Financial Data and Key Metrics Changes - For the fourth quarter, revenue was $76.2 million, an increase of 26% year-over-year. For the full year, revenue totaled $270.3 million, up approximately 21% compared to 2024 [18] - Adjusted EBITDA for the fourth quarter was $18.2 million, with a full-year record of $61.4 million, representing a margin of approximately 22.7% [21] - Free cash flow totaled $28.1 million for the year, more than doubling from $11.6 million in 2024 [22] Business Line Data and Key Metrics Changes - Equipment and supply sales increased by $19.4 million or approximately 63% year-over-year, driven by sleep resupply and maternal health contributions [19] - Ventilator rentals increased by $12.2 million, or roughly 10%, reflecting higher patient volumes [20] - PAP therapy patient count reached 34,528, representing growth of 62% year-over-year, with new sleep patient setups increasing 70% compared to the prior year [10] Market Data and Key Metrics Changes - Maternal health contributed approximately 3% of revenue in 2025, with $9 million associated with maternal health products [14] - The diversification of revenue streams is evident, with ventilation revenue decreasing from 56% in 2024 to 51% in 2025, while sleep increased from 16% to 20% [20] Company Strategy and Development Direction - The company aims to build a cash-generating home care platform with multiple growth engines, focusing on high-touch clinical models and technology-enabled approaches [4] - Maternal health is viewed as a scalable extension of the platform and an important long-term growth opportunity [15] - The company is prioritizing organic growth and evaluating disciplined, accretive acquisition opportunities while returning capital to shareholders through share repurchases [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term opportunity, noting strong early signals in the business as they enter 2026 [4] - The company expects net revenue in the range of $310 million to $320 million for 2026, representing approximately 17% year-over-year growth [26] - Management anticipates a return to a more normalized quarterly growth pattern beginning in the second quarter of 2026 [27] Other Important Information - The company ended the year with $13.5 million in cash and approximately $46 million available under existing credit facilities, effectively having no net debt [23] - The company has begun reducing debt associated with the Lehan acquisition, supported by ongoing cash generation [24] Q&A Session Summary Question: What is the top priority for the Lehan acquisition expansion? - Management indicated that expanding the payer network is the top priority, alongside training sales staff to support growth [33][34] Question: How does the sales force feel about training and expansion? - Management confirmed that cross-training of sales representatives is underway, with a focus on integrating new product lines into existing sales efforts [36][38] Question: How will margin stability be maintained with a diversified revenue stream? - Management noted that scalability in G&A and technology improvements will help maintain margins, despite the challenges of diversifying revenue streams [39][40] Question: What are the key assumptions underlying the current revenue guidance? - Management clarified that they are not forecasting rapid growth in ventilators due to the NCD transition but expect significant growth in sleep and maternal health segments [46][47] Question: How does the reduction in respiratory therapists affect service revenue? - Management explained that the number of respiratory therapists is driven by patient volumes and that they expect growth in 2026 as patient numbers increase [48]

Financial Data and Key Metrics Changes - In Q4 2025, revenue reached $76.2 million, a 26% increase year-over-year, while full-year revenue totaled $270.3 million, up approximately 21% compared to 2024 [18] - Adjusted EBITDA for Q4 was $18.2 million, with a record full-year Adjusted EBITDA of $61.4 million, representing a margin of approximately 22.7% [20][21] - Free cash flow more than doubled year-over-year to $28.1 million, with Q4 free cash flow at $10.8 million [22][29] Business Line Data and Key Metrics Changes - Equipment and supply sales increased by $19.4 million or approximately 63% year-over-year, driven by growth in sleep resupply and maternal health from the Lehan acquisition [19] - Ventilator rentals increased by $12.2 million, or roughly 10%, reflecting higher patient volumes [19] - PAP therapy patient count reached 34,528, representing a 62% year-over-year growth, while resupply patients increased by 49% year-over-year [10][11] Market Data and Key Metrics Changes - The company noted a significant long-term opportunity in in-home ventilation, despite a moderation in patient growth due to updated National Coverage Determination (NCD) requirements [6][8] - The maternal health segment contributed approximately 3% of revenue in 2025, with expectations for significant growth as the company expands its payer network [14][19] Company Strategy and Development Direction - The company aims to build a diversified home care platform with multiple growth engines, focusing on high-touch clinical models and technology-enabled approaches [4][10] - Maternal health is viewed as a scalable extension of the platform and a long-term growth opportunity, with plans to expand beyond the original footprint of the Lehan acquisition [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term opportunity, citing strong early signals in the business and a solid foundation for growth due to regulatory clarity [4][10] - The company anticipates 2026 net revenue in the range of $310 million to $320 million, representing approximately 17% year-over-year growth, with Adjusted EBITDA guidance of $65 million to $69 million [25][26] Other Important Information - The company ended the year with $13.5 million in cash and approximately $46 million available under credit facilities, effectively having no net debt [23][29] - A new share repurchase program for 2026 was authorized, reflecting confidence in cash flows and long-term outlook [24][29] Q&A Session Summary Question: What is the top priority for the Lehan acquisition expansion? - Management indicated that expanding the payer network is the top priority, along with training sales staff to support growth [34] Question: How does the company assess the need to add or reduce respiratory therapist capacity? - The number of respiratory therapists is driven by patient volumes, and management expects growth in 2026 as patient numbers increase [50] Question: What are the key assumptions underlying the current revenue guidance? - Management noted that while vent growth is not forecasted to be aggressive due to NCD adjustments, significant growth is expected in sleep and maternal health segments [48]

