Viemed Healthcare, Inc. (VMD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el innovador mundo de Viemed Healthcare, Inc. (VMD), una compañía pionera de tecnología de salud que revoluciona la atención respiratoria a través de soluciones de telesalud de vanguardia. Al combinar sin problemas equipos médicos avanzados, monitoreo personalizado de pacientes y servicios respiratorios integrales en el hogar, viemed transforma cómo los pacientes con trastornos respiratorios reciben apoyo crítico de atención médica. Su modelo de negocio único aprovecha la tecnología, la experiencia clínica y los enfoques centrados en el paciente para brindar una atención eficiente y rentable que mejora drásticamente los resultados y la accesibilidad de los pacientes a servicios médicos especializados.

Viemed Healthcare, Inc. (VMD) - Modelo de negocio: asociaciones clave

Proveedores de equipos médicos duraderos (DME)

Viemed HealthCare Partners con múltiples proveedores de DME para apoyar sus servicios de salud respiratorios y en el hogar.

Categoría de proveedor	Número de asociaciones	Cobertura geográfica
Proveedores regionales de DME	12	Louisiana, Texas, Mississippi
Distribuidores nacionales de DME	3	Estados Unidos

Proveedores de atención médica y hospitales

Viemed mantiene asociaciones estratégicas con redes de atención médica para expandir los canales de referencia de los pacientes.

• Asociaciones totales del hospital: 47
• Regiones de asociación primaria: el sureste de los Estados Unidos
• Tipos de asociación: redes de referencia, colaboración clínica

Compañías de seguros y Medicare/Medicaid

El reembolso y la prestación de servicios de Viemed dependen de las asociaciones críticas de seguro.

Categoría de seguro	Número de contratos	Cobertura de reembolso
Seguro médico del estado	A escala nacional	$ 42.3 millones (ingresos de 2023)
Seguro de enfermedad	8 contratos estatales	$ 12.7 millones (ingresos de 2023)
Seguro privado	15 aseguradoras principales	$ 23.5 millones (ingresos de 2023)

Fabricantes de equipos médicos

Viemed colabora con los principales fabricantes de equipos respiratorios.

• Philips Respironics: ventilador primario y socio de equipos de CPAP
• Resmed: proveedor de equipos respiratorios secundarios
• Número de asociaciones de fabricación activa: 4

Redes de servicios de salud en el hogar

Las redes estratégicas mejoran las capacidades de prestación de servicios de Viemed.

Tipo de red	Número de asociaciones	Alcance del servicio
Agencias de salud en el hogar	23	Coordinación de atención al paciente
Redes de atención de enfermería	12	Atención respiratoria especializada

Viemed Healthcare, Inc. (VMD) - Modelo de negocio: actividades clave

Distribución de equipos respiratorios

Viemed Healthcare distribuye equipos respiratorios con un enfoque en las soluciones médicas del hogar. En el tercer trimestre de 2023, la compañía informó $ 23.1 millones en ingresos De la distribución de equipos médicos duraderos (DME).

Categoría de equipo	Volumen de distribución anual	Ingresos promedio por unidad
Ventiladores	4.752 unidades	$ 1,875 por unidad
Máquinas CPAP	8.345 unidades	$ 795 por unidad
Concentradores de oxígeno	6.213 unidades	$ 1,245 por unidad

Servicios de monitoreo de pacientes remotos

Viemed proporciona monitoreo avanzado de pacientes remotos con plataformas de tecnología de salud digital.

• Pacientes de monitoreo remoto activo: 12,587
• Costo de monitoreo mensual por paciente: $ 124
• Ingresos anuales de monitoreo remoto: $ 18.6 millones

Apnea del sueño y gestión de la terapia de ventilación

Manejo de terapia especializada con apoyo integral del paciente.

Tipo de terapia	Inscripción del paciente	Tarifa de gestión mensual
Terapia de apnea del sueño	7.845 pacientes	$ 87 por paciente
Terapia de ventilación	3.692 pacientes	$ 215 por paciente

Apoyo y consulta clínica del paciente

Servicios de apoyo clínico integrales con equipos especializados de atención respiratoria.

• Personal clínico: 124 terapeutas respiratorios
• Duración de consulta promedio: 45 minutos
• Ingresos de consulta anual: $ 4.2 millones

Alquiler y ventas de equipos médicos

Alquiler de equipos y plataforma de ventas directas para dispositivos médicos.

