 29, 2022 September 15, 2021 December 29, 2020 Early initiation of non-invasive ventilation at Non-invasive ventilation at home Non-invasive ventilation at home reduces Non-invasive ventilation at home improves home reduces mortality, hospitalizations, and
Slide 9: Drive our organic growth engine
...Drive our organic growth engine Location selection • Based on high COPD rates • Target hospitals and facilities struggling with length of stay management and near existing service area • Leverage existing relationships and operate heavily in rural markets Unique lean deployment model • No costly
Slide 10: We have transformed the business in the past five years
We have transformed the business in the past five years... Diverse and Reliable Revenue Streams VieMed boasts a resilient and diversified payor base, benefiting from a favorable reimbursement environment that supports our sustained growth and operational excellence. SERVICE MIX PAYOR MIX FY 2019 Q3
Slide 11: With a growing sleep therapy and resupply business
...With a growing sleep therapy and resupply business… 2 PAP Therapy Patients 1 Sleep Resupply Patients 40,000 • Acquisition of Home Medical Products Inc. (HMP) on June 1, 2023, accelerated 35,000 growth in the sleep market with a mature 30,000 resupply program. 25,000 • PAP therapy is a capped rent
Slide 12: And added other services to expand our reach
...And added other services to expand our reach… • Other major product synergies include oxygen and percussion vests • Device rentals generally subject to lifetime caps • Generally lower capital outlays, resulting in higher free cash flow • High-volume touchpoints build strong relationships with ref
Slide 13: While successfully executing on inorganic growth
...While successfully executing on inorganic growth • Robust M&A pipeline focuses on adding Strategic Acquisitions • Acquired in July 2025 complementary services that can expand our • Significant platform for growth in the previously core businesses untapped Chicago market with highly motivated team
Slide 14: Financial Performance
Financial Performance VieMed Healthcare Inc. • Investor Presentation 14
Slide 15: Consistent with our proven track record
Consistent with our proven track record... $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $- 2017 2018 2019 20201 20211 2022 1 2023 2024 2025E3 2 Revenue Adj. EBITDA (1) 2020, 2021 and 2022 includes $34.3 million, $8.6 million and $2.3 million of COVID-19 sales and serv
Slide 16: Strong execution led to record third-quarter results
…Strong execution led to record third-quarter results • Expanded our patient base across all major service lines • Enhanced our market presence and diversified our service capabilities through the acquisition of Lehan’s 24% 1 $12.4M 2 Net Revenue Growth Free Cash Flow Medical Equipment • Sustained v
Slide 17: 2025 Guidance – Commentary
2025 Guidance – Commentary Core Metrics • Net revenue of $271 million to $273 million, from $271 million to $277 million • Adjusted EBITDA of $60 million to $62 million (≈22% of net revenue), from $59 million to $62 million Commentary on Guidance • Lower-margin services, including staffing, now expe
Slide 18: We're executing on a solid growth plan
We’re executing on a solid growth plan • Grow active patient base while entering new target markets through geographic expansion • Continue to diversify revenue stream and payor base • Expand technology capabilities to incorporate useful AI tools to drive efficiencies and capture outcome data • Expa
Slide 19: Appendix
Appendix VieMed Healthcare Inc. • Investor Presentation 19
Slide 20: Sleep therapy growing with GLP-1 adoption
Sleep therapy growing with GLP-1 adoption Increased Engagement GLP-1 adoption boosts patient and provider engagement 21% Q3 2025 VieMed Sleep Revenue as a % of Total Revenue Market Opportunity In the general U.S. population, prevalence of all OSA, moderate-to- severe OSA, and severe OSA was 57.6%, 2
Slide 21: Devices and equipment
Devices and equipment At-Home Sleep Testing Tankless Percussion Oxygen Therapy Vests Bi-Level Complex Sleep Respiratory Therapy 63% of Revenue 21% of Revenue CPAP Ventilators VieMed Healthcare Inc. • Investor Presentation 21
Slide 22: Competitive bidding timeline
Competitive bidding timeline Congress enacts Competitive Bidding Round 2021 After initial termination due to errors in the CMS announces unified bidding schedule. process, Round 1 is rebid; 9 CBAs, 9 product CMS then cancels or removes 13 of the 15 categories, including CPAP and Oxygen product categ
Slide 23: Net CAPEX
Net CAPEX (expressed in thousands of U.S. Dollars) For the quarter ended 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23 Purchase of property and equipment 7,636 8,129 15,483 11,829 11,002 8,934 6,006 7,932 Proceeds from sale of property and (1,671) (6,402) (6,953) (2,881) (6,033)
Slide 24: Liquidity Metrics
Liquidity Metrics (expressed in thousands of U.S. Dollars) For the period ended 9/30/25 12/31/24 12/31/23 Cash on hand $ 11,123 $ 17,540 $ 12,839 Working Capital $ 5,794 $ 15,554 $ 6,243 Long Term Debt $ 19,585 $ 3,589 $ 6,002 Positioned for growth • The Company maintains a healthy balance sheet wit
Slide 25: Free cash flow
Free cash flow Management believes free cash flow provides investors with useful insight into the company’s ability to generate cash, fund growth initiatives, and return capital to shareholders. Free cash flow is defined as net cash provided by operating activities, as reported under U.S. GAAP, less
Slide 26: Free cash flow
Free cash flow The Company also presents non-GAAP free cash flow for the current quarter and trailing twelve months (TTM) as a supplemental liquidity measure. Trailing twelve months (TTM) free cash flow is calculated by aggregating the last four quarters, each calculated using the methodology as des
Slide 27: Reconciliation of adjusted EBITDA
Reconciliation of adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that does not have a standardized meaning prescribed by U.S. GAAP. Viemed's presentation of this financial measure may not be comparable to similarly titled measures used by other companies. Management believes Adjuste
Slide 28: Reconciliation of adjusted EBITDA
Reconciliation of adjusted EBITDA1 (Expressed in thousands of U.S. Dollars) For the quarter ended: 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23 Net Income attributable to $ 3,513 $ 3,157 $ 2,625 $ 4,316 $ 3,878 $ 1,468 $ 1,603 $ 3,477 Viemed Healthcare, Inc. Add back: Depreciati
Slide 29: Financial and Operational Highlights
Financial and Operational Highlights (expressed in thousands of U.S. Dollars, except operational information). For the quarter ended: 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23 Financial Information: Revenue $71,914 $63,056 $59,129 $60,695 $58,004 $54,965 $50,593 $50,739 Gross