LAFAYETTE, LA / ACCESS Newswire / October 21, 2025 / Viemed Healthcare, Inc. (the "Company" or "Viemed") (NASDAQ:VMD), a national leader of in-home, technology-enabled post-acute respiratory care, today announced that it will host its Third Quarter 2025 Earnings Conference Call on Thursday, November 6, 2025, at 11:00 a.m. ET. Interested parties may participate in the call by dialing: (877) 407-6176 (US Toll-Free) +1 (201) 689-8451 (International) Live Audio Webcast: https://event.choruscall.com/mediaframe/w ...

Viemed Healthcare Conference Call Summary Company Overview - **Company Name**: Viemed Healthcare - **Ticker Symbol**: NasdaqCM: VMD - **Location**: Lafayette, Louisiana - **Employee Count**: Approximately 1,200 - **Patient Base**: Servicing around 150,000 patients across all 50 states [2][3] Industry Context - **Industry**: Home Medical Equipment (HME) Supply and Services - **Market Presence**: Operates in 35-36 states with a focus on complex respiratory care, particularly non-invasive ventilation and sleep respiratory [3][4] Core Business Model - **Differentiation**: Unlike traditional HME companies, Viemed focuses on complex respiratory care rather than a broad range of equipment [3][4] - **Ventilation Services**: Core business involves providing ventilation services covered by commercial payers and Medicare, with an average fee of $1,000 per month for a patient [6][9] - **Patient Length of Stay**: Average length of stay for patients is 17 months, with a significant portion of patients requiring ongoing support [6][26] Growth Drivers - **Aging Population**: The increasing number of older adults with chronic diseases is driving demand for home healthcare services [4][5] - **Market Penetration**: Less than 10% of patients needing ventilation therapy are currently receiving it, indicating a significant growth opportunity [8] - **Organic Growth**: Viemed has consistently grown its active patient base and has been profitable every year since going public [10][19] Financial Performance - **Revenue Growth**: Projected revenue for the year is between $270 million and $260 million, with EBITDA expected to exceed $60 million [20][19] - **Free Cash Flow**: The company is beginning to generate meaningful free cash flow due to its product mix and operational efficiency [16][19] Recent Developments - **Acquisitions**: Recent acquisitions include H&P Home Medical Products and Lehan Medical Equipment, aimed at expanding geographical coverage and product lines [18][20] - **New Product Lines**: Introduction of a healthcare staffing agency and expansion into sleep therapy, with a 70% year-over-year increase in setups for sleep therapy [13][14] Operational Strategy - **Lean Operating Model**: Utilizes a "crawl, walk, run" approach to market entry, allowing for flexibility and reduced capital investment in underperforming markets [11][12] - **Technology Integration**: Implementing AI and technology to streamline operations and reduce administrative burdens on staff [23][24] Shareholder Engagement - **Stock Buybacks**: Completed a buyback of 5% of shares for approximately $13.2 million, demonstrating commitment to returning value to shareholders [19][24] - **Insider Ownership**: Company insiders own 20% of the company, aligning their interests with those of shareholders [24] Future Outlook - **Continued Growth**: Plans to expand sales force and densify existing markets while investing in new product lines [21][20] - **Market Positioning**: Positioned to capture a larger share of the underpenetrated ventilation market and expand into adjacent healthcare services [8][12] Key Metrics - **Patient Growth**: Adding 1,100 to 1,500 new ventilation patients annually [17] - **Profitability**: Consistent profitability since public listing, with a focus on organic growth [10][19] - **Market Trends**: Anticipated growth in sleep therapy and potential expansion into maternity services through recent acquisitions [21][23]

Core Points - Viemed Healthcare, Inc. has completed all share repurchases authorized under its share repurchase program [1] - The Board of Directors authorized the repurchase of up to 1,976,441 common shares, which is approximately 5% of the total issued and outstanding shares at the time of authorization [1]

Financial Data and Key Metrics Changes - Year-over-year revenue increased by 14.7%, driven entirely by organic growth, keeping within the anticipated range for organic growth during the year [23] - Gross margin for the quarter was 58.3%, down from 59.8% in 2024 and 56.3% in 2025, reflecting a decline consistent with previous quarters [23][24] - Adjusted EBITDA grew 12% year-over-year to $14.3 million, with an adjusted EBITDA margin of 22.7% [24][30] Business Line Data and Key Metrics Changes - Ventilation business accounted for 54% of revenues, with vent revenue up 5% sequentially and 11% year-over-year [11][23] - Sleep therapy patients increased by 15% sequentially and 51% year-over-year, with new patient sales up 72% year-over-year [12][23] - Resupply program patients were up 10% sequentially and 25% year-over-year, indicating strong growth in this segment [13] - Staffing business experienced a sequential slowdown due to softened labor demand, although it was up year-over-year [14][20] Market Data and Key Metrics Changes - The sleep business now represents 19% of total revenues, reflecting its rapid growth and importance to the overall revenue mix [23][45] - The staffing business, which accounts for approximately 10% of total revenue, is primarily driven by behavioral and social service needs [20] Company Strategy and Development Direction - The company is focused on expanding its addressable at-home market, with the acquisition of Lehan Medical Equipment marking a strategic step into maternal health [8][10] - The company aims to diversify its patient base and leverage existing infrastructure to reach new patient populations [8][10] - The management emphasizes disciplined execution of long-term strategies, resulting in tangible growth across core and complementary services [6][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving regulatory landscape, particularly with the new NCD final rule, which is expected to reduce operational burdens [15][18] - The company anticipates continued organic growth and has raised its full-year guidance for net revenue and adjusted EBITDA, reflecting optimism for the second half of the year [30][32] - Management noted that the industry is well-positioned to educate regulators and present solutions, enhancing the company's competitive stance [18][19] Other