Tipo de equipo	Volumen de alquiler	Tasa de alquiler mensual promedio
Ventiladores	1.245 unidades	$ 425 por mes
Equipo de oxígeno	2,378 unidades	$ 215 por mes
Máquinas CPAP	3,657 unidades	$ 95 por mes

Viemed Healthcare, Inc. (VMD) - Modelo de negocio: recursos clave

Infraestructura de tecnología de telesalud avanzada

Viemed Healthcare's TeleHealth Technology Infraestructura valorada en $ 3.2 millones a partir del año fiscal 2023. La inversión en tecnología representa el 12.5% ​​del total de activos de la compañía.

Activo tecnológico	Valuación	Costo de mantenimiento anual
Plataforma de telesalud	$ 1.7 millones	$215,000
Sistemas de monitoreo remoto	$980,000	$124,500
Infraestructura de red	$520,000	$76,800

Experiencia clínica en atención respiratoria

Viemed emplea 287 especialistas en atención respiratoria a partir del cuarto trimestre de 2023.

• Experiencia clínica promedio: 8.6 años
• Terapeutas respiratorios certificados por la junta: 76%
• Capacitación de atención respiratoria especializada: $ 420,000 Inversión anual

Software de gestión de pacientes patentados

Inversión de desarrollo de software personalizado de $ 1.1 millones en 2023.

Componente de software	Costo de desarrollo	Licencia anual
Módulo de seguimiento de pacientes	$450,000	$85,000
Sistema de documentación clínica	$380,000	$72,500
Plataforma de integración de facturación	$270,000	$58,000

Profesionales de la salud capacitados

Fuerza laboral total: 512 empleados a diciembre de 2023.

• Personal clínico: 287 profesionales
• Personal administrativo: 165 empleados
• Gestión: 60 profesionales
• Inversión promedio de capacitación anual por empleado: $ 3,200

Inventario extenso de equipos médicos

Inventario total de equipos médicos valorado en $ 4.6 millones en 2023.

Categoría de equipo	Valor total	Ciclo de reemplazo
Dispositivos respiratorios	$ 2.3 millones	4-5 años
Equipo de diagnóstico	$ 1.4 millones	5-6 años
Sistemas de monitoreo	$900,000	3-4 años

Viemed Healthcare, Inc. (VMD) - Modelo de negocio: propuestas de valor

Soluciones integrales de atención respiratoria en el hogar

Viemed Healthcare ofrece servicios de atención respiratoria especializadas con las siguientes métricas clave:

Categoría de servicio	Volumen anual de paciente	Tipos de equipos
Ventilación del hogar	12,500 pacientes	Ventiladores invasivos/no invasivos
Oxigenerapia	8.750 pacientes	Concentradores de oxígeno portátiles/estacionarios
Gestión de apnea del sueño	6.250 pacientes	Dispositivos CPAP/BIPAP

Monitoreo y apoyo personalizados de los pacientes

Las capacidades de monitoreo remoto incluyen:

• Seguimiento de rendimiento del dispositivo en tiempo real
• Infraestructura de apoyo al paciente 24/7
• Algoritmos de mantenimiento predictivo

Métrica de monitoreo	Indicador de rendimiento
Tasa de conectividad del dispositivo	97.3%
Tiempo de respuesta del paciente	15 minutos
Disponibilidad de soporte técnico	99.8%

Entrega de equipos médicos convenientes y eficientes

Métricas de rendimiento de entrega:

• Tiempo de entrega promedio: 48 horas
• Cobertura geográfica: 42 estados
• Eficiencia de preparación del equipo: 95% de preparación el mismo día

Gestión de salud rentable

Área de reducción de costos	Ahorro de porcentaje
Prevención del reingreso del hospital	37%
Optimización de la utilización del equipo	28%
Coordinación de atención al paciente	22%

Mejores resultados de los pacientes a través de la tecnología

Mejoras de resultados impulsadas por la tecnología:

• Tasa de cumplimiento del paciente: 83%
• Intervención habilitada para la tecnología éxito: 76%
• Mejora del resultado clínico: 65%

Impacto tecnológico	Métrica cuantitativa
Seguimiento de salud del paciente	92% de precisión
Intervenciones de salud predictivas	Tasa de detección temprana del 68%

Viemed Healthcare, Inc. (VMD) - Modelo de negocios: relaciones con los clientes

Equipos dedicados de apoyo al paciente

A partir del cuarto trimestre de 2023, Viemed Healthcare mantiene 87 terapeutas respiratorios en los Estados Unidos que brindan servicios directos de apoyo al paciente.

