Viemed Healthcare, Inc. (VMD): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo inovador da Viemed Healthcare, Inc. (VMD), uma empresa pioneira em tecnologia de saúde que revoluciona os cuidados respiratórios por meio de soluções de telessaúde de ponta. Ao misturar perfeitamente equipamentos médicos avançados, monitoramento personalizado de pacientes e serviços respiratórios domésticos abrangentes, a Viemed transforma como os pacientes com distúrbios respiratórios recebem apoio crítico em saúde. Seu modelo de negócios exclusivo aproveita a tecnologia, a experiência clínica e as abordagens centradas no paciente para oferecer cuidados eficientes e econômicos que melhoram drasticamente os resultados do paciente e a acessibilidade a serviços médicos especializados.

Viemed Healthcare, Inc. (VMD) - Modelo de negócios: Parcerias -chave

Fornecedores de equipamentos médicos duráveis ​​(DME)

A VIEMed Healthcare Partners com vários fornecedores de DME para apoiar seus serviços respiratórios e de saúde em casa.

Categoria de fornecedores	Número de parcerias	Cobertura geográfica
Fornecedores regionais de DME	12	Louisiana, Texas, Mississippi
Distribuidores nacionais de DME	3	Estados Unidos

Provedores de saúde e hospitais

O VIEMED mantém parcerias estratégicas com redes de assistência médica para expandir os canais de referência de pacientes.

• Total de parcerias hospitalares: 47
• Regiões de parceria primária: Sudeste dos Estados Unidos
• Tipos de parceria: redes de referência, colaboração clínica

Companhias de seguros e Medicare/Medicaid

O reembolso e a prestação de serviços da Viemed dependem de parcerias críticas de seguros.

Categoria de seguro	Número de contratos	Cobertura de reembolso
Medicare	Em todo o país	US $ 42,3 milhões (receita de 2023)
Medicaid	8 contratos estaduais	US $ 12,7 milhões (receita de 2023)
Seguro privado	15 grandes seguradoras	US $ 23,5 milhões (receita de 2023)

Fabricantes de equipamentos médicos

O Viemed colabora com os principais fabricantes de equipamentos respiratórios.

• Philips respironics: Ventilador primário e parceiro de equipamentos CPAP
• Resumo: Fornecedor de equipamentos respiratórios secundários
• Número de parcerias de fabricação ativa: 4

Redes de serviços de saúde em casa

As redes estratégicas aprimoram os recursos de entrega de serviços da Viemed.

Tipo de rede	Número de parcerias	Escopo de serviço
Agências de saúde em casa	23	Coordenação de atendimento ao paciente
Redes de cuidados de enfermagem	12	Cuidados respiratórios especializados

Viemed Healthcare, Inc. (VMD) - Modelo de negócios: Atividades -chave

Distribuição de equipamentos respiratórios

O Viemed Healthcare distribui equipamentos respiratórios, com foco em soluções médicas em casa. No terceiro trimestre de 2023, a empresa relatou US $ 23,1 milhões em receita da distribuição durável de equipamentos médicos (DME).

Categoria de equipamento	Volume anual de distribuição	Receita média por unidade
Ventiladores	4.752 unidades	US $ 1.875 por unidade
Máquinas CPAP	8.345 unidades	US $ 795 por unidade
Concentradores de oxigênio	6.213 unidades	US $ 1.245 por unidade

Serviços remotos de monitoramento de pacientes

Viemed fornece monitoramento avançado de paciente remoto com Plataformas de tecnologia de saúde digital.

• Pacientes ativos de monitoramento remoto: 12.587
• Custo de monitoramento mensal por paciente: US $ 124
• Receita anual de monitoramento remoto: US $ 18,6 milhões

Apneia do sono e gerenciamento de terapia de ventilação

Gerenciamento de terapia especializada com apoio abrangente ao paciente.

Tipo de terapia	Inscrição do paciente	Taxa de gerenciamento mensal
Terapia com apneia do sono	7.845 pacientes	US $ 87 por paciente
Terapia de ventilação	3.692 pacientes	US $ 215 por paciente

Suporte e consulta clínica do paciente

Serviços abrangentes de apoio clínico com equipes de atendimento respiratório especializadas.

• Equipe clínica: 124 terapeutas respiratórios
• Duração média da consulta: 45 minutos
• Receita anual de consulta: US $ 4,2 milhões

Aluguel de equipamentos médicos e vendas

Aluguel de equipamentos e plataforma de vendas diretas para dispositivos médicos.