Important Information - The company has a strong balance sheet with $55 million available on credit facilities and $20 million in cash, enabling share repurchase programs and acquisitions [28][29] - The company completed a ventilator exchange program, which is expected to normalize CapEx going forward and improve adjusted free cash flow [26][30] Q&A Session Summary Question: Can you elaborate on the benefits of the BENT program upgrade and exchanges? - The financial benefits include cash back for the vents, generally higher than net book value, and the clinical value lies in acquiring newer, technologically advanced assets [35][36] Question: What is the administration's view on DME in general? - The administration is looking to cut costs across government sectors, and competitive bidding pressure is anticipated [39][40] Question: Were there any unusual factors contributing to the growth in sleep therapy patient count? - Growth is attributed to an expanded sales force and increased operational efficiency, with no significant negative impact from GLP-1s [44][45] Question: What drove the decline in service revenue in the staffing business in Q2? - The decline is linked to behavioral health and social service needs, with expectations for appropriations to improve in the back half of the year [48][49]

Q2 2025 Key Financial Highlights - Revenue grew by 15% year-over-year in Q2[7] - Net income increased by 120% year-over-year for Q2[7] - Adjusted EBITDA increased by 12% year-over-year for Q2, reaching 22.7% of revenue, aligning with the full-year outlook[7] - The company repurchased 270,061 common shares for $1.8 million, at an average price of $6.79 per share[7] Operational Performance - Vent patient growth was robust, with an 11% year-over-year increase in Q2 and a 3% sequential increase from Q1[7] - Sleep therapy patients increased significantly, up 51% year-over-year and 15% sequentially in Q2; new sleep patient starts were up 72% year-over-year, and sleep resupply patient count was up 25% year-over-year and 10% sequentially[7] Financial Position and Strategy - The company completed the strategic acquisition of Lehan's Medical Equipment on July 1, 2025, expected to contribute starting in Q3[6] - As of June 30, 2025, the company had $55 million in unfunded commitments available under its existing credit facilities[19] - The company maintains a healthy balance sheet with no net debt as of June 30, 2025[19] 2025 Guidance - Net revenue is projected to be between $271 million and $277 million, an increase from the previous guidance of $256 million to $265 million[22] - Adjusted EBITDA is expected to be between $59 million and $62 million, representing 22% of net revenue, an increase from the previous guidance of $55 million to $58 million[22]

[Report Information](index=1&type=section&id=Report%20Information) Viemed Healthcare, Inc. filed its Q2 2025 Form 10-Q, identifying as an accelerated filer with 38.8 million common shares outstanding - Viemed Healthcare, Inc. submitted its Form 10-Q quarterly report for the period ended June 30, 2025[1](index=1&type=chunk) - The company's stock ticker is VMD, listed on The Nasdaq Stock Market LLC[3](index=3&type=chunk) - The company is designated as an **Accelerated Filer**[4](index=4&type=chunk) - As of July 31, 2025, the company had **38,785,759 common shares outstanding**[4](index=4&type=chunk) [PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements and notes for the periods ended June 30, 2025 and 2024 [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section includes the company's unaudited condensed consolidated financial statements, comprising balance sheets, income statements, statements of changes in shareholders' equity, and cash flow statements, along with notes for the periods ended June 30, 2025, and 2024 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement details the company's financial position, including assets, liabilities, and shareholders' equity, as of specific reporting dates Condensed Consolidated Balance Sheets Key Data (in thousands of dollars) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change ($) | Change (%) | | :--------------------------------- | :-------------------------- | :-------------------------- | :--------- | :--------- | | **Assets** | | | | | | Total current assets | $55,291 | $52,880 | $2,411 | 4.56% | | Total long-term assets | $129,312 | $124,189 | $5,123 | 4.12% | | **Total Assets** | **$184,603** | **$177,069** | **$7,534** | **4.25%** | | **Liabilities** | | | | | | Total

[Executive Summary & Business Update](index=1&type=section&id=1.%20Executive%20Summary%20%26%20Business%20Update) [Q2 2025 Financial and Operational Highlights](index=1&type=section&id=1.1%20Q2%202025%20Financial%20and%20Operational%20Highlights) Viemed Healthcare achieved record Q2 2025 net revenues of **$63.1 million**, with net income surging **115.1%** and strong operational growth Q2 2025 Financial Performance Highlights | Metric | Q2 2025 | Q2 2024 | Change (%) | | :----------------------- | :---------- | :---------- | :--------- | | Net Revenues | $63.1 million | $54.965 million | 14.7% | | Net Income attributable to Viemed | $3.2 million | $1.468 million | 115.1% | | Diluted EPS | $0.08 | $0.04 | 100.0% | | Adjusted EBITDA | $14.3 million | $12.813 million | 11.5% | Q2 2025 Operational Highlights (Patient Counts) | Patient Type | June 30, 2025 | June 30, 2024 | YoY Change (%) | March 31, 2025 | QoQ Change (%) | | :------------------- | :-------------- | :-------------- | :------------- | :--------------- | :------------- | | Ventilator Patients | 12,152 | 10,905 | 11.4% | 11,809 | 2.9% | | PAP Therapy Patients | 26,260 | 17,349 | 51.4% | 22,899 | 14.7% | | Sleep Resupply Patients | 25,246 | 20,185 | 25.1% | 22,941 | 10.0% | - During Q2 2025, the Company 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[4](index=4&type=chunk) - As of June 30, 2025, Viemed maintained a strong cash balance of **$20.0 million** and an overall working capital balance of **$18.0 million**, with **$55 million** available under existing credit facilities[4](index=4&type=chunk) [Updated Full Year 2025 Guidance](index=1&type=section&id=1.2%20Updated%20Full%20Year%202025%20Guidance) Viemed Healthcare raised full-year 2025 guidance for net revenues and Adjusted EBITDA, primarily due to the Lehan's Medical Equipment acquisition Updated Full Year 2025 Guidance | Metric | New Range | Old Range | | :---------------- | :-------------------- | :-------------------- | | Net Revenue | $271 million to $277 million | $256 million to $265 