Viemed Healthcare, Inc. (NASDAQ: VMD) reported strong financial results for fiscal year 2025, with net revenue growing 21% year-over-year to $270.3 million, net income of $14.9 million, and record adjusted EBITDA of $61.4 million, according to an update from Stonegate Capital Partners. The performance benefited from continued platform momentum and contributions from the Lehan's acquisition, along with tailwinds from the broader shift to in-home care and accelerating adoption in sleep and resupply segments.
However, the company faced a key headwind from the updated National Coverage Determination (NCD) for home ventilators, which added documentation requirements and tightened coverage criteria. This temporarily moderated ventilator patient growth, but Stonegate noted that reimbursement levels remained unchanged and ventilator activity has already started to normalize. Viemed ended the year with free cash flow up 141% year-over-year.
Stonegate highlighted that sleep and resupply are overtaking ventilation as growth drivers, improving recurring revenue quality and reducing regulatory sensitivity. The Lehan's acquisition broadens commercial exposure, diversifies payors, and creates a longer runway for scaled growth. Despite margin mix pressure, the firm believes FY26 guidance and current valuation suggest durable growth remains underappreciated.
For more details, view the full announcement here.