Tipo de equipamento	Volume de aluguel	Taxa média de aluguel mensal
Ventiladores	1.245 unidades	US $ 425 por mês
Equipamento de oxigênio	2.378 unidades	US $ 215 por mês
Máquinas CPAP	3.657 unidades	US $ 95 por mês

Viemed Healthcare, Inc. (VMD) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia de telessaúde avançada

A infraestrutura de tecnologia TeleHealth da Viemed Healthcare, avaliada em US $ 3,2 milhões em 2023 ano fiscal. O investimento em tecnologia representa 12,5% do total de ativos da empresa.

Ativo de tecnologia	Avaliação	Custo de manutenção anual
Plataforma de telessaúde	US $ 1,7 milhão	$215,000
Sistemas de monitoramento remoto	$980,000	$124,500
Infraestrutura de rede	$520,000	$76,800

Experiência clínica em atendimento respiratório

A Viemed emprega 287 especialistas em cuidados respiratórios a partir do quarto trimestre de 2023.

• Experiência clínica média: 8,6 anos
• Terapeutas respiratórias certificadas pela placa: 76%
• Treinamento especializado em cuidados respiratórios: US $ 420.000 investimentos anuais

Software de gerenciamento de pacientes proprietário

Investimento de desenvolvimento de software personalizado de US $ 1,1 milhão em 2023.

Componente de software	Custo de desenvolvimento	Licenciamento anual
Módulo de rastreamento de pacientes	$450,000	$85,000
Sistema de documentação clínica	$380,000	$72,500
Plataforma de integração de cobrança	$270,000	$58,000

Profissionais de saúde treinados

Força de trabalho total: 512 funcionários em dezembro de 2023.

• Equipe clínica: 287 profissionais
• Equipe administrativo: 165 funcionários
• Gerenciamento: 60 profissionais
• Investimento médio de treinamento anual por funcionário: US $ 3.200

Extenso inventário de equipamentos médicos

Inventário de equipamentos médicos totais, avaliada em US $ 4,6 milhões em 2023.

Categoria de equipamento	Valor total	Ciclo de reposição
Dispositivos respiratórios	US $ 2,3 milhões	4-5 anos
Equipamento de diagnóstico	US $ 1,4 milhão	5-6 anos
Sistemas de monitoramento	$900,000	3-4 anos

Viemed Healthcare, Inc. (VMD) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes de cuidados respiratórios domésticos

A Viemed Healthcare fornece serviços especializados de cuidados respiratórios com as seguintes métricas -chave:

Categoria de serviço	Volume anual do paciente	Tipos de equipamentos
Ventilação doméstica	12.500 pacientes	Ventiladores invasivos/não invasivos
Oxigenoterapia	8.750 pacientes	Concentradores de oxigênio portáteis/estacionários
Gerenciamento de apneia do sono	6.250 pacientes	Dispositivos CPAP/BIPAP

Monitoramento e suporte personalizados de pacientes

Os recursos de monitoramento remoto incluem:

• Rastreamento de desempenho do dispositivo em tempo real
• Infraestrutura de suporte ao paciente 24/7
• Algoritmos de manutenção preditiva

Monitoramento métrica	Indicador de desempenho
Taxa de conectividade do dispositivo	97.3%
Tempo de resposta do paciente	15 minutos
Disponibilidade de suporte técnico	99.8%

Entrega de equipamentos médicos conveniente e eficiente

Métricas de desempenho de entrega:

• Tempo médio de entrega: 48 horas
• Cobertura geográfica: 42 estados
• Eficiência de preparação do equipamento: 95% de prontidão no mesmo dia

Gerenciamento de saúde econômico

Área de redução de custos	Economia percentual
Prevenção de readmissão hospitalar	37%
Otimização de utilização do equipamento	28%
Coordenação de atendimento ao paciente	22%

Melhores resultados dos pacientes através da tecnologia

Melhorias de resultados orientadas pela tecnologia:

• Taxa de conformidade do paciente: 83%
• Sucesso de intervenção habilitado para tecnologia: 76%
• Melhoria dos resultados clínicos: 65%

Impacto tecnológico	Métrica quantitativa
Rastreamento de saúde do paciente	Precisão de 92%
Intervenções preditivas de saúde	68% da taxa de detecção precoce

Viemed Healthcare, Inc. (VMD) - Modelo de Negócios: Relacionamentos do Cliente

Equipes dedicados de apoio ao paciente

A partir do quarto trimestre de 2023, a Viemed Healthcare mantém 87 terapeutas respiratórios nos Estados Unidos, fornecendo serviços diretos de apoio ao paciente.

