Revenue growth accelerated to 27.5% in 2026Q1, yet operating margins remain constrained, fluctuating between 4.4% and 11.4% over the last ten quarters due to ongoing infrastructure investment.
| Sales/Revenue | 286.56M | 270.28M | 224.26M | 183.01M | 138.83M | 117.06M | 131.31M | 80.26M | 65.27M | 46.93M | 31.36M | 34.6M | 23.29M |
| Revenue Growth % | 23.1% | 20.52% | 22.54% | 31.82% | 18.6% | -10.85% | 63.61% | 22.96% | 39.09% | 49.66% | -9.38% | 48.57% | - |
| Cost of Goods Sold | 121.91M | 114.82M | 91.05M | 70.22M | 54.15M | 43.65M | 51.2M | 24.25M | 16.69M | 12.31M | 12.5M | 7.82M | 3.86M |
| COGS % of Revenue | - | 42.48% | 40.6% | 38.37% | 39.01% | 37.29% | 38.99% | 30.22% | 25.57% | 26.24% | 39.86% | 22.6% | 16.56% |
| Gross Profit | 164.65M | 155.46M | 133.2M | 112.78M | 84.68M | 73.41M | 80.11M | 56.01M | 48.58M | 34.62M | 18.86M | 26.78M | 19.43M |
| Gross Margin % | 57.46% | 57.52% | 59.4% | 61.63% | 60.99% | 62.71% | 61.01% | 69.78% | 74.43% | 73.76% | 60.14% | 77.4% | 83.44% |
| Gross Profit Growth % | - | 16.71% | 18.11% | 33.19% | 15.35% | -8.36% | 43.04% | 15.28% | 40.35% | 83.55% | -29.58% | 37.81% | - |
| Operating Expenses | 137.91M | 134.75M | 115.3M | 98.45M | 76.43M | 61.83M | 53.33M | 47.15M | 31.54M | 20.65M | 14.1M | 16.74M | 9.93M |
| OpEx % of Revenue | - | 49.85% | 51.42% | 53.8% | 55.05% | 52.82% | 40.61% | 58.75% | 48.32% | 44% | 44.97% | 48.39% | 42.65% |
| Selling, General & Admin | 134.5M | 130.5M | 112.48M | 93.73M | 73.36M | 60.04M | 57.71M | 45.27M | 30.95M | 20.25M | 13.77M | 16.74M | 9.56M |
| SG&A % of Revenue | - | 48.28% | 50.16% | 51.22% | 52.84% | 51.29% | 43.95% | 56.4% | 47.42% | 43.14% | 43.91% | 48.39% | 41.05% |
| Research & Development | 2.8M | 3.02M | 3.07M | 2.78M | 2.7M | 2.11M | 1.08M | 848K | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.12% | 1.37% | 1.52% | 1.94% | 1.8% | 0.82% | 1.06% | - | - | - | - | - |
| Other Operating Expenses | 607K | 1.23M | -249K | 1.94M | 369K | -323K | -5.46M | 1.03M | -71K | 402K | 332K | 0 | 0 |
| Operating Income | 23.59M | 20.71M | 17.9M | 14.33M | 8.25M | 11.58M | 26.78M | 8.86M | 17.05M | 8.82M | 383K | 10.04M | 9.49M |
| Operating Margin % | 8.23% | 7.66% | 7.98% | 7.83% | 5.94% | 9.89% | 20.4% | 11.04% | 26.11% | 18.8% | 1.22% | 29.01% | 40.74% |
| Operating Income Growth % | - | 15.7% | 24.91% | 73.65% | -28.74% | -56.76% | 202.37% | -48.04% | 93.17% | 2203.92% | -96.18% | 5.81% | - |
| EBITDA | 45.97M | 49.32M | 43.27M | 36.19M | 23.88M | 22.89M | 36.36M | 15.26M | 20.83M | 11.37M | 1.81M | 10.99M | 9.87M |
| EBITDA Margin % | 16.04% | 18.25% | 19.29% | 19.78% | 17.2% | 19.56% | 27.69% | 19.01% | 31.91% | 24.22% | 5.76% | 31.77% | 42.39% |
| EBITDA Growth % | 1.64% | 13.99% | 19.55% | 51.55% | 4.32% | -37.05% | 138.34% | -26.75% | 83.23% | 529.05% | -83.56% | 11.36% | - |
| D&A (Non-Cash Add-back) | 22.39M | 28.61M | 25.37M | 21.86M | 15.63M | 11.31M | 9.58M | 6.4M | 3.78M | 2.54M | 1.42M | 955.09K | 385K |
| EBIT | 19.11M | 22.95M | 16.95M | 14.81M | 9.19M | 12.82M | 26.87M | 9.11M | 10.11M | 8.82M | 383K | 10.9M | 9.49M |
| Net Interest Income | -1M | -1.18M | -776K | -424K | -197K | -318K | -509K | -314K | -181K | -272K | -323K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 87K | 48K |
| Interest Expense | 1.31M | 1.18M | 776K | 424K | 197K | 318K | 509K | 314K | 181K | 272K | 323K | 0 | 0 |
| Other Income/Expense | -1.49M | 1.06M | -1.73M | 61K | 738K | 923K | -418K | -61K | -386K | -633K | -274K | -87K | -34K |
| Pretax Income | 22.1M | 21.77M | 16.17M | 14.39M | 8.99M | 12.5M | 26.36M | 8.8M | 10.34M | 8.19M | 109K | 9.96M | 9.45M |
| Pretax Margin % | 7.71% | 8.05% | 7.21% | 7.86% | 6.48% | 10.68% | 20.08% | 10.96% | 15.84% | 17.45% | 0.35% | 28.78% | 40.59% |
| Income Tax | 6.72M | 6.39M | 4.76M | 4.15M | 2.77M | 3.38M | -5.17M | 271K | 162K | 15K | -1.12M | 1.03M | 0 |
| Effective Tax Rate % | 30.4% | 29.36% | 29.44% | 28.82% | 30.79% | 27.01% | -19.6% | 3.08% | 1.57% | 0.18% | -1026.61% | 10.35% | 0% |
| Net Income | 14.89M | 14.93M | 11.27M | 10.24M | 6.22M | 9.13M | 31.53M | 8.53M | 10.18M | 8.18M | 1.23M | 8.93M | 9.45M |
| Net Margin % | 5.2% | 5.53% | 5.02% | 5.6% | 4.48% | 7.8% | 24.01% | 10.62% | 15.59% | 17.42% | 3.92% | 25.8% | 40.59% |
| Net Income Growth % | 21.19% | 32.57% | 9.98% | 64.63% | -31.82% | -71.06% | 269.85% | -16.23% | 24.47% | 565.8% | -86.24% | -5.56% | - |
