• Like a **Carvana for home respiratory medical equipment and clinical support**.
• Think of it as an **Amazon for advanced respiratory care delivered to your home**.
• Essentially an **Uber for expert respiratory care and equipment delivered directly to patients' homes**.

• High Acuity In-Home Respiratory Care: Provides comprehensive medical equipment, clinical oversight, and therapy management for patients with chronic respiratory conditions, including ventilator support and oxygen therapy, within their homes.
• Remote Patient Monitoring and Technology Solutions: Offers technology-enabled services and devices to monitor patients' respiratory health remotely, facilitating proactive care management and improved outcomes.

Viemed Healthcare (VMD) primarily sells its services and durable medical equipment directly to **individuals** (patients) in their homes. The company does not have major corporate customers that represent a significant portion of its revenue, as disclosed in its financial filings where no single payor or customer accounts for 10% or more of net patient revenue.

The up to three categories of customers that Viemed Healthcare serves are:

1. Individuals Suffering from Chronic Respiratory Diseases: This includes patients diagnosed with conditions such as Chronic Obstructive Pulmonary Disease (COPD), Amyotrophic Lateral Sclerosis (ALS), muscular dystrophy, and other neuromuscular diseases that require in-home ventilator therapy, oxygen, and comprehensive respiratory care.

2. Individuals Diagnosed with Sleep Apnea: These customers utilize Viemed's services for in-home sleep testing and subsequently receive Continuous Positive Airway Pressure (CPAP) or Bi-level Positive Airway Pressure (BiPAP) devices and related supplies for ongoing therapy.

Casey Hoyt, Chief Executive Officer
Casey Hoyt is a seasoned entrepreneur and CEO who co-founded VieMed subsidiaries, Sleep Management, LLC, and Home Sleep Delivered, LLC in 2006, before the company's evolution to present-day VieMed Healthcare in 2012. He also successfully led other organizations, including Nimlok Louisiana. Hoyt became the CEO of Viemed Healthcare in December 2017. He has served on the American Association for Homecare's Board of Directors, the Community Foundation of Acadiana's Board of Directors, and Ochsner Lafayette General Foundation's Board of Trustees.

Trae Fitzgerald, Chief Financial Officer and Principal Accounting Officer
Trae Fitzgerald serves as the Chief Financial Officer and Principal Accounting Officer for Viemed Healthcare.

W. Todd Zehnder, Chief Operating Officer
W. Todd Zehnder is the Chief Operating Officer and a Director at Viemed Healthcare.

Michael Moore, President
Michael Moore co-founded Sleep Management, LLC with Casey Hoyt in 2006, which later evolved into VieMed Healthcare. He currently serves as the President of Viemed Healthcare.

Michael Freeman, Chief Business Development Officer
Michael Freeman is the Chief Business Development Officer at VieMed, specializing in strategic acquisitions and partnerships. Before joining VieMed, he spent nearly 20 years at LHC Group, Inc., where he oversaw over 150 acquisition transactions, collectively valued at approximately $1.9 billion. He holds an MBA with a specialization in Healthcare Management from the University of New Orleans and a Bachelor's degree in Business Administration from Louisiana State University.

The key risks to Viemed Healthcare (VMD) include its heavy reliance on Medicare reimbursement, intense competition within the home healthcare market, and challenges associated with its growth and acquisition strategy.

1. Dependence on Medicare Reimbursement and Regulatory Changes: Viemed Healthcare's business is significantly dependent on Medicare reimbursement for its home medical equipment and services, particularly for non-invasive ventilators (NIVs). The company faces a substantial risk from potential arbitrary reductions in Medicare reimbursement rates, a scenario that previously occurred in 2015 and impacted its margins. Furthermore, broader changes in healthcare policies and reimbursement regulations could negatively affect Viemed's revenue streams.
2. Intense Competition: The home healthcare market, where Viemed operates, is characterized by intense competition from both established companies and new entrants. Viemed, despite being a top provider in its niche, could see competitors, including those with greater financial and technical resources, gain market share. This competitive landscape, coupled with limited diversification, poses a threat to Viemed's long-term revenue growth and market position.
3. Challenges with Growth and Acquisition Strategy: Viemed Healthcare has an ambitious strategic plan that involves continued growth through the acquisition of other home medical equipment and service providers. This strategy presents several challenges, including potential strain on management, systems, and resources, as well as the need for significant investments in personnel and technology infrastructure. The company also faces fierce competition for acquisition targets and the inherent complexities of integrating new entities, which could hinder the realization of anticipated growth or synergies and potentially impact its financial outcomes.