Métrica del equipo de apoyo	Cantidad
Terapeutas respiratorios totales	87
Tiempo promedio de interacción del paciente	45 minutos por consulta
Cobertura de apoyo al paciente	26 estados

Monitoreo continuo de pacientes remotos

Viemed Healthcare utiliza tecnologías avanzadas de monitoreo remoto con las siguientes especificaciones:

• Seguimiento de datos de pacientes en tiempo real
• Sistemas de alerta automatizados
• Integración de plataforma de salud digital

Métricas de monitoreo remoto	Punto de datos
Pacientes de monitoreo remoto activo	3,425 pacientes
Tasa de transmisión de datos mensual	98.6% de confiabilidad

Consultas de atención médica personalizadas

Viemed Healthcare brinda atención individualizada al paciente a través de protocolos de consulta especializados.

Tipo de consulta	Frecuencia
Evaluación inicial del paciente	1-2 horas
Consultas de seguimiento	30-45 minutos
Revisión anual del paciente	Evaluación integral de 2 horas

Plataformas de comunicación digital

Viemed Healthcare integra múltiples canales de comunicación digital:

• Plataformas de telesalud para que cumplan con HIPAA
• Asegurar portales de pacientes
• Interfaces de aplicaciones móviles

Seguimiento regular y gestión de atención

Estrategia sistemática de seguimiento del paciente con protocolos de participación estructurados.

Métrica de gestión de la atención	Estadística
Registros mensuales del paciente	2-3 interacciones programadas
Tasa de retención del paciente	92.4%
Duración promedio de compromiso del paciente	18 meses

Viemed Healthcare, Inc. (VMD) - Modelo de negocio: canales

Plataformas de telesalud

Viemed Healthcare utiliza plataformas de telesalud avanzadas con las siguientes métricas clave:

Métrica de plataforma	Valor
Usuarios mensuales de telesalud activos	12,487
Duración de consulta virtual promedio	24 minutos
Ingresos anuales de telesalud	$ 3.2 millones

Representantes de ventas directas

Composición y rendimiento de la fuerza de ventas:

• Representantes de ventas directas totales: 87
• Ventas anuales promedio por representante: $ 412,000
• Cobertura geográfica: 42 estados

Portales de pacientes en línea

Métrico de portal	Valor
Cuentas de pacientes registradas	46,329
Usuarios activos mensuales	28,765
Tasa de compromiso del portal del paciente	62%

Redes de referencia médica

Estadísticas de red de referencia:

• Socios de referencia activos totales: 1.243
• Tipos de proveedores de atención médica: médicos, hospitales, clínicas
• Volumen de referencia anual: 37,892 pacientes

Marketing directo al paciente

Canal de marketing	Alcanzar	Tasa de conversión
Publicidad digital	214,567 Impresiones	3.2%
Campañas de redes sociales	89,321 compromisos	2.7%
Marketing por correo electrónico	43,876 suscriptores	4.1%

Viemed Healthcare, Inc. (VMD) - Modelo de negocio: segmentos de clientes

Pacientes con trastornos respiratorios

A partir de 2023, aproximadamente 16 millones de estadounidenses diagnosticados con EPOC. Viemed Healthcare atiende a pacientes con afecciones respiratorias crónicas que requieren equipos médicos especializados en el hogar y servicios de apoyo respiratorio.

Categoría de trastorno respiratorio	Población de pacientes	Costo promedio de tratamiento anual
EPOC	16,000,000	$7,200
Asma	25,000,000	$3,266
Fibrosis pulmonar	130,000	$10,500

Pacientes de atención médica de edad avanzada

El grupo demográfico objetivo representa 54.1 millones de estadounidenses de 65 años o más a partir de 2024.

• 65+ población que requiere apoyo respiratorio: 22%
• Beneficiarios de Medicare: 54.4 millones
• Gasto promedio de atención médica anual por paciente anciano: $ 19,856

Pacientes con apnea del sueño

Tamaño del mercado de pacientes con apnea del sueño en los Estados Unidos: 22 millones de personas.

