Viemed Healthcare, Inc.

Greetings and welcome to the VibeMed Healthcare First Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Trey Fitzgerald, Chief Financial Officer. Thank you. You may begin.

Thank you, and good morning, everyone. Please note that our remarks in this conference call may include forward-looking statements under the U.S. federal securities laws or forward-looking information under applicable Canadian securities legislation, which we collectively refer to as forward-looking statements. Such statements reflect the company's current views and intentions with respect to future results or events and are subject to certain risks and uncertainties. which could cause actual results or events to vary from those indicated in forward-looking statements. Examples of such risks and uncertainties are discussed in our disclosure documents filed with the SEC or the security regulatory authorities in certain provinces of Canada. Because of these risks and uncertainties, investors should not place undue reliance on forward-looking statements The forward-looking statements made in this conference call are made as of today, and the company undertakes no obligations to update or revise any forward-looking statements, except as required by law. The first quarter financial supplement and financial news release, as well as the related financial statements, are available on the SEC's website. With that, I'll now turn over the call to our Chief Executive Officer, Casey Hoyt.

All right. Thank you, Trey. And good morning, everyone. We appreciate you joining us today. This past quarter demonstrated what consistent execution looks like across our entire platform. Our sleep business continues to scale and differentiate itself. Maternal health is performing ahead of plan. Our free cash flow profile has improved meaningfully year over year. Also in ventilation, we're starting to see the operational trends that we've been envisioning. In aggregate, these results exemplify a business that is growing, diversifying, and becoming more capital efficient. And it's the direct result of the discipline execution this team brings every single day. First quarter revenue was $75.4 million, up 28% over the prior year. Following what was a record fourth quarter for VodMed, matching that performance level in Q1 is an achievement we are proud of and one that is consistent with exactly what we communicated as planned for the year. Q1 carries a predictable seasonal pattern, and the business executed right in line with our internal plan. As we move into the second quarter and the balance of the year, we feel very good about the current future and the future quarters. Sleep continues to be one of the strongest growth drivers in the business. Pap therapy patients grew 57% year-over-year, and the setup activity we have driven over the past several quarters is translating into a larger and steadily expanding base of resupplied patients. We now have nearly 36,000 Pap patients on the platform. As that base expands, it brings greater visibility into future revenue and a more stable growth profile. Beyond those numbers are tens of thousands of patients who are sleeping better feeling better, and living healthier lives because of the care we are delivering. As sleep continues to scale, it provides increasing visibility into future revenue and becomes a more meaningful contributor to the overall growth profile of the business. On resupply, quarterly patient counts were down modestly from the fourth quarter, which is consistent with the seasonal pattern we see every year. Activity typically moderates as deductibles reset coming out of Q4, and we saw that dynamic play out again this quarter. Importantly, the underlying trend remains intact, with resupply patients up 47% year over year. The long-term demand picture for sleep remains very strong. Obstructive sleep apnea continues to be significantly underdiagnosed, and the broader focus on metabolic health, including increased adoption of GLP-1 therapies, is driving more patients into diagnosis and treatment. The path base we're building today is what drives resupply growth over time, and we continue to feel very good about that pipeline. Sleep is not the only place where our platform leverage is being realized. On our last call, we talked about the potential that excited us most about maternal health, not just in terms of Lehan's offerings and capabilities, but what we could do with them within the ViMed platform. I want to update you all on that because the early results are exceeding our expectations. Leigh Ann continues to perform well. The integration has been smooth, and the business has been accretive since day one. The more important development this quarter is what we're seeing outside of Leigh Ann's original markets. During the first quarter, we serviced just under 4,000 new maternal health patients under the BiMed contracts in markets where Leigh Ann previously had no presence. That is a critical early indicator of how the model can scale. The payer relationships, intake and billing infrastructure, and compliance capabilities already existed. We were able to extend that existing platform into a new product offering and the team delivered. This gives us confidence in our ability to continue expanding maternal health into