Q2 2026 Viemed Healthcare Inc Earnings Call Transcript
Key Points
- Record quarterly revenue of $78.1 million, up 24% year-over-year, driven by growth across ventilation, sleep, resupply, and maternal health.
- Highest active ventilator patient count in company history, with 546 net additions in Q2 and sequential growth of approximately 4.5%.
- Strong growth in non-ventilator segments: PAP setups up 16% sequentially, sleep therapy patients up 44% year-over-year, and resupply patients up 47% year-over-year.
- Improved operational efficiency with new intake workflow partner Tenor, reducing PAP order processing time from days to under an hour.
- Raised full-year revenue guidance to $314-$320 million, reflecting increased confidence in continued growth.
- Strong cash flow generation: operating cash flow of $15.9 million in Q2 and $24 million for H1 2026, up from $15.1 million in H1 2025.
- Balance sheet remains strong with $10.7 million cash, more cash than total debt, and substantial unused credit capacity.
- Adjusted EBITDA margin declined to 17.6% in Q2 from 22.7% in the prior year quarter, impacted by revenue mix and temporary costs.
- SG&A expenses increased due to compensation, phantom stock revaluations, technology investments, and temporary duplication of costs during operational transitions.
- Gross margin slightly decreased year-over-year to 57.7% from 58.3%, due to revenue mix and temporary distribution costs in maternal health.
- Lowered full-year adjusted EBITDA guidance to $64-$68 million from $65-$69 million, reflecting margin pressure from product and service revenue growth.
- Sales organization reorganization caused operational disruption, though expected to support future growth.
- Maternal health business faced temporary distribution and inventory costs as it scaled, impacting margins.
Greetings. Welcome to the VieMed Healthcare Second Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to Trae Fitzgerald, CFO.
Thank you, Trae. You may begin.
Thank you and good morning, everyone. Please note that our remarks in this conference call may include forward-looking statements under the U.S. Federal securities laws or forward-looking information under applicable Canadian securities legislation, which we collectively refer to as forward-looking statements. Such statements reflect the company's current views.
And intentions with respect to future results or events and are subject to certain risks and uncertainties, which could cause actual results or events to vary from those indicated in forward-looking statements.
Examples of such risks and
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