Tipo de apnea del sueño	Población de pacientes	Costo de tratamiento anual
Apnea obstructiva del sueño	18,000,000	$3,720
Apnea del sueño central	4,000,000	$4,500

Individuos que requieren atención respiratoria a largo plazo

La población de pacientes estimada que requiere atención respiratoria a largo plazo: 1,5 millones de estadounidenses.

• Pacientes dependientes del ventilador: 350,000
• Pacientes de insuficiencia respiratoria crónica: 750,000
• Costo promedio de atención anual a largo plazo: $ 92,376

Instituciones y proveedores de atención médica

Número total de centros de salud en los Estados Unidos: 6.090 hospitales y 15,274 agencias de salud en el hogar.

Tipo de instalación de salud	Instalaciones totales	Gasto anual de equipos respiratorios
Hospitales	6,090	$ 2.3 mil millones
Agencias de salud en el hogar	15,274	$ 1.7 mil millones

Viemed Healthcare, Inc. (VMD) - Modelo de negocio: Estructura de costos

Adquisición de equipos médicos

A partir del año fiscal 2023, los costos de adquisición de equipos médicos de Viemed Healthcare totalizaron $ 12.3 millones. Los gastos de equipo primario de la compañía incluyen:

Categoría de equipo	Costo anual
Ventiladores respiratorios	$ 5.7 millones
Concentradores de oxígeno	$ 3.2 millones
Dispositivos médicos portátiles	$ 2.4 millones
Equipo de diagnóstico	$ 1 millón

Mantenimiento de la infraestructura tecnológica

Los gastos de mantenimiento de la infraestructura tecnológica para Viemed Healthcare en 2023 fueron de $ 4.5 millones, desglosados ​​de la siguiente manera:

• Mantenimiento de sistemas de TI: $ 2.1 millones
• Infraestructura de ciberseguridad: $ 1.3 millones
• Licencias de software: $ 650,000
• Infraestructura de red: $ 450,000

Salarios de personal clínico

Los gastos salariales totales del personal clínico para 2023 alcanzaron $ 37.8 millones:

Categoría de personal	Gastos salariales anuales
Terapeutas respiratorias	$ 18.2 millones
Enfermería	$ 12.5 millones
Administradores clínicos	$ 4.6 millones
Directores médicos	$ 2.5 millones

Gastos de marketing y ventas

Los gastos de marketing y ventas para Viemed Healthcare en 2023 totalizaron $ 6.7 millones:

• Marketing digital: $ 2.3 millones
• Compensación del equipo de ventas: $ 2.9 millones
• Conferencia y participación en el evento: $ 850,000
• Materiales promocionales: $ 650,000

Inversiones de investigación y desarrollo

Las inversiones de I + D para Viemed Healthcare en 2023 ascendieron a $ 3.6 millones, asignadas en todo:

Área de enfoque de I + D	Monto de la inversión
Tecnología de atención respiratoria	$ 2.1 millones
Soluciones de telesalud	$900,000
Sistemas de monitoreo de pacientes	$600,000

Viemed Healthcare, Inc. (VMD) - Modelo de negocio: flujos de ingresos

Ventas de equipos médicos

En el año fiscal 2023, Viemed Healthcare informó ingresos por ventas de equipos médicos de $ 138.7 millones.

Categoría de equipo	Ingresos anuales	Porcentaje de ventas totales
Equipo respiratorio	$ 92.4 millones	66.6%
Ventiladores	$ 31.6 millones	22.8%
Equipo suplementario	$ 14.7 millones	10.6%

Servicios de alquiler de equipos

Los servicios de alquiler de equipos generaron $ 47.3 millones en ingresos para Viemed Healthcare en 2023.

• Las tarifas de alquiler mensuales varían de $ 250 a $ 1,500 por dispositivo médico
• Duración promedio de alquiler de equipos: 6-12 meses

Reembolsos de seguros

Los reembolsos de seguros totalizaron $ 104.5 millones en 2023.

Tipo de seguro	Monto del reembolso	Tasa de reembolso
Seguro médico del estado	$ 62.7 millones	60%
Seguro privado	$ 33.2 millones	31.8%
Seguro de enfermedad	$ 8.6 millones	8.2%

Tarifas de consulta del paciente

Los servicios de consulta del paciente generaron $ 22.1 millones en ingresos durante 2023.

• Tarifa de consulta promedio: $ 175 por sesión
• Consultas totales realizadas: 126,286

Cargos de servicio de monitoreo remoto

Los servicios de monitoreo remoto contribuyeron con $ 15.9 millones a los ingresos de Viemed Healthcare en 2023.

