VieMed (Nasdaq: VMD) reported record net revenue for its second quarter of 2026, thanks to strong growth in its ventilator business, as well as expansion across other segments of the company.
In Aug. 4 earnings comments, VieMed CEO Casey Hoyt said the company’s ventilator success led the way: “The second quarter combined renewed growth in ventilation with continued expansion across the broader business. We ended June with the highest active ventilator patient count in our history, set new records in other service lines, and generated record quarterly revenue. Ventilation remains the clinical and economic foundation for VieMed.”
By adding 546 ventilator patients in the second quarter, VieMed finished June with 12,635 active patients. “The active patient count increased in each month of the quarter before accelerating in June, producing sequential growth of approximately 4.5%,” Hoyt added. “Q2 produced the second-highest quarterly ventilator setup volume in our history, and usage compliance improved by more than 25% compared with last June. Higher setup activity brought more patients into the base, and our compliance initiatives helped more patients remain on therapy.”
Hoyt tied his earnings remarks to the Centers for Medicare & Medicaid Services (CMS) national coverage determination for home ventilation that went into effect in June 2025.
“The results reinforce what we have communicated through the implementation of the new CMS national coverage determination for home mechanical ventilation,” Hoyt said. “The underlying clinical need and referral demand remain substantial. Our teams have adapted to the new qualification, documentation and utilization standards, and the second-quarter results show that we can grow under the new coverage framework.”
He added that stakeholders are adapting to the new process, now in place for more than a year:
“Several quarters under the new framework have brought greater clarity across the care continuum.
Physicians and referral sources better understand the documentation required to qualify a patient, and patients and caregivers receive clear education about the utilization expectations associated with therapy.”
VieMed is also adapting to the new funding and documentation requirements.
“We continue to refine our qualification, documentation support, patient education and compliance processes as the framework matures,” Hoyt noted. “The addressable clinical need for at-home ventilation remains much larger than the population receiving treatment today.”
Growth beyond ventilation
But the CEO also pointed out that VieMed’s “impressive” second quarter results were not attributable solely to a single aspect of the company’s business.
“Growth during the quarter extended well beyond ventilation,” Hoyt said. “Q2 was a record quarter for PAP [positive airway pressure] setups. Sleep therapy patients increased approximately 5% from the first quarter and 44% from the prior year. Resupply patients increased approximately 10% sequentially and 47% year over year. Each new PAP patient also expands the population that can develop into a recurring resupply relationship over time.”
Hoyt also provided an update on the impact of VieMed’s acquisition of Lehan Medical Supplies, finalized in July 2025.
“Maternal health also reached a new quarterly high for breast pump deliveries with activity through legacy VieMed markets increasing approximately 9% sequentially,” he said. “The early expansion illustrates the strategy behind the Lehan acquisition: Connect the proven capability to the payer relationships, referral channels and operating infrastructure already in place across the VieMed platform to accelerate growth.”
Q2 results are in
VieMed Chief Operating Officer Todd Zehnder reported net revenue of $78.1 million for the second quarter, an increase of $15 million compared to earnings in the second quarter of 2025.
Ventilator revenue was up approximately 8% from last year’s second quarter for a total of $36.4 million. Other rental revenue was up 19% to $16.4 million.
“Impressively, equipment sales nearly doubled to $19 million with growth across sleep resupply and the maternal health business lines and service revenue increased approximately 7% to $6.3 million,” Zehnder added.
The COO added that in the second quarter, VieMed also “repaid approximately $2.2 million of debt and repurchased and canceled approximately 531,000 shares for $5.1 million.”
The company is raising the low end of its net revenue guidance and now expects full-year revenue of $314 million to $320 million. The previous range was $312 million to $320 million.
“At the midpoint of the year, VieMed is larger and more diversified than ever,” Hoyt said. “Ventilation is growing under the new coverage framework, sleep and resupply continue to expand, and maternal health is beginning to benefit from our broader platform.”
