• Imagine ResMed or Philips, but focused on the 'last mile': Viemed delivers, installs, and provides ongoing clinical support for advanced respiratory equipment directly to patients' homes.
• Think of it as DaVita for chronic respiratory patients: instead of kidney care, Viemed provides comprehensive in-home medical equipment and clinical services for conditions like COPD and sleep apnea.

• In-Home Durable Medical Equipment (DME): Provides and leases a variety of medical devices, including invasive and non-invasive ventilators, PAP machines, percussion vests, and oxygen concentrators.
• Post-Acute Respiratory Healthcare Services: Offers comprehensive management solutions for respiratory diseases, such as COPD, utilizing various therapies and equipment.
• Sleep Apnea Management Solutions: Delivers services, including in-home testing, and provides equipment like PAP machines for the diagnosis and treatment of sleep apnea.
• Neuromuscular Care and Oxygen Therapy Services: Provides specialized care and associated equipment for patients requiring neuromuscular support and oxygen therapy.

Casey Hoyt, Chief Executive Officer

Casey Hoyt was appointed Chief Executive Officer of Viemed Healthcare in December 2017. He is committed to the company's patient-centric focus and "live your life" mission. A long-time advocate for helping patients through clinical excellence, education, and technology, Hoyt co-founded Viemed subsidiaries, Sleep Management, LLC, and Home Sleep Delivered, LLC in 2006, prior to Viemed Healthcare's evolution in 2012. He has also led numerous other successful businesses throughout his career, including a global trade show display and event marketing services company.

Trae Fitzgerald, Chief Financial Officer

Trae Fitzgerald serves as the Chief Financial Officer and Principal Accounting Officer of Viemed Healthcare, a position he has held since November 2017. As CFO, his total compensation in 2024 was reported as $872,178.

Todd Zehnder, Chief Operating Officer

Todd Zehnder has been Viemed's Chief Operating Officer since 2017. Throughout his tenure with the company, he has also held roles as Vice President of Finance and Chief Strategy Officer. A Certified Public Accountant, Zehnder began his career at KPMG. He also held multiple senior executive positions, including Chief Operating Officer and Chief Financial Officer, for 15 years at PetroQuest Energy Inc., an NYSE-listed company.

Michael Moore, President

Michael Moore is the President of Viemed Healthcare. He was involved in the founding of Viemed Healthcare in 2006.

Michael Freeman, Chief Business Development Officer

Michael Freeman joined Viemed Healthcare as Chief Business Development Officer in August 2022. Before his role at Viemed, Freeman served for nearly 20 years as Senior Vice President of Corporate Development at LHC Group, Inc. In this capacity, he was responsible for new partnership and acquisition activities, including identifying targets, managing due diligence, planning integration, and negotiating agreements. He was involved in over 150 acquisition and partnership transactions at LHC. Collectively, with Jeremy Trahan, he was integrally involved in over 100 transactions at LHC Group valued at approximately $1.9 billion.

The key risks to Viemed Healthcare (VMD) are primarily centered around the highly regulated healthcare environment, the reliance on third-party medical equipment, and the inherent challenges of in-home medical device usage.

1. Government Regulation and Reimbursement Policies: Viemed Healthcare operates within a complex and extensively regulated U.S. healthcare system. The company faces ongoing exposure to U.S. healthcare reform, anti-kickback statutes, and other compliance risks. A significant portion of Viemed's revenue comes from Medicare and Medicaid, accounting for 40% and 43% respectively in 2025 and 2024. Any reduction or elimination of coverage or reimbursement for their products by these government programs could lead to similar reductions by commercial third-party payors, thereby adversely affecting the business and its financial results. Durable medical equipment (DME) companies like Viemed are subject to strict federal oversight by organizations such as the U.S. Department of Health and Human Services' Office of Inspector General (HHS-OIG) and the Centers for Medicare and Medicaid Services (CMS), with common violations involving complex billing and marketing practices.
2. Product Recalls and Supply Chain Dependence: Viemed distributes and sells specific medical devices, such as Royal Philips BiPAP and CPAP devices and ventilators. A voluntary recall of such products due to potential health risks, as occurred with Philips devices, can have an adverse impact on Viemed's business, reputation, financial performance, and future prospects. Furthermore, there is a risk that vendors may not always be able to provide the necessary equipment to satisfy demand in an emerging market, which could affect Viemed's ability to serve patients.
3. Usability Challenges and Risks of Home Medical Devices: A significant hazard for Viemed's business model, which focuses on in-home care, stems from the usability challenges and inherent risks associated with medical devices used in residential settings. Medical devices like ventilators, often designed for professional use in clinical environments, can be complex for patients and non-professional caregivers to operate safely and effectively at home. ECRI, a non-profit organization focused on healthcare safety, identified the use of medical devices in the home as the top health technology safety hazard for 2024, citing risks from insufficient training for users, potential misuse or malfunction, and the possibility of undetected or unreported errors.