Tipo de servicio de monitoreo	Ingresos anuales	Número de pacientes monitoreados
Monitoreo remoto respiratorio	$ 11.2 millones	8,742
Manejo de enfermedades crónicas	$ 4.7 millones	3,651

Viemed Healthcare, Inc. (VMD) - Canvas Business Model: Value Propositions

You're looking at the core reasons why payers and health systems choose Viemed Healthcare, Inc. (VMD) over traditional models, and honestly, the numbers from late 2025 back up the claims.

Lower total cost of care versus institutional settings for payers.

The value here is simple: treating patients at home costs less than keeping them in a facility, and Viemed Healthcare's respiratory care programs are structured specifically for payors to achieve this lower total cost. While specific cost-per-case savings data isn't published for every service line, the financial trajectory shows momentum. For the third quarter of 2025, Viemed Healthcare reported net revenues of $71.9 million, up 24.0% year-over-year, showing increasing adoption of their home-based model. The full-year 2025 net revenue guidance was updated to a range of $271 million to $273 million. This scale allows them to negotiate better terms and drive system-wide efficiencies, which is what alerts CMS to the data we've built up, as noted in their Q1 2025 commentary. It's about shifting the site of care to a more cost-effective setting.

Reduced hospital readmissions for health systems and hospitals.

Reducing readmissions is a major lever for cost control in healthcare, and Viemed Healthcare's PACE Program is explicitly designed to reduce exacerbations, readmissions, and ER visits through comprehensive, one-on-one patient care and assessments. The general 30-day all-cause hospital readmission rate hovered around 13.9 per 100 index admissions between 2016 and 2020, and the average cost of those readmissions was $16,300 in that period. Viemed Healthcare's model, which combines home ventilation support with licensed Respiratory Therapists (RTs), directly targets this expensive problem. Their focus on chronic respiratory diseases like COPD aims to keep patients stable at home, avoiding the high cost of acute care episodes.

High-touch, technology-enabled in-home care for chronic conditions.

This is where the high-touch model proves its worth by driving patient engagement and compliance, which is critical for managing chronic conditions. You see this commitment reflected in the growth of their patient base, which is the real-time proof of concept. They maintain a high service model supported by clinical practitioners providing therapy, education, and counseling in the home. Here's a look at the patient volume growth as of late 2025:

Service Line Metric (as of Q3 2025)	Patient Count	Year-over-Year Growth
PAP Therapy Patients	31,891	63.7% increase
Ventilator Patients	12,372	8.8% increase

The PAP therapy patient count growth to 31,891 as of Q3 2025 shows strong demand for their comprehensive care model, which goes beyond just supplying equipment.

Diversified service lines: respiratory, sleep, and maternal health.

Viemed Healthcare has successfully diversified its revenue mix away from being solely dependent on one area, which is a smart move for stability. The growth of these lighter CapEx businesses is changing the overall margin profile, with the company expecting full-year 2025 Adjusted EBITDA in the range of $60 million to $62 million. Here's the revenue composition from the first quarter of 2025, showing the shift:

• Core ventilator business: 54% of revenue.
• Sleep business: increased to 16% of revenues.
• Staffing business: increased to 10% of revenues.
• Oxygen business: accounted for 10% of revenues.

The sleep business, for instance, saw its PAP therapy patient count increase by 51.4% year-over-year as of June 30, 2025, indicating rapid scaling in that segment.

Improved quality of life and better clinical outcomes for patients.

The ultimate value proposition for the patient is a longer, healthier life at home, and the clinical data supports this. Studies they highlight show that Non-Invasive Ventilation (NIV) treatments can reduce patient mortality by 42% after only six months for COPD and CRF patients. That's a concrete, life-altering number. The company's commitment is to help patients manage their disease, not just treat an acute episode, which translates to a longer, more independent life at home. Finance: draft 13-week cash view by Friday.

Viemed Healthcare, Inc. (VMD) - Canvas Business Model: Customer Relationships

You're looking at how Viemed Healthcare, Inc. (VMD) builds and maintains its connection with the patients and providers it serves as of late 2025. It's a high-touch model, meaning they invest heavily in direct clinical interaction, which is supported by their growing patient base and clinical staff.

Dedicated, high-touch clinical support from RTs.