Apoiar a métrica da equipe	Quantidade
Terapeutas respiratórios totais	87
Tempo médio de interação do paciente	45 minutos por consulta
Cobertura de apoio ao paciente	26 estados

Monitoramento contínuo de paciente remoto

A Viemed Healthcare utiliza tecnologias avançadas de monitoramento remoto com as seguintes especificações:

• Rastreamento de dados de pacientes em tempo real
• Sistemas de alerta automatizado
• Integração da plataforma de saúde digital

Métricas de monitoramento remoto	Data Point
Pacientes ativos de monitoramento remoto	3.425 pacientes
Taxa mensal de transmissão de dados	98,6% de confiabilidade

Consultas de saúde personalizadas

A Viemed Healthcare fornece atendimento individualizado ao paciente por meio de protocolos de consulta especializados.

Tipo de consulta	Freqüência
Avaliação inicial do paciente	1-2 horas
Consultas de acompanhamento	30-45 minutos
Revisão anual do paciente	Avaliação abrangente de 2 horas

Plataformas de comunicação digital

Viemed Healthcare integra vários canais de comunicação digital:

• Plataformas de telessaúde compatíveis com HIPAA
• Portais de pacientes seguros
• Interfaces de aplicativos móveis

Gerenciamento regular de acompanhamento e cuidados

Estratégia sistemática de acompanhamento dos pacientes com protocolos de engajamento estruturado.

Métrica de gerenciamento de cuidados	Estatística
Check-ins mensais do paciente	2-3 Interações programadas
Taxa de retenção de pacientes	92.4%
Duração média do envolvimento do paciente	18 meses

Viemed Healthcare, Inc. (VMD) - Modelo de Negócios: Canais

Plataformas de telessaúde

A Viemed Healthcare utiliza plataformas avançadas de telessaúde com as seguintes métricas principais:

Métrica da plataforma	Valor
Usuários mensais de telessaúde ativa	12,487
Duração média da consulta virtual	24 minutos
Receita anual de telessaúde	US $ 3,2 milhões

Representantes de vendas diretas

Composição e desempenho da força de vendas:

• Representantes de vendas diretas totais: 87
• Vendas anuais médias por representante: US $ 412.000
• Cobertura geográfica: 42 estados

Portais de pacientes online

Métrica portal	Valor
Contas de pacientes registrados	46,329
Usuários ativos mensais	28,765
Taxa de engajamento do portal do paciente	62%

Redes de referência médica

Estatísticas de rede de referência:

• Parceiros de referência ativos totais: 1.243
• Tipos de prestadores de serviços de saúde: médicos, hospitais, clínicas
• Volume anual de referência: 37.892 pacientes

Marketing direto ao paciente

Canal de marketing	Alcançar	Taxa de conversão
Publicidade digital	214.567 impressões	3.2%
Campanhas de mídia social	89.321 compromissos	2.7%
Marketing por e -mail	43.876 assinantes	4.1%

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

Pacientes com distúrbios respiratórios

Em 2023, aproximadamente 16 milhões de americanos diagnosticados com DPOC. A Viemed Healthcare atende pacientes com condições respiratórias crônicas que requerem equipamentos médicos e serviços respiratórios especializados em casa.

Categoria de Transtorno Respiratório	População de pacientes	Custo médio de tratamento anual
DPOC	16,000,000	$7,200
Asma	25,000,000	$3,266
Fibrose pulmonar	130,000	$10,500

Pacientes idosos em saúde

A demografia alvo representa 54,1 milhões de americanos com 65 anos ou mais a partir de 2024.

• 65+ população que requer suporte respiratório: 22%
• Beneficiários do Medicare: 54,4 milhões
• Gastos médios anuais em saúde por paciente idosos: US $ 19.856

Pacientes com apneia do sono

Tamanho do mercado de pacientes com apneia do sono nos Estados Unidos: 22 milhões de indivíduos.

Tipo de apneia do sono	População de pacientes	Custo anual de tratamento
Apneia obstrutiva do sono	18,000,000	$3,720
Apneia central do sono	4,000,000	$4,500

Indivíduos que requerem cuidados respiratórios a longo prazo

População estimada de pacientes que requer cuidados respiratórios a longo prazo: 1,5 milhão de americanos.

