Stonegate Capital Partners has updated its coverage on Viemed Healthcare, Inc. (NASDAQ: VMD), following the company's fiscal year 2025 results. In FY25, Viemed grew net revenue 21% year-over-year to $270.3 million, generated $14.9 million of net income, and delivered record adjusted EBITDA of $61.4 million. Growth benefited from continued platform momentum and contributions from Lehan’s, with additional tailwinds from the broader shift to in-home care and accelerating sleep/resupply adoption.
The key headwind was short-term friction from the updated National Coverage Determination (NCD), which added documentation requirements and tightened coverage criteria, temporarily moderating ventilator patient growth. However, Stonegate notes that this did not change reimbursement levels, and ventilator activity has already started to normalize. Viemed ended the year with free cash flow up 141% year-over-year.
Stonegate highlights several key takeaways from the quarter. Sleep and resupply are overtaking ventilation, improving recurring revenue quality and reducing regulatory sensitivity. Lehan’s broadens commercial exposure, diversifies payors, and creates a longer runway for scaled growth. Despite margin mix pressure, FY26 guidance and valuation suggest durable growth remains underappreciated.
For more details, view the full announcement here.
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), provides a full spectrum of investment banking, equity research and capital raising for public and private companies.
