Viemed Healthcare, Inc.
VMD Healthcare Medical Devices
Viemed Healthcare, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $270.3 million, up 20.5% from fiscal 2024. In the quarter to June 2026, revenue grew 23.9%, EPS fell 12.5%, free cash flow fell 18.2% and total debt rose 65.5%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Viemed Healthcare, Inc. (VMD) Beneish M-score
Viemed Healthcare, Inc.'s Beneish M-score for fiscal 2025 is −3.18; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.18 | (0.29) |
| FY2024 | −2.89 | (0.33) |
| FY2023 | −2.56 | 0.59 |
| FY2022 | −3.15 | (0.29) |
| FY2021 | −2.87 | (235.84) |
| FY2020 | 232.97 | 235.81 |
| FY2019 | −2.84 | 0.76 |
| FY2018 | −3.60 | (1.14) |
| FY2017 | −2.46 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.86 | — | 0.79 | |
| Gross margin index | 1.03 | — | 0.55 | |
| Asset quality index | 1.33 | — | 0.54 | |
| Sales growth index | 1.21 | — | 1.08 | |
| Depreciation index | 0.94 | — | 0.11 | |
| SG&A index | 0.96 | — | −0.17 | |
| Total accruals to total assets | (0.18) | — | −0.86 | |
| Leverage index | 1.14 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.18 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| RCEL Avita Medical Inc. compare | −4.1× |
| CV CapsoVision, Inc. compare | −3.5× |
| OFIX ORTHOFIX MEDICAL INC. compare | −3.2× |
| VMD Viemed Healthcare, Inc. | −3.2× |
| NPCE NeuroPace, Inc. compare | −2.9× |
| CERS Cerus Corporation compare | −2.9× |
| SENS Senseonics Holdings, Inc. compare | −2.6× |
| SI Shoulder Innovations, Inc. compare | −2.4× |
| CLPT ClearPoint Neuro, Inc. compare | −1.7× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI