Core Insights - Viemed Healthcare, Inc. reported a 21% year-over-year growth in net revenue for FY25, reaching $270.3 million, with a net income of $14.9 million and a record adjusted EBITDA of $61.4 million [1] - The growth was driven by strong platform momentum, contributions from Lehan's, and a broader shift towards in-home care and increased adoption of sleep/resupply services [1] - A key challenge faced was the updated National Coverage Determination (NCD), which introduced additional documentation requirements and tightened coverage criteria, temporarily affecting ventilator patient growth [1] - Despite the challenges, reimbursement levels remained unchanged, and ventilator activity has begun to normalize [1] - Viemed ended FY25 with free cash flow increasing by 141% year-over-year [1] Industry Trends - The shift towards sleep and resupply services is enhancing recurring revenue quality and reducing regulatory sensitivity [8] - Lehan's acquisition is expected to broaden commercial exposure, diversify payors, and extend the growth runway for Viemed [8] - Despite margin mix pressures, the guidance for FY26 and current valuation indicate that durable growth potential may be undervalued [8]