Viemed looks to sleep momentum, maternal health acquisition to fuel 2026

LAFAYETTE, La. – Viemed is forecasting “pretty aggressive” growth in its sleep business in the year ahead, driven by strong increases in new patient setups and a corresponding boost in its resupply business, say company execs.

During 2025, new sleep patient setups increased 70% and resupply sales increased 49% year-over-year, said CEO Casey Hoyt on a recent call to discuss the company’s fourth quarter and full year 2025 earnings.

“As the PAP base grows, more patients move into long-term resupply relationships, which creates recurring and predictable revenue over the life of the patient,” he said. “We're encouraged with the progress, and we still see room to improve conversion rates and deepen patient engagement, which gives us additional runway heading into 2026.”

Maternal health push gaining traction

Since closing on the transaction July 1, 2025, Viemed’s acquisition of Lehan’s Medical Equipment has been “accretive out of the gate,” accounting for about $9 million in revenue across maternal health products, said Hoyt.

“We view maternal health as a scalable extension of our platform and an important long-term growth opportunity for Viemed,” he said.

HMV business benefiting from NCD

During Q4, Viemed saw some “expected moderation” in patient growth in its core ventilator business as the industry continues to work through “short-term friction” related to the implementation of a new national coverage determination for home mechanical ventilation, said Hoyt. The NCD, which took effect Oct. 22, has required strengthening compliance abilities, supporting physician education and tightening internal workflows to align with the updated requirements, he said.

Viemed is seeing patients who previously were denied coverage under more subjective Medicare Advantage criteria are now qualifying under the new NCD standards. The company is also seeing denials resolved earlier in the MA appeals process.

“That gives us confidence that as the referral partners get more comfortable with the criteria and our execution continues to improve, we will establish a more consistent growth cadence,” Hoyt said.

Share repurchase program announced

Viemed on March 4 also announced a share repurchase program effective through March 2027. Under the share repurchase program, Viemed may purchase up to 1,930,131 common shares of the company representing approximately 5% of the total issued and outstanding common shares as of March 4, 2026.