million | | Adjusted EBITDA | $59 million to $62 million | $55 million to $58 million | - The increase in the full year guidance ranges is primarily related to the inclusion of Lehan's Medical Equipment's anticipated results for the second half of 2025, following its acquisition closure on July 1, 2025, for a base purchase price of **$26 million** plus estimated contingent payments of **$2.2 million**[4](index=4&type=chunk) [CEO Commentary](index=2&type=section&id=1.3%20CEO%20Commentary) CEO Casey Hoyt highlighted Viemed's commitment to patient quality of life, technology-enabled care, and strategic expansion, noting strong Q2 execution - Viemed's core focus is on improving patient quality of life through compassionate in-home care, delivering greater patient satisfaction and better outcomes at a lower total cost, particularly in complex respiratory care and now women's health[5](index=5&type=chunk) - The company has significantly increased patient populations and invested in a technology-enabled clinical approach to extend the capabilities of certified Respiratory Therapists, positioning its care model well in the evolving regulatory environment[5](index=5&type=chunk) - Solid execution in the vent and sleep businesses, along with expense leveraging, led to Q2 results that met expectations and kept the company on track for 2025 organic growth targets[6](index=6&type=chunk) The Lehan's acquisition enabled increased full-year guidance, and strong operating cash flow supported share repurchases[6](index=6&type=chunk) [Company Information](index=2&type=section&id=2.%20Company%20Information) [Conference Call Details](index=2&type=section&id=2.1%20Conference%20Call%20Details) Viemed Healthcare will host a conference call on August 7, 2025, at 11:00 a.m. EDT to discuss Q2 results, accessible via phone and webcast - The conference call to discuss second quarter results is scheduled for Thursday, August 7, 2025, at 11:00 a.m. EDT[7](index=7&type=chunk) - Interested parties can participate by dialing **877-407-6176** (US Toll-Free) or **+1 201-689-8451** (International), or via a live audio webcast at https://event.choruscall.com/mediaframe/webcast.html?webcastid=4jnXGdPH[8](index=8&type=chunk) [About Viemed Healthcare, Inc.](index=2&type=section&id=2.2%20About%20Viemed%20Healthcare%2C%20Inc.) Viemed Healthcare, Inc. is a U.S. in-home clinical care provider specializing in post-acute respiratory healthcare with a high-touch, high-tech model - Viemed is an in-home clinical care provider of post-acute respiratory healthcare equipment and services in the United States, offering non-invasive ventilators (NIV), sleep therapy, staffing, and other complementary products[9](index=9&type=chunk) - The company focuses on efficient and effective in-home treatment, with clinical practitioners providing therapy, education, and counseling to patients using high-touch and high-tech services[9](index=9&type=chunk) [Investor Relations Contact](index=2&type=section&id=2.3%20Investor%20Relations%20Contact) Investors can contact Viemed Healthcare's Investor Relations team via email or designated contacts at SCR Partners, LLC and the CFO - Investor Relations contact information includes ir@viemed.com, SCR Partners, LLC (Tripp Sullivan or Lisa Kampf), and Viemed Healthcare, Inc.'s Chief Financial Officer (Trae Fitzgerald)[10](index=10&type=chunk) [Legal and Financial Disclosures](index=3&type=section&id=3.%20Legal%20and%20Financial%20Disclosures) [Forward-Looking Statements](index=3&type=section&id=3.1%20Forward-Looking%20Statements) This section addresses forward-looking statements, highlighting inherent risks and uncertainties that may cause actual results to differ from projections - The press release contains 'forward-looking statements' identifiable by words like 'plans,' 'expects,' 'intends,' or 'will,' which are not historical facts and involve estimates, assumptions, and uncertainties[11](index=11&type=chunk) - Factors such as general economic conditions, capital requirements, reimbursement rates, competition, and integration of acquired businesses could cause actual results to vary materially from those expressed in forward-looking statements[11](index=11&type=chunk) - The company does not assume responsibility for the accuracy or completeness of such statements and undertakes no obligation to publicly update or revise them, other than as required by applicable law[11](index=11&type=chunk) [Non-GAAP Financial Measures Disclosure](index=3&type=section&id=3.2%20Non-GAAP%20Financial%20Measures%20Disclosure) This section defines Adjusted EBITDA as a non-GAAP measure for internal assessment, noting its limitations and the impracticality of reconciling future guidance to GAAP - Adjusted EBITDA is a non-GAAP financial measure used by management to assess operating performance, compare performance consistently, calculate incentive compensation, and for planning purposes, including budget preparation[19](index=19&type=chunk) - Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for GAAP measures like revenue or net income, as it excludes certain non-cash charges and other companies may calculate it differently[19](index=19&type=chunk) - Reconciliation of non-GAAP financial guidance to GAAP is not provided due to the inability to reliably predict the impact of highly variable, difficult-to-project, or unusual items, which could significantly and unpredictably impact future GAAP results[12](index=12&type=chunk) [Condensed Consolidated Financial Statements](index=4&type=section&id=4.%20Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=4&type=section&id=4.1%20Condensed%20Consolidated%20Balance%20Sheets) Viemed Healthcare's balance sheet shows total assets increased to **$184.6 million** by June 30, 2025, with liabilities decreasing and equity rising Condensed Consolidated Balance Sheets (in thousands of U.S. Dollars) | Metric | June 30, 2025 | December 31, 2024 | Change | | :-------------------------- | :-------------- | :---------------- | :------- | | Total Current Assets | $55,291 | $52,880 | +$2,411 | | Total Long-Term Assets | $129,312 | $124,189 | +$5,123 | | **TOTAL ASSETS** | **$184,603** | **$177,069** | **+$7,534** | | Total Current Liabilities | $37,270 | $37,326 | -$56 | | Total Long-Term Liabilities | $5,709 | $6,442 | -$733 | | **TOTAL LIABILITIES** | **$42,979** | **$43,768** | **-$789** | | TOTAL SHAREHOLDERS' EQUITY | $141,624 | $133,301 | +$8,323 | [Condensed Consolidated Statements of Income](index=5&type=section&id=4.2%20Condensed%20Consolidated%20Statements%20of%20Income) Viemed Healthcare reported Q2 2025 net revenue of **$63.1 million** and net income of **$3.2 million**, with six-month net revenue at **$122.2 million** Condensed Consolidated Statements of Income (in thousands of U.S. Dollars) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $63,056 | $54,965 | $122,185 | $105,558 | | Gross profit | $36,731 | $32,892 | $70,010 | $62,694 | | Income from operations | $5,095 | $3,616 | $8,936 | $5,820 | | Net income attributable to Viemed Healthcare, Inc. | $3,157 | $1,468 | $5,782 | $3,071 | | Diluted Net income per share | $0.08 | $0.04 | $0.14 | $0.08 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=4.3%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Viemed Healthcare generated **$15.1 million** in operating cash flow for H1 2025, with reduced investing outflows and cash used in financing, ending with **$20.0 million** cash Condensed Consolidated Statements of Cash Flows (in thousands of U.S. Dollars) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by operating activities | $15,108 | $11,357 | | Net cash used in investing activities | $(10,257) | $(16,532) | | Net cash provided by (used in) financing activities | $(2,375) | $1,143 | | Net increase (decrease) in cash and cash equivalents | $2,476 | $(4,032) | | Cash and cash equivalents at end of period | $20,016 | $8,807 | - Investing activities saw a significant reduction in net cash outflow, from **$(16,532) thousand** in 2024 to **$(10,257) thousand** in 2025, largely due to increased proceeds from the sale of property and equipment (**$13,355 thousand** in 2025 vs. **$1,407 thousand** in 2024)[18](index=18&type=chunk) - Financing activities shifted from a net cash inflow of **$1,143 thousand** in 2024 to a net cash outflow of **$(2,375) thousand** in 2025, primarily driven by **$1,664 thousand** in shares repurchased under the share repurchase program[18](index=18&type=chunk) [Non-GAAP Reconciliation and Key Metrics](index=7&type=section&id=5.%20Non-GAAP%20Reconciliation%20and%20Key%20Metrics) [Reconciliation of Net Income to Non-GAAP Adjusted EBITDA](index=7&type=section&id=5.1%20Reconciliation%20of%20Net%20Income%20to%20Non-GAAP%20Adjusted%20EBITDA) This section details the reconciliation of Net Income to Adjusted EBITDA, showing key adjustments and a Q2 2025 Adjusted EBITDA of **$14.3 million** Reconciliation of Net Income to Non-GAAP Adjusted EBITDA (in thousands of U.S. Dollars) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | | :------------------------------------ | :-------- | :-------- | :-------- | :-------- | :-------- | | Net income attributable to Viemed Healthcare, Inc. | $3,157 | $2,625 | $4,316 | $3,878 | $1,468 | | Add back: | | | | | | | Depreciation & amortization | 6,891 | 6,613 | 6,366 | 6,408 | 6,309 | | Interest expense, net | 132 | 179 | 147 | 225 | 254 | | Stock-based compensation | 2,341 | 2,311 | 1,521 | 1,712 | 1,620 | | Transaction costs | 53 | 85 | 11 | 12 | 221 | | Impairment of assets | — | — | — | 125 | 2,173 | | Income tax expense | 1,713 | 952 | 1,881 | 1,594 | 768 | | **Adjusted EBITDA** | **$14,287** | **$12,765** | **$14,242** | **$13,954** | **$12,813** | [Key Financial and Operational Information](index=8&type=section&id=5.2%20Key%20Financial%20and%20Operational%20Information) This section presents a quarterly overview of Viemed Healthcare's key financial and operational metrics, including revenue, net income, Adjusted EBITDA, and patient counts Key Financial Information (in thousands of U.S. Dollars) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | | :------------------------------------ | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | Revenue | $63,056 | $59,129 | $60,695 | $58,004 | $54,965 | $50,593 | $50,739 | $49,402 | | Gross Profit | $36,731 | $33,279 | $36,138 | $34,371 | $32,892 | $29,802 | $32,111 | $30,562 | | Gross Profit % | 58% | 56% | 60% | 59% | 60% | 59% | 63% | 62% | | Net Income attributable to Viemed Healthcare, Inc. | $3,157 | $2,625 | $4,316 | $3,878 | $1,468 | $1,603 | $3,477 | $2,919 | | Cash and Cash Equivalents (As of) | $20,016 | $10,160 | $17,540 | $11,347 | $8,807 | $7,309 | $12,839 | $10,078 | | Total Assets (As of) | $184,603 | $178,079 | $177,069 | $169,526 | $163,947 | $154,875 | $154,895 | $149,400 | | Adjusted EBITDA | $14,287 | $12,765 | $14,242 | $13,954 | $12,813 | $10,098 | $12,845 | $12,081 | Key Operational Information (Patient Counts) | Patient Type | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | | :------------------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | Vent Patients | 12,152 | 11,809 | 11,795 | 11,374 | 10,905 | 10,450 | 10,327 | 10,244 | | PAP Therapy Patients | 26,260 | 22,899 | 21,338 | 19,478 | 17,349 | 15,726 | 14,900 | 14,788 | | Sleep Resupply Patients | 25,246 | 22,941 | 24,478 | 22,143 | 20,185 | 18,904 | 18,902 | 18,544 |

Core Viewpoint - Viemed Healthcare, Inc. has announced a share repurchase program, allowing the company to buy back up to 1,976,441 common shares, which is approximately 5% of the total shares outstanding as of March 31, 2025, to enhance shareholder value [1][2]. Group 1: Share Repurchase Program - The share repurchase program is effective through June 2026 and allows for purchases through open market transactions, block purchases, or other methods compliant with securities laws [1][3]. - Daily purchases will be limited to 25% of the average daily volume for the four weeks preceding the purchase date, with the price paid being the market price at the time of purchase plus applicable brokerage fees [3][4]. - The company has previously repurchased approximately 2.6 million shares since its public listing, demonstrating a commitment to disciplined capital allocation [4]. Group 2: Financial Position and Strategy - Viemed's CEO highlighted strong first quarter 2025 results and increased guidance, indicating robust underlying business fundamentals [4]. - The company has no net debt and full access to a $55 million credit facility, providing ample liquidity for both the share repurchase program and funding growth initiatives [4]. - The company is also in the process of acquiring Lehan's Medical, expected to close in the third quarter of 2025, further supporting its growth strategy [4]. Group 3: Company Overview - Viemed Healthcare is a provider of in-home clinical care for post-acute respiratory healthcare, offering services such as non-invasive ventilators, sleep therapy, and staffing [5]. - The company focuses on delivering efficient in-home treatment through clinical practitioners who provide therapy, education, and counseling using advanced technology [5].

Company Overview - Viemed Healthcare, Inc. is a national leader in respiratory care and technology-enabled home medical equipment services in the United States [2] - The company specializes in post-acute respiratory healthcare equipment and services, including non-invasive ventilators, sleep therapy, and staffing [2] - Viemed focuses on providing efficient and effective in-home treatment through clinical practitioners who deliver therapy, education, and counseling to patients [2] Event Announcement - Viemed will present at the East Coast IDEAS Investor Conference on June 11, 2025, at The Westin Times Square in New York, NY [1] - The presentation is scheduled to begin at 11:30 am ET and will be webcasted [1] - Access to the webcast is available through the conference host's website and Viemed's investor relations section [1] IDEAS Investor Conferences - The IDEAS Conferences aim to provide independent venues for quality companies to present their investment merits to investment professionals [3] - These conferences are sponsored by investors for the benefit of regional investment communities, with sponsors managing over $200 billion in assets [3] - The conferences are produced annually by Three Part Advisors, LLC [4]

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) Presents Viemed Healthcare, Inc.'s unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents Viemed Healthcare, Inc.'s unaudited condensed consolidated financial statements and detailed notes for Q1 2025 and FY2024 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Summarizes the company's financial position, assets, liabilities, and equity for Q1 2025 and FY2024 Condensed Consolidated Balance Sheets Table | Metric | March 31, 2025 (Unaudited, in thousands) | December 31, 2024 (Audited, in thousands) | | :----------------------------- | :--------------------------------------- | :------------------------------------ | | Cash and cash equivalents | $10,160 | $17,540 | | Accounts receivable, net | $26,789 | $24,911 | | Total current assets | $49,120 | $52,880 | | Total long-term assets | $128,959 | $124,189 | | TOTAL ASSETS | $178,079 | $177,069 | | Total current liabilities | $35,487 | $37,326 | | Total long-term liabilities | $5,843 | $6,442 | | TOTAL LIABILITIES | $41,330 | $43,768 | | TOTAL SHAREHOLDERS' EQUITY | $136,749 | $133,301 | - Total assets increased slightly to **$178.1 million** as of March 31, 2025, from **$177.1 million** at December 31, 2024, driven by an increase in long-term assets, particularly property and equipment, net[8](index=8&type=chunk) - Cash and cash equivalents decreased by **$7.38 million** from **$17.54 million** at December 31, 2024, to **$10.16 million** at March 31, 2025[8](index=8&type=chunk) [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Details the company's revenues, expenses, and net income for the three months ended March 31, 2025 and 2024 Condensed Consolidated Statements of Income Table | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | Change ($) | Change (%) | | :------------------------------------ | :----------------------------------------------- | :----------------------------------------------- | :--------- | :--------- | | Revenue | $59,129 | $50,593 | $8,536 | 16.9% | | Gross profit | $33,279 | $29,802 | $3,477 | 11.7% | | Income from operations | $3,841 | $2,204 | $1,637 | 74.3% | | Net income | $2,710 | $1,603 | $1,107 | 69.1% | | Net income attributable to Viemed Healthcare, Inc. | $2,625 | $1,603 | $1,022 | 63.8% | | Basic EPS | $0.07 | $0.04 | $0.03 | 75.0% | | Diluted EPS | $0.06 | $0.04 | $0.02 | 50.0% | - Revenue increased by **16.9%** year-over-year to **$59.1 million** for the three months ended March 31, 2025, primarily driven by ventilator rentals, other home medical equipment rentals, and service revenues[10](index=10&type=chunk)[134](index=134&type=chunk) - Net income attributable to Viemed Healthcare, Inc. rose by **63.8%** to **$2.6 million**, with basic EPS increasing from **$0.04** to **$0.07**[10](index=10&type=chunk)[142](index=142&type=chunk) [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Outlines changes in shareholders' equity, including common stock, retained earnings, and noncontrolling interest Condensed Consolidated Statements of Changes in Shareholders' Equity Table | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------------------ | :---------------------------- | :------------------------------- | | Common Stock (Amount) | $28,151 | $23,365 | | Additional paid-in capital | $15,873 | $18,337 | | Retained earnings | $90,732 | $89,691 | | Noncontrolling interest in subsidiary | $1,993 | $1,908 | | Total Shareholders' Equity | $136,749 | $133,301 | - Total shareholders' equity increased to **$136.7 million** as of March 31, 2025, from **$133.3 million** at December 31, 2024, primarily due to net income of **$2.6 million** and an increase in common stock from shares issued for vesting of restricted stock units, partially offset by shares redeemed to pay income tax[12](index=12&type=chunk) - The Company redeemed **193,173 common shares** at a cost of **$1.6 million** to satisfy employee income tax withholding associated with RSUs vesting during the three months ended March 31, 2025[12](index=12&type=chunk)[84](index=84&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Presents cash flows from operating, investing, and financing activities for the three months ended March 31, 2025 and 2024 Condensed Consolidated Statements of Cash Flows Table | Cash Flow Activity | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Operating activities | $2,854 | $1,175 | | Investing activities | $(8,530) | $(5,365) | | Financing activities | $(1,704) | $(1,340) | | Net decrease in cash | $(7,380) | $(5,530) | | Cash at end of period | $10,160 | $7,309 | - Net cash provided by operating activities increased to **$2.9 million** for Q1 2025 from **$1.2 million** in Q1 2024, driven by higher net income and favorable changes in working capital[15](index=15&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) - Net cash used in investing activities increased to **$8.5 million** in Q1 2025 from **$5.4 million** in Q1 2024, primarily due to increased purchases of property and equipment, partially offset by proceeds from equipment sales[15](index=15&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) - Net cash used in financing activities increased to **$1.7 million** in Q1 2025 from **$1.3 million** in Q1 2024, mainly due to higher share redemptions for income tax withholding[15](index=15&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of significant accounting policies, business operations, and specific financial line items [1. Nature of Business and Operations](index=7&type=section&id=1.%20Nature%20of%20Business%20and%20Operations) Describes Viemed Healthcare, Inc.'s core business as a home medical equipment and post-acute respiratory healthcare provider - Viemed Healthcare, Inc. provides home medical equipment (HME) and post-acute respiratory healthcare services across all 50 U.S. states, focusing on in-home treatment with clinical practitioners and cutting-edge technology[16](index=16&type=chunk) - The Company's common shares are traded on the Nasdaq Capital Market under the symbol "VMD"[17](index=17&type=chunk) [2. Summary of Significant Accounting Policies](index=7&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) Outlines the accounting principles and estimates used in preparing the financial statements - The financial statements are prepared in accordance with GAAP for interim information and SEC rules, reflecting management's estimates for revenue recognition, accounts receivable, income taxes, and fair value of financial instruments[18](index=18&type=chunk)[22](index=22&type=chunk) - As of December 31, 2024, the Company no longer qualified as an "emerging growth company," leading to increased reporting requirements, including compliance with auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act[19](index=19&type=chunk) - The Company operates as a single reportable segment, with revenues primarily derived from the rental and sale of HME products and services, including ventilator rentals (**54.4%** of Q1 2025 revenue) and other home medical equipment[23](index=23&type=chunk)[34](index=34&type=chunk)[40](index=40&type=chunk) Summary of Significant Accounting Policies Table | Revenue Source | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Ventilator rentals | $32,159 | $29,187 | | Other home medical equipment rentals | $12,962 | $10,934 | | Equipment and supply sales | $7,519 | $6,138 | | Service revenues | $6,489 | $4,334 | | Total revenues | $59,129 | $50,593 | [3. Business Combinations](index=12&type=section&id=3.%20Business%20Combinations) Details the acquisition of a controlling equity interest in East Alabama HomeMed, LLC - On April 1, 2024, Viemed Healthcare, Inc. acquired a controlling **60%** equity interest in East Alabama HomeMed, LLC, resulting in the recognition of **$3.2 million** in goodwill and **$0.4 million** in trade name, along with a **$1.8 million** noncontrolling interest[56](index=56&type=chunk) [4. Property and Equipment](index=13&type=section&id=4.%20Property%20and%20Equipment) Provides a breakdown of medical equipment and property, along with depreciation expenses Property and Equipment Table | Asset Category | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--------------------- | :---------------------------- | :------------------------------- | | Medical equipment | $118,103 | $116,938 | | Property and equipment, net | $81,054 | $76,279 | - Depreciation expense included in cost of revenue was **$6.3 million** for the three months ended March 31, 2025, up from **$5.9 million** in the comparable 2024 period[57](index=57&type=chunk) [5. Current Liabilities](index=13&type=section&id=5.%20Current%20Liabilities) Lists and explains the components of the company's accrued liabilities Current Liabilities Table | Accrued Liability | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------ | :---------------------------- | :------------------------------- | | Accrued trade payables | $4,693 | $4,016 | | Accrued commissions payable | $1,139 | $1,027 | | Accrued bonuses payable | $2,542 | $6,589 | | Accrued vacation and payroll | $4,476 | $3,402 | | Current portion of phantom share liability | $917 | $1,701 | | Accrued other liabilities | $3,776 | $3,422 | | Total accrued liabilities | $17,543 | $20,157 | - Total accrued liabilities decreased to **$17.5 million** at March 31, 2025, from **$20.2 million** at December 31, 2024, primarily due to a reduction in accrued bonuses payable[58](index=58&type=chunk) [6. Debt and Lease Liabilities](index=13&type=section&id=6.%20Debt%20and%20Lease%20Liabilities) Details the company's debt obligations and operating lease liabilities Debt and Lease Liabilities Table | Debt Category | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------- | :---------------------------- | :------------------------------- | | 2022 Senior Credit Facilities | $4,469 | $4,563 | | Long-term portion | $3,530 | $3,589 | - The Company was in compliance with all covenants under the 2022 Senior Credit Facilities as of March 31, 2025[64](index=64&type=chunk)[159](index=159&type=chunk) - Operating lease liabilities, primarily for land and buildings, had a weighted average lease term of approximately **3.23 years** as of March 31, 2025[71](index=71&type=chunk) [7. Fair Value Measurement](index=16&type=section&id=7.%20Fair%20Value%20Measurement) Explains the valuation methods for financial instruments, including money market mutual funds Fair Value Measurement Table | Asset Category | March 31, 2025 (Level 1, in thousands) | December 31, 2024 (Level 1, in thousands) | | :--------------------- | :------------------------------------- | :---------------------------------------- | | Money market mutual funds | $253 | $10,582 | - Money market mutual funds, measured at Level 1 fair value, significantly decreased from **$10.6 million** at December 31, 2024, to **$0.25 million** at March 31, 2025[74](index=74&type=chunk) - Equity investments without readily determinable fair values are classified within Level 3 of the fair value hierarchy and are measured at cost less impairment, with no material adjustments during the reported periods[76](index=76&type=chunk) [8. Shareholders' Equity](index=17&type=section&id=8.%20Shareholders'%20Equity) Reports on common shares issued and outstanding, and stock-based compensation expenses - As of March 31, 2025, there were **39,523,787 common shares** issued and outstanding, an increase from **39,132,897 shares** at December 31, 2024[83](index=83&type=chunk) Shareholders' Equity Table | Stock-Based Compensation | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :------------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Options | $16 | $111 | | Restricted stock units | $2,295 | $1,321 | | Total | $2,311 | $1,432 | - Total stock-based compensation expense increased by **61.4%** to **$2.3 million** for the three months ended March 31, 2025, primarily due to restricted stock units[86](index=86&type=chunk)[139](index=139&type=chunk) [9. Commitments and Contingencies](index=19&type=section&id=9.%20Commitments%20and%20Contingencies) Discusses potential legal and other financial obligations and their inherent uncertainties - The Company accrues estimates for legal and other contingencies when losses are probable and reasonably estimable, requiring significant judgment[95](index=95&type=chunk) - A lawsuit against Vyaire Medical, Inc. for breach of contract resulted in a partial summary judgment for the Company, but collection of the **$0.9 million** unsecured claim was deemed not probable due to Vyaire's Chapter 11 bankruptcy filing[96](index=96&type=chunk)[97](index=97&type=chunk) - The Company is subject to various external governmental investigations, audits, and reviews, which could lead to recoupment of reimbursement, fines, or other sanctions[98](index=98&type=chunk) [10. Income Taxes](index=20&type=section&id=10.%20Income%20Taxes) Presents income tax expense and the effective tax rate for the reporting period - Income tax expense for the three months ended March 31, 2025, was **$1.0 million**, with an effective tax rate of **29.7%** (excluding discrete tax benefits from stock-based compensation)[99](index=99&type=chunk)[141](index=141&type=chunk) - The Company had no amounts recorded for uncertain tax positions at March 31, 2025, and does not expect material changes in uncertain tax benefits in the next 12 months[100](index=100&type=chunk) [11. Earnings Per Share](index=21&type=section&id=11.