The increasing adoption and expansion of "Hospital-at-Home" programs and other integrated care delivery models by major health systems and payers. These programs aim to provide acute and post-acute care in the patient's home, often bundling services that include durable medical equipment (DME), respiratory therapy, and remote patient monitoring under one umbrella. As these models mature, they may increasingly internalize services or partner with larger, more integrated providers, potentially reducing referrals for specialized, single-service providers like Viemed Healthcare or requiring Viemed to drastically alter its partnership models to remain competitive within these new ecosystems.

The rapid rise and advancement of integrated digital health and remote patient monitoring (RPM) platforms focused on chronic disease management, including respiratory conditions. These platforms often offer more comprehensive solutions that combine advanced monitoring devices, AI-driven analytics, virtual clinical support, and seamless data integration with electronic health records. While Viemed Healthcare utilizes technology, newer entrants and rapidly evolving platforms could offer a more holistic, user-friendly, and data-rich experience that encompasses or supersedes Viemed's current offerings, potentially capturing market share by providing a single, integrated solution for patients, providers, and payers.

Viemed Healthcare (VMD) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Patient Base in Core Respiratory and Sleep Segments: Viemed Healthcare has consistently reported significant growth in its patient counts across its core services. For example, in 2024, ventilator patient count increased by 14% and PAP therapy patient count rose by 43% over the previous year. The sleep resupply patient count also grew by 29% in 2024. This growth trend continued into Q3 2025, with ventilator patients increasing by 8.8% year-over-year and PAP therapy patients by 63.7% year-over-year. The company aims to grow its active patient base while entering new target markets through geographic expansion.
2. Strategic Acquisitions and Successful Integration: Strategic acquisitions play a crucial role in Viemed's growth. The successful integration of Lehan's Medical Equipment, for instance, has contributed to revenue, expanded the company's sleep footprint into new markets, and diversified its product offerings. Viemed plans to continue pursuing strategic acquisitions to augment strong organic growth.
3. Diversification into New Service Offerings: The company is actively expanding its service portfolio beyond traditional respiratory care. Maternal health products, integrated from the Lehan's acquisition, are positioned as a potential significant growth driver for 2026. Additionally, Viemed's healthcare staffing division is contributing to sustained growth and generating operational synergies by providing in-house healthcare recruiting. The company aims to diversify its revenue stream and expand service and home-based product offerings through strategic partnerships.
4. Sales Force Expansion and Market Penetration: To capitalize on underserved markets, Viemed intends to aggressively ramp up its sales force. This expansion is aimed at increasing penetration in areas such as non-invasive ventilation, sleep therapy, staffing, and other complementary services.
5. Leveraging Technology and AI Tools: Viemed is investing in technology capabilities, including the deployment of AI-powered revenue cycle management tools, initially focusing on its rapidly growing sleep business. The integration of useful AI tools is expected to drive efficiencies and capture outcome data.

Share Repurchases

• Viemed Healthcare announced a share repurchase program in June 2025, authorizing the buyback of up to 1,976,441 common shares, representing approximately 5% of its outstanding shares, through June 2026.
• This program was completed by September 2025, with the company repurchasing all 1,976,441 authorized common shares for approximately $13.2 million at a weighted average price of $6.69 per share.
• Since its public listing, Viemed has repurchased approximately 2.6 million shares, demonstrating its commitment to capital allocation strategies.

Share Issuance

• For the nine months ended September 30, 2023, Viemed Healthcare issued 229,000 common shares due to the exercise of stock options.
• The number of outstanding shares for Viemed Healthcare has seen fluctuations, with 39.51 million shares outstanding as of November 2025, an increase of 1.25% from 2024.

Outbound Investments

• In May 2025, Viemed Healthcare announced a definitive agreement to acquire Lehan's Medical Equipment, completing the acquisition in July 2025 for a base purchase price of $26 million plus an estimated $2.2 million in contingent payments.
• This acquisition was aimed at expanding Viemed's post-acute respiratory healthcare footprint and diversifying its product offerings into women's health.
• Other acquisitions by Viemed include Home Medical Products in April 2023 and East Alabama Health in April 2024, though the financial details for these were not disclosed.

Capital Expenditures

• Net capital expenditures for Viemed Healthcare were -$43.08 million for the trailing twelve months ended September 30, 2025.
• For the nine months ended September 30, 2025, net cash used for capital expenditures was $16.2 million, primarily for medical equipment rented to patients.
• Viemed anticipates capital expenditures in the first half of 2025 to be similar to the second half of 2024, largely driven by its ventilator fleet exchange program, with normalization expected after the second quarter of 2025.