Australian Healthcare: Sleep apnea market: Takeaways from VieMed call

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Australian Healthcare: Sleep apnea market: Takeaways from VieMed call

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Australian Healthcare

Sleep apnea market: Takeaways from

VieMed call

Price Objective Change

VieMed’s views on US sleep apnea market 20 July 2026

We hosted a call with VieMed Healthcare's COO, Todd Zehnder, and CFO, Trae Equity

Fitzgerald, focused on sleep apnea market dynamics. VieMed, a U.S.-listed DME provider, Australia

generates c20% of revenue from its sleep, initiates therapy for roughly 4,000 new Healthcare

patients per month, and has delivered a 79% share price growth over the last year. Lyanne Harrison >>

Research Analyst

Bullish on sleep. New starts growth continues Merrill+61 2 9226Lynch5028(Australia)

VieMed remains constructive on the sleep outlook. New start growth supported by rising lyanne.harrison@bofa.com

awareness among patients and physicians – a tailwind for the industry. According to Elizabeth Davies >>

management, self-help has assisted VieMed growing ahead of peers. Despite GLP-1 ResearchMerrill LynchAnalyst(Australia)

concerns, VieMed has not witnessed any meaningful changes in CPAP compliance rates +61 2 9226 5078

elizabeth.davies2@bofa.com

or resupply utilisation trends.

Expects Phillips to return to US devices in 2027

VieMed expects Philips to re-enter the market in CY27 despite the absence of formal

guidance from the company, ending an estimated six-year period away from the market.

Management believes any market share recovery is likely to be rational/gradual. In our

view this should allow price and volume stability – a positive for RMD and the industry.

Although VieMed was historically a significant distributor of Philips products, it will

continue to support physician choice in selecting device brands for patients.

Focus on lifting resupply