The emergence of direct-to-consumer (DTC) models for durable medical equipment, particularly for sleep apnea devices such as PAP machines, poses a clear threat. These models, often facilitated by online telehealth consultations and manufacturer partnerships, allow patients to obtain equipment directly, bypassing traditional DME providers like Viemed Healthcare. This shift in the distribution and service delivery model can lead to reduced reliance on intermediaries, impacting Viemed's market share and revenue stream in its sleep apnea management segment.

Viemed Healthcare, Inc. (VMD) operates within several significant addressable markets related to in-home durable medical equipment (DME) and post-acute respiratory healthcare services in the United States.

Addressable Markets for Viemed Healthcare's Main Products and Services:

• U.S. Respiratory Durable Medical Equipment (DME) Market: This market, which directly encompasses many of Viemed's offerings such as oxygen therapy, non-invasive home ventilators, and connected PAP machines, was valued at approximately USD 4.01 billion in 2025. It is projected to grow to about USD 5.89 billion by 2033, with a compound annual growth rate (CAGR) of 4.93% from 2026 to 2033. Respiratory and sleep devices constitute approximately 35% of the total U.S. DME market revenue.
• U.S. Durable Medical Equipment (DME) Market (Overall): The broader U.S. durable medical equipment market was valued at an estimated USD 43.58 billion in 2024 and is predicted to reach around USD 79.57 billion by 2034, expanding at a CAGR of 6.21% from 2025 to 2034. This market is projected to exceed USD 110 billion by 2028.
• Sleep Apnea Devices Market (North America/Global): Viemed Healthcare provides sleep apnea management solutions and in-home sleep apnea testing. The global sleep apnea devices market was estimated at USD 4.5 billion in 2023 and is projected to reach USD 6.9 billion by 2030, growing at a CAGR of 6.2% from 2024 to 2030. North America held the largest share of this market, accounting for 48.1% in 2023. Another report indicated the global market for sleep apnea devices was USD 5.40 billion in 2024 and is expected to grow to USD 10.2 billion by 2033, with a CAGR of 7.32% from 2026 to 2033. North America also consistently dominated the sleep apnea devices market in 2023 and 2024.
• COPD Addressable Market (Viemed's Niche): Viemed Healthcare specifically addresses a niche within the COPD market. It is estimated that approximately 1.25 million treatable patients in the U.S. suffer from Stage 4 COPD with chronic respiratory failure, representing an estimated USD 20 billion in potential revenue for providers like Viemed.

Viemed Healthcare, Inc. (VMD) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:

1. Expansion of Sleep Therapy Services: Viemed Healthcare is experiencing significant growth in its sleep therapy segment, particularly with PAP (Positive Airway Pressure) therapy patients and resupply services. The company reported a 62% year-over-year increase in PAP therapy patient count and a 49% rise in sleep resupply patients in 2025. This area is considered a crucial and accelerating growth driver, supported by a large underdiagnosed obstructive sleep apnea market and increasing clinical awareness.
2. Growth in Maternal Health: The acquisition of Lehan's Medical Equipment in 2025 marked Viemed Healthcare's expansion into maternal health. This segment contributed approximately $9 million to the company's revenue in 2025 and is projected to become a more significant contributor as the company expands these services beyond the initial markets of the acquisition throughout 2026. This expansion also helps diversify the company's payer mix.
3. Diversification of Home Medical Equipment (HME) Offerings: While traditionally strong in ventilation, Viemed Healthcare is actively diversifying its HME rental portfolio. The company has seen growth in other non-ventilator HME rentals, including oxygen and airway clearance therapies, alongside its sleep therapy devices. This strategic diversification aims to reduce reliance on any single product category and broaden the company's service offerings.
4. Organic Growth through Market Expansion and Densification: Viemed Healthcare's strategy includes organic growth through both geographic expansion into new target markets and densifying its presence in existing markets. This approach focuses on increasing its patient base and strengthening its operational footprint across the United States.
5. Strategic Acquisitions: The company maintains an active pipeline for mergers and acquisitions (M&A) to acquire complementary services and platforms that can leverage its existing national infrastructure, including payer relationships and clinical operations. The successful integration and positive contribution of the Lehan's acquisition serve as a testament to this inorganic growth strategy.

Share Repurchases

• Viemed Healthcare authorized a new share repurchase program through March 2027, allowing for the purchase of up to 1,930,131 common shares, representing approximately 5% of its total outstanding shares as of March 4, 2026.
• Across three prior share repurchase programs, Viemed returned approximately $26.3 million to shareholders by repurchasing about 4.5 million shares.
• A share repurchase program authorized in June 2025, for up to 1,976,441 shares, was fully completed by September 23, 2025, at a total cost of approximately $13.2 million.

Outbound Investments

• Viemed Healthcare completed the acquisition of Lehan's Medical Equipment in 2025, which contributed to an increase in net revenues for the year.
• The company views selective acquisitions as an opportunistic component of its broader capital allocation framework, alongside investment in organic growth.

Capital Expenditures

• Net capital expenditures for the year ended December 31, 2025, totaled approximately $23.8 million.
• Net capital expenditures for the year ended December 31, 2024, totaled approximately $27.5 million.
• Viemed's capital allocation framework supports continued investment in organic growth and selective acquisitions.