Stonegate Capital Partners has updated its coverage on Viemed Healthcare, Inc. (NASDAQ: VMD), highlighting the company's strong financial performance in fiscal year 2025. Viemed reported net revenue of $270.3 million, a 21% increase year-over-year, driven by continued platform momentum and contributions from the Lehan's acquisition. The company generated $14.9 million in net income and achieved a record adjusted EBITDA of $61.4 million.
The growth was supported by a broader shift toward in-home care and accelerating adoption of sleep and resupply services. However, the company faced a short-term headwind from an updated National Coverage Determination (NCD) that introduced additional documentation requirements and tightened coverage criteria, temporarily moderating ventilator patient growth. Stonegate notes that reimbursement levels remained unchanged, and ventilator activity has already begun to normalize. Viemed ended the year with free cash flow up 141% year-over-year.
Key takeaways from the update include the observation that sleep and resupply services are overtaking ventilation as growth drivers, improving the quality of recurring revenue and reducing sensitivity to regulatory changes. The Lehan's acquisition broadens commercial exposure, diversifies payors, and creates a longer runway for scaled growth. Despite margin mix pressure, the FY26 guidance and current valuation suggest that durable growth remains underappreciated by the market.
For more details, the full announcement is available here. Stonegate Capital Partners is a capital markets advisory firm providing investor relations and equity research services. Its affiliate, Stonegate Capital Markets (member FINRA), offers investment banking and capital raising services.
This update underscores Viemed's strategic positioning in the in-home care market and its ability to navigate regulatory challenges while maintaining strong financial performance.