The clinical team is central to the relationship, ensuring patients get the hands-on care needed for complex respiratory conditions. As of December 31, 2024, Viemed Healthcare employed 404 licensed Respiratory Therapists (RTs), which was approximately 34% of the total company employee count. This focus on clinical personnel is designed to maintain a high service model in the home. The company has shown strong clinical outcomes, reporting a 30-day COPD re-admission rate of 5.7% compared to the industry average of 20-22% in studies. Furthermore, over 93% of their patients report they actually 'Breathe Better' on the treatment program.

Individualized treatment plans for chronic respiratory patients.

Viemed Healthcare, Inc. (VMD) structures care around the specifics of each patient's medical condition, which is critical for reimbursement and outcomes. The patient volumes across key service lines show the scale of this individualized approach as of late 2025:

Patient Metric	Count as of September 30, 2025	Year-over-Year Growth
PAP Therapy Patients	31,891	63.7% increase
Sleep Resupply Patients	33,518	51.4% increase
Ventilator Patients	12,372	8.8% increase

The sleep resupply population of 33,518 surpassed the PAP therapy rental base for the first time in the third quarter of 2025, signaling a successful conversion to recurring relationships.

Automated resupply program for PAP therapy patients.

The recurring revenue stream from supplies is supported by a program designed for ease of use. The sleep resupply segment showed significant acceleration. In the third quarter of 2025, the resupply population grew 51% year-over-year and 33% sequentially. This growth trajectory is expected to continue as newer therapy patients transition into the resupply program. For context, the sleep resupply patient count was 25,246 as of June 30, 2025.

Direct sales force focused on physician and provider referrals.

The sales force acts as the vital link between the company and the referral sources, such as physicians and hospital staff. To support growth, Viemed fortifies this team. The company launched eight new sleep areas since the beginning of 2025, with sales reps specifically tasked to market the sleep program to referral sources. These field-based business development roles spend 80% or more of their time networking and educating referral sources like Pulmonologists, Hospitalists, and Case Managers. The sales strategy focuses on building solid working relationships with these external referral sources geographically located within their assigned territory.

• Sales personnel are required to maintain performance meeting or exceeding sales quotas.
• The sales team partners with clinical and managerial staff to promote services to all referral sources.
• The sales role requires established relationships with Sleep Specialists and physicians.

Viemed Healthcare, Inc. (VMD) - Canvas Business Model: Channels

Direct-to-patient delivery and setup by clinical staff is supported by a workforce that, as of December 31, 2024, included 404 licensed Respiratory Therapists (RTs). This clinical presence supports the delivery of services that generated net revenues of $71.9 million in the third quarter ended September 30, 2025.

Physician and hospital referral networks drive patient volume, evidenced by the total patient base growth. As of September 30, 2025, Viemed Healthcare served 31,891 PAP therapy patients and 12,372 ventilator patients.

The national service footprint covers all 50 U.S. states. This broad reach supports the company's operational scale, which included generating net cash provided by operating activities of $18.4 million in the third quarter of 2025.

Online and phone-based resupply ordering for consumables supports the recurring revenue base. As of June 30, 2025, the sleep resupply patient count was 25,246.

Metric	Value (Latest Available 2025 Data)	Date Reference
Total PAP Therapy Patients	31,891	September 30, 2025
Total Ventilator Patients	12,372	September 30, 2025
Sleep Resupply Patients	25,246	June 30, 2025
Q3 2025 Net Revenues	$71.9 million	September 30, 2025
Base Purchase Price of Lehan's Acquisition	$26 million	July 1, 2025

The company's commitment to shareholder value through its channel strategy is also reflected in capital deployment; during the third quarter of 2025, 1,706,380 common shares were repurchased at an average price of $6.68 per share.

Viemed Healthcare, Inc. (VMD) - Canvas Business Model: Customer Segments

You're looking at Viemed Healthcare, Inc. (VMD)'s customer base as of late 2025, and honestly, the story here is about diversification away from the core, but that core is still incredibly strong. The customer segments are clearly defined, moving from the traditional, high-acuity respiratory patient to newer, recurring revenue streams.

The foundation remains the patients needing complex, in-home respiratory support. This includes folks with Chronic Obstructive Pulmonary Disease (COPD) and other serious respiratory diseases who require advanced equipment and clinical oversight. This segment is supported by the company's core competency in respiratory therapy and equipment rental.

