VMD Misses on EPS but Lifts Guidance
Viemed Healthcare walked into its Q1 2026 print with a clean lending market but a narrative already complicated by insider selling — and the numbers delivered a familiar split verdict.
The positioning ahead of earnings was notably uncrowded. Short interest held at just 1.1% of the free float, and borrow availability remains loose at a cost of just 0.46% — down sharply on the week. The ORTEX short score of 29.5 is low and stable, confirming that short sellers are not leaning in. Options positioning reinforced that picture: the put/call ratio ticked up to 0.02, still well below its 20-day average of 0.018, and practically at the floor of its 52-week range. There was no measurable demand for downside protection heading into the release.
The most active signal heading into the print came from the President's office. Mike Moore sold over 136,000 shares across three consecutive sessions in mid-March — $1.24 million of stock at prices between $8.77 and $9.42. While the stock has since recovered to $9.70, the cluster of selling at lower prices draws attention. Moore remains the third-largest declared holder with a 6.1% stake, so the sales represent a trim rather than an exit — but the timing, just weeks before a quarter, is the kind of move the market tends to notice. On the institutional side, Columbia Management added nearly 700,000 shares in Q1, and Goldman Sachs Asset Management built a position of roughly 88,000 shares — both suggesting at least some conviction on the buy side heading into this period.
The print itself landed after the close on May 5. Q1 EPS came in at $0.06, missing the $0.09 consensus estimate. Revenue of $75.4 million beat the $74.4 million estimate. The company raised the lower end of its full-year 2026 sales guidance to $312 million, from $310 million previously, leaving the range at $312–$320 million against a consensus of $315.5 million — a modest nudge rather than a meaningful upward revision. The EV/EBITDA multiple of 4.5x remains undemanding relative to sector peers, and with estimated EBITDA around $67.6 million against an enterprise value of roughly $356 million, the valuation case has not disappeared. What the print tests is whether a narrow revenue beat and a guidance tweak are enough to offset an EPS miss when the stock has already recovered off March lows.
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