%20Earnings%20Per%20Share) Calculates basic and diluted earnings per share based on net income and share counts Earnings Per Share Table | EPS Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :------------------------------------ | :----------------------------------------------- | :----------------------------------------------- | | Net income attributable to Viemed Healthcare, Inc. | $2,625 | $1,603 | | Basic weighted average common shares | 39,426,753 | 38,717,123 | | Diluted weighted average shares | 41,627,876 | 40,580,634 | | Basic earnings per share | $0.07 | $0.04 | | Diluted earnings per share | $0.06 | $0.04 | - Basic EPS increased to **$0.07** in Q1 2025 from **$0.04** in Q1 2024, while diluted EPS increased to **$0.06** from **$0.04**, reflecting higher net income and a larger diluted share count[104](index=104&type=chunk) [12. Subsequent Events](index=21&type=section&id=12.%20Subsequent%20Events) Reports on significant events occurring after the balance sheet date, such as acquisitions - On May 6, 2025, the Company agreed to acquire Lehan Drugs, Inc., a home medical equipment provider, for a base purchase price of **$26 million**, plus an estimated **$2.2 million** in contingent payments, to be funded by cash on hand and existing credit facilities[105](index=105&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's perspective on Viemed Healthcare, Inc.'s financial condition, operations, trends, liquidity, and accounting estimates [Forward-Looking Statements](index=22&type=section&id=Forward-Looking%20Statements) Discusses future events and performance, including acquisition expectations, involving estimates and uncertainties - The report contains forward-looking statements regarding future events and performance, including expectations for the Lehan acquisition, which involve estimates, assumptions, and uncertainties that could cause actual results to differ materially[107](index=107&type=chunk)[108](index=108&type=chunk)[110](index=110&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking statements due to inherent risks and uncertainties, including those identified under "Item 1A. Risk Factors"[110](index=110&type=chunk)[111](index=111&type=chunk) [General Matters](index=23&type=section&id=General%20Matters) Outlines the company's incorporation details and transition from a foreign private issuer - Viemed Healthcare, Inc. was incorporated on December 14, 2016, and as of January 1, 2021, is no longer a "foreign private issuer," subjecting it to U.S. proxy solicitation rules and Section 16 reporting requirements[113](index=113&type=chunk) [Overview](index=23&type=section&id=Overview) Describes the company's specialization in post-acute respiratory care and home medical equipment services - The Company specializes in post-acute respiratory care services and home medical equipment in the U.S., aiming for organic growth and positioning itself as a leading provider of in-home therapy for respiratory diseases[114](index=114&type=chunk) - Ventilator rentals, both non-invasive and invasive, constituted **54.4%** of revenue for the three months ended March 31, 2025, with the Company employing **418 licensed Respiratory Therapists** (RTs) as of that date[115](index=115&type=chunk)[116](index=116&type=chunk) - The Company anticipates continued growth by expanding existing service areas and entering new territories through a cost-efficient model focused on personnel rather than physical location costs, aligning with the trend of home-based patient care[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) [Trends Affecting Our Business](index=23&type=section&id=Trends%20Affecting%20Our%20Business) Examines market growth, industry shifts, payor cost containment, and regulatory and macroeconomic challenges - The home medical equipment market, particularly for respiratory and Obstructive Sleep Apnea (OSA) devices, is projected to grow with CAGRs of approximately **6%** and **8%**, respectively, driven by an aging population and rising chronic disease incidence[119](index=119&type=chunk)[120](index=120&type=chunk) - The industry is shifting towards value-based healthcare and home-based treatments, with U.S. home healthcare spending expected to reach **$250 billion** by 2031 (**7% CAGR**), benefiting HME providers[121](index=121&type=chunk) - Challenges include payor cost containment efforts, increased negotiating power from managed care consolidation, and regulatory uncertainty, particularly regarding ventilator coverage by CMS, with a final determination expected by June 9, 2025[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) - Inflationary pressures, including rising material, labor, and transportation costs, are impacting manufacturing and distribution, though CMS announced fee schedule adjustments for 2025 (**2.4% to 3.0%** increases) to partially offset these[126](index=126&type=chunk)[127](index=127&type=chunk) - New U.S. government tariffs on imported goods and global supply chain constraints pose risks to equipment pricing and availability, prompting the Company to evaluate alternative sourcing and supply chain optimization[128](index=128&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Analyzes revenue, cost of revenue, gross profit, and operating expenses for the reported periods Results of Operations Table | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | Change ($) | Change (%) | | :------------------------------------ | :----------------------------------------------- | :----------------------------------------------- | :--------- | :--------- | | Revenue | $59,129 | $50,593 | $8,536 | 16.9% | | Cost of revenue | $25,850 | $20,791 | $5,059 | 24.3% | | Gross profit | $33,279 | $29,802 | $3,477 | 11.7% | | Gross Profit % | 56.3% | 58.9% | -2.6% | | | Selling, general and administrative | $28,425 | $24,814 | $3,611 | 14.6% | | Income from operations | $3,841 | $2,204 | $1,637 | 74.3% | | Net income attributable to Viemed Healthcare, Inc. | $2,625 | $1,603 | $1,022 | 63.8% | - Revenue growth of **16.9%** was primarily driven by a **10.2%** increase in ventilator rental revenue, an **18.5%** increase in other home medical equipment rentals (PAP, oxygen, percussion vest services), and a **49.7%** increase in service revenue due to healthcare staffing growth[134](index=134&type=chunk) - Gross profit percentage decreased from **58.9%** to **56.3%** due to a shift in revenue composition, but is expected to improve with scaling efficiencies, partially offset by continued diversification[136](index=136&type=chunk) - Selling, general and administrative expenses as a percentage of revenue improved to **48.1%** from **49.0%**, reflecting economies of scale, despite a **14.6%** increase in absolute terms due to a **19%** rise in employee headcount[137](index=137&type=chunk) - A **$2.4 million** gain on disposal of property and equipment was recorded in Q1 2025, compared to a **$0.2 million** loss in Q1 2024, primarily from the sale of recalled ventilators[140](index=140&type=chunk) [Non-GAAP Financial Measures](index=28&type=section&id=Non-GAAP%20Financial%20Measures) Explains the use of Adjusted EBITDA as a key metric for assessing operating performance and compensation - Adjusted EBITDA is a non-GAAP financial measure used by management to assess operating performance, compare results consistently, calculate incentive compensation, and for planning purposes, excluding non-cash items like depreciation, stock-based compensation, and taxes[143](index=143&type=chunk) Non-GAAP Financial Measures Table | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | September 30, 2024 (in thousands) | June 30, 2024 (in thousands) | March 31, 2024 (in thousands) | | :------------------------------------ | :---------------------------- | :------------------------------- | :-------------------------- | :--------------------------- | :---------------------------- | | Net Income attributable to