vmd-20260630

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission file number: 001-38973

Viemed Healthcare, Inc.

(Exact name of registrant as specified in its charter)


British Columbia, Canada		N/A
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification Number)

	625 E. Kaliste Saloom Rd. Lafayette, LA 70508
(Address of principal executive offices, including zip code)

	(337) 504-3802
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Shares, no par value	VMD	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐

Accelerated filer ☒

Non-Accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of July 27, 2026, there were 38,088,228 common shares of the registrant outstanding.


VIEMED HEALTHCARE, INC. TABLE OF CONTENTS
June 30, 2026 and 2025


		Page
PART I - FINANCIAL INFORMATION		3
Item 1. Financial Statements		3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Income	4
	Condensed Consolidated Statements of Changes in Shareholders' Equity	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to the Condensed Consolidated Financial Statements	7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		25
	Forward-Looking Statements	25
	General Matters	26
	Overview	26
	Trends Affecting Our Business	27
	Results of Operations	30
	Non-GAAP Financial Measures	36
	Liquidity and Capital Resources	37
	Accounting and Disclosure Matters	40
Item 3. Quantitative and Qualitative Disclosures About Market Risk		41
Item 4. Controls and Procedures		41
PART II - OTHER INFORMATION		42
Item 1. Legal Proceedings		42
Item 1A. Risk Factors		42
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		42
Item 3. Defaults Upon Senior Securities		43
Item 4. Mine Safety Disclosures		43
Item 5. Other Information		43
Item 6. Exhibits		44
Signatures		45

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements


VIEMED HEALTHCARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars, except outstanding shares)
	Note	At June 30, 2026		At December 31, 2025
		(Unaudited)		(Audited)
ASSETS
Current assets
Cash and cash equivalents	2	$	10,680	$	13,501
Accounts receivable, net	2	32,229		25,586
Inventory	2	5,268		5,047
Income tax receivable		—		227
Prepaid expenses and other assets		5,788		4,132
Total current assets		$	53,965	$	48,493
Long-term assets
Property and equipment, net	4	77,159		78,775
Operating lease right-of-use assets		4,531		3,580
Equity investments	2	3,184		2,794
Deferred tax asset	10	5,289		5,289
Identifiable intangibles, net	2	1,158		1,285
Goodwill	3	58,938		58,938
Total long-term assets		$	150,259	$	150,661
TOTAL ASSETS		$	204,224	$	199,154

LIABILITIES
Current liabilities
Trade payables		$	10,986	$	7,333
Deferred revenue		8,003		7,520
Income taxes payable		1,830		—
Accrued liabilities	5	24,941		23,910
Operating lease liabilities, current portion	6	1,416		1,203
Current portion of long-term debt	6	717		1,090
Total current liabilities		$	47,893	$	41,056
Long-term liabilities
Accrued liabilities	8	900		922
Operating lease liabilities, less current portion	6	3,093		2,364
Long-term debt	6	6,374		11,291
Total long-term liabilities		$	10,367	$	14,577
TOTAL LIABILITIES		$	58,260	$	55,633

Commitments and Contingencies		—		—

SHAREHOLDERS' EQUITY
Common stock - No par value: unlimited authorized; 38,088,228 and 38,019,082 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	8	$	17,981	$	16,912
Additional paid-in capital		17,810		21,742
Retained earnings		108,237		102,891
TOTAL VIEMED HEALTHCARE, INC.'S SHAREHOLDERS' EQUITY		$	144,028	$	141,545
Noncontrolling interest in subsidiary		1,936		1,976
TOTAL SHAREHOLDERS' EQUITY		145,964		143,521
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	204,224	$	199,154


See accompanying notes to the condensed consolidated financial statements
Page 3


VIEMED HEALTHCARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. Dollars, except share and per share amounts) (Unaudited)


		Three Months Ended June 30,				Six Months Ended June 30,
	Note	2026		2025		2026		2025
Revenue	2	$	78,097	$	63,056	$	153,511	$	122,185

Cost of revenue		33,049		26,325		65,636		52,175

Gross profit		$	45,048	$	36,731	$	87,875	$	70,010

Operating expenses
Selling, general and administrative		37,132		28,803		71,924		57,228
Research and development		504		847		1,083		1,644
Stock-based compensation	8	2,032		2,341		4,483		4,652
Depreciation and amortization		388		353		776		701
Loss (gain) on disposal of property and equipment		598		(636)		954		(3,004)
Other income, net		(67)		(72)		(102)		(147)
Income from operations		$	4,461	$