VIEMED HEALTHCARE, INC.

For the period ended Dec 31, 2025. Filed Mar 4, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 4, 2026

VMD$8.98+0.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

VIEMED HEALTHCARE, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in thousands of U.S. Dollars)

	Year Ended December 31,
	Note	2025	2024	2023
Cash flows from operating activities
Net income		$15,376	$11,409	$10,243
Adjustments for:
Depreciation and amortization		28,613	25,368	21,862
Stock-based compensation expense	8	9,132	6,285	5,849
Distributions of earnings received from equity method investments		—	147	980
Income from equity method investments		—	(261)	(485)
Loss (income) from debt investment		—	1,344	(219)
Loss (gain) on disposal of property and equipment		(2,239)	(1,905)	645
Amortization of deferred financing costs		228	187	—
Deferred income tax expense (benefit)		3,109	(3,840)	(1,439)
Changes in working capital:
Accounts receivable, net		1,158	(6,073)	(1,058)
Inventory		59	574	(472)
Prepaid expenses and other assets		(503)	544	2,176
Trade payables		479	359	(859)
Deferred revenue		359	364	851
Accrued liabilities		255	2,857	4,959
Income tax payable/receivable		(4,110)	1,730	2,179
Net cash provided by operating activities		$51,916	$39,089	$45,212
Cash flows from investing activities
Purchase of property and equipment	4	(39,985)	(37,771)	(26,093)
Investment in equity investments	2	—	(1,000)	(20)
Cash paid for acquisitions, net of cash acquired	3	(26,332)	(2,999)	(28,588)
Proceeds from sale of debt security		—	750	—
Proceeds from sale of property and equipment	4	16,151	10,321	2,588
Net cash used in investing activities		$(50,166)	$(30,699)	$(52,113)
Cash flows from financing activities
Proceeds from exercise of options	8	1,439	1,017	1,303
Proceeds from term notes	6	9,000	—	5,000
Principal payments on term notes	6	(730)	(1,071)	(3,721)
Proceeds from revolving credit facilities	6	13,000	3,000	8,000
Principal payments on revolving credit facilities	6	(13,000)	(5,000)	(7,005)
Payments for debt issuance costs		(115)	(192)	—
Shares redeemed to pay income tax	8	(1,734)	(1,069)	(594)
Shares repurchased under the share repurchase program	8	(13,225)	—	—
Repayments of finance lease liabilities		(50)	(338)	(157)
Distributions to non-controlling interest		(374)	(36)	—
Net cash provided by (used in) financing activities		$(5,789)	$(3,689)	$2,826
Net increase (decrease) in cash and cash equivalents		(4,039)	4,701	(4,075)
Cash and cash equivalents at beginning of year		17,540	12,839	16,914
Cash and cash equivalents at end of period		$13,501	$17,540	$12,839
Supplemental disclosures of cash flow information
Cash paid during the period for interest		$874	$950	$851
Cash paid during the period for income taxes, net of refunds		$7,390	$6,827	$3,566
Supplemental disclosures of non-cash transactions
Non-cash change in debt from the reclassification of debt issuance costs	6	$—	$—	$(594)
Net non-cash changes to operating lease		$—	$—	$(41)
Equipment and other fixed asset purchases payable at end of period		$3,221	$2,179	$1,396
Equipment sales receivable at end of period		$—	$2,844	$—
Non-cash consideration received for sale of debt security		$—	$125	$—

See accompanying notes to the consolidated financial statements
Page	F-7

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