additional volume and markets as we move through 2026. Turning to ventilation. We are seeing a couple of important dynamics play out at the same time. First is that new patient startup momentum is building faster and stronger than we expected. Referral sources are getting more comfortable with the updated criteria. The documentation process is maturing, and the setup pipeline is responding in a way that is genuinely encouraging. This is the inflection point we've been working towards, and it's arriving ahead of schedule. March was a particularly strong month for ventilator setups, with 759 starts compared to 692 a year ago. Our 100% ALJ success rate on Medicare Advantage denials continues to validate the appropriateness of the patients we serve, and we are seeing more of those denials resolved earlier in the process. Second is that the patients set up under the new NCD criteria are now reaching required compliance evaluation points, and the turnover rate for those patients is higher than pre-NCD. That is creating some near-term pressure on the net patient census number, which ended the quarter at 12,089 patients. However, I want to be direct. This is not a demand issue. It is not a competitive issue. It is a compliance dynamic that is a requisite of the new system, and it is something we advocated for, anticipated, and will become the industry best of these new compliance standards. What gives us confidence is that both trends are moving in the right direction. Compliance among active ventilator patients has improved by nearly 20% since the NCD went into effect. That is a meaningful development and reflects patients and physicians adapting to the new standards. It also supports our view that through our differentiated high-touch, high-tech model, compliance rates should continue to improve as the NCD matures. I also want to address an area where we continue to advocate on behalf of our patients. Under the current NCD compliance framework, a patient who experienced a non-compliance episode can lose access to their ventilator. In practice, these are patients with serious chronic respiratory conditions who rely on ventilation as a prescribed life-sustaining therapy. When compliance is interrupted, whether due to illness, caregiver changes, or clinical challenges, the current rules can result in a loss of access to that therapy. We believe that this is an area where the policy can continue to evolve. The clinical need does not change because of a temporary compliance interruption, and the patient should have uninterrupted access to therapy when appropriate. While the compliance policy doesn't necessarily threaten our financial success as a company, it absolutely impacts the patients who are benefiting from care, and that's a problem that we will continue to lobby for in the name of our patients. More broadly, the regulatory environment outside the NCD is also moving in a direction that we support. On competitive bidding, as a reminder, the categories identified by CMS for the upcoming round do not include any of our current product offerings. As a result, we do not expect a material impact to the business and continue to view the reimbursement foundation of our core services as stable. On the enrollment moratorium announced by CMS earlier this year, I want to be clear that this has no impact on VIMED's operations whatsoever. We are fully enrolled, fully operational, and continuing to grow in every market we serve. What the moratorium does do is it restricts new entrants from obtaining Medicare enrollment during this period. And for an established provider with our national infrastructure and existing payer relationships, that makes the competitive landscape more rational over time. Across these regulatory developments, the direction is clear. The shift toward more objective criteria under the NCD, the absence of competitive bidding pressure on our core products, and the barriers to entry that favor established providers all reinforce the position we have built over time. These are the kind of conditions that support long-term sustainable growth. None of that happens without the team behind it. Managing the NCD transition, expanding maternal health into new markets, and continuing to scale sleep requires a high level of operational discipline and clinical focus. Our team of 1,387 employees delivered on each of those priorities this quarter, and the results reflect that work. Those results are built on capabilities we've developed over time. A clinical model, a technology platform, a compliance infrastructure, and a national network of payer relationships all work together to support how we operate and scale. That combination allows us to expand sleep into new markets, extend maternal health through the existing infrastructure, and manage the regulatory transition and ventilation with consistency. It is a foundation that supports continued growth. With that, I'll turn the call over to Todd to walk through our financial results and capital allocation in more detail. I would draw your attention in particular to the free cash flow results and the capital return activity we executed during the quarter. Those numbers reflect the execution we have been describing, and I think they tell an important story about the financial trajectory of this business. Todd.