| Net Income (Continuing) | 15.25M | 15.38M | 11.41M | 10.24M | 6.22M | 9.13M | 31.53M | 8.53M | 9.51M | 8.18M | 1.23M | 9.69M | 9.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.93M | 1.98M | 1.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.37 | 0.37 | 0.28 | 0.25 | 0.15 | 0.22 | 0.82 | 0.22 | 0.26 | 0.22 | 0.03 | 1.49 | 1.58 |
| EPS Growth % | 25.92% | 32.14% | 12% | 66.67% | -31.82% | -73.17% | 272.73% | -15.38% | 18.18% | 579.01% | -97.83% | -5.7% | - |
| EPS (Basic) | - | 0.38 | 0.29 | 0.27 | 0.15 | 0.23 | 0.86 | 0.23 | 0.27 | 0.22 | 0.03 | 1.49 | 1.58 |
| Diluted Shares Outstanding | 40.49M | 40.82M | 40.8M | 40.38M | 39.81M | 40.68M | 40.53M | 39.75M | 39.68M | 37.97M | 37.91M | 6M | 6M |
| Basic Shares Outstanding | 38.43M | 38.9M | 38.76M | 38.35M | 38.66M | 39.49M | 38.74M | 37.72M | 37.89M | 37.91M | 37.91M | 6M | 6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 72.51% | 39.71% |
Regulatory reimbursement and audit exposure
According to quarterly financial disclosures, VMD has maintained a robust growth trajectory, with revenue accelerating to 27.5% year-over-year in 2026Q1, reflecting the successful scaling of its high-acuity respiratory service model across an expanding geographic footprint and increased patient acquisition in the core NIV segment.
The consistent double-digit revenue growth suggests that the company's high-touch clinical service model is successfully capturing market share from less specialized competitors. Investors should monitor whether this pace of expansion can be sustained without compromising the quality of the referral network or triggering increased scrutiny from regulatory bodies.
As reported in recent income statements, VMD's gross margin has experienced a noticeable contraction, declining from 63.3% in 2023Q4 to 56.8% in 2026Q1, which may indicate rising costs associated with clinical labor or shifts in the underlying payer mix toward lower-reimbursement categories.
The erosion of gross margins warrants further investigation into whether this is a temporary byproduct of rapid geographic expansion or a permanent shift in the cost of delivering respiratory care. If the company cannot stabilize these margins, it may suggest that the competitive environment is forcing pricing concessions that could limit long-term profitability.
Based on the provided income statement data, VMD's operating income has failed to scale proportionally with revenue growth, as evidenced by an operating margin that fluctuated between 4.4% and 11.4% over the last ten quarters, suggesting significant ongoing investment in administrative and selling infrastructure.
The lack of clear operating leverage implies that the company's service-heavy model requires substantial overhead to maintain its clinical standards and billing operations. This suggests that future earnings growth may be more dependent on top-line expansion than on significant improvements in operational efficiency.
Analysis of the reported figures reveals that stock-based compensation has trended upward, reaching $2.5 million in 2026Q1, which represents a meaningful portion of the company's quarterly net income and may suggest that reported EPS figures are being bolstered by non-cash equity incentives.
Investors should be cautious when evaluating the quality of net income, as the rising reliance on equity-based compensation may mask the true cash-generating capability of the core business. This trend warrants further investigation to determine if management's incentive structures are appropriately aligned with long-term shareholder value creation.
Quick answers to the most common questions about buying VMD stock.
For fiscal year 2025, Viemed Healthcare, Inc. (VMD) reported total revenue of $270.3M. This represents a 1060.5% increase compared to $23.3M in 2014.
Viemed Healthcare, Inc. (VMD) is profitable, generating $14.9M in net income for the fiscal year ending 2025 with a net profit margin of 5.5%.
Viemed Healthcare, Inc. (VMD) reported an operating income of $20.7M, resulting in an operating profit margin of 7.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Viemed Healthcare, Inc. (VMD) generated $155.5M in gross profit for the year, representing a gross profit margin of 57.5%. This demonstrates the company's core pricing power and production efficiency.