Viemed Healthcare (VMD) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached $75.4 million, up 28% year-over-year, driven by strong execution across all business lines, especially sleep and maternal health, and consistent performance in line with internal plans.

• Adjusted EBITDA increased 12% year-over-year to $14.3 million, with prior year benefiting from a $2.7 million non-recurring gain.

• Free cash flow improved significantly to $2.6 million for Q1 2026, supporting share repurchases and debt reduction.

• Patient counts for PAP therapy and sleep resupply grew 57% and 47% year-over-year, respectively, while maternal health outperformed expectations.

• CEO highlighted strong revenue growth, diversification, and improved capital efficiency as key drivers of performance.

Financial highlights

• Q1 2026 revenue was $75.4 million, up 28% year-over-year and flat sequentially due to seasonal patterns.

• Gross profit was $42.8 million, with a margin of 56.8%, slightly up from 56.3% a year ago.

• Adjusted EBITDA was $14.3 million (19% margin), up from $12.8 million in Q1 2025.

• Net income was $2.6 million or $0.06 per diluted share, flat year-over-year.

• Free cash flow improved to $2.6 million from -$5.7 million a year ago, with $8.1 million in operating cash flow.

Outlook and guidance

• Full-year 2026 net revenue guidance raised to $312–$320 million (from $310–$320 million); Adjusted EBITDA reaffirmed at $65–$69 million.

• Net CapEx outlook improved to 9–10.5% of net revenue, reflecting a shift to less capital-intensive services.

• Sequential revenue growth of 3–5% per quarter expected for the remainder of the year.

• Management expects continued growth through geographic expansion and diversification of product/service lines.

• Gross margins are expected to gradually improve as fulfillment efficiencies are realized.