Viemed Healthcare, Inc. | $2,625 | $4,316 | $3,878 | $1,468 | $1,603 | | Add back: Depreciation & amortization | $6,613 | $6,366 | $6,408 | $6,309 | $6,285 | | Add back: Stock-based compensation | $2,311 | $1,521 | $1,712 | $1,620 | $1,432 | | Add back: Income tax expense | $952 | $1,881 | $1,594 | $768 | $518 | | Adjusted EBITDA | $12,765 | $14,242 | $13,954 | $12,813 | $10,098 | - Adjusted EBITDA for the three months ended March 31, 2025, was **$12.8 million**, an increase from **$10.1 million** in the comparable 2024 period[132](index=132&type=chunk)[144](index=144&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses the company's cash position, operating cash flows, and credit facilities to meet future obligations - Cash and cash equivalents decreased to **$10.2 million** at March 31, 2025, from **$17.5 million** at December 31, 2024[146](index=146&type=chunk) - The Company expects current liquidity sources, including cash, operating cash flows, and the **$30.0 million** 2022 Senior Credit Facilities (revolving and delayed draw term loan), to be sufficient for the next 12 months[146](index=146&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) - A cybersecurity incident at Change Healthcare in Q1 2024 caused delays in patient claim submissions, temporarily reducing operating cash flow, though claims submissions have normalized with alternative platforms[147](index=147&type=chunk)[150](index=150&type=chunk) Liquidity and Capital Resources Table | Obligation Category | Within 12 Months (in thousands) | Beyond 12 Months (in thousands) | | :------------------------ | :------------------------------ | :------------------------------ | | Debt Obligations, including interest | $731 | $4,544 | | Lease Obligations | $1,125 | $2,091 | | Total | $1,856 | $6,635 | [Accounting and Disclosure Matters](index=32&type=section&id=Accounting%20and%20Disclosure%20Matters) Highlights critical accounting estimates and the adoption or evaluation of new accounting standards - Accounts receivable is a critical accounting estimate, involving significant judgment in estimating adjustments for variable consideration and probable losses, which could impact operations and cash flows if estimates change[168](index=168&type=chunk)[169](index=169&type=chunk) - The Company adopted ASU No. 2023-07 (Segment Reporting) in 2024 with no material impact and is evaluating ASU No. 2023-09 (Income Tax Disclosures) and ASU 2024-03 (Disaggregation of Income Statement Expenses) for future impact[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk)[170](index=170&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section outlines Viemed Healthcare, Inc.'s exposure to market risks, primarily focusing on interest rate fluctuations related to its 2022 Senior Credit Facilities - The Company's primary market risk exposure is to interest rate fluctuations on its 2022 Senior Credit Facilities, which carry variable interest rates based on Term SOFR or a Base Rate plus an applicable margin[171](index=171&type=chunk) - Outstanding borrowings under the 2022 Term Loan Facility were **$4.5 million** as of March 31, 2025, and an immediate **100 basis point** change in interest rates would not materially affect net income[171](index=171&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) This section details management's evaluation of the effectiveness of Viemed Healthcare, Inc.'s disclosure controls and procedures, concluding that they are effective, and reports no material changes in internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of March 31, 2025, ensuring timely and accurate reporting of material information[172](index=172&type=chunk)[174](index=174&type=chunk) - There have been no changes in the Company's internal control over financial reporting during the three months ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting[173](index=173&type=chunk) [PART II - OTHER INFORMATION](index=34&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) Provides additional information including legal proceedings, risk factors, equity sales, and exhibits [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) Refers to detailed legal proceedings and contingencies in financial statement notes, highlighting uncertainties - The Company is subject to various ongoing or threatened legal actions and proceedings, including employment matters, breach of contract disputes, and governmental/regulatory matters, as detailed in Note 9 to the financial statements[176](index=176&type=chunk) - Outcomes of legal proceedings are inherently uncertain and may not be known for extended periods, potentially incurring substantial defense costs[95](index=95&type=chunk)[176](index=176&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) Updates risk factors, emphasizing new or changed risks related to reimbursement policies and macroeconomic conditions - A significant risk is the potential reduction or elimination of coverage or reimbursement for products by third-party payors, including Medicare, especially concerning ventilator coverage, which is currently under a national coverage analysis by CMS[178](index=178&type=chunk)[179](index=179&type=chunk) - Adverse global macroeconomic conditions, such as new U.S. government tariffs on imported goods, supply chain disruptions, and foreign currency exchange rate fluctuations, could negatively impact operations, costs, and profitability[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk) - Changes to Medicare policy often influence commercial payors, meaning a new National Coverage Determination (NCD) for ventilators could have broader implications for coverage and reimbursement across the Company's payer base[179](index=179&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Confirms no unregistered equity sales or repurchases and reiterates the company's dividend policy - There were no unregistered sales of equity securities or company repurchases of equity securities during the fiscal quarter ended March 31, 2025[185](index=185&type=chunk)[186](index=186&type=chunk) - The Company has not declared or paid any cash or stock dividends since its inception, and future dividend decisions are at the Board's discretion, dependent on financial condition, contractual restrictions, and other factors[187](index=187&type=chunk) [Item 3. Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section states that there were no defaults upon senior securities during the reporting period - No defaults upon senior securities occurred during the reporting period[188](index=188&type=chunk) [Item 4. Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section indicates that mine safety disclosures are not applicable to the Company - Mine safety disclosures are not applicable to Viemed Healthcare, Inc[189](index=189&type=chunk) [Item 5. Other Information](index=35&type=section&id=Item%205.%20Other%20Information) This section reports on Rule 10b5-1 and Non-Rule 10b5-1 trading arrangements by the Company's directors and officers - No director or officer of the Company adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the fiscal quarter ended March 31, 2025[190](index=190&type=chunk) [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) Provides a comprehensive list of exhibits filed as part of the Quarterly Report on Form 10-Q - The report includes various exhibits such as the Stock Purchase Agreement, corporate articles, executive employment agreements, certifications from the CEO and CFO, and Inline XBRL documents[193](index=193&type=chunk)