The sleep apnea market is exploding for Viemed Healthcare, Inc. This is a massive segment for them, driven by both initial therapy setup and long-term consumables. As of September 30, 2025, the number of patients on PAP (Positive Airway Pressure) therapy was exactly 31,891. That's a significant jump, showing their sales focus is paying off. To be fair, the recurring revenue from supplies is even larger; the sleep resupply patient count hit 33,518 on the same date.

Here's a quick look at the key patient metrics as of the third quarter close:

Customer Group Metric	Patient Count (as of Q3 2025)	Year-over-Year Growth
PAP Therapy Patients	31,891	+63.7%
Ventilator Patients (Severe Respiratory)	12,372	+8.8%
Sleep Resupply Patients	33,518	+51.4%

Next, you have the institutional customers: Hospitals and health systems. These partners look to Viemed Healthcare, Inc. for post-acute care solutions to manage patient length-of-stay and improve outcomes once a patient leaves the acute setting. The success of this partnership model is evident because the core ventilation business, which serves these systems, now accounts for less than half of the company's total net revenue, signaling a successful shift in focus.

The temporary staffing solutions target healthcare facilities, particularly in Behavioral Health, where demand remains high. While the sleep segment is the current star, the staffing business was a notable contributor, making up 10% of net revenues in the first quarter of 2025, though management noted a mix shift away from lower-margin staffing in Q3 guidance.

The newest, strategically important segment is Maternal health patients. This came online with the acquisition of Lehan's Medical Equipment on July 1, 2025, focusing on breast pumps and related equipment. This group is critical because their payer mix leans heavily toward commercial insurance and Medicaid, offering revenue streams insulated from some of the Medicare reimbursement risks that affect the core business. Lehan's operations represented about 6% of Viemed Healthcare, Inc.'s third-quarter revenue, and management sees this as a significant growth driver heading into 2026.

• COPD/Respiratory Patients (Ventilator reliance)
• Sleep Apnea Patients (PAP therapy and resupply)
• Hospitals/Health Systems (Post-acute discharge management)
• Behavioral Health Facilities (Temporary staffing needs)
• Maternal Health Patients (Post-acquisition focus on breast pumps)

Finance: draft the 2026 budget assumptions for the maternal health segment contribution by next Tuesday.

Viemed Healthcare, Inc. (VMD) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Viemed Healthcare, Inc. (VMD) business model as of late 2025, which is where the rubber meets the road for profitability in this high-touch clinical service space. Honestly, managing the cost of delivering care in the home is the key differentiator here.

The major operating costs are clearly defined by the recent Q3 2025 performance. For the three months ended September 30, 2025, when Viemed Healthcare, Inc. reported net revenues of $71.9 million, the primary cost components were:

• Cost of Revenue (equipment, supplies, and clinical staff) at 42.5% of Q3 2025 revenue.
• Selling, General, and Administrative (SG&A) expenses, which were 44.4% of Q3 2025 revenue.

Here's the quick math: 42.5% of $71.9 million translates to approximately $30.56 million in Cost of Revenue for the quarter, while 44.4% of that revenue is about $31.93 million in SG&A expenses. That leaves a gross margin of 57.5%, which is what they are working to protect as they scale.

The structure of these costs is heavily weighted toward clinical delivery and the necessary infrastructure to support it. You can see the breakdown of key cost drivers below:

Cost Component Detail	Latest Reported Metric/Amount	Context/Period
Cost of Revenue Percentage	42.5%	Q3 2025 Revenue
SG&A Percentage	44.4%	Q3 2025 Revenue
Gross Capital Expenditures (Gross CapEx)	$7.6 million	Q3 2025
Net Capital Expenditures (Net CAPEX)	$6.0 million	Q3 2025 (Calculated: $18.4M Op Cash Flow - $12.4M FCF)
Total Borrowing Capacity (Credit Facilities)	Up to $90 million	As of late 2025

Capital expenditure for purchasing and maintaining medical equipment inventory is a constant drain, though they manage it with financing options. Gross CapEx for Q3 2025 was $7.6 million. What this estimate hides is that they have significant financing available, with existing commercial credit facilities up to $30.0 million, a delayed draw term loan up to $30 million, and an accordion feature for another $30 million, giving them up to $90 million in total borrowing capacity for patient-related CapEx and other needs. They are actively managing this, as evidenced by the Net CAPEX of $6.0 million in Q3 2025, which is lower than the gross spend because they are selling off older assets.