March 4, 2026 Financial Supplement Fourth Quarter & Full Year 2025 This Financial Supplement contains non-GAAP financial guidance. There is no reliable or reasonably estimable comparable GAAP measure for the Company's non-GAAP financial guidance because the Company is not able to reliably predict the impact of certain items that typically have one or more of the following characteristics: highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indic ...

Core Insights - AdaptHealth reported a challenging Q4 2025 with a net revenue of $846.3 million, down 1.2% year over year, attributed mainly to business dispositions in the Wellness at Home segment [5][6] - The company achieved full-year net revenue of $3.245 billion, slightly down 0.5% from the previous year, but with organic growth of 1.7% [6][7] - Management highlighted record patient census in multiple segments, indicating strong operational performance despite revenue declines [5][11] Financial Performance - Q4 net revenue breakdown: - Wellness at Home: $137.3 million, down 16.1% [2] - Diabetes Health: $158.5 million, down 7.4% [3] - Respiratory Health: $178.2 million, up 7.8% [4] - Sleep Health: $372.3 million, up 4.4% [4] - Adjusted EBITDA for 2025 was $616.7 million, with a margin of 19.0%, while Q4 Adjusted EBITDA was $163.1 million, with a margin of 19.3% [8] - Free cash flow for Q4 was $79.3 million, and for the full year, it was $219.4 million, exceeding guidance [9] Operational Developments - The company implemented a new operating model in 2025 to standardize workflows and improve service delivery, resulting in improved setup times for Sleep Health and Respiratory Health [11] - Technology pilots, including AI tools for order intake and patient scheduling, are expected to enhance operational efficiency in the future [12] - A new capitated contract went live in December 2025, covering about 50,000 members, with expectations to serve over 10 million patients nationwide [13] Guidance and Future Outlook - For 2026, AdaptHealth expects revenue growth of 6%-8% over 2025, with organic growth of 7.5%-9.5% [15] - Q1 2026 revenue growth is projected at 2%-3% year over year, with an Adjusted EBITDA margin of approximately 16% [16] - The company anticipates negative free cash flow in Q1 2026, with improvements expected as capitated revenue ramps up [16] Strategic Initiatives - AdaptHealth expanded its footprint with a Hawaii-based HME acquisition, marking its presence in the 48th state [17] - The company received a favorable outcome from CMS regarding competitive bidding, providing long-term stability for its core products [18] - A $14.5 million legal settlement related to a debt collection class action was finalized, with improvements in the company's control environment noted [19][20]

Financial Performance - The company reported a revenue growth of 24% year-over-year in Q3 2025[7] - Net income attributable to Viemed was $3513000 in Q3 2025, or $009 per diluted share[7,8] - Adjusted EBITDA increased 16% year-over-year for Q3 2025, with an Adjusted EBITDA margin of 224%[7] - The company completed repurchases of 1706380 common shares for $114 million at an average price of $668 per share in Q3 2025[7] - Free cash flow for the quarter ended September 30, 2025, was $12402000[19] Operational Highlights - Vent patient growth was sustained at 9% year-over-year in Q3 2025, up 2% sequentially from Q2 2025[7] - Sleep therapy patients increased by 64% year-over-year and 21% sequentially in Q3 2025; new sleep patient starts were up 96% year-over-year, and sleep resupply patient count was up 51% year-over-year and 33% sequentially[7] - As of September 30, 2025, the company had $38 million in unfunded commitments available under its existing credit facilities[17] Revenue Mix - In Q3 2025, ventilation accounted for 49% of the service mix, while sleep accounted for 21%, oxygen for 9%, staffing for 8%, maternal for 6%, and other services for 7%[12] - Rental revenue accounted for 70% of the revenue mix, while sales accounted for 30% in Q3 2025[12] 2025 Guidance - The company projects net revenue of $271 million to $273 million[22] - Adjusted EBITDA is expected to be $60 million to $62 million, approximately 22% of net revenue[22]

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]