• Pacientes dependentes do ventilador: 350.000
• Pacientes crônicos de insuficiência respiratória: 750.000
• Custo médio anual de cuidados de longo prazo: US $ 92.376

Instituições e prestadores de serviços de saúde

Número total de instalações de saúde nos Estados Unidos: 6.090 hospitais e 15.274 agências de saúde em casa.

Tipo de instalação de saúde	Total de instalações	Gastos anuais de equipamentos respiratórios
Hospitais	6,090	US $ 2,3 bilhões
Agências de saúde em casa	15,274	US $ 1,7 bilhão

Viemed Healthcare, Inc. (VMD) - Modelo de negócios: estrutura de custos

Compras de equipamentos médicos

No ano fiscal de 2023, os custos de aquisição de equipamentos médicos da Viemed Healthcare totalizaram US $ 12,3 milhões. As despesas principais de equipamentos da empresa incluem:

Categoria de equipamento	Custo anual
Ventiladores respiratórios	US $ 5,7 milhões
Concentradores de oxigênio	US $ 3,2 milhões
Dispositivos médicos portáteis	US $ 2,4 milhões
Equipamento de diagnóstico	US $ 1 milhão

Manutenção de infraestrutura de tecnologia

As despesas de manutenção de infraestrutura tecnológica da Viemed Healthcare em 2023 foram de US $ 4,5 milhões, divididas da seguinte forma:

• Manutenção de sistemas de TI: US $ 2,1 milhões
• Infraestrutura de segurança cibernética: US $ 1,3 milhão
• Licenciamento de software: US $ 650.000
• Infraestrutura de rede: US $ 450.000

Salários da equipe clínica

As despesas com salário total da equipe clínica em 2023 atingiram US $ 37,8 milhões:

Categoria de pessoal	Despesas salariais anuais
Terapeutas respiratórios	US $ 18,2 milhões
Enfermeiras	US $ 12,5 milhões
Administradores clínicos	US $ 4,6 milhões
Diretores médicos	US $ 2,5 milhões

Despesas de marketing e vendas

As despesas de marketing e vendas da Viemed Healthcare em 2023 totalizaram US $ 6,7 milhões:

• Marketing Digital: US $ 2,3 milhões
• Compensação da equipe de vendas: US $ 2,9 milhões
• Participação de conferência e evento: US $ 850.000
• Materiais promocionais: US $ 650.000

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D para a Viemed Healthcare em 2023 totalizaram US $ 3,6 milhões, alocados de maneira contínua:

Área de foco em P&D	Valor do investimento
Tecnologia de cuidados respiratórios	US $ 2,1 milhões
Soluções de telessaúde	$900,000
Sistemas de monitoramento de pacientes	$600,000

Viemed Healthcare, Inc. (VMD) - Modelo de negócios: fluxos de receita

Vendas de equipamentos médicos

No ano fiscal de 2023, a Viemed Healthcare registrou receita de vendas de equipamentos médicos de US $ 138,7 milhões.

Categoria de equipamento	Receita anual	Porcentagem de vendas totais
Equipamento respiratório	US $ 92,4 milhões	66.6%
Ventiladores	US $ 31,6 milhões	22.8%
Equipamento suplementar	US $ 14,7 milhões	10.6%

Serviços de aluguel de equipamentos

Os serviços de aluguel de equipamentos geraram US $ 47,3 milhões em receita da Viemed Healthcare em 2023.

• As taxas mensais de aluguel variam de US $ 250 a US $ 1.500 por dispositivo médico
• Duração média do aluguel do equipamento: 6 a 12 meses

Reembolsos de seguros

Os reembolsos de seguros totalizaram US $ 104,5 milhões em 2023.

Tipo de seguro	Quantidade de reembolso	Taxa de reembolso
Medicare	US $ 62,7 milhões	60%
Seguro privado	US $ 33,2 milhões	31.8%
Medicaid	US $ 8,6 milhões	8.2%

Taxas de consulta do paciente

Os serviços de consulta do paciente geraram US $ 22,1 milhões em receita durante 2023.

• Taxa de consulta média: US $ 175 por sessão
• Total de consultas realizadas: 126.286

Cobranças de serviço de monitoramento remoto

Os serviços de monitoramento remoto contribuíram com US $ 15,9 milhões para a receita da Viemed Healthcare em 2023.

Tipo de serviço de monitoramento	Receita anual	Número de pacientes monitorados
Monitoramento remoto respiratório	US $ 11,2 milhões	8,742
Gerenciamento de doenças crônicas	US $ 4,7 milhões	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.