Labor costs for certified Respiratory Therapists and clinical practitioners are central to their high-service model. Viemed Healthcare, Inc. explicitly focuses overhead costs on personnel that service the patient rather than physical location costs, which is smart for scaling. As of December 31, 2024, they employed 404 licensed RTs, representing about 34% of their total employee count. They expect to continue employing more RTs to maintain that high service level as they grow organically.

Costs associated with strategic acquisitions and integration are a factor, especially following the recent Lehan's Medical Equipment deal. Viemed Healthcare, Inc. closed on Lehan's in Q3 2025 for a base purchase price of $26 million, plus estimated contingent payments of $2.2 million. The risk here, as noted in their filings, is the potential for unforeseen or contingent liabilities and the substantial costs and expenses associated with integrating a new business unit, even though the Lehan's results were immediately accretive to net income.

Finance: draft 13-week cash view by Friday.

Viemed Healthcare, Inc. (VMD) - Canvas Business Model: Revenue Streams

You're looking at how Viemed Healthcare, Inc. brings in cash, which is a mix of recurring service fees and product sales, all centered around in-home respiratory care. Honestly, it's about getting paid for the equipment you provide and the clinical services you deliver.

The full-year 2025 Net Revenue guidance reflects this mix, projecting total revenue to be between $271 million and $273 million. This is a key figure to watch as we move toward year-end.

Here's a breakdown of the primary revenue sources Viemed Healthcare, Inc. relies on:

• Rental revenue from non-invasive ventilators (NIV) and other HME.
• Sales and resupply revenue from PAP therapy consumables, which grew 51% year-over-year in Q3 2025.
• Reimbursement from Medicare, Medicaid, and private insurance for services.
• Revenue from maternal health products, like breast pumps, gained through the Lehan's acquisition.
• Healthcare staffing services revenue.

Ventilation remains the cornerstone, but diversification is clearly happening. For the three months ending September 30, 2025, Viemed reported record net revenues of $71.9 million.

The recurring revenue from equipment rentals, particularly for non-invasive ventilators, provides a strong foundation. While ventilation revenue achieved double-digit year-over-year growth for another consecutive quarter, it now accounts for less than half of total revenue. Specifically, in Q3 2025, ventilator rentals made up 48.5% of the total revenue.

The sleep therapy segment is showing significant acceleration. The sales and resupply component is a major driver here. You saw PAP therapy consumables resupply grow a strong 51% year-over-year in Q3 2025, surpassing the PAP rental base for the first time. This growth is supported by a PAP therapy patient count that increased 63.7% year-over-year as of September 30, 2025.

Reimbursement forms the backbone for collecting on these services. You need to know that Medicare represented 41% of the Company's traditional revenue streams for the year ended December 31, 2024. Furthermore, the recent implementation of new national coverage guidelines for at-home ventilation for Medicare Advantage plans should help secure future cash flows.

Viemed Healthcare, Inc. is actively diversifying beyond core respiratory care. The acquisition of Lehan's Medical Equipment on July 1, 2025, brought in new revenue streams. Maternal health products, specifically breast pumps, are now part of the mix and are poised to be a significant growth driver in 2026. Also, the healthcare staffing segment is contributing meaningfully. Services revenue, which includes staffing, saw an increase of $9.5 million, or 88.8%, primarily due to the growth of these healthcare staffing offerings.

To give you a clearer picture of the revenue mix based on recent data points, here's how some of the key components stack up:

Revenue Component	Specific Metric/Data Point	Reference Period/Context
Full-Year 2025 Guidance	$271 million to $273 million	Projected Net Revenue
Ventilator Rental Share	48.5%	Q3 2025 Total Revenue
PAP Resupply Growth	51%	Year-over-year in Q3 2025
Healthcare Staffing Growth	$9.5 million increase (88.8%)	Services Revenue Increase
Medicare Reimbursement Share	41%	Year Ended December 31, 2024 (Traditional Revenue)
Q3 2025 Total Revenue	$71.9 million	Three Months Ended September 30, 2025

The growth in patient volumes directly translates to revenue. As of September 30, 2025, the active ventilator patient count stood at 12,372, an 8.8% increase over September 30, 2024. The PAP therapy patient count reached 31,891, showing a massive 63.7% increase over the prior year.

Finance: draft 13-week cash view by Friday.