Viemed juggles diversified portfolio

LAFAYETTE, La. – Viemed is hitting an inflection point in its ventilator business under new Medicare rules, with stronger compliance and accelerating referrals offset by higher patient turnover. Growth in sleep and maternal health has added to the company’s momentum, says CEO Casey Hoyt.

Ventilator business evolving

A new national coverage determination (NCD) for home mechanical ventilation (HMV), implemented Oct. 22, has several new requirements, including compliance monitoring and arterial blood gas (ABG) testing.

Compliance among active ventilator patients has improved by nearly 20% since the rule went into effect, but patient turnover is higher as some patients fail to meet compliance requirements, says Hoyt.

“While the compliance policy does not necessarily threaten our financial success as a company, it absolutely impacts the patients who are benefiting from care,” he said on a recent call to discuss the company’s financial results. “When compliance is interrupted – whether due to illness, caregiver changes, or clinical challenges – the current rules can result in a loss of access to that therapy. We believe this is an area where the policy can continue to evolve.”

New vent patient startup momentum is building faster and stronger than expected, says Hoyt, with referral sources getting more comfortable with the updated criteria.

“The documentation process is maturing, and the setup pipeline is responding in a way that is genuinely encouraging,” he said. “This is the inflection point we have been working toward, and it is arriving ahead of schedule.”

Maternal health ‘exceeds expectations’

Viemed’s early moves into the maternal health market on the heels of its acquisition in July 2025 of Lehan’s Medical Equipment has so far exceeded expectations, says Hoyt, with nearly 4,000 new maternal health patients serviced under Viemed during the first quarter.

“Those contracts are in markets where Lehan previously had no presence,” he said. “That is a critical early indicator of how the model can scale. The payer relationships, intake and billing infrastructure, and compliance capabilities already existed. We were able to extend that existing platform into a new product offering, and the team delivered.”

Sleep ‘strong’ growth driver

While Viemed enjoyed growth across all business lines, sleep continues to be one of the strongest growth drivers, says Hoyt. PAP therapy patients grew 57% year over year with 36,000 PAP patients on the platform.

“As sleep continues to scale, it provides increasing visibility into future revenue and becomes a more meaningful contributor to the overall growth profile of the business,” he said. “As that base expands, it brings greater visibility into future revenue and a more stable growth profile. Beyond those numbers are tens of thousands of patients who are sleeping better, feeling better, and living healthier lives because of the care we are delivering.”